The Stock Market Response to a "Regulatory Sine Curve"
In: FRB International Finance Discussion Paper No. 1299
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In: FRB International Finance Discussion Paper No. 1299
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Working paper
In: Journal of Monetary Economics, Band 56, Heft 1, S. 83-103
In: FRB Economic Quarterly, Vol. 98, No. 4, Fourth Quarter 2012, pp. 255-307
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In: The economic journal: the journal of the Royal Economic Society, Band 133, Heft 653, S. 2001-2024
ISSN: 1468-0297
Abstract
We quantitatively investigate the welfare costs of increasing tax revenues in low-income countries. We consider three tax instruments: consumption, labour income and capital income taxes. The analysis is based on a general equilibrium model featuring heterogeneous agents, incomplete financial markets, and rural and urban areas. We calibrate the model to Ethiopia and decompose the welfare costs into their aggregate and distributional components. We find that changing taxes alter the composition of demand. This, together with limited labour mobility, causes the incidence of higher taxes to fall disproportionately on the rural population, regardless of the instrument. Consumption taxes are the instrument with the largest welfare loss.
In: IMF Working Paper No. 18/146
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In: International Economic Review, Band 59, Heft 2, S. 593-623
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In: Athreya, K., Sánchez, J.M., Tam, X.S. and Young, E.R. (2018), BANKRUPTCY AND DELINQUENCY IN A MODEL OF UNSECURED DEBT. International Economic Review, 59: 593-623. https://doi.org/10.1111/iere.12281
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