-
作者：Gourio, Francois; Miao, Jianjun
作者单位：Boston University; Zhongnan University of Economics & Law
摘要：To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 p...
-
作者：Luo, Yulei; Young, Eric R.
作者单位：University of Hong Kong; University of Virginia
摘要：This paper studies the consumption-savings behavior of households who have risk-sensitive preferences and suffer from limited information-processing capacity (rational inattention or RI). We first solve the model explicitly and show that RI increases precautionary savings by interacting with income uncertainty and risk sensitivity. Given the closed-form solutions, we find that the RI model displays a wide range of observational equivalence properties, implying that consumption and savings data...
-
作者：Blanchard, Olivier; Gali, Jordi
作者单位：Massachusetts Institute of Technology (MIT); Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Barcelona School of Economics
摘要：We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor market frictions, in the decentralized equilibrium under flexible prices and wages. Inefficient unemployment fluctuations arise when we introduce real-wage rigidities. As a result, in the presence of sta...
