a quantitative production-based model in which firms implement precautionary savings through reducing utilization rather … premium in general equilibrium, while flexibility in utilization adjustments helps explain uncertainty risk exposures in the …

We study the optimal taxation of risk-free and excess capital income with heterogeneous rates of return, alongside an … optimal nonlinear earnings tax. Households can hold three assets: one risk-free, one risky but diversifiable, and one a … private investment with idiosyncratic risk whose expected return differs among households. Contrary to expectations, the …