作者：Arseneau, David M.; Chugh, Sanjay K.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Boston College; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：The optimality of tax smoothing is reexamined using frictional labor markets. In a calibrated matching model that generates empirically relevant labor market fluctuations conditional on exogenous fiscal policy, the Ramsey-optimal policy calls for extreme labor tax rate volatility. Purposeful tax volatility induces dramatically smaller, but efficient, fluctuations of labor markets by keeping distortions constant over the business cycle. We relate the results to standard Ramsey theory by develop...
作者：Li, Yiting; Rocheteau, Guillaume; Weill, Pierre-Olivier
作者单位：National Taiwan University; University of California System; University of California Irvine; Universite Paris-Pantheon-Assas; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We study an over-the-counter (OTC) market in which the usefulness of assets as a means of payment or collateral is limited by the threat of fraudulent practices. Agents can produce fraudulent assets at a positive cost, which generates upper bounds on the quantity of each asset that can be traded in the OTC market. Each of these endogenous, asset-specific, resalability constraints depends on the cost of fraud, on the frequency of trade, and on the asset price. In equilibrium, assets are partiti...
