H2 - Taxation, Subsidies, and Revenue
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A Search Model of Venture Capital, Entrepreneurship, and Unemployment
The authors develop a search model of venture capital in which the number of successful matches of entrepreneurs and venture capitalists (VCs) at any moment in time is a function of the number of entrepreneurs searching for funds, the number of VCs searching for entrepreneurs, and the number of vacancies posted by each VC. -
The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework
The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent with the sign, timing, and magnitude of how hours worked, after-tax real wages, and output actually respond to an upsurge in military purchases. -
Entrepreneurial Risk, Credit Constraints, and the Corporate Income Tax: A Quantitative Exploration
This paper describes the positive effect that corporate income tax has on capital formation in the presence of liquidity constraints and uninsurable risk. -
Entrepreneurship, Inequality, and Taxation
This paper confirms the conjecture that the evaluation of tax policy leads to very different conclusions once the role of entrepreneurs is considered. Contrary to previous literature, the author finds that switching from a progressive to a proportional income tax system has a negligible effect on wealth inequality in the United States.
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