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作者：Garlappi, Lorenzo; Huang, Jennifer
作者单位：University of Texas System; University of Texas Austin
摘要：Existing literature suggests that, in order to maximize the tax benefit of retirement accounts, investors should follow a pecking order location rule of placing highly taxed assets (e.g., bonds) in a tax-deferred account and lightly taxed assets (e.g., stocks) in a taxable account. Empirical evidence, however, documents that a large number of investors violate this rule. In this paper, we show that such violations can be optimal for risk-averse investors who face portfolio constraints. In part...
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作者：Bordignon, Massimo; Brusco, Sandro
作者单位：State University of New York (SUNY) System; Stony Brook University; Universidad Carlos III de Madrid; Catholic University of the Sacred Heart
摘要：We analyze the issues relative to the formation of sub-unions in a federation, called enhanced cooperation agreements in the European Union. When centralization is not politically feasible, an agreement among a subset of countries may allow such countries to exploit benefits from coordination that would other-wise be lost. Other countries in the federation may object to the sub-union because it changes the status quo; if cooperation at the federal level becomes convenient in the future, the ch...
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作者：Chetty, Raj
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：In an influential paper, Baily (1978) showed that the optimal level of unemployment insurance (UI) in a stylized static model depends on only three parameters: risk aversion, the consumption-smoothing benefit of UI, and the elasticity of unemployment durations with respect to the benefit rate. This paper examines the key economic assumptions under which these parameters determine the optimal level of social insurance. I show that a Baily-type expression, with an adjustment for precautionary sa...
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作者：Blomquist, Soren; Micheletto, Luca
作者单位：Bocconi University; Uppsala University
摘要：Paternalism, merit goods and specific egalitarianism are concepts we sometimes meet in the literature. The thing in common is that the policy maker does not fully respect the consumer sovereignty principle and designs policies according to some other criterion than individuals' preferences. Using the self-selection approach to tax problems developed by Stiglitz [Stiglitz, J.E., 1982. Self-selection and Pareto-efficient taxation. Journal of Public Economics 17, 213-240] and Stem [Stem, N.H., 19...
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作者：Revelli, F
作者单位：University of Turin
摘要：This paper investigates whether national evaluation of decentralised government performance tends, by lessening local information spill-overs, to reduce the scope for local performance comparisons and consequently to lower the extent of spatial auto-correlation among local government expenditures. It analyses local government expenditures on personal social services in the UK before and after the introduction of a national performance assessment system (SSPR, Social Services Performance Rating...
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作者：Schmidheiny, K
作者单位：Tufts University; Leibniz Association; Ifo Institut
摘要：This study investigates spatial income segregation in fiscally decentralized urban areas. The theoretical part proposes the progressivity of local income taxes as a new theoretical explanation for income segregation. The empirical part studies how income tax differentials across municipalities affect the households' location decisions. 1 use data from the Swiss metropolitan area of Basel that contains tax information on all moving households in 1997. The location choice of the households is in...
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作者：Baron, DP
作者单位：Stanford University
摘要：The news media plays an essential role in society, but surveys indicate that the public views the media as biased. This paper presents a theory of media bias that originates with private information obtained by journalists through their investigations and persists despite profit-maximizing news organizations and rivalry from other news organizations. Bias has two effects on the demand for news. First, rational individuals are more skeptical of potentially biased news and thus rely less oil it ...
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作者：Pozzi, Lorenzo
作者单位：Ghent University
摘要：In the US, aggregate private consumption changes are excessively sensitive not only to current and lagged changes in income, but also to current and lagged changes in government expenditures. I give a new theoretical interpretation to this observation. I show that this excess sensitivity arises when consumers take into account the link between taxes and government expenditures (i.e. when they are Ricardian), but lack exact information on the aggregate economy. While the model provides a simult...
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作者：Martinez-Mora, Francisco
作者单位：University of Leicester
摘要：We provide an explanation to the puzzle of the existence of paid-for private schools that offer lower quality education than some tuition-free public alternatives. We consider a model of a city composed of two communities: the urban area and the suburbs. The suburban public school provides higher quality education at an implicit price: the higher tax burden plus a housing rent premium. If that price is high enough and the urban public school has a sufficiently low quality intermediate income h...
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作者：Naito, Takumi
作者单位：Institute of Science Tokyo; Tokyo Institute of Technology
摘要：We examine growth, revenue, and welfare effects of tariff and tax reform with a two-good, two-factor endogenous growth model. Learning-by-doing and intersectoral knowledge spillovers contribute to endogenous growth consistent with incomplete specialization. We obtain two main results. First, trade liberalization raises (or lowers) the growth rate if and only if the import sector is more effective-labor-intensive (or capital-intensive). Second, we can attain growth, revenue, and welfare gains b...
