This paper discusses nominal income targeting as a possible rule for the conduct of monetary policy. We begin by … particular, three types of nominal income targets, which differ in how they respond to past shocks, to prices, and real economic … future nominal income could playa role in ensuring that the central bank does not deviate from its announced target. To show …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … that the optimal steady state saving rate is increasing in income risk if and only if the intertemporal elasticity of …

an estimate of the taxable income elasticity from the bunching pattern around a kink point. The bunching estimator has … identify the taxable income elasticity when the functional form of the distribution of preference heterogeneity is unknown. We … find that an observed distribution of taxable income around a kink point or over the whole budget set can be consistent …

with ten to forty years of observations from the Panel Survey of Income Dynamics. We find that neither is strongly …

In theory, and under some quite strong assumptions, there exists an important rigorous quantitative relationship among … the following four fundamental economic concepts: (1) "wealth"; (2) "income"; (3) "sustainability"; (4) "accounting …-fold quantitative relationship in an ultra-simplified setting. I identify some basic applications of this simplified economic theory of …

, population, income growth and distribution, and migration trends are endogenous. We derive new insights about the impact of … migration on long-term income growth and distribution, and the net benefits to natives in both destination and source countries …

In this paper we argue that very high marginal labor income tax rates are an effective tool for social insurance even …

's effects are consistent with central predictions of basic labor supply theory …

model to a broad range of dynamic, non-concave income processes. The model implies support for redistributive policies … about income dynamics shows a slow and polarizing shift toward redistributive preferences occurs. Simulation using fitted … income dynamics suggests that imperfect information better accounts for the shift back to the left, and offers additional …