-
作者：Pastine, Ivan; Pastine, Tuvana
作者单位：University College Dublin; Maynooth University
摘要：We analyze special interest influence on policy when political contributions are capped but the regulation contains soft-money loopholes. The politician chooses between two policy options. We define special interest influence as the probability the politician chooses the policy he would not have chosen in the absence of contributions. Any binding cap reduces special interest influence but the effect may be nonmonotonic. A ban on contributions can result in greater special interest influence th...
-
作者：Ham, John C.; Reilly, Kevin T.
作者单位：University System of Maryland; University of Maryland College Park; National University of Singapore; University of Leeds
摘要：The implicit contract model is a serious alternative to the spot market interpretation of the labor market. However, its usefulness has been limited because the wage is unobserved, and hence it has not been possible to estimate an intertemporal (Frisch) supply elasticity for the model using microdata. In this article, we show that one can estimate this elasticity from microdata within the context of the implicit contract model under relatively weak assumptions based on consumer theory. We impl...
-
作者：Bastani, Spencer; Blomquist, Soren; Micheletto, Luca
作者单位：Uppsala University; University of Milan
摘要：Using an overlapping generations model with skill uncertainty and private savings, we quantify the gains of age-dependent labor income taxation. The total steady-state welfare gain of switching from age-independent to age-dependent nonlinear taxation varies between 2.4% and 4% of GDP. Part of the gain descends from relaxing incentive-compatibility constraints and part is due to capital-accumulation effects. The welfare gain is of about the same magnitude as that which can be achieved by moving...
-
作者：Mayoral, Laura
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：Estimates of shock persistence based on disaggregate or on aggregate data are frequently very different. This article takes a step toward reconciling this apparent disconnect between micro- and macro-based estimates of shock response. It is shown that, although the average of the individual impulse response functions (IRFs) is identical to the aggregate IRF, averages of other popular persistence measures, such as the sum of the autoregressive coefficients among others, tend to be larger the hi...
-
作者：Bai, Jinhui H.; Lagunoff, Roger
作者单位：Georgetown University
摘要：When is a polity biased? Consider an outsider who observes policy data but observes neither citizens' preferences nor the underlying distribution of political power. He views political power as if it were derived from wealth-weighted voting, where the weights determine the wealth bias. Positive weights favor the rich whereas negative ones favor the poor. We show that any policy data is rationalized by any wealth-weighted system. However, policy and polling observations together imply explicit ...
-
作者：Chang, Roberto; Fernandez, Andres
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; Inter-American Development Bank
摘要：Recent research on macroeconomic fluctuations in emerging economies has advocated introducing a stochastic productivity trend or allowing for interest rate shocks and financial frictions. We estimate a model that encompasses these two approaches, shedding light on their relative merits and on how financial frictions affect the transmission of shocks. The model accounts for aggregate fluctuations by assigning a dominant role to financial frictions in amplifying conventional (temporary) producti...
-
作者：Kanbur, Ravi; Tuomala, Matti
作者单位：Cornell University; Tampere University
摘要：How does concern for consumption relative to others (relativity) affect the structure of optimal nonlinear income taxation? Our article provides three sets of answers to this general question. First, it supports the conclusion in the literature that relativity leads to higher marginal tax rates. In doing so, it both generalizes some of the conditions under which this result is obtained in the literature and fleshes out the detailed structure for optimal marginal tax rates for specific function...
-
作者：Bennett, Christopher J.
作者单位：Vanderbilt University
摘要：The use of partial orders has been popularized as a way to conduct social evaluations using only minimal normative assumptions. Generically, this process involves comparing continuously indexed curves that are uniquely determined by the cumulative distributions of the individual attributes under study. In the literature on income poverty and inequality, for example, pairwise comparisons of entire income distributions and their respective Lorenz curves are routinely performed in order to charac...
-
作者：Wagener, Andreas
作者单位：Leibniz University Hannover
摘要：Rather than about their absolute payoffs, governments in fiscal competition often seem to care about their performance relative to other governments. Moreover, they often appear to mimic policies observed elsewhere. I study such behavior in a standard tax competition game. Both with relative payoff concerns and for imitative policies, evolutionary stability for games with finitely many players is the appropriate solution concept. Independently of the number of jurisdictions involved, an evolut...
-
作者：Launov, Andrey; Walde, Klaus
作者单位：Johannes Gutenberg University of Mainz; Universite Catholique Louvain
摘要：The distribution of unemployment duration in our equilibrium matching model with spell-dependent unemployment benefits displays time-varying exit rates. Building on semi-Markov processes, we translate these rates into an expression for the aggregate unemployment rate. Structural estimation using German microdata allows us to discuss the effects of an unemployment benefit reform (Hartz IV). The reform reduced unemployment by less than 0.1 percentage points. Contrary to general beliefs, the net ...
