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作者：Scott, Andrew
作者单位：University of London; London Business School
摘要：We derive simple expressions for optimal labor taxes under different assumptions about government bond markets. We use these to examine OECD labor taxes, estimate the excess burden of taxation and assess the ability of optimal tax models to match the data. Optimal labor taxes are driven by: (i) a term reflecting Ramsey considerations which makes labor taxes vary positively with employment and (ii) a martingale component, reflecting the excess burden of tax, which shows persistent responses to ...
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作者：Dominguez, Begona
作者单位：University of Auckland
摘要：This paper studies the time-inconsistency problem of optimal capital taxes. In the absence of full-commitment, it is well known that debt restructuring cannot solve the time-inconsistency problem for economies with a private stock of capital. We re-examine this result by exploring the role of institutional delays in government policies. We show that, when the implementation of government policy requires time, debt restructuring can enforce commitment to the optimal capital taxes. We conclude t...
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作者：Campbell, John Y.; Cocco, Joao F.
作者单位：Harvard University; University of London; London Business School; National Bureau of Economic Research
摘要：Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners,...
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作者：Rogers, John H.
摘要：The pattern of price dispersion across European and US cities from 1990 to 2004 is documented. There is a striking decline in dispersion for traded goods prices in Europe, most of which took place prior to the launch of the euro. Dispersion in the euro area is now quite close to that of the USA. This evidence provides useful facts for future work assessing the importance of various developments in Europe: harmonization of tax rates, convergence of incomes and labor costs, liberalization of tra...
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作者：DeJuan, Joseph P.; Seater, John J.
作者单位：University of Waterloo; North Carolina State University
摘要：We use modern household data and econometric methods to conduct some of the original tests of the permanent income hypothesis (PIH) suggested and used by Friedman [1957. A Theory of the Consumption Function. Princeton University Press, Princeton]. The data and methods are superior to those available to Friedman, allowing us to refine Friedman's tests and perform tests he could not do. The results provide overall though not universal support for PIH. (c) 2006 Elsevier B.V. All rights reserved.
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作者：Krause, Michael U.; Lubik, Thomas A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank
摘要：We develop a New Keynesian model with search and matching frictions in the labor market. We show that the model generates counterfactual labor market dynamics. In particular, it fails to generate the negative correlation between vacancies and unemployment in the data, i.e., the Beveridge curve. Introducing real wage rigidity leads to a negative correlation, and increases the magnitude of labor market flows to more realistic values. However, inflation dynamics are only weakly affected by real w...
