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In this article, we analyze Auerbach's (1991) proposal of a retrospective capital gains tax, which is equivalent to an accrual tax on an ex-ante basis. Using a continuous-time model with stochastic interest rates, we prove that equivalence holds even if the risk-free asset return is correlated...
Persistent link: https://www.econbiz.de/10003850804
Japan and Canada. Second, following the work by Crucini (1998), we estimate an econometric specification which allows us to …
Persistent link: https://www.econbiz.de/10013320988
The relationship between current account developments and changes in the macroeconomic environment remains a key issue in open economy macroeconomics. This paper extends the standard intertemporal optimizing model of the current account to incorporate the effects of macroeconomic uncertainty on...
Persistent link: https://www.econbiz.de/10014396005
In the economic literature the fiscal burden on financial claims is usually measured by the expected tax rate. Auerbach has demonstrated that the use of this method can be seriously misleading. This paper develops a method for defining an effective tax rate adjusted for risk on uncertain...
Persistent link: https://www.econbiz.de/10012721966
Using a unique data set on provincial net factor income flows disaggregated across the three asset classes of debt, equity and FDI reinvested earnings in Korea, we investigated how these asset channels impacted consumption risk sharing during the Global Financial Crisis and the European...
Persistent link: https://www.econbiz.de/10012890862
Persistent link: https://www.econbiz.de/10012656741
private pension funds in the United States, Canada, and Europe, we find that U.S. public pension funds act on their regulatory …
Persistent link: https://www.econbiz.de/10012975220
Persistent link: https://www.econbiz.de/10012697913
Programs that protect workers typically take the form of employment protection legislation and unemployment replacement rates. The last 25 years witnessed attempts by employers to reduce levels of employment protection and the generosity of unemployment benefits in many OECD countries. This...
Persistent link: https://www.econbiz.de/10013115900
The objective of this article is two-fold. First, we develop a theoretical model to investigate the impact of political risk on irreversible investment. Second, we apply our model to an analysis of the effects of risk of separation of the province of Quebec from the Canadian federation. We model...
Persistent link: https://www.econbiz.de/10013150816