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 ...
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. ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
[CITATION] VNew Dynamic Public Finance: A Useros Guide, V NBER Macroannual 2006
M Golosov, A Tsyvinski… - 2006 - MIT Press
[CITATION] Designing optimal disability insurance. Federal Reserve Bank of Minneapolis
M Golosov… - 2003 - Working Paper 628
[CITATION] Menu Costs and Phillips Curves. Working Paper no. 10187. Cambridge, MA: National Bureau of Economic Research
M Golosov… - 2003
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.
[CITATION] tMarkets versus Gov& ernments: Political Economy of Mechanisms, uEconometrica
A Daron, M Golosov… - 2008 - May
[CITATION] The Optimal Taxation of Housing
M Golosov, A Tsyvinski… - 2010 - Working paper
[CITATION] jOptimal Taxation with Endogenous Insurance Mar $ ketsk, 2006
M Golosov… - Quarterly Journal of Economics, forthcoming
[CITATION] A Quantitative Exploration in the Theory of Dynamic Optimal Taxation
M Golosov, M Troshkin… - 2009 - Mimeo, University of Minnesota
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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. ...
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 ...
[CITATION] Designing Optimal Disability Insurance
A Tsyvinski…
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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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