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作者：Gokhale, J; Kotlikoff, LJ; Sefton, J; Weale, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Boston University; National Bureau of Economic Research
摘要：This paper develops, calibrates, and simulates a dynamic 88-period OLG model to study the intergenerational transmission of U.S. wealth inequality via bequests. The model features marriage, realistic fertility patterns, random death, assortative mating based on skills, heterogeneous skill endowments, heterogeneous rates of return, skill inheritability, progressive income taxation, and resource annuitization via social security. All bequests arise from imperfect annuitization. Nonetheless, the ...
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作者：Brown, JR
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper examines household decisions about whether or not to annuitize retirement resources. A life-cycle model of consumption, implemented with the use of dynamic programming techniques, is used to construct a utility-based measure of annuity value for individuals and couples in the Health and Retirement Survey. Variation in the calculated 'annuity equivalent wealth' arises from differences in mortality risk, marital status, risk aversion, and the presence of pre-existing annuities such as...
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作者：Hoel, M; Karp, L
作者单位：University of California System; University of California Berkeley; University of Oslo
摘要：We compare taxes and quotas when firms and the regulator have asymmetric information about the slope of firms' abatement costs. Damages are caused by a stock pollutant. We calibrate the model using cost and damage estimates of greenhouse gasses. Taxes dominate quotas, as with additive uncertainty. This model with multiplicative uncertainty allows us to compare expected stock levels under the two policies, and to investigate the importance of stock size and the magnitude of uncertainty on the p...
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作者：Zhang, JS; Zhang, J; Lee, R
作者单位：Western University (University of Western Ontario); Chinese University of Hong Kong; Victoria University Wellington; University of California System; University of California Berkeley
摘要：This paper examines the impacts of mortality decline on long-run growth in a dynastic family, two-sector growth model with social security. A rise in longevity has direct effects on fertility, human capital investment, and growth, as well as indirect effects through increasing unfunded social security contributions. Both the direct and indirect effects depend on the relative strength of the tastes for the number and welfare of children and may have different signs. The net effects of rising lo...
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作者：Konrad, KA
作者单位：Free University of Berlin
摘要：Incomplete information is a commitment device for time-consistency problems. In the context of time-consistent optimal labor income taxation privacy can lead to a Pareto superior outcome and increases the effectiveness of public education as a second best policy. (C) 2001 Elsevier Science B.V. All rights reserved.
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作者：Loeb, S
作者单位：Stanford University
摘要：This paper models the effect of increased state involvement in school funding on education spending levels. Unlike previous studies that have assumed perfect sorting of voters into districts by income, this analysis assumes demand sorting. I, thus, am able to utilize the true distribution of wealth across districts to estimate tax price changes and to predict changes in district spending levels in response to a change in financing rules. I look specifically at three types of state funding prog...
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作者：Santore, R; Robison, HD; Klein, Y
作者单位：University of Tennessee System; University of Tennessee Knoxville; La Salle University; City University of New York (CUNY) System; Brooklyn College (CUNY); New York University
摘要：This paper examines the strategic behavior of state-level utility regulators in the context of the federal tradable emissions permits market when state-to-state pollution spillovers are asymmetric. Strategic behavior is possible because a state's environmental policy indirectly affects the price of permits and, therefore, abatement in other states. We show that the optimal pollution penalty is comprised of two parts: (i) a Pigouvian tax, adjusted for state-to-state spillovers; and (ii) an opti...
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作者：Gordon, RH; Lee, Y
作者单位：Korea Development Institute (KDI); University of Michigan System; University of Michigan
摘要：This paper uses U.S. Statistics of Income (SOI) Corporate Income Tax Returns balance sheet data on all corporations, to estimate the effects of changes in corporate tax rates on the debt policies of firms of different sizes. Small firms face very different tax rates than larger firms, and relative tax rates have also changed frequently over time, providing substantial information to identify tax effects. The results suggest that taxes have had a strong and statistically significant effect on d...
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作者：Currie, J; Gruber, J
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We investigate the impact of expanding public health insurance on the medical treatment received by women at childbirth, using Vital Statistics data on every birth in the US over the 1987-1992 period. The effects of insurance status on treatment are identified using the tremendous variation in eligibility for public insurance coverage under the Medicaid program over this period. Among low education mothers who were largely uninsured before being made eligible for Medicaid, eligibility for this...
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作者：Broadbent, B; Kremer, M
作者单位：Harvard University; Columbia University
摘要：It is often argued that low tax rates on owner-occupied housing divert investment from non-housing capital, like equipment and R&D. This paper demonstrates that if people are heterogeneous in their propensity to save, and if there are constraints on borrowing, favorable tax treatment of owner-occupied housing up to a certain value can increase non-housing investment. This is because low housing taxes encourage renters to become owner-occupiers, leading existing owner-occupiers to shift their p...
