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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
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 explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic...
Persistent link: https://www.econbiz.de/10012471090
This paper presents a general, nonlinear version of existing multifactor models, such as Longstaff and Schwartz (1992). The novel aspect of our approach is that rather than choosing the model parameterization out of thin air,' our processes are generated from the data using approximation methods...
Persistent link: https://www.econbiz.de/10012471576
This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the...
Persistent link: https://www.econbiz.de/10012471741
segmentation is partly overcome by global arbitrageurs with limited capital. Our model accounts for the empirically documented …
Persistent link: https://www.econbiz.de/10013172174
Researchers, using the survey conducted by Money Market Services, Inc., have found that the anticipated component in the Federal Reserve's weekly money supply announcement is negatively correlated with the post- announcement change in market yields. We prove that eliminating a (downward) bias in...
Persistent link: https://www.econbiz.de/10012476944