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BEGIN:VEVENT
UID:482272f49c03287ede681a04f7206152
CATEGORIES:Seminars
CREATED:20260617T150907
SUMMARY:Lunch Seminar: Mikhail Golosov - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nTaxation in Dynamic Economies, joint with Ilia Krasikov and Ken Miyahar
 a\n\n\nAbstract:\nWe consider taxation in heterogeneous agents economies in
  the spirit of Aiyagari (1994). We allow arbitrary, potentially non-linear 
 and joint, taxes on earnings and capital income. We show that responses of 
 earnings and savings to any tax perturbation can be characterized in terms 
 of certain linear operators. These operators generalize notions of Slutsky 
 matrices and income effects to dynamic stochastic settings, and are easy to
  construct from equilibrium allocations. Using these operators, one can cha
 racterize effects of arbitrary tax reforms on tax revenues, welfare, and th
 e joint distribution of earnings and wealth in the economy. We derive formu
 las that characterize optimal taxes. These formulas resemble the classical 
 ABC formulas familiar from static models such as Saez (2001) but have addit
 ional dynamic adjustments. We develop computational techniques that allow o
 ne to use these formulas to compute optimal taxes. We find that optimal tax
 es in a calibrated incomplete markets dynamic economy substantially differ 
 from their static counterpart because of the impact that such taxes have on
  the joint distribution of earnings and wealth. \n
DTSTAMP:20260703T034004Z
DTSTART:20260709T130000Z
DTEND:20260709T140000Z
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