C Chamley - Econometrica: Journal of the Econometric Society, 1986 - JSTOR
This paper analyzes the optimal tax on capital income in general equilibrium models of the
second best. Agents have infinite lives and utility functions which are extensions from the
Koopmans form. The population is heterogeneous. The important property of the models ...
C Chamley - 2004 - books.google.com
Penguins jumping off a cliff, economic forecasters and financial advisors speculating against
a currency, and farmers using traditional methods in India are all practising social learning.
Such learning from the behavior of others may and does lead to herds, crashes, and ...
C Chamley… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
We model investment as an N-player game with a pure informational externality. Each
player's payoff depends only on his own action and the state of nature. However, because a
player's action reveals his private information, players wait to see what other players will ...
C Chamley - The Journal of Political Economy, 1981 - JSTOR
The welfare cost of capital income taxation is analyzed in a general equilibrium framework,
where the private sector is represented by a competitive household endowed with perfect
foresight and an infinite life. The value of the welfare cost depends essentially on the ...
C Chamley - International Economic Review, 1993 - JSTOR
This paper analyzes the dynamics of general equilibrium models with externalities in human
capital accumulation which extends that of Uzawa-Lucas. Multiple balanced growth paths,
with different growth rates, and a continuum of equilibria (with a unique balanced growth ...
C Chamley - International Economic Review, 1985 - JSTOR
A number of recent works have analyzed the efficiency and the incidence of second-best tax
systems in models of general equilibrium. These models attempt to be realistic through a
high level of disaggregation for the intratemporal allocation of resources. 2 Their ...
C Chamley - The Quarterly Journal of Economics, 1999 - qje.oxfordjournals.org
Abstract The canonical model of strategic complementarities between individual actions,
which exhibits multiple equilibria under perfect information, is extended with heterogeneous
agents and imperfect information. Agents observe their own cost of action and the history ...
C Chamley - The American Economic Review, 2003 - ingentaconnect.com
Abstract: This paper presents a model of rational Bayesian agents with speculative attacks in
a regime of exchange rate which is pegged within a band. Speculators learn from the
observation of the exchange rate within the band whether their mass is sufficiently large ...
C Chamley - Journal of Public Economics, 2001 - Elsevier
The theorem of zero taxation of capital income is reexamined and is shown to hinge critically
on the assumptions of a long horizon and perfect markets for the inter-temporal allocation of
resources. The theorem does not hold when borrowing constraints prevent individuals ...
C Chamley, H Polemarchakis - The Review of …, 1984 - restud.oxfordjournals.org
Abstract When government liabilities (including money) are held in private portfolios only as
stores of value and do not provide additional services (such as liquidity), real variables are
not affected by changes in the money supply due to the government's trading in real ...
C Chamley - Journal of Public Economics, 1985 - Elsevier
Abstract The optimal inflation rate is analyzed in the framework of dynamic second best with
endogenous factor prices. It is shown that when the marginal excess burden of taxation is
relatively small, the optimal inflation rate is approximated by a simple rule. The paper also ...
C Chamley - The Quarterly Journal of Economics, 1985 - qje.oxfordjournals.org
Abstract The welfare gain of a shift from capital to a labor income tax is determined in a
model of intertemporal optimization with infinite horizon and variable labor supply. The
welfare impact of small tax changes is computed by an approximation method around the ...
C Chamley… - Journal of Public Economics, 1987 - Elsevier
Abstract We analyze a model of overlapping generations with a fixed factor ('land'),
malleable capital, and labor. We consider the dynamic effects of various fiscal policies
including taxes on rent, wages, and creation of public debt on capital accumulation, land ...
C Chamley - The Bell Journal of Economics, 1983 - JSTOR
The role of the liability form as a signalling device is analyzed in a model of occupational
choice (entrepreneurs, employees), with asymmetric information in loan markets about the
abilities of entrepreneurs. The properties of the equilibrium are described. When factor ...
C Chamley… - 1990 - books.google.com
The wi. ie variety of financial structures and financial experience in sub-Saharan Africa
motivates our study. Most countries in the region have experienced boom and bust cycles in
their primary export products and this has contributed to macroeconomic imbalances. In ...
C Chamley - European Economic Review, 2004 - Elsevier
The general model of social learning with irreversible investment and endogenous timing is
analyzed for any distribution of private informations. Strategic complementarities and
multiple equilibria appear which are generated solely by information externalities. ...
C Chamley - 2007 - tspace.library.utoronto.ca
[This item is a preserved copy. To view the original, visit http://econtheory. org/] In a financial
market where agents trade for short-term profit and where news can increase the uncertainty
of the public belief, there are strategic complementarities in the acquisition of private ...
C Chamley - The World Bank Economic Review, 1991 - World Bank
Abstract In developing countries most of the financial assets are deposits at commercial
banks. This article focuses on the implicit taxation of financial assets through seigniorage,
reserve requirements, lending targets, and interest ceilings combined with inflation. The ...
[CITATION] Financial repression and bank intermediation
C Chamley… - Savings and Development, 1993
C Chamley, M Marchand… - European Journal of Political …, 1989 - Elsevier
Abstract The basic setting of this paper is that of a government and a public firm which
pursue different objectives and do not possess the same information. The public manager
typically desires the highest compensation for the lowest effort whereas the government's ...
C Chamley - Cowles Foundation Discussion Papers, 1980 - ideas.repec.org
The optimal taxation problem is analyzed in a general equilibrium model of optimal growth.
The private sector is represented by a single competitive household endowed with perfect
foresight, and an infinite life. This household maximizes an intertemporal stationary utility ...
C Chamley… - 1984 - cowles.econ.yale.edu
ABSTRACT A model is presented which is derived from some observations of Keynes on the
nature of capital. The allocation of investment is analyzed in two economies with random
demand shocks which are identical except for the types of markets. In the first, the ...
C Chamley - Nº.: UC3M Working Papers. Economics 1992-46- …, 1992 - e-archivo.uc3m.es
The marginal efficiency costs of different taxes is analyzed in three models with endogenous
growth, and the values are compared with those found in standard models. The models
analyze how taxes affect (i) the trade-off between human capital accumulation and leisure, ...
C Chamley… - 1998 - en.scientificcommons.org
Abstract A canonical model of Bayesian learning is presented in which the interaction of the
observation of discrete activities and the possibility of delaying actions generate
informational externalities with generic properties:(i) strategic complementarities or ...
C Chamley… - World Bank Working Paper WPS, 1988 - www-wds.worldbank.org
The PLcy. Manning, and Reseach Cmplez distributes PPR Woiking Papers to dissnate the
finding of work in progess and to encourage the exchange of idea among Bank taff and ll
other interested in development issues. These papers cay te nanem of ihe authas, reflect ...
C Chamley - Journal of Economic Theory, 1992 - Elsevier
Abstract In an open economy with a trade-off between production and productivity growth
and with externalities in productivity growth, it is shown that a restriction on foreign
borrowing in the short-run can increase welfare. In the long-run a subsidy is efficient. ...
[CITATION] On optimal taxation in stylized models of intertemporal general equilibrium
C Chamley - Yale University, 1982
C Chamley - Econometrica, 1986 - 128.36.236.35
ABSTRACT The optimal capital income tax is analyzed in the framework of intertemporal
efficient taxation. The relation between the zero tax in the longrun ad the equality between
private and social discount rates is emphasized The properties of the dynamic second ...
C Chamley… - World Bank Working Paper, 1990 - www-wds.worldbank.org
The wide variety of financial structures and financial experience in sub-Saharan Africa
motivates our study. Most countries in the region have experienced boom aiid bust cycles in
their primary export products and this has contributed to macroeconomic imb4lances. In ...
C Chamley - The Review of Economic Studies, 2008 - restud.oxfordjournals.org
Abstract In their paper “Information Acquisition in Financial Markets”(this journal, 2000),
Barlevy and Veronesi present a model of a one-period financial market, and claim that for an
open set of parameter values, the value of information increases with the mass of informed ...
[CITATION] Cascades and slow social learning
C Chamley - WP Boston University, 2003
[CITATION] Capital income taxation
C Chamley - Wealth Distribution and, 2001
C Chamley… - 1991 - books.google.com
The Polic>, Research, and External Affairs Complex disinbulcs PR!: Working Papers lo
disseminate the findings of work in progress and to encourage the exchange of ideas
among Hank sUft and a'J others interested in development issue. These papers c «rr> the ...
[CITATION] Taxation in Dynamic Economies: Some Problems and Methods
World Bank. Country Policy Dept… - 1985 - World Bank
CP Chamley… - The Economists' Voice, 2011 - works.bepress.com
Christophe Chamley of Boston University and Brian Pinto of the World Bank use recent events
in Greece to illustrate that official bailouts tend not to work when countries have fundamental
fiscal ('insolvency') problems and construct a two-period numerical example to explain ...
C Chamley… - American Interest Online, 2009 - people.bu.edu
Despite nine months of intense intervention by two Administrations, US financial markets
and the overall economy have melted down. As you know, more than ten million Americans
are now unemployed and our GDP is falling. Everyone realizes that we need the right ...
C Chamley - Journal of the European Economic Association, …, 2010 - people.bu.edu
Abstract Since 2008, the US personal saving rate had its strongest post-war jump, from 2 to
5 percent, and the investment ratio its sharpest fall from its post-war average of 16 percent to
its lowest level of 12 percent. The coordination of saving and investment is analyzed here ...
C Chamley - DELTA Working Papers, 1996 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Coordination of heterogenous agents in a unique equilibrium
with random regime switches. Christophe Chamley (). ...
C Chamley… - 1991 - ideas.repec.org
Cote d'Ivoire represents an ideal opportunity for a case study of the effects of fiscal policy in
a developing country with a fixed exchange rate. For the last 15 years, the growth of the
Ivorian economy has been dramatically affected by both exogenous factors and the ...
C Chamley… - Journal of Money, Credit and Banking, 2011 - Wiley Online Library
A model of lending is presented where loans are established in matches between banks
(lenders) and entrepreneurs (borrowers) who meet in a search process. Projects turn out
randomly a quick payoff or a long-term payoff that requires a rollover of the loan. The ...
[CITATION] jOptimal taxation of capital income in general equilibrium with infinite lives. kEconometrica 54
C Chamley - $22, 1986
[CITATION] Rational herds
Christophe. Chamley - 2004 - Cambridge University Press
C Chamley - 2007 - hal-pse.archives-ouvertes.fr
A simple model of financial market with rational learning and without friction is presented in
which the value of private information increases with the mass of informed individuals,
contrary to the property presented by Grossman and Stiglitz (1980). The key assumption is ...
C Chamley - 2010 - bancaditalia.it
Abstract As recent events attest, modern economies may have trouble enforcing Say's Law.
An economy with decentralized markets and trades between goods and a liquid asset,
money, has two equilibria. In full-employment, output is determined by supply. But a ...
[CITATION] The Stability of the Capital Accumulation in a Competitive Economy with Imperfect Foresight
C Chamley - Mimeographed. New Haven, Conn.: Yale Univ, 1979
C Chamley… - Policy, Research, and External …, 1991 - www-wds.worldbank.org
The fiscal deficit in Cote d'Ivoire has averaged 9 perctnt of GDP during the eighties. The ratio
exceed 12 percent in 1980 and 1981. Its theoretical value (total expenditures minus
revenues, including parastatals), is now greater than 14 percent. Its actual value is ...
C Chamley - 1981 - dido.wss.yale.edu
ABSTRACT The optimal inflation rate is analyzed in a simple model of intertemporal general
equilibrium where agents have an operative bequest motive and taxation is distortionary.
Monetary balances are used as a productive input, and agents have perfect foresight. The ...
C Chamley… - Unpublished manuscript, Boston University, …, 2009 - people.bu.edu
To ensure their second function-the uninterrupted connection of suppliers of and demanders
for funds-banks should be limited to a) packaging conforming mortgages and conforming
business loans (commercial paper) within mutual funds and b) marketing these mutual ...
[CITATION] Optimal Taxation and the Public Debt
C Chamley - Cowles Foundation
[CITATION] Social Security and Private Wealth Accumulation
L Kotlikoff, A Pellechio… - mimeographed, Harvard University, 1977
[CITATION] A Framework for Tax Reforms in Developing Economies with Two Sectors
World Bank. Country Policy Dept… - 1984 - World Bank
C Chamley - 2004 - sws1.bu.edu
Abstract Two models of financial market with risk-averse agents are built on the standard
structure with a continuum of partially informed agents and noise traders. The key
assumption is the boundedness of the private information. In the first model, the private ...
[CITATION] Asset Markets, Returns and the Neutrality of Money
C Chamley… - 1981 - Mimeo, September
[CITATION] The Last Shall Be First: Fiscal Policy and Growth with Human Capital in an Open Economy
C Chamley - Boston University
C Christophe - 2004 - en.scientificcommons.org
Abstract Penguins jumping off a cliff, economic forecasters and financial advisors
speculating against a currency, and farmers using traditional methods in India are all
practising social learning. Such learning from the behavior of others may and does lead to ...
C Chamley - The Journal of Economic History, 2011 - Cambridge Univ Press
Abstract In the 1730s and 1750s the English government proposed to refinance the
redeemable debt by “lowering the interest rate.” In the ensuing coordination game among
creditors, large investors like the Bank of England could block the policy change by ...
C Álvarez Nogal… - 2011 - e-archivo.uc3m.es
The large public debt was created in 16th century Castile. A new view of its fiscal system is
presented. The main part of the debt was in perpetual redeemable annuities and its
credibility was enhanced by decentralized funding through taxes administered by cities ...
C Chamley - 1977 - en.scientificcommons.org
Publication View. 44652655. Aggregate capital accumulation, taxation and the public
debt /. Chamley, Christophe. Abstract. Thesis (Ph. D.)--Harvard University, 1977.
Publication details. Download, http://worldcat.org/oclc/76981110. ...
C Chamley… - 1983 - dido.econ.yale.edu
I. Introduction The life-cycle model has become popular in studies of fiscal incidence in
general equilibrium framework. Although it is only a very stylized description of a real
economy, it provides a useful tool for analysis of the incidence of fiscal policies on the ...
C CHAMLEY… - 1984 - madrid-cls-holder.wss.yale.edu
When government liabilities (including money) are held in private portfolios only as stores of
value and do not provide additional services (such as liquidity), real variables are not
affected by changes in the money supply due to the government's trading in real assets ( ...
[CITATION] Learning and Speculation Against a Fixed Exchange Rate
C Chamley - 2003 - mimeo
[CITATION] Bounded private information and multiple equilibria in financial markets
C Chamley - 2004 - mimeo, Boston University
CA Nogal… - Working Papers in Economic History, 2011 - bu.edu
Abstract Castile created in the 16th century the large nation-wide domestic public debt. A
new view of that fiscal system is presented. The main part of the public debt was in perpetual
redeemable annuities and its credibility was enhanced by decentralized funding through ...
C Chamley - Restructuring economies in distress: policy reform …, 1995 - books.google.com
FROM 1965 TO 1975 economic performance in Cote d'lvoire was impressive, with real
growth over the period averaging 8 percent a year and never falling below 4 percent. This
smooth pattern was disrupted by the cocoa and coffee boom in 1976, when prices rose ...
[CITATION] General Equilibrium with Incomplete Markets and a Paradox of Thrift
C Chamley
[CITATION] The Effects of Financial Liberalization on Thailand, Indonesia, and the Philippines A Quantitative Evaluation
Q Hussain… - World Bank Publications
G Economy… - madrid-cls-holder.wss.yale.edu
The welfare cost of capital income taxation is analyzed in a general equilibrium framework,
where the private sector is represented by a competitive household endowed with perfect
foresight and an in-finite life. The value of the welfare cost depends essentially on the ...
C Chamley - 1981 - dido.wss.yale.edu
Note: Cowles Foundation Discussion Papers are preliminary materials circulated to
stimulate discussion and critical comment. Recueste for single copies of a Paper will be'illed
by the Cowles Foundation within the limits of the supply «References in publications to ...
C Chamley - 1980 - cowles.econ.yale.edu
It determines the level of consumption by the maximization of its intertemporal utility function.
Future factor prices (wage and interest rates), depend on the accumulation of capital through
a neoclassical tech~ nology, and are known with perfect foresight. The household ...
C Chamley - 2003 - Citeseer
Abstract In a standard asset price model with rational expectations and short-term shocks,
long-term shocks affect the distribution of agents' risk-aversions. Price uncertainty and
learning about the distribution are simultaneously determined in an equilibrium. For some ...
C Chamley - 2008 - federation.ens.fr
Abstract A year after the end of the war of the Austrian succession (1743-1748), the prime
minister Samuel Pelham reduced the interest rate from 4 to 3 percent on most of the english
public debt. It is shown here, using the prices of the 3% and 4% annuities, that the market ...
C CHAMLEY - cowles.econ.yale.edu
A number of recent works have analyzed the efficiency and the incidence of second-best tax
systems in models of general equilibrium. These models attempt to be realistic through a
high level of disaggregation for the intratemporal allocation of resources? Their extension ...
C Chamley… - 1981 - 128.36.236.35
ABSTRACT When government liabilities (including money) are held in private portfolios only
as stores of value, and do not provide additional benefits (as liquidity services), the real
variables in an economy with uncertainty are not affected by the government's trading in ...
C Chamley - 2006 - helsinki.fi
Abstract The debt policy of the British government is analyzed for the war of the Austrian
succession (1743-1748). The goverment issued callable bonds at a rate higher than 3
percent that could be redeemed at par. The data on the price of these bonds and of the 3 ...
C Chamley - 1991 - www-wds.worldbank.org
The taxation of money has attracted a huge number of studies which have mainly
concentrated on the episodes of extremely high inflation rates such as in Latin American
countries. In such occurrences, there was a sharp differentiation between the various ...
C Chamley… - 1988 - ideas.repec.org
In the early 1980s, interest rate ceilings and other regulations affecting financial assets were
lifted in Thailand, Indonesia, and the Philippines. The paper finds that liberalization of
interest rates significantly increased the real return on financial assets in Thailand and ...
C Chamley… - Cowles Foundation Discussion …, 1981 - cowles.econ.yale.edu
ABSTRACT We present a method to analyze the welfare cost of price distortions created by
taxes on the incomes of capital and labor and on consumption in an intertemporal model of
general equilibrium. This efficiency cost depends in an important way on the production ...
[CITATION] Aaron, Henry, 19n38 Abel, Andrew, 211142 Access Research, 374, 3 7 3 Advisory Council on Social Security, United States, 215112
P Anderson, E Andrews, RJ Barro, HW Bates… - This Page Intentionally Left Blank
C Chamley - Working Papers in Economic History, 2011 - econpapers.repec.org
The large public debt was created in 16th century Castile. A new view of its fiscal system is
presented. The main part of the debt was in perpetual redeemable annuities and its
credibility was enhanced by decentralized funding through taxes administered by cities ...
C Chamley - 2007 - webmeets.com
Abstract England financed its war of the Austrian succession (1743-48) mainly by issuing
3% bonds and 4% callable bonds which were indeed redeemed by Pelham in 1749 through
an interest reduction. It is shown that the implicit policy rules and constraints made the 4% ...
[CITATION] Complementarities in Information Acquisition with Short-Term Trading
C Chamley - 2005
C Chamley… - 2010 - webmeets.com
Abstract Nonperforming loans reduce the capacity of financial institutions for lending to new
projects that could stimulate growth and bring the economy out of a lengthy state of
stagnation. We analyze this issue in a dynamic model where loans are established in ...
P Anderson, E Andrews… - Privatizing Social …, 2000 - books.google.com
Feenberg. Daniel. 7nl8 Feldstein, Kathleen. 250n40 Feldstein, Martin. In. 3nnl, 2. 4nn5, 6.
5nl2, 7, 8, 11. 12, 13n27, 17n36, 18, 19n37. 19-20n38, 21n42, 22nn44, 45, 52nl9, 117, 119,
129, 145nn20, 21,215, 217n3, 218nn4, 6, 219, 220, 226, 227, 250n40. 266, 274, 313- ...
C Chamley - 2011 - people.bu.edu
Abstract The mechanism by which aggregate supply creates the income that generates a
demand equal to that income (called Say's Law), may not work in a general equilibrium with
decentralized markets, production made to order and private bonds. Full employment is ...
C Chamley - 2011 - webmeets.com
Abstract As recent events attest, modern economies may have trouble enforcing Say's Law.
An economy with decentralized markets and trades between goods and a liquid asset,
money, has two equilibria. In full-employment, output is determined by supply. But a ...
C Chamley - Annals of Finance, 2010 - Springer
Abstract In a simple model of a frictionless financial market with rational agents, the value of
private information increases when large discrete shocks independently affect the
fundamental value of the asset and the exogenous trading. The complementarity in ...
C Chamley - 2005 - tpastine.com
Abstract The acquisition of private information is endogenous in a model of sequential
trading (Glosten-Milgrom), where agents trade on the expectation of future prices more than
on the realization of the fundamental. As an important feature, more information can ...
C Chamley - 2004 - Citeseer
Abstract This study presents two models of a financial market with CARA agents, binary
signals as private information, noise traders and market-makers. In the first model, the
fundamental value of the asset is related to the mass of agents able to participate in the ...
[CITATION] DAVID MG NEWBERY.
JE STIGLITZ, JM OSTROY, RA JONES… - International …, 1995 - Edward Elgar Pub
C Chamley - Boston University-Department of Economics-The …, 2007 - federation.ens.fr
Abstract England financed its war of the Austrian succession (1743-48) mainly by issuing
3% bonds and 4% callable bonds which were indeed redeemed by Pelham in 1749 through
an interest reduction. The implicit policy rules and constraints made the 4% bond a ...
EM Bos, J Bound, SL Brainard… - Dynamic Issues in …, 1999 - books.google.com
Leamer, EE 200 learning-by-doing endogenous growth 23, 24 growth model of world
economy 100 multinational® rms 160learning-by-looking'19 Lee, H. 346, 352, 354, 360, 377
Lee, Jong-Wha 20, 37, 60 Levine, Ross 3, 14, 21, 37, 47, 52, 202, 220
C Chamley - 2010 - federation.ens.fr
Abstract A model of an economy with random matching and monetary exchanges is shown
to have two equilibrium regimes. In the first, agents find an opportunity for a sale in each
period and there is full-employment. In the second, agents attempt to increase their ...
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