Crises are volatile times when endogenous sources of information are closely monitored.
We study the role of information in crises by introducing a financial market in a coordination
game with imperfect information. The asset price aggregates dispersed private information ...
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 ...
... LIQUIDITY AND INSURANCE FOR THE UNEMPLOYED Robert Shimer Ivan Werning Working
Paper 11689 http://www.nber.org/papers/w11689 ... Werning is grateful for the hospitality from the
Federal Reserve Bank of Minneapolis. © 2005 by Robert Shimer and Ivan Werning. ...
M Amador, I Werning… - Econometrica, 2006 - Wiley Online Library
Page 1. Econometrica, Vol. 74, No. 2 (March, 2006), 365–396 COMMITMENT VS.
FLEXIBILITY BY MANUEL AMADOR, IVÁN WERNING, AND GEORGE-MARIOS
ANGELETOS1 We study the optimal trade-off between commitment ...
GS Becker, KM Murphy… - Journal of Political Economy, 2005 - JSTOR
This paper explores the implications for risk-taking behavior and the equilibrium distribution
of income of assuming that the desire for status positions is a powerful motive and that it
raises the marginal utility of consumption. In contrast to previous analyses, we consider ...
I Werning… - Journal of Political Economy, 2007 - dash.harvard.edu
We explore steady-state inequality in an intergenerational model with altruistically linked
individuals who experience privately observed taste shocks. When the welfare function
depends only on the initial generation, efficiency requires immiseration: inequality grows ...
I Werning - The Quarterly Journal of Economics, 2007 - qje.oxfordjournals.org
Abstract I study the optimal taxation oflabor and capital in a dynamic economy subject to
government expenditure and technology shocks. Unlike representative-agent Ramsey
models, workers are heterogenous and lump-sum taxation is not ruled out. I consider two ...
I Werning - University of Chicago and UTDT, 2002 - Citeseer
Page 1. Optimal Unemployment Insurance with Unobservable Savings* Iván Werning†
MIT, NBER and UTDT Abstract This paper studies the optimal design of an
unemployment insur- ance system in a repeated moral hazard ...
R Shimer… - The Quarterly Journal of Economics, 2007 - qje.oxfordjournals.org
Abstract This paper argues that a risk-averse worker's after-tax reservation wage encodes all
the relevant information about her welfare. This insight leads to a novel test for the optimality
of unemployment insurance based on the responsiveness of reservation wages to ...
CE Da Costa… - Journal of Political Economy, 2008 - JSTOR
We study the optimal inflation tax in an economy with heterogeneous agents subject to
nonlinear taxation of labor income. We find that the Friedman rule is Pareto efficient when
combined with a nondecreasing labor income tax. In addition, the optimum for a utilitarian ...
C Da Costa… - Manuscript, Massachusetts Institute of …, 2001 - econ.puc-rio.br
Page 1. On the Optimality of the Friedman Rule with Heterogeneous Agents and
Non Linear Income Taxation Carlos da Costa, University of Chicago Iván Werning,
University of Chicago March 20, 2001 Abstract We study the ...
E Farhi… - 2008 - mailhost.econ.yale.edu
Abstract We study efficient nonlinear taxation of labor and capital in a dynamic Mirrleesian
model incorporating political economy constraints. Policies are chosen sequentially over
time, without commitment, as the outcome of democratic elections. We study the best ...
... George -Marios Angeletos Department of Economics MIT 50 Memorial Drive, E51-251 Cambridge,
MA 02142 and NBER angelet@mit.edu Ivan Werning Department of Economics MIT 50 Memorial
Drive, E51-251a Cambridge, MA 02142-1347 and NBER iwerning@mit.edu ...
E Farhi… - 2005 - nber.org
Page 1. NBER WORKING PAPER SERIES INEQUALITY, SOCIAL DISCOUNTING AND ESTATE
TAXATION Emmanuel Farhi Ivan Werning Working Paper 11408 http://www.nber.org/papers/
w11408 ... 2005 by Emmanuel Farhi and Ivan Werning. All rights reserved. ...
Page 1. NBER WORKING PAPER SERIES ON THE OPTIMAL TIMING OF BENEFITS WITH
HETEROGENEOUS WORKERS AND HUMAN CAPITAL DEPRECIATION Robert Shimer Iván
Werning Working Paper 12230 http://www.nber.org/papers/w12230 ...
E Farhi… - MIT Department of Economics Working Paper …, 2009 - papers.ssrn.com
Abstract: This paper studies the efficiency gains from distorting savings in dynamic
Mirrleesian private-information economies. We develop a method that pertubs the
consumption process optimally, while preserving incentive compatibility. The Inverse ...
I Werning - Unpublished Manuscript, University of Chicago, 2001 - mit.edu
Abstract We present a recursive first0order approach that may be useful in studying
repeated principal0agent relationships where the agent can trade intertemporally behind the
principal* s back. The method has the virtue of being analytical simple and ...
E Farhi… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES INSURANCE AND TAXATION OVER
THE LIFE CYCLE Emmanuel Farhi Iván Werning Working Paper 16749
http://www.nber.org/papers/w16749 NATIONAL BUREAU OF ECONOMIC ...
E Farhi… - 2006 - nber.org
For an economy with altruistic parents facing productivity shocks, the optimal estate taxation
is progressive: fortunate parents should face lower net returns on their inheritances. This
progressivity reflects optimal mean reversion in consumption, which ensures that a long- ...
[CITATION] Optimal dynamic taxation and social insurance
I Werning - 2002 - University of Chicago, Dept. of …
I Werning - Massachusetts Institute of Technology, Manuscript, 2007 - mit.edu
Page 1. Pareto Efficient Income Taxation - p. 1 Pareto Efficient Income Taxation Iván
Werning MIT April 2007 NBER Public Economics meeting Page 2. ...
R Shimer… - University of Chicago mimeo, 2003 - uchicago.edu
Unemployment insurance is an asset that protects workers against the risk of failing to find a
job. Its provision is limited by an important moral hazard problem: workers who are protected
against unemployment risk remain unemployed for longer. A growing theoretical literature ...
M Amador, I Werning… - 2003 - nber.org
Page 1. NBER WORKING PAPER SERIES COMMITMENT VS. FLEXIBILITY Manuel
Amador Iván Werning George-Marios Angeletos Working Paper 10151 http://www.
nber.org/papers/w10151 NATIONAL BUREAU OF ECONOMIC ...
H Hopenhayn… - Unpublished manuscript, UCLA and MIT, 2007 - laef.ucsb.edu
Abstract This paper studies the optimal financing of an investment project subject to the risk
of default. A project needs outside funding from a lender, but the borrower can walk away at
any moment and take some outside opportunity. The value of this opportunity is random ...
GS Becker, KM Murphy… - University of Chicago mimeo, 2000 - uchicago.edu
Page 1. Status, Lotteries and Inequality¤ Gary S. Becker, Kevin M. Murphy and Iván Werning
May 2000 PRELIMINARY 1 Introduction For several centuries, economists, sociologists, and
philosophers have been concerned with the magnitude and effects of inequality. ...
E Farhi… - The Quarterly Journal of Economics, 2010 - qje.oxfordjournals.org
Page 1. PROGRESSIVE ESTATE TAXATION ∗ EMMANUEL FARHI AND IV´AN
WERNING We present a model with altruistic parents and heterogeneous productivity.
We derive two key properties for optimal estate taxation. ...
[CITATION] Optimal unemployment insurance with hidden savings
I Werning - 2002 - University of Chicago working paper
[CITATION] An Elementary Proof of Positive Optimal Marginal Taxes
I Werning - 2000 - mimeo MIT
[CITATION] Dynamic Optimal Taxation
I Werning - University of Chicago, mimeo, 2001
E Farhi… - Journal of Monetary Economics, 2008 - Elsevier
[CITATION] Nonlinear capital taxation
I Werning - 2009 - MIT working paper
I Werning… - 2005 - pages.stern.nyu.edu
Page 1. Federal Reserve Bank of Minneapolis Research Department Staff Report
365 (Updated) March 2006 Tax Smoothing with Redistribution* Iván Werning
Massachusetts Institute of Technology, National Bureau of Economic ...
C da Costa… - University of Chicago, mimeo, 2000 - epge.fgv.br
Page 1. Commodity Taxation and Social Insurance! Carlos da Costa, University of Chicago'
Iván Werning, University of Chicago‡ Abstract We investigate optimal commodity taxation
in a social insurance frame- work based on Varian (1980). ...
Abstract This paper argues that adding endogenous information aggregation to situations
where coordination is important—such as currency crises, bank runs and riots—yields novel
insights into the multiplicity of equilibria and, more generally, market volatility. Morris and ...
[CITATION] Moral hazard with unobserved endowments: A recursive approach
I Werning - University of Chicago, mimeo, 2001
I Werning - 2011 - nber.org
I study monetary and fiscal policy in liquidity trap scenarios, where the zero bound on the
nominal interest rate is binding. I work with a continuous-time version of the standard New
Keynesian model. Without commitment, the economy suffers from deflation and depressed ...
[CITATION] Optimal Commitment
M Amador, GM Angeletos… - Manuscript, Massachusetts Institute of …, 2003
[CITATION] Corrective vs. Redistributive Taxation
M Amador, GM Angeletos… - 2004 - MIT working paper
[CITATION] VNew Dynamic Public Finance: A Useros Guide, V NBER Macroannual 2006
M Golosov, A Tsyvinski… - 2006 - MIT Press
[CITATION] Tax Smoothing with Incomplete Markets
I Werning - Manuscript, Massachusetts Inst. Tech, 2005
[CITATION] Status and Inequality
GS Becker, KM Murphy… - Social Economics. Cambridge, 2000
[CITATION] iOn the optimality of the Friedman rule with heterogenous agents and non# linear income taxation, jmanuscript
C da Costa… - 2003
[CITATION] jNew Dynamic Public Finance: A Useris Guide, kin NBER Macroeconomics Annual 2006
M Golosov, A Tsyvinski… - 2006 - MIT Press
E Farhi, C Sleet, I Werning… - The Review of …, 2012 - restud.oxfordjournals.org
Abstract We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian
model incorporating political economy constraints. Policies are chosen sequentially over
time, without commitment. Our main result is that the marginal tax on capital income is ...
[CITATION] George–Marios–Angeltos.“Commitment vs. Flexibility.”
M Amador… - … , 2003. http://papers. ssrn. com/sol3/ …
[CITATION] kMoral Hazard with Unobserved Endowments: A Recursive Ap $ proach. lUniversity of Chicago
I Werning - Unpublished manuscript, 2001
GM Angeletos… - Unpublished paper, MIT, 2005 - stuff.mit.edu
Page 1. Crises and Prices Information Aggregation, Multiplicity and Volatility∗ George-Marios
Angeletos MIT and NBER angelet@mit.edu Iván Werning MIT, NBER and UTDT
iwerning@mit.edu First draft: January 2004 This version: February 2005 ...
[CITATION] New Dynamic Public Finance: a User's Guide. memio
M Golosov, A Tsyvinski… - 2006
[CITATION] Optimal unemployment insurance with unobservable wealth
I Werning - 2001 - Mimeo, University of Chicago
A Costinot, G Lorenzoni… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES A THEORY OF CAPITAL CONTROLS AS
DYNAMIC TERMS-OF-TRADE MANIPULATION Arnaud Costinot Guido Lorenzoni Iván
Werning Working Paper 17680 http://www.nber.org/papers/w17680 ...
A Costinot, G Lorenzoni… - Manuscript, MIT, 2011 - faculty.chicagobooth.edu
Page 1. A Theory of Optimal Capital Controls ∗ Arnaud Costinot MIT Guido Lorenzoni
MIT Iván Werning MIT May 2011 Abstract This paper develops a theory of optimal
capital controls in which the only motive for capital controls ...
Abstract: This paper argues that adding endogenous information aggregation to situations
where coordination is important-such as riots, self-fulfilling currency crises, bank runs, debt
crises or financial crashes-yields novel insights into the multiplicity of equilibria. Morris ...
[CITATION] CDynamic Optimal Taxation", Universtiy of Chicago
I Werning - 2000 - mimeo
[CITATION] On the Optimality of the Friedman rule with Heterogeneous Agents and Non-Linear Income Taxes
C da Costa… - manuscript, University of Chicago, 2000
D Acemoglu, I Werning… - 2010 - dspace.mit.edu
This thesis consists of three chapters studying dynamic economies in general equilibrium.
The first chapter considers an economy in business cycles with potentially imperfect
financial markets. The second chapter investigates an economy in its balanced growth ...
V Midrigan, B Dupor, P Evans, P Kehoe, M Mir… - 2006 - Citeseer
Abstract This paper uses scanner price data collected in retail stores to document that (i)
although the average magnitude of price changes is large, a substantial number of price
changes are small in absolute value;(ii) the distribution of non-zero price changes has fat ...
P Diamond, I Werning, BC Lehr - 2010 - 18.7.29.232
In this thesis, I study two different economies that consist of heterogeneous labor. By
allowing for differences among individuals where previous analyses restricted attention to
homogeneous labor, I am able to understand the impact of such a consideration on issues ...
I Werning, R Caballero, PPD Kurlat - 2010 - dspace.mit.edu
... With Normal uncertainty, partial resistance is more likely when there is more aggregate uncertainty
regarding agents' payoffs and less heterogeneity among them. Thesis Supervisor: Ivan Werning
Title: Professor of Economics ... I am deeply indebted to Ivan Werning. ...
D Acemoglu, I Werning… - 2010 - dspace.mit.edu
... Page 5. Acknowledgements I cannot overstate my debt to my thesis advisors, Daron Acemoglu
and Ivan Werning. ... I have also been fortunate to be able to work with Emmanuel Farhi, Casey
Rothschild, Robert Townsend and Ivan Werning on joint research projects. ...
E Farhi… - 2006 Meeting Papers, 2006 - 18.7.29.232
... CAPITAL TAXATION Quantitative Exploration of the Inverse Euler Equation Emmanuel Farhi
Ivan Werning Working Paper 06-1 November 30, 2005 ... Quantitative Explorations of the Inverse
Euler Equation Emmanuel Farhi Ivan Werning Harvard University MIT ef arhi ©harvard . ...
I Werning… - 2005 Meeting Papers, 2005 - en.scientificcommons.org
R Caballero, I Werning, E Farhi - 2006 - dspace.mit.edu
... Ivan Werning Assistant Professor of Economics Thesis Supervisor A ccepted
by ..... Peter Temin Chairman, Departmental Committee on Graduate Studies
MASSACHUS•-TS INB11TUT, OFTECHNOLOGY ...
E Farhi… - economics.stanford.edu
Page 1. Progressive Estate Taxation Taxation ∗ Emmanuel Farhi Harvard University
efarhi@harvard.edu Iv´an Werning MIT iwerning@mit.edu April 20, 2009 (8:34pm)
Abstract We study efficient allocations in a Mirrleesian model ...
JC Ely, EJ Green, BL Lipman, D Ray, S Athey… - Wiley Online Library
Skip to Main Content. ...
MIT Iván Werning - 2003 - epge.fgv.br
Page 1. On the Optimality of the Friedman Rule with Heterogeneous Agents and
Non-Linear Income Taxation∗ Carlos da Costa, Brazilian National Treasury† Iván
Werning, MIT‡ February 11, 2003 Abstract We study the optimal ...
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 ...
I Werning - NBER Macroeconomics Annual, 2004 - JSTOR
This paper provides a practical and user-friendly overview of preference specifications
outside the very dear, but perhaps too pervasive, additively separable expected-utility
framework. 1 The paper's stated intention is for choice-theorists to reach out to ...
R Caballero, I Werning, BA Bruegemann - 2004 - dspace.mit.edu
The stringency of employment protection regulations varies substantially across countries.
This thesis studies three mechanisms that can help explain the extent and persistence of this
variation. The first chapter explores the ability of employment protection to generate its ...
D Acemoglu, I Werning, J Simon - 2011 - dspace.mit.edu
... l 's- Daron Acemoglu Elizabeth and James Killian Professor of Economics -ah ps Supervisor /
(1 Ivan Werning Professor of Economics Thesis Supervisor Michael Greenstone 3M Professor
of Environmental Economics Chairman, Department Committee on Graduate Theses ...
H Hopenhayn… - 2006 - editorialexpress.com
Page 1. Equilibrium Default with Limited Commitment∗ Hugo Hopenhayn UCLA
hopen@econ.ucla.edu Iván Werning MIT iwerning@mit.edu May 2006 Abstract We
model the optimal financing of a firm with limited commitment. ...
D Acemoglu, I Werning, V Guerrieri - 2006 - dspace.mit.edu
... Thesis Supervisor: Daron Acemoglu Title: Charles P. Kindleberger Professor of Applied Economics
Thesis Supervisor: Ivan Werning Title: Assistant Professor of Economics 4 Page 5. ... I cannot
overstate my debt to Ivan Werning, for his precious help and insightful comments. ...
D Acemoglu, I Werning… - 2006 - 18.7.29.232
This thesis is a collection of three essays on labor economics from a macroeconomic
prospective. Chapter 1 discusses imperfect information, self-selection and the market for
higher education. It explores how the steady trends in increased tuition costs, college ...
[CITATION] Optimal Taxation with Pre-Committed Goods
C da Costa… - 2001
[CITATION] Report of the Editor American Economic Journal: Macroeconomics
A Krishnamurthy, D Laibson, J Parker, M Schneider…
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