This paper studies the effects of income taxation on entrepreneurship, empirically and in a structural macro model with entrepreneurial choice. Combining state-level tax data with household and firm data we document that higher and more progressive taxation has a strong negative impact on...

Based on administrative data from Statistics Norway, we find economically significant shifts in households' financial portfolios around structural breaks in income volatility. When the standard deviation of labor-income growth doubles, the share of risky assets decreases by 4 percentage points....

Urban waterfront revetment is a special zone between water and land, with high ecological, economic and aesthetic value. Waterfront revetment landscape is not only an important part of urban water and land ecosystems, but also an integral part of the city. Based on the current situation of...

Evidence suggests that financially constrained firms may offer lower wages, coupled with faster wage growth. If these constrained firms can tilt wages, cutting current wages in exchange for later increases, this potentially mitigates the impact of financial frictions or shocks. This paper...