Browsing Department of Economics (ECO) by Subject "E20"

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Browsing Department of Economics (ECO) by Subject "E20"

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    Title: Financial Crisis Resolution  Author(s): SCHROTH, Josef Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crises. A pecuniary ...
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    Title: Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets  Author(s): GOTTARDI, Piero; KAJII, Atsushi; NAKAJIMA, Tomoyuki Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it ...
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    Title: The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence  Author(s): MERTENS, Karel; RAVN, Morten O. Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between “surprise” and “anticipated” tax shocks. Surprise tax cuts give rise to a large boom in the economy. ...
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    Title: Competition, Human Capital and Income Inequality with Limited Commitment  Author(s): MARIMON, Ramon; QUADRINI, Vincenzo Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a dynamic general equilibrium model with two-sided limited commitment to study how barriers to competition, such as restrictions to business start-up, affect the incentive to accumulate human capital. We show ...
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    Title: Genuine Savings and the Voracity Effect  Author(s): VAN DER PLOEG, Frederick Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Many resource-rich countries have negative genuine saving rates, so deplete their exhaustible natural resource wealth faster than they build up wealth in other assets. This phenomenon is stronger in more fractionalized ...