We study the effects of demographic shocks and changes in the pension system on the
macroeconomic performance of an advanced small open economy facing a given world …

We study the effects of credit shocks in a model with heterogeneous entrepreneurs,
financing constraints, and a realistic firm-size distribution. As entrepreneurial firms can grow …

Fundamental tax reform is examined in an overlapping-generations model in which
heterogeneous agents face idiosyncratic wage shocks and longevity uncertainty. A …

The adoption of flat tax systems in Central and Eastern European countries have often been
supported by arguments of simplicity, higher compliance and lower distortionary effects …

This paper investigates the importance of entrepreneurship when quantifying the aggregate
and distributional effects of switching from a progressive to a proportional income tax …

We provide industry-level estimates of the elasticity of substitution (σ) between capital and
labor in the United States. We also estimate rates of factor augmentation. Aggregate …

This paper examines the effects of knowledge diffusion on growth and the costs of climate
policy. We develop a general equilibrium model with endogenous growth which represents …

Corporate Taxation, Capital Formation, and the Substitution Elasticity between Labor and
Capital Page 1 Corporate Taxation, Capital Formation , and the Substitution Elasticity between …

We are now in a quiet interlude awaiting the next serious political debate over the nation's
tax system. No fundamental tax policy concerns were at stake in the 2002 disputes over …

Financing Social Security benefits at current levels implies significant increases in payroll
taxes within the next 20 years under current US demographic developments. Using a …