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作者：Kaufmann, Katja; Pistaferri, Luigi
作者单位：Bocconi University; Bocconi University; Stanford University
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作者：Robinson, James A.; Torvik, Ragnar
作者单位：Harvard University; Norwegian University of Science & Technology (NTNU)
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作者：Varian, Hal R.
作者单位：University of California System; University of California Berkeley
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作者：Edlund, Lena; Kopczuk, Wojciech
作者单位：Columbia University; Columbia University
摘要：Using estate tax returns data, we observe that the share of women among the very wealthy in the United States peaked in the late 1960s at nearly one-half and then declined to one-third. We argue that this pattern reflects changes in the importance of dynastic wealth, with the share of women proxying for inherited wealth. If so, wealth mobility decreased until the 1970s and rose thereafter. Such an interpretation is consistent with technological change driving long-term trends in mobility and i...
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作者：Longstaff, Francis A.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Many classes of assets are illiquid or nonmarketable in that they cannot always be traded immediately. Thus, a portfolio position in these becomes at least temporarily irreversible. We study the asset-pricing implications of this type of illiquidity in an exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again. until after a blackout period. Illiquidity has a dramatic effect. Agents abandon diversificat...
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作者：Jaimovich, Nir; Siu, Henry E.
作者单位：Stanford University; National Bureau of Economic Research; University of British Columbia
摘要：We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in cyclical volatility observed in the G7 Since World War II, these countries have experienced dramatic demographic changes, although details regarding timing and nature differ across countries. We exploit this variation to show that the workforce age composition has a large and significant effect o...
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作者：Daniel, Terry E.; Gisches, Eyran J.; Rapoport, Amnon
作者单位：University of Alberta; University of Arizona
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作者：Kosfeld, Michael; Okada, Akira; Riedl, Arno
作者单位：Goethe University Frankfurt; Hitotsubashi University; Maastricht University
摘要：Sanctioning institutions are of utmost importance for overcoming free-riding tendencies and enforcing outcomes that maximize group welfare in social dilemma situations. We investigate, theoretically and experimentally, the endogenous formation of institutions in public goods provision. Our theoretical analysis shows that players may form sanctioning institutions in equilibrium, including those governing only a subset of players. The experiment confirms that institutions are formed and that it ...
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作者：Sialm, Clemens
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：The tax burden on equity securities has varied substantially over time and remains a source of continuing policy debate. This paper investigates whether investors were compensated for the tax burden of equity securities over the period between 1913 and 2006. Taxes on equity securities vary over time due to changes in dividend and capital gains tax rates and due to changes in corporate payout policies. Equity taxes also vary across firms due to persistent differences in propensities to pay divi...
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作者：Osili, Una Okonkwo; Xie, Jia
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Indiana University System; Indiana University Bloomington
