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DTSTART;TZID=Europe/Helsinki:20231016T121500
DTEND;TZID=Europe/Helsinki:20231016T133000
DTSTAMP:20260724T101721
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SUMMARY:WASMER Etienne (Sciences-Po)"Land taxation\, bequests and capital accumulation  Tax the Chatelains! "
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 16 Octobre 2023 \nSalle 3001 \nWASMER Etienne (Sciences-Po)”Land taxation\, bequests and capital accumulation Tax the Chatelains!” \nAbstract: We build a dynamic model to study the optimal level of land taxes and compare them with alternatives. Starting from a Ramsey-Cass-Judd (1985) setup\, we add population growth\, perpetual youth and flows of new born agents\, a dynastic representative agents\, a class of rentiers detaining undeveloped land. Capitalists need to purchase land and develop it. A first best modified golden rule is contrasted with the decentralized modified golden rule and shows the under-accumulation of capital under various types of taxes. The first best principle is to set taxes at a level that entirely compensates for the initial allocation of property rights: transfers compensate for total rents paid by poorer agents to richer agents\, net of the wage they receive from them\, and the net national income is split between classes of agents with shares depending on the elasticity of intertemporal substitution and social planner’s objective. We generalize the optimal land tax principles in the presence of taxes on rents and imputed rents. We show the equivalence of donation taxes\, accidental bequests taxes and taxes on assets. We introduce a distinction between raw land and constructible land in limited supply. Steady- state and dynamic simulations show the superiority of land taxes in a variety of contexts. Right after the implementation of a positive and uniform land tax\, developed land declines and undeveloped land rise\, its price falls leading rentiers to reduce their consumption; welfare increases permanently after a few periods. \nJoint work : Jiacheng Li\, Alain Trannoy \n Julien PRAT (CREST) \n
URL:https://crest.science/event/wasmer-etienne-sciences-pot-b-a/
CATEGORIES:Macroeconomics,Seminars
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DTSTART;TZID=Europe/Helsinki:20231016T180000
DTEND;TZID=Europe/Helsinki:20231016T180000
DTSTAMP:20260724T101721
CREATED:20231011T113609Z
LAST-MODIFIED:20231011T114558Z
UID:16059-1697479200-1697479200@crest.science
SUMMARY:Denis Chetverikov (UCLA) - "Spectral and post-spectral estimators for grouped panel data models"
DESCRIPTION:Paris Econometrics Seminar CREST – PSE – Sciences Po\nTime: 06:00 pm – 07:15 pm\nDate: 16th of October\nZoom : https://zoom.us/j/99074218510?pwd=bC92TXlQcFJvVVBSSVlUOGVudzhOZz09 \n  \nDenis Chetverikov (UCLA) – Spectral and post-spectral estimators for grouped panel data models \nAbstract : \nIn this paper\, we develop spectral and post-spectral estimators for grouped panel data models. Both estimators are consistent in the asymptotics where the number of observations N and the number of time periods T simultaneously grow large. In addition\, the post-spectral estimator is sqrt(NT)-consistent and asymptotically normal with mean zero under the assumption of well-separated groups even if T is growing much slower than N. The post-spectral estimator has\, therefore\, theoretical properties that are comparable to those of the grouped fixed-effect estimator developed by Bonhomme and Manresa (2015). In contrast to the grouped fixed-effect estimator\, however\, our post-spectral estimator is computationally straightforward. \nCoauthored with Elena Manresa \n  \nOrganizers:\nElia Lapenta – CREST/ENSAE\nPhilipp Ketz – CNRS/PSE\nClément de Chaisemartin – Sciences Po \nSponsors:\nCREST \n
URL:https://crest.science/event/denis-chetverikov-ucla-spectral-and-post-spectral-estimators-for-grouped-panel-data-models/
CATEGORIES:Paris Econometrics Seminar
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