Tag Archives: Capital

Behavioral Responses to an Annual Wealth Tax: Evidence from Sweden

From David Seim: This paper addresses the behavioral effects of an annual wealth tax. I use Swedish tax records over the period 2000-2006 to estimate bunching at kink points in the pro- gressive tax schedule and find significant estimates of … Continue reading

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The Distribution of US Wealth, Capital Income, and Returns since 1913

From Paul Krugman: Emmanuel Saez and Gabriel Zucman have been developing an alternative procedure for estimating top wealth shares — preliminary slides here — and it tells a very different story from the common one. According to their estimates, the wealth … Continue reading

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Krugman on Piketty

Krugman has an insightful post on Piketty’s recent book. I find this easiest to think of in terms of a numerical example. Let’s assume that s = .09 and initially n = .03. Then the capital-output ratio is 3; if … Continue reading

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Quasi-Experimental Evidence on The Connection Between Property Taxes and Residential Capital Investment

From Byron Lutz: Do low property taxes attract residential capital investment? This question is answered using an unusual school finance reform in the state of New Hampshire. The reform induced large shifts in property tax burdens and this shock is used … Continue reading

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Weekend reading

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Wealth Inequality since 1810

Via Emmanuel Saez’s lecture notes on capital income taxation  

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Weekend Readings

1. Taxation and Saving – A Retrospective from Alan Auerbach 2. All men are created unequal – the economist on Piketty’s new book 3. Dealing with the Financial Crisis and the Recession from Brad Delong 4. The return of “patrimonial capitalism”: review of … Continue reading

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Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

From Juliane Begenau: This paper presents a quantitative dynamic general equilibrium model for the purpose of determining the optimal capital requirement for banks. Banks play two roles in this model: They contribute to the production of a final good and … Continue reading

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Competing for Global Capital or Local Voters? The Politics of Business Location Incentives

From Nathan Jensen, Edmund Malesky, Matthew Walsh: The competition for global capital has led to wars between countries, states, and cities, as to who can offer the most attractive fiscal incentives to firms. In this study, we examine the domestic politics of … Continue reading

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Pass the Bucks: Investment Incentives as Political Credit-Claiming Devices: Evidence from a Survey Experiment

From Nathan Jensen, Edmund Malesky, Mariana Medina, Ugur Ozdemir:  Both countries and subnational governments commonly engage in competition for mobile capital, offering generous incentives to attract investment. Existing research has suggested that these tax incentives have a limited ability to affect investment patterns and … Continue reading

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