If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative … retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial …

This paper discusses how the effects of taxes on economic behavior are important for revenue estimation, for … calculating efficiency effects, and for understanding short-term macroeconomoic consequences. The primary focus is on taxes on … labor income but some attention is given to taxes on income from saving. Specific calculations illustrate the importance of …

This paper investigates empirically the effects of personal and corporate taxes on taxable interest rates and on the …

Since the average tax rate on corporate capital income is very high, economists often conclude that taxes have caused a … basically unaffected, in spite of the sizable tax revenues collected. In addition, in some plausible situations, such taxes can …

United States, Great Britain, and Canada suggests that higher dividend tax rates lower consumption. This is consistent with …

in aggregate data reported by Feldstein and Horioka (1980) as well as the survival of taxes on capital income. These ….' In addition, while random equity returns facilitate taxes on equity income, as shown in Gordon and Varian (1989) and … Huizinga and Nielsen (1997), random consumer prices appear to undermine taxes on capital income …

are not an accurate indication of the burden of a tax. Taxes generally create costs beyond the dollar value collected by …