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Optimal indirect and capital taxation

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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 287 - 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 132 - Related articles - View as HTML - All 43 versions

Designing optimal disability insurance: A case for asset testing

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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 108 - Related articles - BL Direct - All 34 versions

Optimal taxation with endogenous insurance markets

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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 ...
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Self-fulfilling currency crises: The role of interest rates

[PDF] from ucla.edu
C Hellwig, A Mukherji… - 2005 - nber.org
We develop a stylized currency crises model with heterogeneous information among
investors and endogenous determination of interest rates in a noisy rational expectations
equilibrium. Our model captures three key features of interest rates: the opportunity cost of ...
Cited by 85 - Related articles - Library Search - BL Direct - All 32 versions

Political economy of mechanisms

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D Acemoglu, M Golosov… - Econometrica, 2008 - Wiley Online Library
We study the provision of dynamic incentives to self-interested politicians who control the
allocation of resources in the context of the standard neoclassical growth model. Citizens
discipline politicians using elections. We show that the need to provide incentives to the ...
Cited by 52 - Related articles - BL Direct - All 45 versions

Energy sector quasi-fiscal activities in the countries of the former Soviet Union

M Petri, G Taube… - IMF Working Paper No. 02/60, 2002 - papers.ssrn.com
Abstract: A decade into the transition, many of the successor states of the former Soviet
Union (FSU) continue to use energy sector quasi-fiscal activities (QFAs), especially low
energy prices and the toleration of payment arrears, to provide large implicit and ...
Cited by 44 - Related articles - All 9 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

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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 ...
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Markets versus governments: political economy of mechanisms

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D Acemoglu, M Golosov… - 2006 - nber.org
We study the optimal Mirrlees taxation problem in a dynamic economy with idiosyncratic
(productivity or preference) shocks. In contrast to the standard approach, which implicitly
assumes that the mechanism is operated by a benevolent planner with full commitment ...
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Markets versus governments

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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

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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 ...
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[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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[PDF] Optimal fiscal policy in a business cycle model without commitment

[PDF] from upenn.edu
J Fernandez-Villaverde… - University of Pennsylvania, …, 2002 - econ.upenn.edu
Abstract This paper studies optimal taxation in the stochastic growh model when the
goverment cannot commit. We use recursive game theory to characterize the set of
Sustainable Equilibria and to build strategies that support equilibrium payoffs. We ...
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Optimal taxes on fossil fuel in general equilibrium

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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

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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 20 - Related articles - Library Search - All 14 versions

Decentralized trading with private information

[PDF] from bcrp.gob.pe
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

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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

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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

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

[PDF] Challenges facing the Russian economy after the crisis

[PDF] from piie.com
S Guriev… - Russia After the Global Economic Crisis, 2010 - piie.com
In 1999–2008, Russia was one of the fastest growing economies in the world. In 2009, it was
one of the worst affected by the global economic crisis. Its GDP fell by 8 percent, more than
any other economy in the Group of Twenty (G-20)—the group of the world's largest ...
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[PDF] Coordination Failures and Asset Prices

[PDF] from berkeley.edu
C Hellwig, A Mukherji… - 2004 - emlab.berkeley.edu
Abstract We introduce endogenous price formation into the theoretical global games model
of currency crises, using a noisy rational expectations equilibrium approach along the lines
of Grossman and Stiglitz (1976, 1980) and Hellwig (1980). We explore the payoff and ...
Cited by 8 - Related articles - View as HTML - All 2 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

Information Aggregation, Investment, and Managerial Incentives

[PDF] from 128.36.236.74
E Albagli, C Hellwig… - 2011 - nber.org
We study the interplay of share prices and firm decisions when share prices aggregate and
convey noisy information about fundamentals to investors and managers. First, we show that
the informational feedback between the firm's share price and its investment decisions ...
Cited by 4 - Related articles - Library Search - All 19 versions

[PDF] Political economy and the structure of taxation

[PDF] from princeton.edu
D Acemoglu, M Golosov… - 2007 - princeton.edu
Abstract We study the constrained Pareto efficient allocations in a dynamic production
economy in which the group in political power decides the allocation of resources. We show
that Pareto efficient allocations take a quasi-Markovian structure and can be represented ...
Cited by 4 - Related articles - View as HTML - All 14 versions

A Dynamic Theory of Resource Wars

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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] Dynamic Mirrlees Taxation and Political Economy

D Acemoglu, M Golosov… - Levine's Bibliography, 2007 - econpapers.repec.org
By Daron Acemoglu, Michael Golosov and Aleh Tsyvinski;
Dynamic Mirrlees Taxation and Political Economy.
Cited by 4 - Related articles - Cached - All 5 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
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[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.
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[CITATION] jNew Dynamic Public Finance: A Useris Guide, kin NBER Macroeconomics Annual 2006

M Golosov, A Tsyvinski… - 2006 - MIT Press
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[CITATION] Public Disclosures and Asset Price Fluctuations

E Albagli, C Hellwig… - Work in progress, 2011
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Russian Attitudes Toward the West

S Guriev, M Trudolyubov… - Working Papers, 2008 - ideas.repec.org
In the late 1980s, the vast majority of Russians supported pro-Western economic and
political transformation. Although transition to market and democracy has eventually
delivered economic benefits, most Russians are now skeptical about Western economic ...
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[PDF] Financial Crises and Interest Rates

[PDF] from repec.org
C Hellwig, A Mukherji… - 2004 - repec.org
Abstract We consider a stylized currency crises model with heterogeneous information
among investors, with endogenous determination of interest rates in a noisy rational
expectations equilibrium. We explore the payoff and informational channels through which ...
Cited by 2 - Related articles - View as HTML - All 5 versions

[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] New Dynamic Public Finance: a User's Guide. memio

M Golosov, A Tsyvinski… - 2006
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

[CITATION] Self-fulfilling currency crises

C Hellwig, A Mukherji, A Tsyvinski… - 2005 - National Bureau of Economic …
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[CITATION] Optimal indirect and income taxation

M Golosov, N Kocherlakota… - Federal Reserve Bank of Minneapolis. …, 2001
Cited by 2 - Related articles

Preference Heterogeneity and Optimal Capital Income Taxation

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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

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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 ...
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[PDF] Information Aggregattion and Investment Decisions

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E Albagli, C Hellwig… - 2009 - crei.cat
Abstract We study a role of asset prices in aggregating information and guiding real
investment. First, we develop a tractable, yet flexible class of noisy REE models of a financial
market with a general specification of asset's payoffs. We show that the interplay between ...
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[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 ...
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A Theory of Asset Pricing Based on Heterogeneous Information

E Albagli, C Hellwig… - 2011 - nber.org
We propose a theory of asset prices that emphasizes heterogeneous information as the
main element determining prices of different securities. Our main analytical innovation is in
formulating a model of noisy information aggregation through asset prices, which is ...
Cited by 1 - Related articles - All 7 versions

Political Economy of Intermediate Goods Taxation

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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

[CITATION] Harvard University and NBER; and Ivan Werning

A Tsyvinski - … a User's Guide” Discussants: Peter A …
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[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] Optimal Release of Information under Imperfect Monitoring

[PDF] from eea-esem.com
A Tsyvinski… - eea-esem.com
Abstract We analyze the optimal design of monitoring mechanisms for timeinconsistent
central banks. A number of recent studies argued for increased openness and transparency
and, in particular, for more timely release of information of the central banks. Under perfect ...
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[PDF] Corporate Governance of the World's Financial System: Extend the Financial Regulation Franchise to Emerging Economies

[PDF] from excellentfuture.ca
S Guriev… - … Policy Interdependence and the G-20 - excellentfuture.ca
There is a conventional view that global imbalances—in which developed countries, in
particular the United States, are the net borrowers and emerging markets, in particular
China, are net lenders—are a symptom of inefficiency in the world financial system, a ...
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[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] A Theory of Asset Prices based on Heterogeneous Investor Information and Limits to Arbitrage

[PDF] from unc.edu
E Albagli, USC Marshall, C Hellwig… - 2011 - areas.kenan-flagler.unc.edu
Abstract We propose a theory of asset prices that emphasizes heterogeneous investor
beliefs and limits to arbitrage as the main elements determining prices and returns of
different securities. In our theory, the noisy aggregation of heterogeneous investor beliefs ...
Related articles - View as HTML - All 6 versions

[CITATION] Optimal Taxation in a Business Cycle Model without Commitment (preliminary draft)

A Tsyvinski

DP8539 Information Aggregation, Investment, and Managerial Incentives

E Albagli, C Hellwig… - 2011 - cepr.org
We study the interplay of share prices and firm decisions when share prices aggregate and
convey noisy information about fundamentals to investors and managers. First, we show that
the informational feedback between the firm's share price and its investment decisions ...
Cached - All 3 versions

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

Coordination Failures and Asset Prices

A Tsyvinski, C Hellwig… - 2004 Meeting Papers, 2004 - ideas.repec.org
We augment a standard global coordination game along the lines of Morris and Shin (1998)
by an asset market where prices are determined in a noisy Rational Expectations
Equilibrium. We study the implications of information aggregation through prices for ...
Cached - All 5 versions

Prizes and Patents: Using Market Signals to Provide Incentives for Investors

V Chari, MM Golosov… - Federal Reserve Bank of …, 2009 - papers.ssrn.com
Abstract: Innovative activities have public good characteristics in the sense that the cost of
producing the innovation is high compared to the cost of producing subsequent units.
Moreover, knowledge of how to produce subsequent units is widely known once the ...

A Theory of Asset Prices based on Heterogeneous Information

[PDF] from yale.edu
E Albagli, C Hellwig… - 2011 - papers.ssrn.com
Abstract: We propose a theory of asset prices that emphasizes heterogeneous information
as the main element determining prices of different securities. Our main analytical innovation
is in formulating a model of noisy information aggregation through asset prices, which is ...
Related articles - All 19 versions

[CITATION] A Theory of Capital Adequacy Requirements of Banks

A Tsyvinski… - 2005 Meeting Papers, 2005 - econpapers.repec.org
By Aleh Tsyvinski and Michael Golosov; A Theory of Capital Adequacy Requirements of Banks.
Cached - All 3 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

[CITATION] Business Start-ups, the Lock-in Effect, and Capital Gains Taxation

A Tsyvinski

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

Optimal Taxation with Endogenous Insurance Markets

A Tsyvinski… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper, we study optimal tax policy in a dynamic private information economy. We
describe efficient allocations and competitive equilibria. The standard assumption in the
literature is that trades are observable by all agents. We show that in such an environment ...
Cached - All 4 versions

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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[PDF] Natural Resource Trade under the Threat of War

[PDF] from yale.org
D Acemoglu, M Golosov, A Tsyvinski… - 2010 - yale.org
Abstract We consider a dynamic environment in which a resource $ rich country trades an ex
$ haustible resource with a resource $ poor country. In every period, the resource $ poor
country can arm and attack the resource $ rich country. When the resource is extracted by ...
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[CITATION] Optimal Dynamic Fiscal Policy

A Tsyvinski - 2003 - en.scientificcommons.org
Publikationsansicht. 31817525. Optimal dynamic fiscal policy / (2003). Tsyvinski, Aleh. Abstract.
Thesis (Ph. D.)--University of Minnesota, 2003.. Includes bibliographical references. Details
der Publikation. Download, http://worldcat.org/oclc/62695019. ...
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