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Tax law is often uncertain. In particular, the use of tax shelters tends to be in the "grey area" between illegal tax evasion and legal tax avoidance. In this paper I show that uncertainty in tax law can help achieve higher efficiency than allowing or disallowing a tax shelter with certainty....
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There is a considerable academic literature on the relationship between Central Bank independence and inflation but the … issue of Central Bank accountability and its effect of inflation performance has received very little attention. This paper … inflation performance. This follows because, increased uncertainty will cause the public to raise their average inflation …
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Banks face two moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient “pet” projects or simply being lazy and uninnovative). The privately optimal level of bank leverage is...
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