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obtain 8% and 1%. Dynamic scoring for the EU-14 shows that 54% of a labor tax cut and 79% of a capital tax cut are self-financing …We compare Laffer curves for labor and capital taxation for the US, the EU-14 and individual European countries, using … US can increase tax revenues by 30% by raising labor taxes and by 6% by raising capital income taxes. For the EU-14 we …
Persistent link: https://www.econbiz.de/10012463307
The importance of financial markets and international capital flows have increased greatly since the 1990s. How does …
Persistent link: https://www.econbiz.de/10012455031
We develop a rational expectations framework to study the consequences of alternative means to resolve the "unfunded liabilities'' problem---unsustainable exponential growth in federal Social Security, Medicare, and Medicaid spending with no plan to finance it. Resolution requires specifying a...
Persistent link: https://www.econbiz.de/10012462870
European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment … adjustments than other labor insurance mechanisms. Venture capital and private equity investors are especially sensitive to these … labor adjustment costs. Nations favoring labor expenditures as the mechanism for providing worker insurance developed …
Persistent link: https://www.econbiz.de/10012463023
funding, giving less priority to regulations focused on residency (i.e., capital controls). After the sharp increase in …
Persistent link: https://www.econbiz.de/10013503718
exposures to NBFI and dollar funding, with less priority for regulations focused on residency (i.e., capital controls). After …
Persistent link: https://www.econbiz.de/10014287355
This paper introduces heterogeneous beliefs among households in a small open economy model for the Canadian economy. The model suggests that simultaneous boom-bust cycles in house prices, output, investment, consumption and hours worked emerge when credit-constrained mortgage borrowers expect...
Persistent link: https://www.econbiz.de/10003852849
Differences in market structures may affect the manner in which fundamental information is incorporated into prices. High levels of quote and trade transparency plus substantial quoting obligations in European government securities markets ensure that prices are informationally efficient. The...
Persistent link: https://www.econbiz.de/10003462952
between the rates of return on private capital and risk-free government bonds. Other common shocks, such as aggregate …
Persistent link: https://www.econbiz.de/10003933335
We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side...
Persistent link: https://www.econbiz.de/10003933367