This paper analyzes an overlapping generation model of public good provision under repeated voting. The public good is financed through age-dependent taxation that distorts human capital investment. Taxes redistribute income both across different skill groups and across generations. We contrast the political equilibria with the Ramsey allocation, and analyze the sources of inefficiency. The pol...

In the structure of the title compound, [PdCl(2)(C(5)H(5)N)(2)], the Pd(II) atom is located on an inversion centre and the pyridine rings are coplanar. There is inter-molecular π-π stacking between the pyridyl rings, with a centroid-to-centroid separation of 3.916 (1) Å. The structure is a new polymorph of two previously determined structures [Viossat, Dung & Robert (1993 ▶). Acta Cryst. C49, 8...

Benhabib and Rustichini [Optimal taxes without commitment, J. Econ. Theory 77 (1997) 231–259] study the properties of optimal capital taxes in economies without commitment and no government debt. They find that capital taxes may be different from zero at steady state. This note shows that, once governments have the possibility of issuing debt and smoothing taxes over time, optimal steady state ...

We determine the second best rule for the inflation tax in monetary general equilibrium models where money is dominated in rate of return. The results in the literature are ambiguous and inconsistent across different monetary environments. We derive and compare the optimal inflation tax solutions across the different environments and find that Friedman's policy recommendation of a zero nominal ...

This paper studies the growth and performance of foreign investment enterprises in developing countries in the context of global economic integration and domestic reform with a focus on Vietnam as a case study. A model of enterprise performance is constructed to provide empirical findings and evidence-based policy implications on the role of capital, investment, monetary and development pol...

We document that government spending multipliers depend on the population age structure. Using variation in military and birth rates across US states, we show local fiscal multiplier is 1.5 increases with share of young people, implying 1.1–1.9 interquartile range. A parsimonious life cycle open economy New Keynesian model credit market imperfections age-specific differences labor supply demand...

We study the effects of government spending by using a structural, large dimensional, dynamic factor model. We find that the government spending shock is non-fundamental for the variables commonly used in the structural VAR literature, so that its impulse response functions cannot be consistently estimated by means of a VAR. Government spending raises both consumption and investment, with no ev...

This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed using adaptive learning rules. We show that Ricardian Equivalence continues to hold provided suitable additional conditions on learning dynamics are satisfied. However, new cases of failure can also emerge under learning. In particular, for Ricardian Equivalence to obtain, agents...

1 Department of Anthropology, University of Aberdeen, Aberdeen AB24 3QY, Scotland, UK [email protected] 2 Lancaster University Management School, Lancaster University, Lancaster, LA1 4YX, UK [email protected] 3 University College Dublin, UCD College of Business, Belfield, Dublin 4, Ireland [email protected], [email protected] 4 MIT Sloan School of Management, 100 Main Street...