Narrow search
Showing 1 - 10 of 38
Cover Image
Sunspot Equilibria in a Production Economy: Do Rational Animal Spirits Cause Overproduction?
Kajii, Atsushi - Institute of Economic Research, Kyoto University - 2008
We study a standard two period economy with one nominal bond and one firm. The input of the firm is done in the first period and financed with the nominal bond, and its profits are distributed to the shareholders in the second period. We show that a sunspot equilibrium exists around each...
Persistent link: https://www.econbiz.de/10005570211
Cover Image
Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - 2011
a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it is optimal to tax …
Persistent link: https://www.econbiz.de/10010277403
Cover Image
Constrained inefficiency and optimal taxation with uninsurable risks
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - 2014
When individuals' labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be taxed, and if so, how? In a two-period general equilibrium model with production, we derive a decomposition formula of the welfare effects of these taxes into insurance and...
Persistent link: https://www.econbiz.de/10011310192
Cover Image
Optimal taxation and debt with uninsurable risks to human capital accumulation
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - 2014
We consider an economy where individuals face uninsurable risks to their human capital accumulation and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that...
Persistent link: https://www.econbiz.de/10011310194
Cover Image
Risk-Free Bond Prices in Incomplete Markets with Recursive Utility Functions and Multiple Beliefs
Hara, Chaiki; Kajii, Atsushi - Institute of Economic Research, Kyoto University - 2004
We consider an exchange economy under uncertainty, in which agents' utility functions exhibit constant absolute risk … aversion, but they may be recursive and the expected utility calculation may be based on multiple subjective beliefs. The risk … differ across agents. We prove that the risk-free bond price goes down (and the interest rate goes up) monotonically as the …
Persistent link: https://www.econbiz.de/10005385275
Cover Image
Optimal taxation and debt with uninsurable risks to human capital accumulation
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - Federal Reserve Bank of Atlanta - 2014
We consider an economy where individuals face uninsurable risks to their human capital accumulation and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that...
Persistent link: https://www.econbiz.de/10011115665
Cover Image
Constrained inefficiency and optimal taxation with uninsurable risks
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - Federal Reserve Bank of Atlanta - 2014
When individuals' labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be taxed, and if so, how? In a two-period general equilibrium model with production, we derive a decomposition formula of the welfare effects of these taxes into insurance and...
Persistent link: https://www.econbiz.de/10011115667
Cover Image
Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Gottardi Author-Workplace-European University … - Faculty of Economics, University of Tokyo - 2014
When individuals' labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be taxed, and if so how? In a two period general equilibrium model with production, we derive a decomposition formula of the welfare effects of these taxes into insurance and...
Persistent link: https://www.econbiz.de/10010890010
Cover Image
Optimal taxation and debt with uninsurable risks to human capital accumulation
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - Department of Economics, European University Institute - 2014
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that...
Persistent link: https://www.econbiz.de/10010862111
Cover Image
Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - Faculty of Economics, University of Tokyo - 2015
When individuals' labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be taxed, and if so how? In a two period general equilibrium model with production, we derive a decomposition formula of the welfare effects of these taxes into insurance and...
Persistent link: https://www.econbiz.de/10011150289