We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … the model, firms are heterogeneous in productivity and make investment and financing decisions subject to capital … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts …

capital adjustment cost functions identical to those assumed by Hayashi (1982) and (ii) explain the weak empirical …

capital can be owned only by local oligarchs, whose status is subject to political risk. Political risk decreases local … capital and wages. Risk-averse oligarchs acquire safe foreign assets for insurance, thus increasing wages in other countries …

coauthors have argued that the high investment-saving correlation reflects imperfect capital mobility. This view, however, is … capital markets have become more open and integrated. I conclude, therefore, that long-term capital mobility tests based on … investment-saving correlation analysis are not likely to provide an accurate measure of capital mobility. …

capital utilization). We consider an economy where monopolistic firms use a putty-clay technology and decide on their …

This paper develops a dynamic general-equilibrium model of capital adjustments under monopolistic competition …. Investments are partially irreversible. The model includes microfoundations for consumption decisions and capital …-adjustment strategies. The effects of the model parameters on the optimal capital-adjustment strategy are determined analytically. A major …

coauthors have argued that the high investment-saving correlation reflects imperfect capital mobility. This view, however, is … capital markets have become more open and integrated. I conclude, therefore, that long-term capital mobility tests based on … investment-saving correlation analysis are not likely to provide an accurate measure of capital mobility (Copyright: Elsevier) …