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Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
redistribution among citizens from different socioeconomic backgrounds and the actual extent of government redistribution. Our focus … on redistribution arises from the inherent class conflicts it engenders in policy choices, allowing us to examine whose … realized redistribution. This finding contradicts the expectations of both leading experts and regular citizens …
Persistent link: https://www.econbiz.de/10014447295
income distribution and the redistribution tastes of the government. When behavioral responses are concentrated along the …
Persistent link: https://www.econbiz.de/10012471053
skills or not. The government influences individual decision-making by redistribution of income or by subsidizing investment …
Persistent link: https://www.econbiz.de/10012471291
This paper considers the optimal tax treatment of voluntary transfers to individuals in a" framework that integrates redistributive income taxation and estate and gift taxation. Under this" formulation, redistributive considerations become secondary. The optimal tax treatment of" transfers...
Persistent link: https://www.econbiz.de/10012471814
The purpose of the present note is to explore the structure of optimal income taxation/redistribution in an economy …, of course, an additional incentive for income redistribution from wealthy to poor citizens is created and the logical …
Persistent link: https://www.econbiz.de/10012478985
members choose either a risky reform or a safe alternative each period. When no redistribution is allowed the unique … equilibrium outcome is generically inefficient. When redistribution is allowed (even small amounts), there always exists an … policy experimentation is possible only with a sufficient amount of redistribution. We conclude that veto rights are more of …
Persistent link: https://www.econbiz.de/10012480686
provides a unique opportunity to study preferences for redistribution via revealed preference. We study the motives driving tax …
Persistent link: https://www.econbiz.de/10012481119
We ask: what are the most efficient means of redistribution in an unequal society? We answer this question by … preferences, the distribution of ability, the planner's preference for redistribution, as well as to explicitly modeling private …
Persistent link: https://www.econbiz.de/10012481475
We study how monetary policy affects the asymmetric effects of globalization. To this end, we build an open-economy heterogeneous-agent New Keynesian model (HANK), in which households differ in their income, wealth, and real and financial integration with international markets. We use the model...
Persistent link: https://www.econbiz.de/10012482432