Journal ArticleJournal of Economic Dynamics and Control · November 1, 2024
This paper develops a model of the effects of tax rates chosen optimally to promote growth and public welfare in the face of corruption. For a given level of corruption, public spending can promote growth but high tax rates in pursuit of various social goa ...
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Journal ArticleJournal of the European Economic Association · January 1, 2013
When considering engaging in conflict to secure control of a resource, a group needs to predict the amount of post-conflict leakage due to infiltration by members of losing groups. We use this insight to explain why conflict often takes place along ethnic ...
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Book · January 1, 2009
The story in Freeman and Kydland (2000) is this: A modern version of the Friedman and Schwartz (1963) idea is that because the business cycle component of money is positively correlated with the business cycle component of output, we have evidence that mon ...
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Journal ArticleAmerican Economic Review · August 29, 2006
We study cross-country differences in the aggregate production function when skilled and unskilled labor are imperfect substitutes. We find that there is a skill bias in cross-country technology differences. Higher-income countries use skilled labor more e ...
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Journal ArticleJournal of Political Economy · January 1, 2001
We present a joint study of the U.S. structural transformation (the decline of agriculture as the dominating sector) and regional convergence (of southern to northern average wages). We find empirically that most of the regional convergence is attributable ...
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Journal ArticleJournal of Economic Theory · January 1, 2000
This paper verifies the uniqueness of an equilibrium for a class of stochastic infinite-horizon economies with capital that are subject to distortionary taxes or externalities. The proof develops the property of concavity for a nonlinear monotone operator ...
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Journal ArticleJournal of Public Economics · January 1, 2000
This paper estimates that the US could attain large welfare gains by implementing an optimal Ramsey tax policy that taxes consumption and income. It is also found that the welfare implications associated with taxing consumption are quantitatively more impo ...
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Journal ArticleJournal of Economic Theory · February 1, 1997
This paper studies a broad class of infinite-horizon economies that are subject to externalities, taxes, or other distortions. These economies are formulated in discrete time, are subject to uncertainty, and consist of households that accumulate capital an ...
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Journal ArticleMacroeconomic Dynamics · January 1, 1997
The behavior of the real interest rate in a general equilibrium multisector model with irreversible investment is examined. It is shown that in such a model purely sectoral shocks can lead to substantial variation in the real interest rate and other aggreg ...
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Journal ArticleAmerican Economic Review · March 1, 1996
This paper attempts to explain the correlation between money and output at various leads and lags with a model in which money is largely neutral and endogenously responds to output. Money is endogenous because both monetary policy and deposit creation are ...
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Journal ArticleJournal of Political Economy · January 1, 1996
This paper develops and estimates a monetary model that offers an explanation of some puzzling features of observed returns on equities and default-free bonds. The key feature of the model is that some assets other than money play a special role in facilit ...
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Journal ArticleEconomic Theory · January 1, 1996
This paper develops a stochastic general equilibrium model of the federal funds market that incorporates non-Fisherian effects on interest rates stemming from both supply and demand shocks to reserves. Such a model may reconcile the widespread belief in a ...
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Journal ArticleJournal of Business and Economic Statistics · January 1, 1993
This article describes an algorithm that takes advantage of parallel computing to solve discretetime recursive systems that have an endogenous state variable. The algorithm is shown to work well on a CRAY X-MP vector processor as well as on a network of st ...
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Scholarly Edition
This paper studies how the world accommodates emerging giants. That is, as a large country embarks on a transition path that potentially takes it from being a relatively poor country to
joining the ranks of the rich, how does the rest of the world adjust ...
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