702 research outputs found
Online Appendix to "Transitional Dynamics of Dividend and Capital Gains Tax Cuts"
In this appendix, we present the details of the extended model with debt in our paper "Transitional Dynamics of Dividend and Capital Gains Tax Cuts." Section 1 presents the extended model and results. Section 2 presents the numerical algorithm to solve this model. Section 3 presents an extensiongure for the simulation conducted in Section 3 of our original paper.additional
Investment Spikes: New Facts and a General Equilibrium Exploration
Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive power for aggregate investment, even controlling for past investment and sales. We re-calibrate the Thomas (2002) model (that includes fixed costs of investing) so that it assigns a prominent role to extensive adjustment. The recalibrated model has different properties than the standard RBC model for some shocks.
Credit Risk and Disaster Risk
Corporate credit spreads are large, volatile, countercyclical, and significantly larger than expected losses, but existing macroeconomic models with financial frictions fail to reproduce these patterns, because they imply small and constant aggregate risk premia. Building on the idea that corporate debt, while safe in normal times, is exposed to the risk of economic depression, this paper embeds a trade-off theory of capital structure into a real business cycle model with a small, time-varying risk of large economic disaster. This simple feature generates large, volatile and countercyclical credit spreads as well as novel business cycle implications. In particular, financial frictions substantially amplify the effect of shocks to the disaster probability.
Transitional Dynamics of Dividend and Capital Gains Tax Cuts
We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In the model, firms are heterogeneous in productivity and make investment and financing decisions subject to capital adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast, when these tax cuts are unexpected and temporary, aggregate investment falls in the short run. This fall allows firms to distribute large dividends initially in response to the temporary dividend tax cut. We also find that the effects of a temporary dividend tax cut are very different from those of a temporary capital gains tax cut.
Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform
To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent.
International Risk Cycles
Recent work in international finance suggests that the forward premium puzzle can be accounted for if (1) aggregate uncertainty is time-varying, and (2) countries have heterogeneous exposures to a world aggregate shock. We embed these features in a standard two-country real business cycle framework, and calibrate the model to match the differences between low and high interest rates countries. Unlike traditional real business cycle models, our model generates volatile exchange rates, a large currency forward premium, "excess comovement'' of asset prices relative to quantities, and an imperfect correlation between relative consumption growth and exchange rates. Our model implies, however, that high interest rate countries have smoother quantities, equity returns and interest rates than low interest rate countries, contrary to the data.
« Nos traces prennent langue »
Cet article propose la comparaison de trois dĂ©marches et Ćuvres poĂ©tiques de langue française sâĂ©tant portĂ©es, dans les annĂ©es 1950-1970, vers les supports matĂ©riels : la pierre pour Yves Bonnefoy (Pierre Ă©crite), le bois pour RenĂ© Char (La Nuit talismanique), la neige pour Christian Dotremont (Logbook). PoĂštes gagnĂ©s en ces annĂ©es par une conscience aiguĂ« de la finitude, tous trois se rejoignent dans la recherche dâune incarnation des signes verbaux dans la matiĂšre brute. LâĂ©paisseur du matĂ©riau sây prolonge ensuite dans lâexploration dâune Ă©paisseur temporelle, transposĂ©e dans certains choix de lâĂ©criture poĂ©tique. LâĂ©tude sâattache alors aux effets, sur le sujet, de ce dialogue muet avec la pierre, le bois ou la neige : la fragilitĂ© existentielle y est non pas sublimĂ©e, mais bien Ă©prouvĂ©e, câest-Ă -dire soumise Ă lâĂ©preuve de la matiĂšre.This article proposes the comparison between three approaches and poetic works written in French in the 1950sâ1970s and having develop about material supports: the stone for Yves Bonnefoy (Words in Stone), the wood for RenĂ© Char (The Talisman Night), the snow for Christian Dotremont (Logbook). These three poets, taken in these years by an acute awareness of finitude, meet in the research of an incarnation of verbal signs in raw matter. The thickness of the material is there extended by the exploration of a temporal thickness, carried by certain choices in the poetic writing. The study focuses then on the effects, on the subject, of this silent dialogue with the stone, the wood and the snow: the existential fragility is not here magnified, but experienced, namely subjected to the experience of the material
Introduction
Que le grain de la matiĂšre soit rĂ©ellement convoquĂ© dans certaines pratiques de la poĂ©sie in situ, ou quâil soit rĂȘvĂ© dans le texte lui-mĂȘme, lâintĂ©rĂȘt suscitĂ© par la matiĂšre Ă©lĂ©mentaire dans la poĂ©sie contemporaine relĂšve du paradoxe : la scĂšne contemporaine de lâĂ©criture poĂ©tique est visitĂ©e par un imaginaire archaĂŻque venu dâun temps difficilement situable, celui des inscriptions ou des empreintes qui, des Ă©pitaphes funĂ©raires aux initiales entrelacĂ©es des amants gravĂ©es dans lâĂ©corce, por..
Search for production of strangelets in quark matter using particle correlations
We present a new technique for observing the strangelet production in quark matter based on unlike particle correlations. A simulation is presented with a two-phase thermodynamical model
Introduction
Sâattacher aux rĂ©sonances de lâart pariĂ©tal dans les littĂ©ratures des XXe et XXIe siĂšcles est sans doute, aussitĂŽt, se tenir dans lâĂ©tau dâune contradiction : au dĂ©sir dâintroduire Ă la fascination partagĂ©e des Ă©crivains pour les fresques du PalĂ©olithique, sâoppose le danger de cĂ©der Ă une conception exclusivement thĂ©matique de lâĆuvre littĂ©raire ; Ă la fraĂźcheur dâune rencontre vive, le risque dâouvrir les pages dâun livre dâimages en voie de patrimonialisation. Les mains de Pech Merle, lâho..
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