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作者：Gabriel, Stuart A.; Rosenthal, Stuart S.
作者单位：Syracuse University; University of California System; University of California Los Angeles
摘要：The dramatic government takeover of Fannie Mae and Freddie Mac in September, 2008 was motivated in part by a desire to ensure a continued flow of credit to the mortgage market. This study examines a closely related issue: the extent to which GSE activity crowds out mortgage purchases by private secondary market intermediaries. Evidence of substantial crowd out suggests that government support for the GSEs may be less warranted, whereas the absence of crowd out implies that GSE loan purchases e...
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作者：Alan, Sule; Atalay, Kadir; Crossley, Thomas F.; Jeon, Sung-Hee
作者单位：University of Cambridge; University of Cambridge; University of New South Wales Sydney; University of London; London School Economics & Political Science; University of Melbourne
摘要：Identifying the effect of differential taxation on portfolio allocation requires exogenous variation in marginal tax rates. Marginal tax rates vary with income, but income surely affects portfolio choice directly. In systems of individual taxation - like Canada's - couples with the same household income can face different effective tax rates on capital income when labor income is distributed differently within households. Using this source of variation we find portfolio responses to taxation a...
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作者：Fletcher, Jason M.; Frisvold, David E.; Tefft, Nathan
作者单位：Emory University; Yale University
摘要：Childhood and adolescent obesity is associated with serious adverse lifetime health consequences and its prevalence has increased rapidly. Soft drink consumption has also expanded rapidly, so much so that soft drinks are currently the largest single contributors to energy intake. In this paper, we investigate the potential for soft drink taxes to combat rising levels of child and adolescent obesity through a reduction in consumption. Our results, based on state soft drink sales and excise tax ...
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作者：Hiriart, Yolande; Martimort, David; Pouyet, Jerome
作者单位：Paris School of Economics; Universite Marie et Louis Pasteur
摘要：When a firm undertakes risky activities, the conflict between social and private incentives to implement safety care requires public intervention which can take the form of both monetary incentives and also ex ante or ex post monitoring, i.e., before or after an accident occurs. We delineate the optimal scope of monitoring depending on whether public monitors are benevolent or corruptible. We show that separating the ex ante and the ex post monitors increases the likelihood of ex post investig...
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作者：Bauernschuster, Stefan; Duersch, Peter; Oechssler, Joerg; Vadovic, Radovan
作者单位：Ruprecht Karls University Heidelberg; Leibniz Association; Ifo Institut; Instituto Tecnologico Autonomo de Mexico
摘要：The question whether a minimum rate of sick pay should be mandated is much debated. We study the effects of this kind of intervention with student subjects in an experimental laboratory setting rich enough to allow for moral hazard, adverse selection, and crowding out of good intentions. Both wages and replacement rates offered by competing employers are reciprocated by workers. However, replacement rates are only reciprocated as long as no minimum level is mandated. Although we observe advers...
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作者：Edgerton, Jesse
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Recent facts on the importance of corporate losses motivate more careful study of the impact of tax incentives for investment on firms that lose money. I model firm investment decisions in a setting featuring financing constraints and carrybacks and carryforwards of operating losses. I estimate investment responses to tax incentives allowing effects to vary with cash flows and taxable status. Results suggest that asymmetries in the corporate tax code could have made recent bonus depreciation t...
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作者：Gunnthorsdottir, Anna; Vragov, Roumen; Seifert, Stefan; McCabe, Kevin
作者单位：University of New South Wales Sydney; Helmholtz Association; Karlsruhe Institute of Technology; George Mason University
摘要：We examine theoretically and experimentally how competitive contribution-based group formation affects incentives to free-ride. We introduce a new formal model of social production, called a Group-based Meritocracy Mechanism (GBM), which extends the single-group-level analysis of a Voluntary Contribution Mechanism (VCM) to multiple groups. In a GBM individuals are ranked according to their group contributions. Based on this ranking, participants are then partitioned into equal-sized groups. Me...
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作者：Wendner, Ronald
作者单位：University of Graz
摘要：This paper investigates household decisions in an overlapping generations model in which individual utility depends on a weighted average of consumption of one's peers. In contrast to representative agent economies, the consumption externality generally affects savings and growth rates. The effects critically depend on the rate at which labor productivity changes with age. For a high (low) rate, the externality lowers (raises) the steady state propensity to consume out of total wealth. The opt...
