180 research outputs found

    Average Marginal Tax Rates U.S. Household Interest and Dividend Income 1954-80

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    This paper carefully outlines a method for the calculation of average marginal tax rates. The method is applied to Statistics of Income data for dividend and interest income earned by U.S. households from 1954 to 1980. To illustrate the effects these data can have inempirical work, the tax rates are used in comparing the sample moments of before and after-tax real yields on financial assets.

    Technology and growth: an overview

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    Technology ; Economic development

    Risky Habits: On Risk Sharing, Habit Formation, and the Interpretation of International Consumption Correlations

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    Standard international economic models with life cycle/permanent income consumption behavior predict that international portfolio diversification leads to high bilateral consumption correlations. Thus international consumption correlations have been empirically estimated as a test of international portfolio diversification and risk sharing. In this paper we investigate the international consumption correlations generated by a more general model which incorporates habit formation in consumption. We show that, in the presence of common interest rate movements, habit formation itself can generate positive international consumption correlations even in the absence of any international risk sharing. Empirical evidence presented in this paper suggests habit formation characterizes consumption behavior among most of the G-7 countries. Thus, the extent of international portfolio diversification may be even lower than that suggested by previous research which studied international consumption correlations.

    Structural and Electronic Decoupling of C_(60) from Epitaxial Graphene on SiC

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    We have investigated the initial stages of growth and the electronic structure of C_(60) molecules on graphene grown epitaxially on SiC(0001) at the single-molecule level using cryogenic ultrahigh vacuum scanning tunneling microscopy and spectroscopy. We observe that the first layer of C_(60) molecules self-assembles into a well-ordered, close-packed arrangement on graphene upon molecular deposition at room temperature while exhibiting a subtle C_(60) superlattice. We measure a highest occupied molecular orbital–lowest unoccupied molecular orbital gap of ~ 3.5 eV for the C_(60) molecules on graphene in submonolayer regime, indicating a significantly smaller amount of charge transfer from the graphene to C_(60) and substrate-induced screening as compared to C_(60) adsorbed on metallic substrates. Our results have important implications for the use of graphene for future device applications that require electronic decoupling between functional molecular adsorbates and substrates
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