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UID:482272f49c03287ede681a04f7206152
CATEGORIES:Seminars
CREATED:20260617T150907
SUMMARY:Lunch Seminar: Mikhail Golosov - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span lang="EN-US" style="font-size: 12pt; font-family: Aptos;">
 Taxation in Dynamic Economies, joint with Ilia Krasikov and Ken Miyahara</s
 pan></strong></p><p>Abstract:</p><p class="MsoNormal" style="text-align: ju
 stify;"><span lang="EN-US" style="font-size: 12.0pt; font-family: Aptos; ms
 o-ansi-language: EN-US;">We consider taxation in heterogeneous agents econo
 mies in the spirit of Aiyagari (1994). We allow arbitrary, potentially non-
 linear and joint, taxes on earnings and capital income. We show that respon
 ses of earnings and savings to any tax perturbation can be characterized in
  terms of certain linear operators. These operators generalize notions of S
 lutsky matrices and income effects to dynamic stochastic settings, and are 
 easy to construct from equilibrium allocations. Using these operators, one 
 can characterize effects of arbitrary tax reforms on tax revenues, welfare,
  and the joint distribution of earnings and wealth in the economy. We deriv
 e formulas that characterize optimal taxes. These formulas resemble the cla
 ssical ABC formulas familiar from static models such as Saez (2001) but hav
 e additional dynamic adjustments. We develop computational techniques that 
 allow one to use these formulas to compute optimal taxes. We find that opti
 mal taxes 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. </span></p>
DTSTAMP:20260703T044942Z
DTSTART:20260709T130000Z
DTEND:20260709T140000Z
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