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Menu costs and Phillips curves

[PDF] from yale.edu
M Golosov… - 2003 - nber.org
This paper develops a model of a monetary economy in which individual firms are subject to
idiosyncratic productivity shocks as well as general inflation. Sellers can change price only
by incurring a real menu cost.'We calibrate this cost and the variance and autocorrelation ...
Cited by 453 - Related articles - Library Search - BL Direct - All 60 versions

Optimal indirect and capital taxation

[PDF] from frb.fed.us
Full text - MIT Libraries
M Golosov, N Kocherlakota… - The Review of …, 2003 - restud.oxfordjournals.org
Abstract We consider an environment in which agents' skills are private information and
follow arbitrary stochastic processes. We prove that it is typically Pareto optimal for an
individual's marginal benefit of investing in capital to exceed his marginal cost of doing so. ...
Cited by 288 - Related articles - Library Search - BL Direct - All 58 versions

[PDF] New dynamic public finance: a user's guide

[PDF] from nber.org
M Golosov, A Tsyvinski… - 2007 - nber.org
New Dynamic Public Finance is a recent literature that extends the static Mirrlees [1971]
framework to dynamic settings. 1 The approach addresses a broader set of issues in optimal
policy than its static counterpart, while not relying on exogenously specified tax ...
Cited by 133 - Related articles - View as HTML - All 43 versions

Designing optimal disability insurance: A case for asset testing

[PDF] from su.se
Full text - MIT Libraries
M Golosov… - Journal of Political Economy, 2006 - JSTOR
We analyze an implementation of an optimal disability insurance system as a competitive
equilibrium with taxes. An optimum is implemented by an asset-tested disability system in
which a disability transfer is paid only if an agent has assets below a specified maximum. ...
Cited by 109 - Related articles - BL Direct - All 34 versions

Optimal taxation with endogenous insurance markets

[PDF] from oxfordjournals.org
Full text - MIT Libraries
M Golosov… - The Quarterly Journal of Economics, 2007 - qje.oxfordjournals.org
Abstract We study optimal taxation in an economy where the skills of agents evolve
stochastically over time and are private information and in which agents can trade
unobservably in competitive markets. We show that competitive equilibria are constrained ...
Cited by 99 - Related articles - Library Search - BL Direct - All 34 versions

Efficiency with endogenous population growth

[PDF] from umn.edu
M Golosov, LE Jones… - 2004 - nber.org
In this paper, we generalize the notion of Pareto-efficiency to make it applicable to
environments with endogenous populations. Two efficiency concepts are proposed, P-
efficiency and A-efficiency. The two concepts differ in how they treat people who are not ...
Cited by 59 - Related articles - Library Search - BL Direct - All 70 versions

Designing optimal disability insurance: A case for asset testing

[PDF] from frb.org
M Golosov… - 2004 - nber.org
The paper analyzes an implementation of an optimal disability insurance system as a
competitive equilibrium with taxes. The problem is modeled as a dynamic mechanism
design problem in which disability is unobservable. We show that an asset-tested ...
Cited by 36 - Related articles - Library Search - BL Direct - All 19 versions

A theory of liquidity and regulation of financial intermediation

[PDF] from harvard.edu
Full text - MIT Libraries
E Farhi, M Golosov… - Review of Economic Studies, 2009 - Wiley Online Library
This paper studies a Diamond–Dybvig model of providing insurance against unobservable
liquidity shocks in the presence of unobservable trades. We show that competitive equilibria
are inefficient. A social planner finds it beneficial to introduce a wedge between the ...
Cited by 30 - Related articles - All 30 versions

Markets versus governments

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Full text - MIT Libraries
D Acemoglu, M Golosov… - Journal of Monetary Economics, 2008 - Elsevier
We provide a simple framework for comparing market allocations with government-regulated
allocations. Governments can collect information about individuals' types and enforce
transfers across individuals. Markets (without significant government intervention) have to ...
Cited by 25 - Related articles - All 21 versions

Dynamic mirrlees taxation under political economy constraints

[PDF] from ciar.ca
Full text - MIT Libraries
D Acemoglu, M Golosov… - Review of Economic …, 2010 - Wiley Online Library
We study the structure of non-linear taxes in a dynamic economy subject to political
economy problems. In contrast to existing literature, taxes are set by a self-interested
politician, without any commitment power, who is partly controlled by the citizens. We ...
Cited by 25 - Related articles - Library Search - All 32 versions

[PDF] Business start-ups, the lock-in effect, and capital gains taxation

[PDF] from yale.edu
VV Chari, M Golosov… - Levine's Working Paper Archive, 2003 - econ.yale.edu
Abstract We develop a model of entrepreneurial choice in which some indi# viduals have a
comparative advantage in starting new businesses. Ef# ficiency dictates that entrepreneurs
should specialize in start# ups and sell successful start# ups to professional managers. ...
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Optimal taxes on fossil fuel in general equilibrium

[PDF] from su.se
M Golosov, J Hassler, P Krusell… - 2011 - nber.org
We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality
through climate change from using fossil energy. A central result of our paper is an analytical
derivation of a simple formula for the marginal externality damage of emissions. This ...
Cited by 22 - Related articles - All 28 versions

Power fluctuations and political economy

[PDF] from mit.edu
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D Acemoglu, M Golosov… - Journal of Economic Theory, 2011 - Elsevier
We study (constrained) Pareto efficient allocations in a dynamic production economy where
the group that holds political power decides the allocation of resources. For high discount
factors, the economy converges to a first-best allocation where labor supply decisions are ...
Cited by 21 - Related articles - Library Search - All 14 versions

Decentralized trading with private information

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M Golosov, G Lorenzoni… - 2009 - nber.org
The paper studies asset pricing in informationally decentralized markets. These markets
have two key frictions: trading is decentralized (bilateral), and some agents have private
information. We analyze how uninformed agents acquire information over time from their ...
Cited by 18 - Related articles - Library Search - All 46 versions

Optimal dynamic taxes

[PDF] from northwestern.edu
M Golosov, M Troshkin… - 2011 - nber.org
We study optimal labor and savings distortions in a lifecycle model with idiosyncratic shocks.
We show a tight connection between its recursive formulation and a static Mirrlees model
with two goods, which allows us to derive elasticity-based expressions for the dynamic ...
Cited by 18 - Related articles - All 37 versions

Political economy of Ramsey taxation

[PDF] from mit.edu
Full text - MIT Libraries
D Acemoglu, M Golosov… - Journal of Public Economics, 2011 - Elsevier
We study the dynamic taxation of capital and labor in the Ramsey model under the
assumption that taxes and public good provision are decided by a self-interested politician
who cannot commit to policies. We show that, as long as the politician is as patient as the ...
Cited by 13 - Related articles - Library Search - All 26 versions

[BOOK] Tax revenue forecasts in IMF-supported programs

[PDF] from worldbank.org
M Golosov… - 2002 - books.google.com
Year-ahead forecasts of tax revenues incorporated into IMF programs for low-income
countries, from 1993 to 1999, are compared with the corresponding outturns. The accuracy
of these forecasts was low, with a mean absolute percentage error of 16 percent. ...
Cited by 11 - Related articles - Get it from MIT Libraries - Library Search - All 11 versions

Optimal Taxation: Merging Micro and Macro Approaches

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M Golosov, M Troshkin… - Journal of Money, Credit …, 2011 - Wiley Online Library
This paper argues that the large body of research that follows Mirrlees approach to optimal
taxation has been developing in two directions, referred to as the micro and macro
literatures. We review the two literatures and argue that both deliver important insights that ...
Cited by 12 - Related articles - All 5 versions

A Theory of Liquidity and Regulation of Financial Intermediation

[PDF] from atl-res.com
E Farhi, M Golosov… - 2007 - nber.org
This paper studies a mechanism design model of financial intermediation. There are two
informational frictions: agents receive unobservable shocks and can participate in markets
by engaging in trades unobservable to intermediaries. Without regulations, intermediaries ...
Cited by 10 - Related articles - Library Search - BL Direct - All 26 versions

Dynamic strategic information transmission

[PDF] from nyu.edu
M Golosov, V Skreta, A Tsyvinski… - 2011 - papers.ssrn.com
Abstract: This paper studies strategic information transmission in a finitehorizon environment
where, each period, a privately informed expertsends a message and a decision maker
takes an action. Our maincontribution is to show that communication in this dynamic ...
Cited by 11 - Related articles - All 29 versions

Prizes and patents: Using market signals to provide incentives for innovations

[PDF] from yale.edu
VV Chari, M Golosov… - Journal of Economic Theory, 2011 - Elsevier
Abstract We consider environments in which agents other than innovator receive the signals
about the quality of innovation. We study whether mechanisms can be found which exploit
market information to provide appropriate incentives for innovation. If such mechanisms ...
Cited by 6 - Related articles - Get it from MIT Libraries - All 34 versions

A Dynamic Theory of Resource Wars

[HTML] from oxfordjournals.org
D Acemoglu, M Golosov, A Tsyvinski… - 2011 - nber.org
We develop a dynamic theory of resource wars and study the conditions under which such
wars can be prevented. The interaction between the scarcity of resources and the incentives
for war in the presence of limited commitment is at the center of our theory. We show that a ...
Cited by 5 - Related articles - Library Search - All 27 versions

[CITATION] VNew Dynamic Public Finance: A Useros Guide, V NBER Macroannual 2006

M Golosov, A Tsyvinski… - 2006 - MIT Press
Cited by 4 - Related articles - Get it from MIT Libraries

[CITATION] Designing optimal disability insurance. Federal Reserve Bank of Minneapolis

M Golosov… - 2003 - Working Paper 628
Cited by 3 - Related articles

[CITATION] Menu Costs and Phillips Curves. Working Paper no. 10187. Cambridge, MA: National Bureau of Economic Research

M Golosov… - 2003
Cited by 3 - Related articles

[PDF] Optimal Fiscal and Monetary Policy with Commitment

[PDF] from yale.edu
M Golosov… - forthcoming in The New Palgrave: A …, 2006 - aida.econ.yale.edu
Abstract “Optimal fiscal and monetary policy with commitment” is a policy of choosing taxes
and transfers or monetary instruments to maximize social welfare.“Commitment” refers to
ability of a policymaker to make binding policy choices.
Cited by 3 - Related articles - View as HTML - All 11 versions

[CITATION] tMarkets versus Gov& ernments: Political Economy of Mechanisms, uEconometrica

Full text - MIT Libraries
A Daron, M Golosov… - 2008 - May
Cited by 2 - Related articles

[CITATION] The Optimal Taxation of Housing

M Golosov, A Tsyvinski… - 2010 - Working paper
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] jOptimal Taxation with Endogenous Insurance Mar $ ketsk, 2006

M Golosov… - Quarterly Journal of Economics, forthcoming
Cited by 2 - Related articles

[CITATION] A Quantitative Exploration in the Theory of Dynamic Optimal Taxation

M Golosov, M Troshkin… - 2009 - Mimeo, University of Minnesota
Cited by 2 - Related articles

Preference Heterogeneity and Optimal Capital Income Taxation

[PDF] from yale.edu
M Golosov, M Troshkin, A Tsyvinski… - 2010 - nber.org
We examine a prominent justification for capital income taxation: goods preferred by those
with high ability ought to be taxed. In an environment where commodity taxes are allowed to
be nonlinear functions of income and consumption, we derive an analytical expression ...
Cited by 2 - Related articles - Library Search - All 16 versions

[BOOK] Preference Heterogeneity and Optimal Capital Income Taxation

[PDF] from princeton.edu
M Golosov, M Troshkin, A Tsyvinski, MC Weinzierl… - 2011 - scholar.princeton.edu
Abstract We examine a prominent justification for capital income taxation: goods preferred
by those with high ability ought to be taxed. In an environment where commodity taxes are
allowed to be nonlinear func'tions of income and consumption, we derive an analytical ...
Cited by 2 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 4 versions

[PDF] Preference Heterogeneity and Optimal Commodity Taxation

[PDF] from berkeley.edu
M Golosov, A Tsyvinski… - 2009 - elsa.berkeley.edu
Abstract We analytically and quantitatively examine a prominent justification for capital
income taxation: goods preferred by the high'skilled ought to be taxed. We study an
environment where commodity taxes are allowed to be nonlinear functions of income and ...
Cited by 1 - Related articles - View as HTML - All 5 versions

Political Economy of Intermediate Goods Taxation

[PDF] from princeton.edu
Full text - MIT Libraries
D Acemoglu, M Golosov… - Journal of the European …, 2008 - Wiley Online Library
Abstract We generalize the Diamond–Mirrlees production efficiency theorem, that there
should be no taxes on sectors producing pure intermediate goods, to an environment with
political economy constraints. In our economy, allocations and taxation are decided by self ...
Cited by 1 - Related articles - BL Direct - All 17 versions

[PDF] Optimal Fiscal and Monetary Policy without Commitment

[PDF] from yale.edu
M Golosov… - with A. Tsyvinski), forthcoming in The …, 2006 - aida.econ.yale.edu
Most of the results of optimal taxation literature in Ramsey framework are derived under the
assumption of commitment. Commitment is usually defined as ability of a government to bind
future policy choices. This assumption is restrictive. A government, even a benevolent one ...
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[PDF] Taxation and Redistribution of Residual Income Inequality

[PDF] from ubc.ca
M Golosov, P Maziero… - 2012 - econ.ubc.ca
Abstract This paper studies the optimal redistribution of income inequality caused by the
presence of search and matching frictions in the labor market. We study this problem in the
context of a directed search model of the labor market populated by homogenous workers ...
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[PS] E! ciency with Endogenous Population Growth

[PS] from minneapolisfed.org
M Golosov, LE Jones… - NBER Working Paper …, 2004 - minneapolisfed.org
ABSTRACT In this paper, we generalize the notion of Pareto-e! ciency to make it applicable
to environments with endogenous populations. Two e! ciency concepts are proposed, V e!
ciency and Л-e! ciency. The two concepts differ in how they treat people who are not born. ...
Related articles - View as HTML - All 6 versions

[PDF] Optimal Taxation: Merging Micro and Macro Approaches

[PDF] from 128.36.236.74
MGMTA Tsyvinski - 2010 - 128.36.236.74
Abstract This paper argues that the large body of research that follows Mirrlees approach to
optimal taxation has been developing in two directions, refered to as the micro and macro
literatures. We review the two literatures and argue that both deliever important insights ...
Related articles - View as HTML - All 7 versions

[PDF] The Dynamics of Consumer Price Distribution and Monetary Non&neutrality

[PDF] from eea-esem.com
C Carvalho, M Golosov… - 2011 - eea-esem.com
Abstract The extent to which purely nominal aggregate disturbances affect the real economy
depends on how quickly the aggregate price level responds to such disturbances. In theory,
changes in the aggregate price level can be fully characterized by the dynamics of the ...
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[CITATION] Comment on" In Search of Real Rigidities"

M Golosov - 2011 - nber.org
The past ten years experienced a boom in research on the behavior of nominal prices using
micro data. Economists obtained access to a number of new datasets that have not been
previously available. Two independent literatures have emerged. One of them, which ...
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DP8527 Optimal taxes on fossil fuel in general equilibrium

M Golosov, J Hassler, P Krusell… - 2011 - cepr.org
We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality---
through climate change---from using fossil energy. A central result of our paper is an
analytical derivation of a simple formula for the marginal externality damage of emissions. ...
Cached - All 3 versions

Dynamic Optimal Non-linear Taxation Under Non-commitment

A Tsyvinski, M Golosov… - 2004 Meeting Papers, 2004 - ideas.repec.org
This paper studies dynamic non-linear taxation in a two-period model without government
commitment and a continuum of agents with privately known skill parameters, which are
constant overtime. The government is utilitarian but cannot commit at t= 1 to the tax ...
Cached - All 4 versions

[CITATION] Designing Optimal Disability Insurance

A Tsyvinski…
All 2 versions

[CITATION] Nber Macroeconomics Annual 2006, Volume 21: New Dynamic Public Finance: A User's Guide

M Golosov, A Tsyvinski… - 2011 - papers.ssrn.com
New Dynamic Public Finance is a recent literature that extends the static Mirrlees [1971]
framework to dynamic settings. 1 The approach addresses a broader set of issues in optimal
policy than its static counterpart, while not relying on exogenously specified tax ...
Related articles

[PDF] INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

[PDF] from boj.or.jp
M Golosov, M Troshkin… - imes.boj.or.jp
Abstract We study optimal labor and savings distortions in a lifecycle model with
idiosyncratic shocks. We show a tight connection between its recursive formulation and a
static Mirrlees model with two goods, which allows us to derive elasticity-based ...
Related articles

[CITATION] Essays in Dynamic Fiscal and Monetary Policy

M Golosov - 2004 - en.scientificcommons.org
Publikationsansicht. 30833761. Essays in dynamic fiscal and monetary policy / (2004). Golosov,
Mikhail. Abstract. Appendices.. Thesis (Ph. D.)--University of Minnesota, 2004. Major: Economics..
Includes bibliographical references (leaves 209-211). Details der Publikation. ...
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Essays on informational frictions in macroeconomics and finance

[PDF] from mit.edu
GM Angeletos, M Golosov… - 2010 - dspace.mit.edu
This dissertation consists of four chapters analyzing the effects of heterogeneous and
asymmetric information in macroeconomic and financial settings, with an emphasis on short-
run fluctuations. Within these chapters, I study the implications these informational frictions ...
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Prizes and Patents: Using Market Signals to Provide Incentives for Investors

V Chari, MM Golosov… - Federal Reserve Bank of …, 2009 - papers.ssrn.com
... Economic Research (NBER) Mikhail Golosov. Massachusetts Institute of Technology
(MIT) - Department of Economics; National Bureau of Economic Research (NBER);
New Economic School (NES) Aleh Tsyvinski. Harvard University ...

[PDF] Preference Heterogeneity and Optimal Capital Taxation

[PDF] from lse.ac.uk
M Weinzierl, M Golosov… - sticerd.lse.ac.uk
Abstract We analytically and quantitatively examine a prominent justification for capital
income taxation: goods preferred by those with high ability ought to be taxed. We study an
environment where commodity taxes are allowed to be nonlinear functions of income and ...
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Essays on growth and innovation policies

[PDF] from mit.edu
D Acemoglu, M Golosov, U Akcigit - 2009 - dspace.mit.edu
This thesis consists of three chapters on innovation and economic growth. Chapter 1 is a
joint work with Daron Acemoglu. We study the form of intellectual property rights (IPR) policy
and licensing in the context of endogenous economic growth with step-by-step cumulative ...
Related articles - All 2 versions

Essays in incomplete markets

[PDF] from mit.edu
GM Angeltos, M Golosov, V Panousi - 2008 - dspace.mit.edu
This thesis studies the macroeconomics of incomplete markets. Chapter 1 studies the effects
of capital taxation in a dynamic heterogeneous-agent economy with uninsurable
entrepreneurial risk. Unlike either the complete-markets paradigm or Bewley-type models ...
Related articles - All 2 versions

Dynamic Strategic Information Transmission

YC Submitter, M Golosov, V Skreta… - … Discussion Paper No …, 2011 - papers.ssrn.com
Abstract: This paper studies strategic information transmission in a dynamic environment
where, each period, a privately informed expert sends a message and a decision maker
takes an action. Our main result is that, in contrast to a static environment, full information ...
Related articles

Dynamic Strategic Information Transmission

[PDF] from nyu.edu
V Skreta, M Golosov, A Tsyvinski… - 2011 - archive.nyu.edu
Abstract: This paper studies strategic information transmission in a finite horizon
environment where, each period, a privately informed expert sends a message and a
decision maker takes an action. Our main contribution is to show that communication in ...
Related articles

Proceedings of the twenty second annual congress of the European Economic Association, Budapest, August 2007

G TABELLINI, L GUISO, P SAPIENZA, L ZINGALES… - 2008 - cadmus.eui.eu
Proceedings of the twenty second annual congress of the European
Economic Association, Budapest, August 2007. ...
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