112,662 research outputs found
Income Taxation when Markets are Incomplete
No full textWe investigate the welfare effects of proportional income taxation in a standard general equilibrium model with incomplete markets (GEI). Formally, our analysis is on the allocative effects of state-contingent income tax reforms. Tax reforms are restricted to be anonymous, publicly and truthfully announced before markets open, and they are required to result in an ex-post constrained efficient allocation. Our main result is to show that there do typically exist contingent tax reforms that are Pareto improving. These reforms, acting directly on the asset span, modify private risk sharing opportunities. Thus, unlike most of the GEI literature, the type of policy transmission mechanism considered does not rely on, second order, relative spot prices effects. Yet, the key welfare effects of our tax reforms are substantially equivalent to those induced through changes in relative spot prices, as for example in Geanakoplos-Polemarchakis (1986), Geanakoplos- Magill-Quinzii-Drèze (1990), or in Citanna-Polemarchakis-Tirelli (2001).Incomplete Markets; Efficiency; Tax Reforms; Personal and Capital Income Taxes
L'approccio chirurgico al papilloma invertito Schneideriano del tratto naso-sinusale
No full textL'approccio chirurgico al papilloma invertito Schneideriano del tratto naso-sinusal
Complicanze settiche del cavo orale e dell'orofaringe
No full textComplicanze settiche del cavo orale e dell'orofaring
A simple and flexible alternative to the Stability and Growth Pact deficit ceilings. Is it at hand?
No full textWe use a simple theoretical model of a monetary union where myopic discretionary fiscal policies generate excessive debt accumulation in steady state and inefficiently delayed debt adjustment following a shock. We advocate the adoption of a flexible debt targeting approach. By setting a long-term debt target and by raising the political cost associated to deviations from the optimal pace of debt reversal following a shock ̧ institutional design induces the fiscal policymaker to implement unbiased discretionary responses to shocks. Since the power to discipline fiscal policymakers rests in the hands of national voters, this outcome can be achieved by increasing the transparency of the decision-making process, where national voters understand the long-term consequences of fiscal policies. In practice, we call for clearer and more focused supervision tasks for the European Commission and for a more active role of national Parliaments whenever a disagreement arises between the Commission and a national governmen
Il lembo di muscolo temporale: allestimento, indicazioni e risultati
No full textIl lembo di muscolo temporale: allestimento, indicazioni e risultat
La predittività dell'invasive cell grading nella detezione delle micrometastasi linfonodali nei carcinomi della cavità e dell'orofaringe
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