This commentary reflects on the recommendations of the Mirrlees Review on tax reform with a special focus on capital income taxation. Regarding the alternatives of moving to a consumption based tax system, the commentary discusses the relative merits of choosing an ACE system (allowance for...

Recent financial crises in Europe as well as the periodic battles in the U.S. over the debt ceiling point to the importance of fiscal discipline among developed countries. This paper develops an open economy model, calibrated to the U.S. and a subset of the EMU, to evaluate the impact of various...

Alcohol is no ordinary commodity. Millions of people enjoy it safely if drinking in moderation. Alcoholic beverages are big business that creates substantial jobs, pay huge tax and contribute to our economy. But if consume excessively and regularly, alcohol is addictive substance that can cause...