Topic: "Redistribution with Performance Pay" (joint paper with A. Ndiaye and N. Werquin) Abstract: "Half of the jobs in the U.S. feature pay-for-performance. We derive novel incidence and optimum formulas for the overall rate of tax progressivity and the top tax rates on total earnings and bonuses, when such labor contracts arise from moral hazard frictions within firms. Optimal taxes accou...
Topic: “Wealth, Wages, and Employment” (joint with Per Krusell and Jinfeng Luo) Abstract: We look at environements where workers differ on wealth and wages and where they choose which wage/job to look for. They sometimes quit, lose their jobs or switch to other jobs. We use this structure to investigate the degree of job rigidity by matching the cyclical volatility of job to job transiti...
Topic: "Global demand for financial assets, falling real interest rates and macroeconomic instability" (with Enrique Mendoza) Abstract: The sharp, secular decline in the world real interest rate of the past thirty years suggests that the observed surge in global demand for financial assets outpaced the growth in supply. We argue that this phenomenon was driven by (i) faster growth in emergin...
"The Fiscal and Welfare Effects of Policy Responses to the Covid-19 School Closures" (joint paper with Nicola Fuchs-Schündeln, Andre Kurmann, Etienne Lale, Alexander Ludwig, Irina Popova) Abstract: Using a structural life-cycle model and data on school visits from Safegraph and school closures from Burbio, we quantify the heterogeneous impact of school closures during the Corona crisis on c...
"Corporate Taxation and Carbon Emissions "(joint paper with Thorsten Martin and Julien Sauvagnat) by Luigi Lovino, Bocconi University Abstract: We study the relationship between corporate taxation and carbon emissions in the U.S. We find that dirty firms pay lower profit taxes – the opposite of what optimal taxation of negative externalities prescribes. This relationship is driven by dirt...
“Fiscal Rules and Discretion with Risk of Default” (joint paper with Chiara Felli and Liyan Shi) by Facundo Piguillen, EIEF Abstract: It is widely believed that governments tend to over accumulate debt, which gives rise to the need for fiscal rules. This paper studies the optimal fiscal and default rules when governments can default on their debt obligations. We build a continuous-time...
"Price setting with strategic complementarities as a Mean Field Game", by Francesco Lippi, EIEF via Zoom May 4th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"When should we tax firms? Optimal corporate taxation with firm heterogeneity" by Alais Martin Baillon, Sciences Po April 27th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"Occupation Mobility, Human Capital and the Aggregate Consequences of Task-Biased Innovations" by Alexander Monge Naranjo, Eurpean University Institute April 20th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"Additive Growth" by Thomas Philippon, NYU Stern April 6th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...