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作者：Dhami, S
作者单位：Newcastle University - UK
摘要：This paper examines the political economy of redistribution when voters have asymmetric information about the redistributive preferences of politicians and the latter cannot make credible policy commitments. The candidates in each party are endogenously selected by a process of Nash Bargaining between the competing factions. In equilibrium, there is 'partial convergence' of redistributive policies, support for 'Director's Law', the possibility of 'policy reversals' across the parties, and 'int...
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作者：Jappelli, T; Pistaferri, L
作者单位：Stanford University; Stanford University; University of Salerno; University of Salerno
摘要：The theoretical literature suggests that taxation can have a large impact on household portfolio selection and allocation. In this paper we analyze the tax treatment of life insurance, considering the cancellation of tax incentives in Italian life insurance contracts for investors with high marginal tax rates and the introduction of incentives for those with low rates. Using repeated cross-sectional data from 1989 to 1998, we find that the tax reforms had no effect on the decision to invest in...
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作者：Kim, Y
作者单位：Yonsei University
摘要：This paper incorporates continuous income distribution into the stigma-based model of tax compliance. The paper investigates the effect of income distribution on the existence of multiple equilibria, and characterizes the conditions under which multiple equilibria emerge. Precisely, multiple equilibria exist if taxpayer incomes are sufficiently homogeneous, because the 'social coordination effect' dominates the 'individual characteristics effect'. Numerical simulations show that the main propo...
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作者：Dionne, G; Spaeter, S
作者单位：Universite de Montreal; HEC Montreal; Universites de Strasbourg Etablissements Associes; Universite de Strasbourg
摘要：We analyze the effect of extending environmental risk to banks. We assume that the firm needs external funds to invest in green technology and reduce the risk of environmental damage. Prevention may affect the distribution of both environmental losses and operating revenues. We show that, under moral hazard, the firm does not always invest less in prevention than the optimal social level. We also show that extending liability may improve both the level of prevention and the level of compensati...
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作者：Greenwood, MJ; McDowell, JM; Wierman, M
作者单位：University of Colorado System; University of Colorado Boulder; Arizona State University; Arizona State University-Tempe
摘要：In this study we use the concept of the marginal migrant to develop a theoretical model of the age composition of US immigration. Two age classes of immigrants are distinguished, 20-34 and 50 and over, along with sex and entry class (numerically restricted, numerically exempt). Annual data (1972-1991) for 109 source countries are pooled, and the Hausman-Taylor instrumental variable technique is employed to estimate regressions that satisfy adding-up restrictions. Along with measures of differe...
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作者：Woo, J
作者单位：Organisation for Economic Co-operation & Development (OECD); DePaul University
摘要：We examine a large set of economic, sociopolitical, and institutional variables in a panel of 57 developed and developing countries over the period of 1970-1990 to derive robust conclusions about which variables are important in explaining cross-country differences in public sector deficits. Financial depth, income inequality, assassinations, cabinet size, and centralization of authority in budgetary decisions are found to be significant and robust determinants of public deficits. We also prop...
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作者：Keuschnigg, C; Nielsen, SB
作者单位：University of St Gallen; University of St Gallen; Copenhagen Business School; Copenhagen Business School
摘要：The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with valuable business advice to enhance survival chances. The paper develops a general equilibrium framework with a tradit...
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作者：Nordblom, K
作者单位：University of Gothenburg
摘要：Empirical findings suggest different causes for higher educational attainment among children of high-income earners, either that poor parents are credit constrained, or that parental human capital per se is important in the educational process. My theoretical results show how these two diverging results can be brought together. Parental and public investments complement each other in the educational process. Because higher educated parents take advantage of increased productivity, educational ...
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作者：Boyer, M
作者单位：Universite de Montreal; Polytechnique Montreal; Universite de Toulouse; Universite Toulouse 1 Capitole; Institut Universitaire de France; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We consider a regulation problem with complete contracting in a principal-agent model with adverse selection and review within this model the various channels by which external competition parameters affect incentives within the regulated firm. The channels are: the principal's information, the principal's objective function, the agent's incentive constraint, the agent's participation constraint. We consider in particular a better information structure, a threat of liquidation, a fight for tal...
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作者：Lambert, PJ; Millimet, DL; Slottje, D
作者单位：Southern Methodist University; University of York - UK
摘要：This paper analyzes inequality aversion across countries and identifies factors which explain the empirical heterogeneity observed across these countries. We do this by hypothesizing a 'natural rate' of subjective inequality across countries and solving for the explicit country-specific value of the inequality aversion parameter that is consistent with the hypothesized natural rate. We present evidence consistent with the existence of a natural rate of subjective inequality by verifying that c...
