作者：Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); University of Oslo; Princeton University; National Bureau of Economic Research
摘要：What shapes the optimal degree of progressivity of the tax and transfer system? On the one hand, a progressive tax system can counteract inequality in initial conditions and substitute for imperfect private insurance against idiosyncratic earnings risk. On the other hand, progressivity reduces incentives to work and to invest in skills, distortions that are especially costly when the government must finance public goods. We develop a tractable equilibrium model that features all of these trade...
作者：Gopinath, Gita; Kalemli-Ozcan, Sebnem; Karabarbounis, Loukas; Villegas-Sanchez, Carolina
作者单位：Harvard University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Starting in the early 1990s, countries in southern Europe experienced low productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consi...
