On the equivalence between labor and consumption taxation

This article studies the equivalence between labor and consumption taxes in a stochastic context, where the government can undertake an active portfolio management strategy by investing in both risk-free and risky assets. Using a two-period model we have shown that such taxes let consumers make the same decisions and can finance the same amount of government spending in each period.consumption and labor taxation, equivalence, risk.

Optimal Asset Allocation with Factor Models for Large Portfolios

An electronic version of the paper may be downloaded • from the SSRN website: www.SSRN.com • from the RePEc website: www.RePEc.org • from the CESifo website: Twww.CESifo-group.org/wp

Comment on: "Analytical approximations for the collapse of an empty spherical bubble"

We analyze the Rayleigh equation for the collapse of an empty bubble and provide an explanation for some recent analytical approximations to the model. We derive the form of the singularity at the second boundary point and discuss the convergence of the approximants. We also give a rigorous proof of the asymptotic behavior of the coefficients of the power series that are the basis for the approximate expressions

On feedback stabilization of linear switched systems via switching signal control

Motivated by recent applications in control theory, we study the feedback stabilizability of switched systems, where one is allowed to chose the switching signal as a function of $x(t)$ in order to stabilize the system. We propose new algorithms and analyze several mathematical features of the problem which were unnoticed up to now, to our knowledge. We prove complexity results, (in-)equivalence between various notions of stabilizability, existence of Lyapunov functions, and provide a case study for a paradigmatic example introduced by Stanford and Urbano.Comment: 19 pages, 3 figure