Optimal fiscal policy in overlapping generations models

[eng] This paper provides, from a theoretical and quantitative point of view, an explanation of why taxes on capital returns are high (around 35%) by analyzing the optimal fiscal policy in an economy with intergenerational redistribution. For this purpose, the government is modeled explicitly and can choose (and commit to) an optimal tax policy in order to maximize society's welfare. In an infinitely lived economy with heterogeneous agents, the long run optimal capital tax is zero. If heterogeneity is due to the existence of overlapping generations, this result in general is no longer true. I provide sufficient conditions for zero capital and labor taxes, and show that a general class of preferences, commonly used on the macro and public finance literature, violate these conditions. For a version of the model, calibrated to the US economy, the main results are: first, if the government is restricted to a set of instruments, the observed fiscal policy cannot be disregarded as sub optimal and capital taxes are positive and quantitatively relevant. Second, if the government can use age specific taxes for each generation, then the age profile capital tax pattern implies subsidizing asset returns of the younger generations and taxing at higher rates the asset returns of the older ones.

Sistema fiscal y reforma de la Seguridad Social

El presente trabajo analiza desde un punto de vista cuantitativo, mediante un modelo de equilibrio general de generaciones sucesivas, los efectos sobre la economía española de eliminar el actual sistema de Seguridad Social e implantar uno de capitalización. El análisis considera el proceso de transición y mide en términos de bienestar, quiénes son los agentes que se opondrían a este tipo de reforma. La consideración de la interacción entre el sistema de seguridad social y el sistema fiscal implica mayores beneficios asociados a una reforma de la seguridad social. Sin embargo, este tipo de reforma sigue generando pérdidas de bienestar para la mayoría de agentes vivos en el momentodel inicio de la reforma, existiendo un sesgo en favor del status quo.

Iowa Budget Book Fiscal Year 2011.

Our FY 2011 General Fund budget is balanced, fiscally conservative, and does not raise sales or income taxes. We have already proposed and signed three balanced state budgets and have demonstrated the leadership to ensure that the current year (FY 2010) budget is balanced in the face of dramatic and quick declines in state revenues last year that occurred as a result of the national recession.

Fiscal Update, August 5, 2011

The Fiscal Division newsletter, published weekly during session and periodically during the interim.

Bulk-plasmon dispersion relations in metals

Using an extended-random-phase-approximation sum-rule technique, we have investigated the bulk-plasmon dispersion relation, incorporating in a simple way exchange and correlation effects within the jellium model. The results obtained are compared with recent experimental findings. The key role played by exchange and correlation effects in improving the agreement between theory and experiment is stressed. The static polarizability has also been calculated as a function of q. The formulas can be easily modified to incorporate band-structure effects (through an intraband electron effective mass) and core-polarization effects (through a static dielectric constant).

Pedological and isotopic relations of a highland tropical peatland, Mountain Range of the Espinhaço Meridional (Brazil)

The evolution of organic matter sources in soil is related to climate and vegetation dynamics in the past recorded in paleoenvironmental Quaternary deposits such as peatlands. For this reason, a Histosol of the mineralotrophic peatland from the Pau-de-Fruta Special Protection Area - SPA, Espinhaço Meridional, State of Minas Gerais, was described and characterized to evidence the soil constituent materials and properties as related to changes in environmental conditions, supported by the isotopic and elementary characterization of soil C and N and 14C ages. Samples were collected in a depression at 1,350 m asl, where Histosols are possibly more developed due to the great thickness (505 cm). Nowadays, the area is colonized by vegetation physiognomies of the Cerrado Biome, mainly rocky and wet fields (Campo Rupestre and Campo Úmido), aside from fragments of Semidecidual Seasonal Forest, called Capões forests. The results this study showed that early the genesis of the analyzed soil profile showed a high initial contribution of mostly herbaceous organic matter before 8,090 ± 30 years BP (14C age). In the lower-mid Holocene, between 8,090 ± 30 years AP (14C age) to ± 4,100 years BP (interpolated age), the vegetation gradually became more woody, with forest expansion, possibly due to increased humidity, suggesting the existence of a more woody Cerrado in the past than at present. Drier climate conditions than the current were concluded ± 2,500 years BP (interpolated age) and that after 430 years BP (14C age) the forest gave way to grassland, predominantly. After the dry season, humidity increased to the current conditions. Due to these climate fluctuations during the Holocene, three decomposition stages of organic matter were observed in the Histosols of this study, with prevalence of the most advanced (sapric), typical of a deposit in a highly advanced stage of pedogenetic evolution.

Hearing Aids and Audiological Services Funding Summary - Fiscal Year 2009

An annual report from the Early Hearing Detection and Intervention section of the Iowa Department of Public Health stating the number of children receiving audiological services, the dollars spent and the insrance coverage of the children that received either services or equipment.

Hearing Aids and Audiological Services Funding Summary - Fiscal Year 2010

An annual report from the Early Hearing Detection and Intervention section of the Iowa Department of Public Health stating the number of children receiving audiological services, the dollars spent and the insrance coverage of the children that received either services or equipment.

Iowa Department of Administrative Services Annual Report, Fiscal Year, November,2010

Annual Report for the Iowa Department of Administrative Services

Fiscal Update, August 5, 2011

The Fiscal Division newsletter, published weekly during session and periodically during the interim.

Fiscal Update, October 3, 2011

The Fiscal Division newsletter, published weekly during session and periodically during the interim.

Nutrient relations during an eucalyptus cycle at different population densities

To synchronize nutrient availability with the requirements of eucalyptus during a cultivation cycle, the nutrient flow of this system must be well understood. Essential, for example, is information about nutrient dynamics in eucalyptus plantations throughout a cultivation cycle, as well as impacts on soil nutrient reserves caused by the accumulation and subsequent export of nutrients via biomass. It is also important to quantify the effect of some management practices, such as tree population density (PD) on these fluxes. Some nutrient relations in an experiment with Eucalyptus grandis, grown at different PDs in Santa Barbara, state of Minas Gerais, Brazil, were evaluated for one cultivation cycle. At forest ages of 0.25, 2.5, 4.5, and 6.75 years, evaluations were carried out in the stands at seven different PDs (between 500 and 5,000 trees ha-1) which consisted in chemical analyses of plant tissue sampled from components of the aboveground parts of the tree, from the forest floor and the litterfall. Nutrient contents and allocations of the different biomass components were estimated. In general, there were only small and statistically insignificant effects of PD on the nutrient concentration in trees. With increasing forest age, P, K, Ca and Mg concentrations were reduced in the aboveground components and the forest floor. The magnitud of biochemical nutrient cycling followed the sequence: P > K > N > Mg. At the end of the cycle, the quantities of N, P, Ca and Mg immobilized in the forest floor were higher than in the other components.