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- Working Paper
This paper examines the elasticity of taxable income with a focus on income controls designed to control for divergence in the income distribution and mean reversion.
- Working Paper
This paper studies the asset pricing implications of dividend and corporate income taxes in a stochastic general equilibrium model with production similar to Jermann (1998).
- Working Paper
Catastrophe insurance helps spread risks and increases the ability of policyholders and the economy to recover from both natural disasters and terrorist attacks.
- Working Paper
This paper presents applications of variants of a differencing methodology to Internal Revenue Service tax records in order to estimate taxable income elasticities for the 1990s.
- Working Paper
We evaluate the labor supply response in a stochastic overlapping generations model with incomplete markets and a non separable utility function in labor and consumption.
- Working Paper
Recent research indicates that there have been fund amental changes in the way the economy works since the mid-1980s, including a reduction in the volatility of real GDP growth and lower rates of inflation and unemployment.
- Working Paper
This paper surveys empirical and theoretical literature on macroeconomic production functions and assesses whether constant elasticity of substitution or Cobb-Douglas specification is more appropriate for CBO's macroeconomic forecasts.
- Working Paper
This paper examines changes in the age at which people claim Social Security retirement benefits in response to two changes that have been made recently to rules governing the Social Security program.
- Working Paper
In this paper, we study the distortionary impact of progressive dividend taxation on dynamic investment decisions under the "new view" of dividend taxation.
- Working Paper
Since China began its pro-market reform in 1978, its management of capital flows has followed a cautious learning-by-doing approach, guided by the goal of propelling strong economic growth while minimizing risk to stability.