Publications

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Equity Prices, Market Power, and Optimal Corporate Tax Policy

We study the optimal design of corporate tax policy in a textbook life-cycle model featuring two key deviations: (i) firms are imperfectly competitive and (ii) households save by purchasing equity shares in a stock market.

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New Report: How New York State Lawmakers Can Help Address Debt Crises in the Global South

New York State law has enormous implications for sovereign debt sustainability and debt crises resolutions, a central problem today in countries across the Southern Hemisphere. Because a large share of the international financial sector is based in New York, about 50 percent of global sovereign bonds are issued under New York State law.

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Growth and Fluctuations: An Overview

Capitalism since its inception has been marked by large fluctuations. The resulting episodic unemployment has been very costly. This paper provides an overview of alternative theories

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Open Letter to the International Monetary Fund Board of Directors on the Need for Significant Reform of the Rate of Charge and Surcharge Policies

This Friday October 11, 2024, the International Monetary Fund (IMF) is expected to announce reforms to its policy on charges and especially surcharges, which levies extra fees on countries whose debts have surpassed certain size and time thresholds. We the undersigned urge the IMF to meaningfully reform its policies, especially on surcharges.

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