Now showing items 1-20 of 20

    • Taxation of couples: a mirrleesian approach for non-unitary households 

      Costa, Carlos Eugênio da; Lima, Lucas Alves Estevam de
      2016-07-02
      Optimal tax theory in the Mirrlees’ (1971) tradition implicitly relies on the assumption that all agents are single or that couples may be treated as individuals, despite accumulating evidence against this view of household ...
    • Optimal Mirrleesian taxation in non-competitive labor markets 

      Costa, Carlos Eugênio da; Maestri, Lucas Jóver
      2015-12
      We study optimal labor income taxation in non-competitive labor markets. Firms offer screening contracts to workers who have private information about their productivity. A planner endowed with a Paretian social welfare ...
    • A note on the forward and the equity-premium puzzles: two symptoms of the same illness? 

      Costa, Carlos Eugênio da; Issler, João Victor; Matos, Paulo Rogério Faustino
      2013-07-12
      We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based ...
    • On the efficiency of equal sacrifice income tax schedules 

      Costa, Carlos Eugênio da; Pereira, Thiago Neves
      2013-04-18
      In an economy which primitives are exactly those in Mirrlees (1971), we investigate the efficiency of labor income tax schedules derived under the equal sacrifice principle. Starting from a given government revenue level, ...
    • The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness 

      Costa, Carlos Eugênio da; Issler, João Victor; Matos, Paulo Rogério Faustino
      2013-04-04
      We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based ...
    • Tax filing choices for the household under separable spheres bargaining 

      Costa, Carlos Eugênio da; Diniz, Érica
      2012-06-18
      If household choices can be rationalized by the maximization of a well defined utility function, allowing spouses to file individually or jointly is equivalent to offering the envelope of the two tax schedules. If, instead, ...
    • The forward- and the equity-premium puzzles: two symptoms of the same illness? 

      Costa, Carlos Eugênio da; Issler, João Victor; Matos, Paulo Rogério Faustino
      2012-04-24
      Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our ...
    • Sacrifice and efficiency of the income tax schedule 

      Costa, Carlos Eugênio da; Pereira, Thiago Neves
      2011-11
      We investigate the efficiency of equal sacrifice tax schedules in an economy which primitives are exactly those in Mirrlees (1971): a continuum of individuals with identical preferences defined over consumption and leisure ...
    • The forward- and the equity-premium puzzles: two symptoms of the same illness? 

      Costa, Carlos Eugênio da; Issler, João Victor; Matos, Paulo Rogério Faustino
      2010-11-05
      Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our ...
    • The private memory of aggregate shocks 

      Costa, Carlos Eugênio da; Luz, Vitor Farinha
      2010-07-10
      We study constrained efficient aggregate risk sharing and its consequence for the behavior of macro-aggregates in a dynamic Mirrlees’s (1971) setting. Privately observed idiosyncratic productivity shocks are assumed to be ...
    • The forward- and the equity-premium puzzles: two symptoms of the same illness? 

      Costa, Carlos Eugênio da; Issler, João Victor; Matos, Paulo Rogério Faustino
      2009-08-12
      We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the ...
    • Can a habit formation model really explain the forward premium anomaly? 

      Costa, Carlos Eugênio da; Vasconcelos, Jivago B. Ximenes de
      2009-05-12
      Verdelhan (2009) shows that if one is to explain the foreign exchange forward premium behavior using Campbell and Cochrane (1999)’s habit formation model one must specify it in such a way to generate pro-cyclical short ...
    • The forward- and the equity-premium puzzles: two symptoms of the same illness? 

      Matos, Paulo Rogério Faustino; Costa, Carlos Eugênio da; Issler, João Victor
      2007-08-01
      In this paper we revisit the relationship between the equity and the forward premium puzzles. We construct return-based stochastic discount factors under very mild assumptions and check whether they price correctly the ...
    • Yet another reason to tax goods 

      Costa, Carlos Eugênio da
      2005-07-01
      The optimal taxation of goods, labor and capital income is considered in a two period model where: i) private information changes through time; ii) savings are not observed, and; iii) savings a§ect preferences conditional ...
    • The interaction between unemployment insurance and human capital policies 

      Costa, Carlos Eugênio da; Maestri, Lucas Jóver
      2005-07-01
    • The risk-properties of human capital and the design of government policies 

      Costa, Carlos Eugênio da; Maestri, Lucas Jóver
      2004-07-01
      Whether human capital increases or decreases wage uncertainty is an open question from an empirical standpoint. Yet, most policy prescriptions regarding human capital formation are based on models that impose riskiness on ...
    • Optimal taxation with gradual learning of types 

      Costa, Carlos Eugênio da
      2003-10-03
      An important feature of life-cycle models is the presence of uncertainty regarding one’s labor income. Yet this issue, long recognized in different areas, has not received enough attention in the optimal taxation literature. ...
    • Redistribution with ex-ante unobserved choice 

      Costa, Carlos Eugênio da
      2003-10-02
      Introducing dynamics to Mirrlees' (1971) optimal taxation model creates a whole new set of issues that are only starting to be investigated in the literature. When choices are made before one's realizing her productivity ...
    • Risk sharing and the household collective model 

      Costa, Carlos Eugênio da
      2003-10-01
      When the joint assumption of optimal risk sharing and coincidence of beliefs is added to the collective model of Browning and Chiappori (1998) income pooling and symmetry of the pseudo-Hicksian matrix are shown to be ...
    • Normality under uncertainty 

      Costa, Carlos Eugênio da
      2003-09-30
      Consider the demand for a good whose consumption be chosen prior to the resolution of uncertainty regarding income. How do changes in the distribution of income affect the demand for this good? In this paper we show that ...