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作者：Shoven, JB; Sialm, C
作者单位：University of Michigan System; University of Michigan; Stanford University
摘要：This paper derives optimal asset allocations (which assets to hold) and asset locations (in which accounts to hold them) for a risk-averse investor saving for retirement. The investor can hold taxable corporate bonds, tax-exempt municipal bonds, and stocks either in a tax-deferred or a conventional taxable savings account. Taxable bonds have a preferred location in the tax-deferred account and tax-exempt bonds have a preferred location in the taxable account for investors in sufficiently high ...
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作者：Barber, BM; Odean, T
作者单位：University of California System; University of California Davis; University of California System; University of California Davis
摘要：Using brokerage account data, we analyze the tax awareness of individual investors. We find strong evidence that taxes matter: investors prefer to locate bonds and mutual funds in retirement accounts and, in December, harvest stock losses in their taxable accounts. However, investors also trade actively in their taxable accounts, realize gains more frequently than losses, and locate a material portion of their bonds in taxable accounts. Though taxes leave clear footprints in the data we analyz...
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作者：Gallego, M; Pitchik, C
作者单位：University of Toronto; Wilfrid Laurier University
摘要：In an infinite-horizon stochastic model, a coup not only disciplines a dictator's policy towards a group of kingmakers, but also enables a kingmaker to become a dictator. Greater competition for the dictator's position, a lower impact of the dictator's policy on the kingmakers, or lower risks of staging a coup raises the benefit of a coup relative to its opportunity cost and so raises the probability of a coup. Since periodic shocks affect the efficacy of the dictator's policy, a bad enough sh...
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作者：Blundell, R; Gordon, R
作者单位：University of London; University College London
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作者：Gentry, WM; Hubbard, RG
作者单位：Williams College; National Bureau of Economic Research; Columbia University
摘要：We examine whether the level of the income tax rate and the convexity of the income tax schedule affect job mobility, as measured by moving to a better job. While the predicted effect of the level of the tax rate is ambiguous, we predict that an increase in the convexity of the tax schedule decreases job search activity by taxing away some of the benefits of a successful job search. Using data from the Panel Study of Income Dynamics, we estimate that both higher tax rates and increased tax rat...
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作者：Knight, B
作者单位：Brown University
摘要：Local public goods financed from a national tax base provide concentrated benefits to recipient jurisdictions but disperse costs, creating incentives for legislators to increase own-district spending but to restrain aggregate spending due to the associated tax costs. While these common pool incentives underpin a variety of theoretical analyses, which tend to predict inefficiencies in the allocation of public goods, there is little direct evidence that individual legislators respond to such inc...
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作者：Papke, LE
作者单位：Michigan State University
摘要：Workers with individual retirement saving accounts often make decisions about contribution rates and asset allocation that affect ultimate retirement income. This paper presents econometric evidence from two data sets on the role that participant investment choice plays in asset allocation, contributions, and account balances. My preferred estimates indicate that participants with investment choice are 36 percent more likely to make an annual contribution. These participants are estimated to i...
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作者：Duggan, M
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：State governments contract with health maintenance organizations (HMOs) to coordinate medical care for nearly 20 million Medicaid recipients. Identifying the causal effect of HMO enrollment on government spending and health care quality is difficult if, as is often the case, recipients have the option to enroll in a plan. To estimate the average effect of HMO enrollment, this paper exploits county-level mandates introduced during the last several years in the state of California that required ...
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作者：Chan, S; Stevens, AH
作者单位：New York University; Yale University
摘要：This paper investigates the responsiveness of individuals' retirement decisions to forward-looking measures of pension accumulations. In contrast to previous research, we use within-person variation in retirement incentives and are able to control for unobserved heterogeneity in tastes for retirement by studying a panel of subjective retirement expectations. We confirm that individuals do respond as expected to pension incentives, even when we control for individual fixed effects. However, the...
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作者：Saez, E
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Optimal tax theory has shown that, under simple assumptions, indirect taxation such as production subsidies, tariffs, or differentiated commodity taxation, are sub-optimal and that redistribution should be achieved solely with the direct income tax. However, these important results of optimal tax theory, namely production efficiency and uniform commodity taxation under nonlinear income taxation, have been shown to break down when labor taxation is based on income only and when there is imperfe...
