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作者：Lane, PR
作者单位：Trinity College Dublin; Trinity College Dublin
摘要：This paper addresses the topic of cyclicality in fiscal policy. In particular, we show that the level of cyclicality varies across spending categories and across OECD countries. In line with leading theories of fiscal cyclicality, we show that countries with volatile output and dispersed political power are the most likely to run procyclical fiscal policies. Wage government consumption is highlighted as the most important channel by which these variables affect fiscal cyclicality. (C) 2002 Els...
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作者：Fredriksson, PG; List, JA; Millimet, DL
作者单位：Southern Methodist University; University System of Maryland; University of Maryland Baltimore
摘要：Previous studies have proposed that equilibrium capital flows are affected by environmental regulations-the commonly coined 'pollution haven' hypothesis. We revisit this issue by treating environmental policies as endogenous and allowing governmental corruption to influence foreign direct investment patterns. Via these two simple extensions, we are able to provide a much richer model of international capital flows. The theoretical model presumes that the effect of corruption on FDI operates vi...
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作者：Bond, SR; Devereux, MP
作者单位：University of Warwick; University of Oxford; University of London; London School Economics & Political Science
摘要：This paper considers the relationship between two general neutral business tax structures, which we label the 'firm tax' and the 'shareholder tax'. The well-known R-based and S-based cash flow taxes, analysed by Meade (1978), are special cases of these two taxes. We demonstrate the neutrality of both taxes in the presence of uncertainty, and characterise the tax rules required in the event of default and wind-up. Our analysis provides the first proof of the neutrality of the S-based cash flow ...
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作者：Liu, LQ
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Although the use of marginal cost of funds (MCF) has been widely appreciated in public finance literature, discussions of MCF have been confined to a static setting. This paper develops a multi-period project evaluation rule that is based on MCF. Unlike previous approaches, the parameters required for implementing the MCF rule are independent of projects under consideration. A lesson from this paper is that the government discount rate policies that are largely based on the concepts of social ...
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作者：Diamond, P; Köszegi, B
作者单位：University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
摘要：Some people have self-control problems regularly. This paper adds endogenous retirement to Laibson's quasi-hyperbolic discounting savings model [Quarterly Journal of Economics 112 (1997) 443-477]. Earlier selves think that the deciding self tends to retire too early and may save less to induce later retirement. Still earlier selves may think the pre-retirement self does this too much, saving more to induce early retirement. The consumption pattern may be different from that with exponential di...
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作者：Lane, PR; Perotti, R
作者单位：Trinity College Dublin; European University Institute
摘要：We study the macroeconomic effects of fiscal policies in an open economy. We emphasize two transmission mechanisms: the cost channel, by which wage government spending and labor taxes raise the real wage firms must pay, and the exchange rate channel, by which the nominal exchange rate shifts induced by fiscal policy have real effects if (some) prices and wages are sticky. The latter channel implies that changes in wage government spending or in labor taxation should have different effects unde...
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作者：Epstein, GS; Hillman, AL
作者单位：Bar Ilan University; Centre for Economic Policy Research - UK; IZA Institute Labor Economics
摘要：Adverse voter sentiment can arise when immigrants are unemployed and receive tax-financed income transfers. The explanation for unemployment however determines the consequences for the local population, and an efficiency-wage explanation for unemployment is consistent with mutual benefit to national workers and employers from the presence of unemployed immigrants receiving tax-financed income transfers. The mutual benefit requires credible labor-market disciplining through job offers to immigr...
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作者：Boadway, R; Cuff, K; Marceau, N
作者单位：McMaster University; Queens University - Canada; University of Quebec; University of Quebec Montreal
摘要：We study optimal redistribution policy in an economy with three types of unemployed persons: those unable to work, the voluntarily unemployed, and the involuntarily unemployed. Both voluntary and involuntary unemployment are endogenous. Voluntary unemployment arises because individuals have different preferences, while involuntary unemployment results from frictions in the labour market or from an efficiency wage. We consider the employment policies of a well-informed government when it can an...
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作者：Leite-Monteiro, M; Sato, M
作者单位：Universidade Catolica Portuguesa; Hitotsubashi University
摘要：In this paper we investigate how economic integration influences the political decision of integration and separation of jurisdictions. In a model with (imperfect) capital mobility, we consider that, not only the redistributive policy itself, but also the level of policy centralization is decided by a majority vote. We find that the net benefit from integration is not monotonic with the level of world capital market integration and present a case where integration of two regions occurs only fo...
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作者：Chen, Y
作者单位：University of Michigan System; University of Michigan
摘要：This paper reports the first experimental study of the serial and the average cost pricing mechanisms under five different treatments: a complete information treatment and four treatments designed to simulate distributed systems with extremely limited information, synchronous and asynchronous moves. Although the proportion of Nash equilibrium play under both mechanisms is statistically indistinguishable under complete information, the serial mechanism performs robustly better than the average ...
