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The Structure of the Tax System versus the Level of Taxation: An Evaluation of the 1986 Act

[Symposium: Tax Reform Act of 1986]

By J. Gregory Ballentine

Journal of Economic Perspectives, Winter 1992

In this paper, I assess the 1986 Tax Reform Act relative to the tax system that might have evolved over the several years following 1986 had that particular tax reform not been enacted. Had tax reform not been enacted, I believe that the pattern of steady...

Financial Networks and Contagion

By Matthew Elliott, Benjamin Golub, and Matthew O. Jackson

òòò½Íø Review, October 2014

We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dep...

Anomalies: The Equity Premium Puzzle

By Jeremy J. Siegel and Richard H. Thaler

Journal of Economic Perspectives, Winter 1997

The equity premium is the difference in returns between equities and fixed income securities, such as Treasury bills. The puzzle refers to the fact that the premium has historically been very large—about 6 percent per year—too large to be easily expla...

Game Theory in Economics and Beyond

[Symposium: What is Happening in Game Theory?]

By Larry Samuelson

Journal of Economic Perspectives, Fall 2016

Within economics, game theory occupied a rather isolated niche in the 1960s and 1970s. It was pursued by people who were known specifically as game theorists and who did almost nothing but game theory, while other economists had little idea what game theo...