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...