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Practical Optimal Income Taxation 实际最优所得税
Staff Report Pub Date : 2021-07-30 DOI: 10.21034/sr.626
J. Heathcote, Hitoshi Tsujiyama
{"title":"Practical Optimal Income Taxation","authors":"J. Heathcote, Hitoshi Tsujiyama","doi":"10.21034/sr.626","DOIUrl":"https://doi.org/10.21034/sr.626","url":null,"abstract":"We review methods used to numerically compute optimal Mirrleesian tax and transfer schedules in heterogeneous agent economies. We show that the coarseness of the productivity grid, while a technical detail in terms of theory, is critical for delivering quantitative policy prescriptions. Existing methods are reliable only when a very fine grid is used. The problem is acute for computational approaches that use a version of the Diamond-Saez implicit optimal tax formula. If using a very fine grid for productivity is impractical, then optimizing within a flexible parametric class is preferable to the non-parametric Mirrleesian approach.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115417979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Is There a Stable Relationship between Unemployment and Future Inflation? 失业与未来通货膨胀之间是否存在稳定的关系?
Staff Report Pub Date : 2020-10-07 DOI: 10.21034/sr.614
T. Fitzgerald, Callum Jones, Mariano Kulish, J. Nicolini
{"title":"Is There a Stable Relationship between Unemployment and Future Inflation?","authors":"T. Fitzgerald, Callum Jones, Mariano Kulish, J. Nicolini","doi":"10.21034/sr.614","DOIUrl":"https://doi.org/10.21034/sr.614","url":null,"abstract":"The empirical literature on the stability of the Phillips curve has largely ignored the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients. We argue that this omission has important implications. When policy is endogenous, estimation based on aggregate data can be uninformative as to the existence of a stable relationship between unemployment and future inflation. But we also argue that regional data can be used to identify the structural relationship between unemployment and inflation. Using city-level and state-level data from 1977 to 2017, we show that both the reduced form and the structural parameters of the Phillips curve are, to a substantial degree, quite stable over time.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129671035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
A Framework for Studying the Monetary and Fiscal History of Latin America, 1960-2017 拉丁美洲货币与财政史研究框架，1960-2017
Staff Report Pub Date : 2020-07-21 DOI: 10.21034/sr.607
T. Kehoe, J. Nicolini, T. Sargent
{"title":"A Framework for Studying the Monetary and Fiscal History of Latin America, 1960-2017","authors":"T. Kehoe, J. Nicolini, T. Sargent","doi":"10.21034/sr.607","DOIUrl":"https://doi.org/10.21034/sr.607","url":null,"abstract":"We develop a conceptual framework for analyzing the interactions between aggregate fiscal policy and monetary policy. The framework draws on existing models that analyze sovereign debt crises and balance-of-payments crises. We intend this framework as a guide for analyzing the monetary and fiscal history of a set of eleven major Latin American countries—Argentina, Brazil, Bolivia, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela—from the 1960s until now.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130266904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
How Do Voters Respond to Welfare vis-a-vis Public Good Programs? An Empirical Test for Clientelism 与公益项目相比，选民对福利有何反应?对Clientelism的实证检验
Staff Report Pub Date : 2020-07-08 DOI: 10.21034/sr.605
P. Bardhan, Sandip Mitra, Dilip Mookherjee, Anusha Nath
{"title":"How Do Voters Respond to Welfare vis-a-vis Public Good Programs? An Empirical Test for Clientelism","authors":"P. Bardhan, Sandip Mitra, Dilip Mookherjee, Anusha Nath","doi":"10.21034/sr.605","DOIUrl":"https://doi.org/10.21034/sr.605","url":null,"abstract":"This paper examines allocation of benefits under local government programs in West Bengal, India to isolate patterns consistent with political clientelism. Using household survey data, we find that voters respond positively to private welfare benefits but not to local public good programs, while reporting having benefited from both. Consistent with the voting patterns, shocks to electoral competition induced by exogenous redistricting of villages resulted in upper-tier governments manipulating allocations across local governments only for welfare programs. Through the lens of a hierarchical budgeting model, we argue that these results provide credible evidence of the presence of clientelism rather than programmatic politics, and how this distorts the allocation of government programs both within and across villages.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129999940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Monopolies Inflict Harm on Low- and Middle-Income Americans 垄断对低收入和中等收入的美国人造成伤害
Staff Report Pub Date : 2020-05-15 DOI: 10.21034/sr.601
James A. Schmitz
{"title":"Monopolies Inflict Harm on Low- and Middle-Income Americans","authors":"James A. Schmitz","doi":"10.21034/sr.601","DOIUrl":"https://doi.org/10.21034/sr.601","url":null,"abstract":"Today, monopolies inflict great harm on low- and middle-income Americans. One particularly pernicious way they harm them is by sabotaging low-cost products that are substitutes for the monopoly products. I'll argue that the U.S. housing crisis, legal crisis, and oral health crisis facing the low- and middle-income Americans are, in large part, the result of monopolies destroying low-cost alternatives in these industries that the poor would purchase. These results would not surprise those studying monopolies in the first half of the 20th century. During this period extensive evidence was developed showing monopolies engaging in these same activities and many others that harmed the poor. Models of monopoly were constructed by giants in economics and law, such as Henry Simons and Thurman Arnold, to explain these impacts of monopoly. These models are of sabotaging monopolies. Unfortunately, in the 1950s, the economics profession turned its back on this evidence, these models and these giants. It embraced the Cournot model of monopoly, that found in textbooks today. In this model the monopolist chooses its price, nothing more. Gone are the decisions on whether to sabotage substitutes or to employ any of the other weapons at the disposal of sabotaging monopolies. I'll call this Cournot monopoly the toothless monopoly. Using this model, the economics profession has concluded that the costs of monopoly are small. But the toothless monopoly model is ill-equipped to study the \"costs of monopoly.\" By relying on it, the economics profession has made major errors in its study of monopoly.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125131746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Slow Convergence in Economies with Organization Capital 具有组织资本的经济体的缓慢趋同
Staff Report Pub Date : 2019-06-07 DOI: 10.21034/wp.748
Erzo G. J. Luttmer
{"title":"Slow Convergence in Economies with Organization Capital","authors":"Erzo G. J. Luttmer","doi":"10.21034/wp.748","DOIUrl":"https://doi.org/10.21034/wp.748","url":null,"abstract":"Most firms begin very small, and large firms are the result of typically decades of persistent growth. This growth can be understood as the result of some form of organization capital accumulation. In the US, the distribution of firm size k has a right tail only slightly thinner than 1/k. This is shown to imply that incumbent firms account for most aggregate organization capital accumulation. And it implies potentially extremely slow aggregate convergence rates. A benchmark model is proposed in which managers can use incumbent organization capital to create new organization capital. Workers are a specific factor for producing consumption, and they require managerial supervision. Through the lens of the model, the aftermath of the Great Recession of 2008 is unsurprising if the events of late 2008 and early 2009 are interpreted as a destruction of organization capital, or as a belief shock that made consumers want to reduce consumption and accumulate more wealth instead.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123476303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Karl Brunner's Contributions to the Theory of Money Supply 卡尔·布鲁纳对货币供给理论的贡献
Staff Report Pub Date : 2019-04-23 DOI: 10.21034/sr.582
J. Nicolini
{"title":"Karl Brunner's Contributions to the Theory of Money Supply","authors":"J. Nicolini","doi":"10.21034/sr.582","DOIUrl":"https://doi.org/10.21034/sr.582","url":null,"abstract":"In this paper, I revisit some recent work on the theory of the money supply, using a theoretical framework that closely follows Karl Brunner's work. I argue that had his research proposals been followed by the profession, some of the misunderstandings related to the instability of the money demand relationship could have been avoided.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"48 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133454195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Risk of Becoming Risk Averse: A Model of Asset Pricing and Trade Volumes 成为风险厌恶的风险:资产定价和交易量的模型
Staff Report Pub Date : 2018-12-31 DOI: 10.21034/sr.577
F. Álvarez, A. Atkeson
{"title":"The Risk of Becoming Risk Averse: A Model of Asset Pricing and Trade Volumes","authors":"F. Álvarez, A. Atkeson","doi":"10.21034/sr.577","DOIUrl":"https://doi.org/10.21034/sr.577","url":null,"abstract":"We develop a new general equilibrium model of asset pricing and asset trading volume in which agents? motivations to trade arise due to uninsurable idiosyncratic shocks to agents? risk tolerance. In response to these shocks, agents trade to rebalance their portfolios between risky and riskless assets. We study a positive question ? When does trade volume become a pricing factor? ? and a normative question ? What is the impact of Tobin taxes on asset trading on welfare? In our model, economies in which marketwide risk tolerance is negatively correlated with trade volume have a higher risk premium for aggregate risk. Likewise, for a given economy, we ?nd that assets whose cash ?ows are concentrated on states with high trading volume have higher prices and lower risk premia. We then show that Tobin taxes on asset trade have a ?rst-order negative impact on ex-ante welfare, i.e., a small subsidy to trade leads to an improvement in ex-ante welfare. Finally, we develop an alternative version of our model in which asset trade arises from uninsurable idiosyncratic shocks to agents? hedging needs rather than shocks to their risk tolerance. We show that our positive results regarding the relationship between trade volume and asset prices carry through. In contrast, the normative implications of this speci?cation of our model for Tobin taxes or subsidies depend on the speci?cation of agents? preferences and non-traded endowments.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"508 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123199746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Role of Uncertainty and Risk in Climate Change Economics 不确定性和风险在气候变化经济学中的作用
Staff Report Pub Date : 2018-12-26 DOI: 10.21034/sr.576
V. Chari
{"title":"The Role of Uncertainty and Risk in Climate Change Economics","authors":"V. Chari","doi":"10.21034/sr.576","DOIUrl":"https://doi.org/10.21034/sr.576","url":null,"abstract":"This chapter is an introductory essay to the volume Climate Change Economics: The Role of Uncertainty and Risk, edited by V. V. Chari and Robert Litterman. This volume consists of a collection of papers that were presented at \"The Next Generation of Economic Models of Climate Change,\" a conference hosted by the Heller-Hurwicz Economics Institute at the University of Minnesota.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133466560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Money in the Production Function 货币在生产函数中的作用
Staff Report Pub Date : 2018-04-10 DOI: 10.21034/sr.562
E. Prescott, R. Wessel
{"title":"Money in the Production Function","authors":"E. Prescott, R. Wessel","doi":"10.21034/sr.562","DOIUrl":"https://doi.org/10.21034/sr.562","url":null,"abstract":"Businesses hold large quantities of cash reserves, which have average returns well below their investments in tangible capital. Businesses do this because these monetary assets provide services. One implication is that money services is a factor of production in capital theoretic valuation equilibrium models. Our aggregate production function is consistent with both the classical demand for money function relationship and with extended periods of near zero short-term nominal interest rates. In our model economy, there is a 100 percent reserve requirement on all demand deposits. Demand deposits are legal tender. We find (i) money services in the production function necessitates revisions in the national accounts; (ii) monetary and fiscal policy cannot be completely separated; (iii) for a given policy, equilibrium is either unique or does not exist; and (iv) Friedman?s monetary satiation is not optimal. We make quantitative comparisons between interest rate targeting regimes and between inflation rate targeting regimes. The best inflation rate target was 2 percent. {{p}} This paper is related to but fundamentally different from Staff Report 530: \"Fiat Value in the Theory of Value.?","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"2019 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133926712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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