Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Download or read book Capital Taxation with Entrepreneurial Risk written by Vasia Panousi and published by DIANE Publishing. This book was released on 2010 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Household Portfolios written by Luigi Guiso and published by MIT Press. This book was released on 2002 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical and empirical analysis of the structure of household portfolios.
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Based Capital written by Lawrence D. Cluff and published by DIANE Publishing. This book was released on 2000 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Download or read book Factor Investing and Asset Allocation A Business Cycle Perspective written by Vasant Naik and published by CFA Institute Research Foundation. This book was released on 2016-12-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tax Policy and Investment written by Kevin A. Hassett and published by American Enterprise Institute. This book was released on 1999 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies topics relating to fundamental tax reform. The topics include, among others, the effects of taxation on household saving, the effects of reducing taxes on individuals' work effort, issues in the taxation of financial services, and international issues in consumption taxation.
Download or read book Savings and Bequests written by Toshiaki Tachibanaki and published by University of Michigan Press. This book was released on 1994 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do bequests explain differences in savings behavior between countries?
Download or read book Recursive Methods in Economic Dynamics written by Nancy L. Stokey and published by Harvard University Press. This book was released on 1989-10-10 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.
Download or read book No Business Taxation Without Model Representation written by Benjamin Carton and published by International Monetary Fund. This book was released on 2017-11-17 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of corporate income, cash-flow and destination based cash-flow taxes into the model. The analysis presented considers the transmission mechanism of these taxes and details how financial frictions interact with each of the taxes.
Download or read book Tax Policy Handbook written by Mr.Parthasarathi Shome and published by International Monetary Fund. This book was released on 1995-04-25 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Parthasarathi Shome, this Handbook was written primarily for economists who are responsible for analyzing and evaluating economic policies of developing countries at an applied level, and who would benefit from a comprehensive discussion of the concepts, principles, and prevailing issues of taxation.
Download or read book Advances in Economics and Econometrics written by Econometric Society. World Congress and published by Cambridge University Press. This book was released on 2013-05-27 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second volume of edited papers from the Tenth World Congress of the Econometric Society 2010.
Download or read book Alternative Financial Medicine written by Kenyon Meadows M D and published by Meadows Enterprises. This book was released on 2017-02-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you tired of the volatile swings of the stock market and low yields of traditional -safe- paper investments? If so, you're in the right place. In Alternative Financial Medicine, Dr. Kenyon Meadows shows you some of the many alternative assets that can produce attractive yields across a wide range of investment budgets and risk tolerance levels, with a heavy focus on emerging online lending platforms. You will learn how to connect your capital to creditworthy people, entrepreneurs, and real estate projects for double-digit returns, often backed by hard assets and often from the convenience of your mobile device. Dr. Meadows covers: -Peer-to-peer lending -Peer-to-business lending -Private mortgage lending -Real estate crowdfunding -Student loan investing -Distressed mortgage notes -Turnkey rental property The tools and platforms needed to achieve a level of diversification previously available only to big investors are here now. Are you ready for a dose of Alternative Financial Medicine?
Download or read book The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low income Countries written by Adrian Peralta-Alva and published by International Monetary Fund. This book was released on 2018-06-22 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We quantitatively investigate the macroeconomic and distributional impacts of fiscal consolidations in low-income countries (LICs) through value added tax (VAT), personal income tax (PIT), and corporate income tax (CIT). We extend the standard heterogeneous agents incomplete markets model by including multiple sectors and rural-urban distinction to capture salient features of LICs. We find that overall, VAT has the least efficiency costs but is highly regressive, while PIT impacts the economy in the opposite way with CIT staying in between. Cash transfers targeting rural households mitigate the negative distributional impacts of VAT most effectively, while public investment leads to little redistribution.
Download or read book Advances in Economics and Econometrics Volume 2 Applied Economics written by Daron Acemoglu and published by Cambridge University Press. This book was released on 2013-05-13 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.
