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  • HCEO Highlights Booklet | Becker-Friedman Institute Research Respository
    a secure protocol such as HTTPS You can switch to HTTPS by trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in HCEO Highlights Booklet This highlights booklet provides a summary of HCEO s activities Authors

    Original URL path: http://econresearch.uchicago.edu/content/hceo-highlights-booklet (2015-06-03)
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  • Sovereign Default Risk and Banks in a Monetary Union | Becker-Friedman Institute Research Respository
    Username Password Request new password Log in Sovereign Default Risk and Banks in a Monetary Union This paper seeks to understand the interplay between banks bank regulation sovereign default risk and central bank guarantees in a monetary union I assume that banks can use sovereign bonds for repurchase agreements with a common central bank and that their sovereign partially backs up any losses should the banks not be able to

    Original URL path: http://econresearch.uchicago.edu/content/sovereign-default-risk-and-banks-monetary-union (2015-06-03)
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  • Capital Income Taxation, Corporate Taxation, Wealth Transfer Taxes and Consumption Tax Reforms | Becker-Friedman Institute Research Respository
    imposed an extra tax burden on capital as a whole not just on corporate capital The further distortion of financial policy had already been identified by Modigliani and Miller 1958 who observed that the corporate interest deduction led to a violation of their invariance result with respect to corporate financial policy These distortions in the allocation of capital and the determination of financial structure prompted consideration of corporate tax reforms notably through some form of integration of corporate and individual income taxes Different schemes of dividend relief had already begun to arise most notably through reduced corporate tax rates on distributed earnings adopted via a split rate system or the basically equivalent imputation system of shareholder tax credits for corporate taxes paid There was probably less intellectual support for reducing corporate tax rates Indeed at least one problem was seen in doing so for if corporate tax rates were allowed to fall too far below top individual tax rates then high bracket individuals could lessen their tax burdens considerably by accumulating funds for extended periods within corporations The world of the 1960s was very different than now with respect to the magnitude of international capital flows Even so the appropriate taxation of foreign source corporate income was an issue with countries varying in their treatment by convention and by treaty The most important perspective at the time was provided by Peggy Musgrave 1969 who discussed conditions under which different types of neutrality would be desirable In particular capital export neutrality under which capital provided by a country would face the same overall rate of income tax regardless of the location of investment would be desirable from the perspective of efficient world wide capital allocation and could be accomplished by having each country follow a system of world wide taxation taxing

    Original URL path: http://econresearch.uchicago.edu/content/capital-income-taxation-corporate-taxation-wealth-transfer-taxes-and-consumption-tax-reforms (2015-06-03)
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  • When Does Regulation Distort Costs? Lessons from Fuel Procurement in U.S. Electricity Generation | Becker-Friedman Institute Research Respository
    does cost of service regulation lead firms to distort costs This paper analyzes changes in fuel procurement practices by coal and natural gas fired electricity generating plants in the United States following state level legislation that ended cost of service regulation among investor owned electric utilities in the late 1990s I construct a detailed dataset that links confidential shipment level data on the price of virtually all of the fuel delivered to coal and gas fired electricity plants in the United States from 1990 2009 with plant level data on operations and regulatory status Using a matched difference in difference estimation strategy to account for confounding shipping costs I find the price of coal drops by 12 at deregulated plants relative to matched plants that were not subject to any regulatory change whereas there was no relative drop in the price of gas Deregulated plants disproportionately switch to burning low sulfur coal rather than install capital intensive abatement equipment to comply with environmental regulations and expand imports from out of state by 25 if they were initially burning in state coal I show how these results lend support to theories of asymmetric information between generators and regulators regulatory capture and

    Original URL path: http://econresearch.uchicago.edu/content/when-does-regulation-distort-costs-lessons-fuel-procurement-us-electricity-generation (2015-06-03)
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  • Is Quantity Theory Still Alive? | Becker-Friedman Institute Research Respository
    trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Is Quantity Theory Still Alive This paper seeks to understand the interplay between banks bank regulation sovereign default risk and central bank guarantees in a monetary union I assume that banks can use sovereign bonds for repurchase agreements with a common central bank and that their sovereign partially backs up any losses should the banks not be able to repurchase the bonds I argue that regulators in risky countries have an incentive to allow their banks to hold home risky bonds and risk defaults while regulators in other safe countries will impose tighter regulation As a result governments in risky countries get to borrow more cheaply effectively shifting the risk of some of the potential sovereign default losses on the common central bank Authors Harald Uhlig University of Chicago Pedro Teles Publication Date August 2013 JEL Classification E51 Money Supply Credit Money Multipliers E58 Central Banks and Their Policies E61 Policy Objectives Policy Designs and Consistency

    Original URL path: http://econresearch.uchicago.edu/content/quantity-theory-still-alive (2015-06-03)
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  • The Asset Pricing Implications of Government Economic Policy Uncertainty | Becker-Friedman Institute Research Respository
    location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in The Asset Pricing Implications of Government Economic Policy Uncertainty Using the Baker Bloom and Davis 2013 news based measure to capture economic policy uncertainty EPU in the United States we find that when EPU increases by 1 contemporaneous market returns fall by 5 5 and economy wide monthly implied cost of equity capital rises by 85 basis points The economy wide dividend yield rises as well We attribute the market wide price decline to discount rate shocks as dividends are unaffected for up to two years In the cross section an EPU based long short portfolio earns positive abnormal returns of 41 basis points per month with respect to the Fama French Three Factor model These findings suggest that EPU is an important risk factor for equities Authors Jonathan Brogaard University of Washington Andrew L Detzel University of Washington Publication Date July 2013 BFI Initiative Fiscal Studies JEL Classification F30 International Finance General F50 International Relations and International Political Economy General G12 Asset Pricing Trading volume Bond Interest Rates G15

    Original URL path: http://econresearch.uchicago.edu/content/asset-pricing-implications-government-economic-policy-uncertainty (2015-06-03)
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  • Uncertainty shocks, asset supply and pricing over the business cycle | Becker-Friedman Institute Research Respository
    contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Uncertainty shocks asset supply and pricing over the business cycle This paper studies a DSGE model with endogenous financial asset supply and ambiguity averse investors An increase in uncertainty about financial conditions leads firms to substitute away from debt and reduce shareholder payout in bad times when measured risk premia

    Original URL path: http://econresearch.uchicago.edu/content/uncertainty-shocks-asset-supply-and-pricing-over-business-cycle (2015-06-03)
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  • Optimal Income Taxation with Asset Accumulation | Becker-Friedman Institute Research Respository
    page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Optimal Income Taxation with Asset Accumulation Several frictions restrict the government s ability to tax assets First of all it is very costly to monitor trades on international asset markets Moreover agents can resort to non observable low return assets such as cash gold or foreign currencies if taxes on observable assets become too high This paper shows that limitations in asset observability have important consequences for the taxation of labor income Using a dynamic moral hazard model of social insurance we find that optimal labor income taxes typically become less progressive when assets are imperfectly observed We evaluate the effect quantitatively in a model calibrated to U S data Authors Arpad Abraham European University Institute Sebastian Koehne IIES Stockholm University Nicola Pavoni Bocconi University Publication Date May 2013 BFI Initiative Human Capital and Economic Opportunity JEL Classification D82 Asymmetric and Private Information Mechanism Design D86 Economics of Contract Theory E21 Macroeconomics Consumption Saving Wealth H21 Taxation and Subsidies Efficiency

    Original URL path: http://econresearch.uchicago.edu/content/optimal-income-taxation-asset-accumulation (2015-06-03)
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