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If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax...
Persistent link: https://www.econbiz.de/10013225423
Researchers considering levels and trends in the resources available to the middle class traditionally measure the pre-tax cash income of either tax units or households. In this paper, we demonstrate that this choice carries significant implications for assessing income trends. Focusing on tax...
Persistent link: https://www.econbiz.de/10013123312
their growth performance. In our model, the effects of taxation on growth are highly non-linear. Low or moderate tax rates …
Persistent link: https://www.econbiz.de/10013099129
Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions taken in “good times” affect collateral prices during a crisis. We show that agents in a competitive equilibrium borrow more than a financial...
Persistent link: https://www.econbiz.de/10013071902
I examine Ronald Coase's criticism of standard regulatory and tax policies to address environmental externalities. I elaborate some of Coase's key points and discuss opportunities for Coasean exchange as an alternative mitigation approach. Regulation, tax, and Coasean exchange, such as through...
Persistent link: https://www.econbiz.de/10013000533
We derive conditions under which cost-increasing measures - consistent with either regulatory constraints or fully expropriated taxes - can increase the profits of all agents active within a common-pool resource. This somewhat counterintuitive result is possible regardless of whether price is...
Persistent link: https://www.econbiz.de/10013152439
of FPI to bypass home country taxation of multinational firms is also apparent using only portfolio investment responses …
Persistent link: https://www.econbiz.de/10012776877
, progressive taxation as well as investment and output subsidies to the entrepreneurial sector …
Persistent link: https://www.econbiz.de/10012783952
paper analyzes the effects of stochastic taxation on asset prices in a dynamic general equilibrium model. Stochastic … taxation affects the after-tax returns of both risky and safe assets. Whenever taxes change, bond and equity prices adjust to …
Persistent link: https://www.econbiz.de/10012787069
costs of taxation, it necessarily increases the marginal cost of taxation over some ranges of expected revenue, so may …
Persistent link: https://www.econbiz.de/10012906310