tax and transfer systems. With constant primary deficits, there exist two steady-states, and the price level and inflation … in the long-run real interest rate, leading to higher inflation for any given monetary policy. Our work highlights the … role of household heterogeneity and market incompleteness in determining inflation …

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly …

Using administrative wealth records from Denmark, we study the effects of wealth taxes on wealth accumulation. Denmark … used to impose one of the world's highest marginal tax rates on wealth, but this tax was drastically reduced and ultimately … abolished between 1989 and 1997. Due to the specific design of the wealth tax, these changes provide a compelling quasi …

distribution, including the role of own underage children as owners. In the first part of the paper, we find that firms, firm …

distribution, including the role of own underage children as owners. In the first part of the paper, we find that firms, firm …

Using administrative wealth records from Denmark, we study the effects of wealth taxes on wealth accumulation. Denmark … used to impose one of the world's highest marginal tax rates on wealth, but this tax was drastically reduced and ultimately … abolished between 1989 and 1997. Due to the specific design of the wealth tax, these changes provide a compelling quasi …

determination, in particular budget rules, make the status quo levels of taxes and entitlements difficult to change. The second one … programs. Sustained bargaining power by a party that represents the latter, amid budget rules, results in a rising share of … entitlements. We explain how parties can take advantage of budget rules to tilt the evolution of policy in their favor in a simple …