this article examines the basic assumption of rational expectations hypothesis on iran's economy from 1966 to 2003. this assumption suggests the neutrality or ineffectiveness of money policy on the development of real variables of production and employment. the results from estimation of production equation do not support the significant influence of unanticipated component of money growth...

Whether the sales tax is included in the price or added on at the cash register ought not affect purchases of the rational consumer. We test this tax-equivalence hypothesis with a number of experimental treatments that differ only in their handling of the tax. Subjects are given a cash budget from which they decide how much to keep and how much to spend on various attractively priced goods. Sub...

This paper examines the implications of tax evasion for "scal competition and tax harmonization policies in an economic union. First, for symmetric countries, it proves that the equilibrium values of the tax and audit rates are less than optimal. Tax harmonization alone will also lead to a less than optimal audit rate. Second, for asymmetric countries, the paper shows that integration may turn ...

The paper investigates the effects of temporary consumption tax cuts using firm‐level data. As part of its countercyclical measures implemented during the recent global economic crisis, Tur‐ key temporarily lowered consumption taxes on selected durables. Our empirical strategy ex‐ ploits variation in firm exposure to the tax cut which allows us to control for unobserved indus‐ try‐ and ...

Context. Among optical stellar interferometers, the CHARA Array located at Mt Wilson in California offers the potential of very long baselines (up to 330 m) and the prospect of coupling multiple beam combiners. This paper presents the principle and the measured performance of VEGA, Visible spEctroGraph and polArimeter installed in September 2007 at the coherent focus of the array. Aims. With 0....

Using large samples of estate tax returns, we construct new series on wealth concentration in Paris and France from 1807 to 1994. Inequality increased until 1914 because industrial and financial estates grew dramatically. Then, adverse shocks, rather than a Kuznets-type process, led to a massive decline in inequality. The very high wealth concentration prior to 1914 benefited retired individual...

The rate of cost pass-through exceeds 50% under strategic delegation of decision-making to managers with sales revenue contracts— regardless of the number of …rms in the industry and demand curvature. This contrasts sharply with pro…t-maximization, for which cost pass-through can take on any positive value. The key intuition is that …rms under delegation act as if they faced more rivals than th...

In this paper, we estimate a mixed logit model for demand in the U.S. processed cheese market. The estimates are used to determine pass-through rates of cost changes under different behavioral regimes. We find that, under collusion, the pass-through rates for all brands fall between 21% and 31% while, under Bertrand-Nash price competition, the range of pass-through rates are between 73% and 103...

This paper presents new findings from the World Top Incomes Database and discusses some of their policy implications. In particular, the paper provides updated top income series for the United States—including new estimates through 2010, showing a strong rebound of the top 1 percent income share, following the 2008–09 sharp fall. It also presents updated income series for other developed countr...

JEL classification: C65, D63, D71, D81 Mathematics Subject Classification (2000): 91B16