The effects of standardized tax rates,average tax rates,and the distribution of income on tax progressivity

This study examines the changes in US individual income tax progressivity over the 1986–2003 period using the indexes developed by [Kakwani, N.C., 1976. Measurement of tax progressivity: An international comparison. Economic Journal 87(March), 71–80]. Although progressivity over this time frame has generally been studied in the literature, we provide additional insights by decomposing the changes in index values to account for the effects of concurrent changes in the standardized tax rates, average tax rates, and the income distribution. The decomposition should prove to be particularly useful when different summary indexes lead to conflicting conclusions about progressivity changes, as is often the case. From a policy standpoint, we show that it is the standardized tax rates, a derivative of the legislated tax rates, which need to be monitored and managed to offset the negative progressivity effects of increasing before-tax income inequality.     

Estimation of a k-monotone density: characterizations, consistency and minimax lower bounds

The classes of monotone or convex (and necessarily monotone) densities on     can be viewed as special cases of the classes of k - monotone densities on     . These classes bridge the gap between the classes of monotone (1-monotone) and convex decreasing (2-monotone) densities for which asymptotic results are known, and the class of completely monotone (∞-monotone) densities on     . In this paper we consider non-parametric maximum likelihood and least squares estimators of a k -monotone density g ₀. We prove existence of the estimators and give characterizations. We also establish consistency properties, and show that the estimators are splines of degree k −1 with simple knots. We further provide asymptotic minimax risk lower bounds for estimating the derivatives     , at a fixed point x ₀ under the assumption that     .     

General equilibrium in markets for lemons

This paper studies exchange economies in which agents have differential information about the goods that the other agents bring to the market. To study such a setting, it is useful to distinguish goods not only by their physical characteristics, but also by the agent that brings them to the market. Equilibrium is shown to exist, with agents receiving the cheapest bundle among those that they cannot distinguish from the truthful delivery. An example is presented as an illustration.     

PROBLEMS OF PUBLIC HIGHER EDUCATION IN THE USA: CAUSES AND CONSEQUENCES

High costs and low graduation rates characteristic of 21^st‐century US public higher education stem from the bout of rent‐seeking attributable to the post‐Sputnik explosion in research spending and the consequent crusade to enrol new students, with diminishing concern for academic aptitude. New policies that tighten admission standards, encourage earlier graduation and enhance financial aid for the truly needy would constructively address these problems, as would incentives for faculty members to curtail outside consulting.     

Research note: pricing behaviour across multiple distribution channels in the UK deposit account market: 1997-2001

In this research note the pricing behaviour of UK depository institutions is examined. The study uses daily interest rate data for 186 UK deposit saving accounts over the sample period, 1997-2001, which are distributed through branches and across postal and telephone networks. The relative level and dispersion of interest rates and the frequency and responsiveness of interest rate change are examined for deposit products that are distributed through different distribution channels. Slight and mostly insignificant interest rate differentials are recorded between deposit accounts distributed through branch, postal and telephone channels. Similarly, only small differences are recorded for the dispersion, frequency and responsiveness of interest rate change of deposit products distributed through different distribution channels.     

A structural decomposition of the U.S. trade balance: Productivity, demographics and fiscal policy

The US external deficits have been the most striking manifestation of global imbalances. This paper investigates the contribution of productivity growth, demographics and fiscal policy in accounting for the evolution of the US external imbalances against industrialized countries during the last three decades. Productivity growth plays a dominant role. Demographics explain a non-negligible and nearly permanent component of the US trade deficit. Furthermore, the international demographic transition is crucial for large US external imbalances to be consistent with the persistent decline of world real interest rates observed in the data. Fiscal policy is of minor importance.     

形成资本市场制度:解决利益侵吞问题的有效途径

资本市场是现代经济发展重要的促进平台.中小投资者利益得不到保护是资本市场发育的主要缺陷.对中小投资者利益的侵吞源于两方面:公司内部人和政府部门.资本市场发育就是要通过制度形成来解决这些问题.     

The interest rate exposure of lodging firms

The purpose of this study is to investigate the interest rate exposure of lodging firms and to determine whether the use of interest rate derivatives reduces this exposure. Using a sample of 47 lodging firms from the period from 2000 to2004, the first stage regression results show that most lodging firms face exposure to interest rates. The key finding of this study is a significant decline in exposure even after controlling for interest and foreign exchange risk. Additional findings show firm size, floating rate debt, interest coverage ratio, and foreign sales ratio to be important determinants of interest rate exposure.     

美国利率政策对中国利率政策的影响研究

通过文献回顾，以利率平价理论为基础，考虑中国资本项目渐进开放的现实因素，选择2007年10月～2013年6月的月度数据为研究样本，建立误差修正模型，研究了美国利率政策调整对中国利率政策变动的影响。结果表明，中国与美国两国间利率政策有长期依存性。美国利率政策的调整会引起中国利率发生同向联动调整。资本流动限制对中国国内利率有显著影响，而美元预期升值率的影响效应在一般统计水平上不显著。短期因素的冲击虽然会对中国利率产生同向的冲击，但在误差反向修正机制作用下，会较快地恢复长期均衡态势。最后，提出了相关政策建议。