The Resource Expectations formation and optimal taxation, Luis E. Rojas

Expectations formation and optimal taxation, Luis E. Rojas

Label
Expectations formation and optimal taxation
Title
Expectations formation and optimal taxation
Statement of responsibility
Luis E. Rojas
Creator
Contributor
Subject
Language
eng
Summary
This thesis is composed of three essays that propose macroeconomic theories to answer empirical questions and guide policy design. The focus is on expectations formation, learning and optimal taxation. In the first chapter I address the empirical finding that sovereign default history is a predictor of risk spreads even after controlling for pricing fundamentals. I show that this fact can be reconciled with a model of creditors’ learning about the default probability of a sovereign. Furthermore, I show that if creditors learn about a group of countries, then clusters of default emerge as a side effect of the beliefs formation process. The second chapter documents that investment recovers sluggishly after recessions and that consumption tends to lead the recoveries. I propose a model to show that during recessions investors might be excessively pessimistic about consumer demand and delay the implementation of projects. Taking this setting to the design of countercyclical policy, I argue that corporate income taxation can be a desirable instrument to use, as it is linked to the expected gains of firms, while interest rate policy or investment subsidies affect the cost of investment. In the third chapter, coauthored with Paweł Doligalski, we study how to design the tax system in an economy featuring an informal labor market, by extending the Mirrlees theory on optimal income taxation. We estimate the key elements of this model on Colombian data and compute the optimal tax schedule
Cataloging source
FIE
http://library.link/vocab/creatorName
Rojas, Luis E
Date time place
Defence date: 18 November 2016
Dissertation note
Thesis (Ph. D.)--European University Institute (ECO), 2016.
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
theses
http://library.link/vocab/relatedWorkOrContributorName
European University Institute
Series statement
  • EUI PhD theses.
  • EUI theses
http://library.link/vocab/subjectName
  • Taxation
  • Income tax
  • Fiscal policy
Label
Expectations formation and optimal taxation, Luis E. Rojas
Link
http://hdl.handle.net/1814/44165
Instantiates
Publication
Note
Examining Board: Professor Ramon Marimon, EUI, Supervisor; Professor Árpád Ábrahám, EUI; Professor Klaus Adams, University of Mannheim; Professor George Evans, University of Oregon
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
FIEb17872662
Dimensions
30 cm.
Extent
128 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1088455946
Label
Expectations formation and optimal taxation, Luis E. Rojas
Link
http://hdl.handle.net/1814/44165
Publication
Note
Examining Board: Professor Ramon Marimon, EUI, Supervisor; Professor Árpád Ábrahám, EUI; Professor Klaus Adams, University of Mannheim; Professor George Evans, University of Oregon
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
FIEb17872662
Dimensions
30 cm.
Extent
128 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1088455946

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