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Dynamic Revenue Estimation

By Alan J. Auerbach

Journal of Economic Perspectives, Winter 1996

This paper considers the question of adopting 'dynamic' revenue estimation methods, which would incorporate the predicted macroeconomic effects of policies. It describes the current revenue estimation process and how these estimates are used in the format...

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

By Nicolae ³Òâ°ù±ô±ð²¹²Ô³Ü, Stavros Panageas, and Jianfeng Yu

òòò½Íø Review, July 2015

We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Due to a complemen...