Optimal taxation when consumers have endogenous benchmark levels of consumption
In: NBER working paper series 10099
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In: NBER working paper series 10099
In: NBER working paper series 7739
In: Outstanding Dissertations in Economics, a continuing Garland research series
In: Journal of Monetary Economics, Band 87, S. 52-66
In: NBER Working Paper No. w21549
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In: NBER Working Paper No. w21548
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In: NBER Working Paper No. w12290
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Working paper
In: Journal of economic dynamics & control, Band 26, Heft 7-8, S. 1075-1092
ISSN: 0165-1889
In: American economic review, Band 91, Heft 1, S. 128-148
ISSN: 1944-7981
With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully funded defined-contribution Social Security system tries to exploit the equity premium by selling a dollar of bonds per capita and buying a dollar of equity per capita, consumers who save but do not participate in the stock market will increase their consumption, thereby reducing saving and capital accumulation. Calibration of a general-equilibrium model indicates that this policy could reduce the aggregate capital stock substantially, by about 50 cents per capita. (JEL H55)
In: Journal of monetary economics, Band 43, Heft 1, S. 3-33
In: NBER Working Paper No. w4110
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In: The World of Economics, S. 613-622
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 34, S. 157-162
ISSN: 0167-2231