YL Chien, H Cole… - The Review of Economic …, 2011 - restud.oxfordjournals.org
Abstract Our paper examines the impact of heterogeneous trading technologies for
households on asset prices and the distribution of wealth. We distinguish between passive
traders who hold fixed portfolios of stocks and bonds, and active traders who adjust their ...
YL Chien… - Review of Financial Studies, 2010 - Soc Financial Studies
Abstract We introduce limited liability in a model with a continuum of ex ante identical agents
who face aggregate and idiosyncratic income risk. These agents can trade a complete menu
of contingent claims, but they cannot commit to honor their promises, and their shares in a ...
Y Chien… - 2008 - cama.anu.edu.au
Abstract We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
Y Chien… - 2008 - wwwdocs.fce.unsw.edu.au
Abstract We study optimal capital taxation under limited commitment. We prove that the
optimal tax rate on capital income should be positive in steady state and should be
increasing over time provided that full risk# sharing is not feasible. In a limited commitment ...
[CITATION] nA Multiplier Approach to Under% standing the Macro Implications of Household Finance, oworking paper
YL Chien, H Cole… - Purdue University, 2008
Y Chien… - 2010 - krannert.purdue.edu
Abstract We study externality costs of capital investment under limited commitment. We
characterize the constrained efficient allocations with a limited commitment environment and
find positive externality costs of capital investment provided that full risksharing is not ...
YL Chien… - 2011 - papers.ssrn.com
Abstract: Our paper investigates whether the valuation effect caused by a large risk premium
and a low risk-free rate can help to explain the enormous US current account and trade
deficit observed in the past decade. To answer this question, we set up an endowment ...
J Lee… - 2008 - ecocomm.anu.edu.au
Abstract We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
YL Chien… - 2009 - krannert.purdue.edu
Abstract Perks are a commodity bundle offered by an employer to an employee. We provide
two models where perks arise and evolve in dynamic contracts. In the first model, we
assume non-separable utility function between effort and both of perks good and money. ...
YL Chien, H Cole… - 2007 - economics.sas.upenn.edu
Abstract Our paper examines the impact of heterogeneous trading opportunities on the
distribution of asset shares and wealth in an equilibrium model. We distinguish between
“passive” traders who hold fixed portfolios of equity and bonds, and “active” traders who ...
G Camera… - iiw.uni-bonn.de
Abstract This paper offers a methodological contribution to monetary theory. First, it presents
a typical cash-in-advance model based on Lucas (1984) and then specializes it to
preferences and shocks assumed in the model of Lagos and Wright (2005). Second, it ...
YL Chien - 2011 - saet.illinois.edu
Abstract Our paper investigates the welfare cost of business cycle in an economy where
households have heterogeneous trading technologies. In the economy with aggregate risk,
the difference portfolio choices induced by heterogeneous trading technologies lead to a ...
J Lee… - ANUCBE School of Economics Working Papers, 2008 - ideas.repec.org
We study optimal capital taxation under limited commitment. We prove that the optimal tax
rate on capital income should be positive in steady state provided that full risk-sharing is not
feasible. In a limited commitment environment, a one unit increase of capital investment by ...
YL Chien - 2012 - papers.ssrn.com
Abstract: This paper investigates the welfare cost of business cycles in an economy where
households have heterogeneous trading technologies. In an economy with aggregate risk,
the different portfolio choices induced by heterogeneous trading technologies lead to a ...
YL Chien… - 2012 - papers.ssrn.com
Abstract: We o er an explanation to why perks are over-provided to high profile CEOs.
Hidden saving of an agent makes it difficult for a principal to control the agent's moral hazard
problem, eg Rogerson (1985). However, an agent typically cannot save perks, for ...
J Lee… - 2008 - anuecs.fec.anu.edu.au
We study optimal capital taxation under limited commitment. We prove that the optimal tax rate
on capital income should be positive in steady state provided that full risk-sharing is not
feasible. In a limited commitment environment, a one unit increase of capital investment ...
J Lee, YL Chien… - 2008 - papers.ssrn.com
Abstract: We study optimal capital income taxation with a Ramsey problem and relate this
optimal taxation problem to the question that has been asked in the asset pricing literature,
which is why the risk free interest rate is too low. We show that the Ramsey planner ...
G Camera… - 2011 - chicagofed.org
Page 1. Understanding the Distributional Impact of Long-Run Inflation Gabriele Camera
YiLi Chien Purdue University Purdue University August 2011 Page 2. BROAD VIEW Study
impact of macroeconomic policy in heterogeneous-agent economies ...
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google