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Optimal Income Taxation
Kaplow, Louis - National Bureau of Economic Research - 2022
This article explores subjects in optimal income taxation characterized by recent research interest, practical importance in light of concerns about inequality, potential for misunderstanding, and prospects for advancement. Throughout, the analysis highlights paths for further investigation....
Persistent link: https://www.econbiz.de/10013334417
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Target Date Funds as Asset Market Stabilizers : Evidence from the Pandemic
Parker, Jonathan A.; Sun, Yang - National Bureau of Economic Research - 2023
Target Date Funds (TDFs) provide retirement investors, many of whom are unsophisticated or inattentive, with age-appropriate exposures to different asset classes like stocks and bonds. To maintain exposures, TDFs trade actively against market returns, buying stock funds when the stock market...
Persistent link: https://www.econbiz.de/10014337872
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Utilitarianism and Horizontal Equity : The Case for Random Taxation
Stiglitz, Joseph E. - 1981
This paper establishes that, far from being able to derive the principle of horizontal equity from utilitarianism, the … principle is actually in- consistent with utilitarianism in a variety of circumstances. We derive conditions under which (a) it … imposed on a set of otherwise identical individuals (ex ante randomization). The implications for optimal tax theory are …
Persistent link: https://www.econbiz.de/10012478424
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Spreading the Wealth Around : Reflections Inspired by Joe the Plumber
Mankiw, N. Gregory - 2010
individuals' moral intuitions. The essay then explores an alternative normative framework, dubbed the Just Deserts Theory …
Persistent link: https://www.econbiz.de/10012462806
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A Soul's View of the Optimal Population Problem
De la Croix, David; Doepke, Matthias - National Bureau of Economic Research - 2021
A long-standing challenge for welfare economics is to develop welfare criteria that can be applied to allocations with different population levels. Such a criterion is essential to resolve the optimal population problem, i.e., the tradeoff between population size and the welfare of each person...
Persistent link: https://www.econbiz.de/10012496107
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A Fundamental Objection to Tax Equity Norms : A Call for Utilitarianism
Kaplow, Louis - 1994
believe utilitarianism to be insufficiently egalitarian. Second, utilitarianism does not give independent weight to other …
Persistent link: https://www.econbiz.de/10012473938
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Genetic Endowments, Income Dynamics, and Wealth Accumulation Over the Lifecycle
Barth, Daniel; Papageorge, Nicholas W.; Thom, Kevin; … - National Bureau of Economic Research - 2022
We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated into a predictive index called a polygenic...
Persistent link: https://www.econbiz.de/10013362004
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Steering a Ship in Illiquid Waters : Active Management of Passive Funds
Koont, Naz; Ma, Yiming; Pástor, Ľuboš; Zeng, Yao - National Bureau of Economic Research - 2022
Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally choose creation and redemption baskets that...
Persistent link: https://www.econbiz.de/10013210067
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Mutual Fund Flows and the Supply of Capital in Municipal Financing
Adelino, Manuel; Cheong, Sophia Chiyoung; Choi, Jaewon; … - National Bureau of Economic Research - 2023
This paper identifies the impact of fluctuations in the supply of capital from mutual funds on municipal bond financing and makes three contributions to the literature. First, we develop an identification strategy based on the Morningstar rating methodology at the moment that funds reach 5 years...
Persistent link: https://www.econbiz.de/10014226177
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Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Chari, Anusha - National Bureau of Economic Research - 2023
Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment...
Persistent link: https://www.econbiz.de/10014250161