Projected demographic changes in industrialized and developing countries vary in extent
and timing but will reduce the share of the population in working age everywhere …

This paper provides a new, empirically driven application of the dynamic Mirrleesian
framework by studying a feasible and potentially powerful tax reform: age-dependent labour …

Consumers nominally pay the consumption tax, but theoretical and empirical evidence is
mixed on whether corporations partly shoulder this burden, thereby affecting corporate …

How effective is a more progressive tax scheme in raising revenues? We answer this
question in a life-cycle economy with heterogeneity across households and endogenous …

Projected demographic changes in the US will reduce the share of the working-age
population. Analyses based on standard OLG models predict that these changes will …

In an endogenous growth model of overlapping generations, this paper shows that an
introduction of a housing property tax in China increases physical and human capital …

We develop a computable overlapping generations model in which the accumulation of
human capital is endogenous. The model is similar to that of Fougere et al.(2009) and …

Financial economics research has suggested that expected returns are not the same across
assets, and that their movements over time are not simply described or explained. I argue …

This paper provides a survey of the trade-off theory of corporate capital structure. First we
provide an analysis of an equilibrium version of the theory. The firm raises debt from an …

In his influential book, Capital in the Twenty-First Century, Thomas Piketty argues forcefully
that rising wealth and wealth inequality is an inherent characteristic of capitalist economies …