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作者：Bortolotti, B; Fantini, M; Siniscalco, D
作者单位：Fondazione Mattei; University of Turin; Fondazione Mattei
摘要：Why do countries privatise? This paper presents new evidence from a panel of 34 countries over the 1977-1999 period. The empirical analysis shows that privatisation takes place typically in wealthy democracies, encumbered by high public debt, but endowed with deep and liquid stock markets. Budget and 'market' constraints matter, but legal institutions are also important. Indeed, the extent of privatisation in terms of revenues and stakes sold appears more limited in civil law countries, where ...
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作者：Cowan, S
摘要：The model shows how a regulated monopolist's price should change as random cost and demand parameters are revealed. The regulator has a Ramsey-type problem. With a linear tariff a trade-off between allocative efficiency and risk sharing typically exists. The attitudes of the consumer and the firm to both income and price risk determine how the price should move. Sufficient conditions are found for price adjustment schemes used in practice to be optimal. These schemes include full, partial and ...
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作者：Jensen, RT
作者单位：Harvard University
摘要：This paper investigates whether government transfer programs displace or 'crowd out' private support, focusing on a large increase in state old age pensions in South Africa. Using data spanning the period of the expansion, we find that each rand of public pension income to the elderly leads to a 0.25-0.30 rand reduction in private transfers from children living away from home. However, despite the large increase in income, there were no significant changes in migration, labor supply or househo...
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作者：Milesi-Ferretti, GM
作者单位：International Monetary Fund; Center for Economic & Policy Research (CEPR)
摘要：Do fiscal rules lead to fiscal adjustment, or do they encourage the use of 'creative accounting'? This question is studied with a model in which fiscal rules are imposed on 'measured' fiscal variables, which can differ from 'true' variables because there is a margin for creative accounting. The probability of detecting creative accounting depends on its size and the transparency of the budget. The model studies the effects on fiscal policy of a budget rule, separating structural from cyclical ...
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作者：Donaldson, D; Pendakur, K
作者单位：University of British Columbia; Simon Fraser University
摘要：This paper presents and investigates a new class of equivalent-expenditure functions that is a generalization of the one that corresponds to exact (independent-of-base) equivalence scales. It provides less restrictive household demands, especially for children's goods, and has associated equivalence scales that may depend on expenditure. We show that, under certain conditions, equivalent-expenditure functions and the associated expenditure-dependent equivalence scales can be uniquely estimated...
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作者：Fugazza, M; Jacques, JF
作者单位：Universite PSL; Universite Paris-Dauphine; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：The paper aims at qualifying the links between labor market institutions, taxation, tax monitoring, and underground economic activity. The proposed model is a continuous time matching model with one commodity roduced either overground or underground. Underground economic activity arises because of partial compliance with regulations and tax contributions imposed by the government. Vacancies and workers search are directed at a specific labor market. Workers are heterogenous in the subjective c...
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作者：Jensen, RT; Richter, K
作者单位：Harvard University; The World Bank; University of London; London School Economics & Political Science; National Bureau of Economic Research
摘要：We explore whether health is vulnerable to income shocks, focusing on a recent crisis in Russia during which many pensioners were not paid for an extended period of time. Using panel data spanning the crisis, we find that among affected pensioners, poverty rates doubled, and the intake of calories and protein and the use of health services and medications declined significantly. These pensioners were also 5 percent more likely to die in the two years following the crisis. However, households r...
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作者：Ma, CTA
作者单位：Boston University; Hong Kong University of Science & Technology
摘要：This paper considers a public provider's strategic use of rationing in a market served by both public and private providers. Such a 'mixed' market structure is common in many industries such as health care, telecommunication, postal service, and public utilities. The technology in the private sector exhibits increasing returns: each firm can expend 'effort' in the form of fixed cost to reduce the marginal cost. Firms in the contestable private sector compete and the market equilibrium is chara...
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作者：Shoven, JB; Sialm, C
作者单位：University of Michigan System; University of Michigan; Stanford University
摘要：This paper derives optimal asset allocations (which assets to hold) and asset locations (in which accounts to hold them) for a risk-averse investor saving for retirement. The investor can hold taxable corporate bonds, tax-exempt municipal bonds, and stocks either in a tax-deferred or a conventional taxable savings account. Taxable bonds have a preferred location in the tax-deferred account and tax-exempt bonds have a preferred location in the taxable account for investors in sufficiently high ...
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作者：Barber, BM; Odean, T
作者单位：University of California System; University of California Davis; University of California System; University of California Davis
摘要：Using brokerage account data, we analyze the tax awareness of individual investors. We find strong evidence that taxes matter: investors prefer to locate bonds and mutual funds in retirement accounts and, in December, harvest stock losses in their taxable accounts. However, investors also trade actively in their taxable accounts, realize gains more frequently than losses, and locate a material portion of their bonds in taxable accounts. Though taxes leave clear footprints in the data we analyz...
