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Excess Capacity and Heterogeneity in the Fiscal Multiplier: Evidence from the Obama Stimulus Package
Capacity Heterogeneity
2015/9/21
We estimate local multipliers from the ARRA (Obama stimulus) bill using cross-county variation
in expenditure. We use within-state variation, and include other demographic controls as well
as a pred...
Competitive Screening in Insurance Markets with Endogenous Wealth Heterogeneity
Insurance Markets Adverse Selection Multidimensional Screening
2015/7/31
We examine equilibria in competitive insurance markets with adverse selection when wealth differences arise endogenously from unobservable savings or labor supply decisions. The endogeneity of wealth ...
A Theory of Income Taxation under Multidimensional Skill Heterogeneity
Income Taxation Multidimensional Skill Heterogeneity
2015/7/31
We develop a unifying framework for optimal income taxation in multi-activity economies with general production technologies. Agents are characterized by an N-dimensional skill vector that captures in...
We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth
that ask consumers how much of an unexpected transitory income change they would consume. We
find tha...
Recent theoretical work has shown the importance of measuring microeconomic uncertainty for models of both general and partial equilibrium under imperfect insurance.
In this paper the assumption of i...
Heterogeneity in capital and skills in a neoclassical stochastic growth model
Neoclassical model Heterogeneous agents Aggregation Business cycles
2015/7/21
Heterogeneity in capital and skills in a neoclassical stochastic growth model.
Quasi-linear preferences in the macroeconomy: Indeterminacy, heterogeneity and the representative consumer
Macroeconomic quasi linear preference heterogeneity and consumers
2015/7/21
Quasi-linear preferences in the macroeconomy: Indeterminacy, heterogeneity and the representative consumer.
De Gustibus non est Taxandum: Heterogeneity in Preferences and Optimal Redistribution
Spending Policy Taxation Theory United States
2015/4/27
The prominent but unproven intuition that preference heterogeneity reduces redistribution in a standard optimal tax model is shown to hold under the plausible condition that the distribution of prefer...
Preference heterogeneity and optimal capital income taxation
Optimal taxation Capital taxation Saving Preference heterogeneity
2014/3/18
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 nonlinea...
Emergence of product differentiation from consumer heterogeneity and asymmetric information
Emergence product differentiation consumer heterogeneity asymmetric information
2010/12/17
We introduce a fully probabilistic framework of consumer product choice based on quality assessment. It allows us to capture many aspects of marketing such as partial information asymmetry, quality di...