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Report
Why do Americans work so much more than Europeans?
Prescott, Edward C. (2003)
Americans now work 50 percent more than do the Germans, French, and Italians. This was not the case in the early 1970s when the Western Europeans worked more than Americans. In this paper, I examine the role of taxes in accounting for the differences in labor supply across time and across countries, in particular, the effective marginal tax rate on labor income. The population of countries considered is that of the G-7 countries, which are major advanced industrial countries. The surprising finding is that this marginal tax rate accounts for the predominance of the differences at points in ...
Staff Report , Paper 321

Working Paper
The importance of the tax system in determining the marginal cost of funds
Croushore, Dean; Ahmed, Shaghil (1994)
Working Papers , Paper 94-7

Report
Corporate leverage and taxes in the U.S. economy
Estrella, Arturo (1990)
Research Paper , Paper 9023

Journal Article
The taxation of banks: particular privileges or objectionable burdens?
Henderson, Yolanda K. (1987-05)
New England Economic Review , Issue May , Pages 3-18

Journal Article
Tax incentives for corporate leverage in the 1980s
Furlong, Frederick T. (1990-10)
Economic Review , Issue Fall , Pages 3-17

Report
Taxes, Regulations, and the Value of U.S. Corporations: A Reassessment
McGrattan, Ellen R. (2023-07-12)
This paper reassesses the conclusions of McGrattan and Prescott (2005), which derived the quantitative implications of growth theory for U.S. corporate valuations. In addition to having two more decades of data, the analysis incorporates recent changes in policies that affect corporate investments, taxes, and legal-form choice. Secular trends identified in the earlier period remain, with little change in the tangible capital-output ratio or profit share of output. Corporate valuations remain high relative to the postwar average, in line with the theoretical prediction. Critical to this ...
Staff Report , Paper 647

Report
An Aggregate Model for Policy Analysis with Demographic Change
Prescott, Edward C.; McGrattan, Ellen R. (2016-08-11)
Many countries are facing challenging fiscal financing issues as their populations age and the number of workers per retiree falls. Policymakers need transparent and robust analyses of alternative policies to deal with demographic changes. In this paper, we propose a simple framework that can easily be matched to aggregate data from the national accounts. We demonstrate the usefulness of our framework by comparing quantitative results for our aggregate model with those of a related model that includes within-age-cohort heterogeneity through productivity differences. When we assess proposals ...
Staff Report , Paper 534

Working Paper
Entrepreneurship and State Taxation
Decker, Ryan A.; Curtis, E. Mark (2018-01-11)
Entrepreneurship plays a vital role in the economy, yet there exists little well-identified research into the effects of taxes on startup activity. Using recently developed county-level data on startups, we examine the effect of states' corporate, personal and sales tax rates on new firm activity and test for cross-border spillovers in response to these policies. We find that new firm employment is negatively?and disproportionately?affected by corporate tax rates. We find little evidence of an effect of personal and sales taxes on entrepreneurial outcomes. Our results are robust to changes in ...
Finance and Economics Discussion Series , Paper 2018-003

Journal Article
Fiscal condition of the New England states
Tannenwald, Robert (1999-06)
New England Economic Indicators , Issue Jun , Pages i-iv

Journal Article
Income taxes as reciprocal tariffs
Ruffin, Roy J.; Gould, David M.; Cox, W. Michael (1998-07)
This article shows the equivalence between tariffs on international trade and income taxation. Traditionally, income taxes have been seen as lowering society's output through the household's labor-leisure trade-off. Income taxes also reduce the degree to which individuals specialize in market activity, which is similar to the way countries respond to tariffs in international trade. Income taxes discourage individuals from specializing in activities that reflect their comparative advantage. In so doing, income taxes may have their most distorting effects, not by encouraging individuals to ...
Economic and Financial Policy Review , Issue Q III , Pages 2-9

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