Estate Taxation, Entrepreneurship, and Wealth

Cagetti, Marco; Nardi, Mariacristina De

doi:10.3386/w13160

Cited by 66 publications

(87 citation statements)

References 1 publication

(1 reference statement)

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“…In the data, the probability of entering entrepreneurship over a time period of a year is typically small (see e.g. Hurst and Lusardi, 2004;Cagetti and De Nardi, 2009). Furthermore and as already discussed, the wage subsidy prescribed in our analysis increases labor income and wealth accumulation of workers and therefore it may have additional beneficial effects in a richer environment with occupational choice.…”

Section: Regime 43mentioning

confidence: 99%

Optimal Development Policies with Financial Frictions

Itskhoki¹,

Moll²

2014

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We study optimal dynamic Ramsey policies in a standard growth model with financial frictions. For developing countries with low financial wealth, the optimal policy intervention increases labor supply and lowers wages, resulting in higher entrepreneurial profits and faster wealth accumulation. This in turn relaxes borrowing constraints in the future, leading to higher labor productivity and wages. The use of additional policy instruments, such as subsidized credit, may be optimal as well. In the long run, the optimal policy reverses sign. Taking advantage of the tractability of our framework, we extend the model to study its implications for optimal exchange rate and sectoral industrial policies.

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Section: Regime 43mentioning

confidence: 99%

Optimal Development Policies with Financial Frictions

Itskhoki¹,

Moll²

2014

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“…Our working de…-nition of entrepreneurship is taken to be business ownership, so cases were partitioned into business owner and non-business owner categories. The business ownership classi…cation is used because it recognises that entrepreneurs both create and operate business organisations; this classi…cation is also easy to apply, and has been used in several previous studies (e.g., Cagetti and De Nardi, 2001;Gentry and Hubbard, 2001;and Hurst and Lusardi, 2004). Speci…cally, we utilise responses from the PSID questions that ask "Did you (or anyone else in the family) own a business or have a …nancial interest in any business enterprise?"…”

Section: Data Selection and Dependent Variablesmentioning

confidence: 99%

Entrepreneurship among married couples in the United States: A simultaneous probit approach

Parker¹

2008

Labour Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Entrepreneurship Among Married Couples in the United States: A Simultaneous Probit ApproachSimon C. Parker The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit company supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its research networks, research support, and visitors and doctoral programs. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

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“…We address these distributional effects from a political economy perspective when analyzing growth stimulating policies in a median voter framework. Hence, our work is also related to the literature on the political 4 In this regard his work is close in nature to recent work on calibrated dynamic general equilibrium models that are used to assess the effects of stylized tax reforms (see Meh (2005) or Cagetti and De Nardi (2009), for example).…”

Section: Political Economics Of Tax Policiesmentioning

confidence: 93%

Taxation, Innovation, and Entrepreneurship

Gersbach

Schneider

Schetter³

2014

SSRN Journal

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We examine the public provision and financing of basic research. While basic research is a public good benefiting innovating entrepreneurs, the provision and financing also affect the entire economy: occupational choices of potential entrepreneurs, wages of workers, dividends to shareholders, and aggregate output. We show that the general economy impact of basic research rationalizes a pecking order of taxation to finance basic research. In particular, in a society with desirable dense entrepreneurial activity, a large share of funds for basic research should be financed by labor taxation and a minor share is left to profit taxation. Such tax schemes induce a significant share of agents to become entrepreneurs, thereby rationalizing substantial investments in basic research that fosters their innovativeness. These entrepreneurial economies, however, may make a majority of workers worse off. In such circumstances, stagnation may prevail.

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Estate Taxation, Entrepreneurship, and Wealth

Cited by 66 publications

References 1 publication

Optimal Development Policies with Financial Frictions

Optimal Development Policies with Financial Frictions

Entrepreneurship among married couples in the United States: A simultaneous probit approach

Taxation, Innovation, and Entrepreneurship

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