The optimal capital income tax rate has been shown to be nonzero in overlapping generations (OLG) models, as it helps redistribute income between cohorts and individuals with different labor supply elasticities and individual productivities. We show in a medium-scale OLG model that the optimal...

Ineffektivität der Wirtschaftspolitik bei "rationalen Erwartungen"? Ein Kommentar mit anderen Argumenten für Bernd-Thomas Rambs These In einem vor kurzem in dieser Zeitschrift veröffentlichten Artikel weist Bernd-Thomas Ramb die These als modellspezifisch zurück, bei rationalen Erwartungen...

We identify measures of shocks to total factor productivity and preferences from two real business cycle models and subject them to Granger causality tests to see whether they can be considered exogenous to other plausible sources of the German business cycle. For the period 60.i to 89.iv no...

Summary What does account for the persistence of monetary shocks in dynamic general equilibrium models of the business cycle? A number of papers have dealt with that question and point at labor market frictions besides those introduced by overlapping wage contracts. In this paper I investigate...