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作者：HOFF, K
摘要：This paper interprets many results from the literature on incentive compatibility and cost-benefit analysis as illustrations of a second theorem of the second best. The theorem states that if there exists any restriction on transactions required for first-best efficiency, then there is no presumption that a social welfare maximum entails equal marginal social utilities of income across individuals. One reason is that incentive constraints shift with redistributions of wealth, so that redistrib...
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作者：GENTRY, WM
作者单位：National Bureau of Economic Research
摘要：Publicly Traded Partnerships (PTPs), also known as Master Limited Partnerships, are similar to U.S. corporations, yet they are not subject to corporate taxes. Given their mixture of corporate and partnership characteristics, PTPs provide an experiment for studying taxation and firm financial decisions. This paper compares the financial structure and dividend policies of PTPs and corporations in the oil and gas exploration industry. The results are consistent with hypotheses about taxes and fin...
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作者：ABDALA, MA
摘要：In a country with permanent deficit-driven inflation problems, the proceeds from privatization may translate into potential reductions of the seigniorage needed to finance a given a level of government expenditure. The changes in welfare costs of inflation brought about by divestiture are quantified in a monetary model. In an Argentine case study, these changes were found to be small, both in terms of GDP and as a percentage of seigniorage revenue. Within the model, this is mainly explained by...
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作者：CASE, AC; HINES, JR; ROSEN, HS
作者单位：Harvard University
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作者：WELLISCH, D
摘要：When households are immobile across regions, the decentralized provision of public goods that generate interregional benefit spillovers is inefficiently low. We analyze this problem in an environment of interregional household migration and obtain the following results: if households are perfectly mobile across regions, then the decentralized provision of public goods generating spillovers is socially efficient. There is no need for central government intervention. If households are attached t...
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作者：PERSSON, T; TABELLINI, G
作者单位：University of Brescia; Stockholm University
摘要：In this paper we study a political model of capital taxation. Voters who differ in their relative shares of capital and labor income choose tax policy under majority rule. We compare two political regimes: direct democracy, where the voters vote directly on the policy; and representative democracy, where they elect a representative who then chooses policy. In both regimes some form of commitment by the voters is necessary to avoid excessive taxation of capital. But the necessary commitment und...
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作者：PAPKE, LE
作者单位：National Bureau of Economic Research
摘要：This paper analyzes the effect of the Indiana enterprise zone (EZ) program on local employment and investment using a panel of local taxing jurisdictions. As in other EZ programs, Indiana's incentives favor capital relative to labor, but the target of the capital incentive is unusual - the stock of inventories. Using various estimation methods, I estimate that zone designation initially reduces the value of depreciable personal property by about 13 percent, but also reduces unemployment claims...
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作者：DEVEREUX, MP; KEEN, M; SCHIANTARELLI, F
作者单位：University of London; London School Economics & Political Science; University of Exeter; Boston College
摘要：Theoretical work has emphasised the potentially powerful impact of corporation tax asymmetries on investment behaviour, but empirical work has mainly been confined to the measurement of effective tax rates. This paper uses panel data from 597 U.K. companies to ask: Are tax asymmetries important to understanding observed investment behaviour? An optimising investment model is developed and estimated both as a Q equation and a Euler equation in which the cost of capital appears. Careful modellin...
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作者：CAPECI, J
摘要：This paper provides an empirical study of the effects that a local government's fiscal decisions exert on its cost of borrowing, using a sample of New Jersey municipalities. The results are consistent with the view that current period fiscal decisions do impact the cost of borrowing. A one standard deviation increase in the amount borrowed is associated with a 66 basis point increase in the annual yield. Furthermore, that the standard approach of treating current period policy variables as exo...
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作者：GAHVARI, F
作者单位：Virginia Polytechnic Institute & State University
摘要：In-kind and cash transfer programs are compared in their impacts on labor supply. It is demonstrated that labor supply is higher under an in-kind transfer program, if in-kind transfers and leisure are Hicks substitutes, leisure is normal, and in-kind transfers are 'over-provided'. It is further shown that under these conditions a one dollar increase in in-kind coupled with a one dollar cut in cash transfers increases tax revenues. Finally, the paper proves that weak separability of preferences...
