作者：Parodi, Francesca
作者单位：Collegio Carlo Alberto; Catholic University of the Sacred Heart; University of Turin
摘要：I quantitatively characterize optimal consumption and labor income taxes in a structural life-cycle model of household consumption, sav-ing, and employment choices that allows for irreversibility of dura-ble goods and preference heterogeneity. I find that durables should be subsidized and nondurables should be taxed at a uniform rate. The durable subsidy is driven by the life-cycle features of the model together with durables' irreversibility and borrowing constraints. Uniform taxation on nond...
作者：Chousakos, Kyriakos; Gorton, Gary; Ordonez, Guillermo
作者单位：Bank of America Corporation; Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：The amount of information produced about firms' productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, out-put and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is sud-denly generated. Information a...
