Land is back. The increase in wealth in the second half of 20th century arose from housing
and land. It should be taxed. We introduce land and housing structures in Judd's standard …

Standard optimal capital tax theory abstracts from modeling asset prices, making it
unsuitable for thinking about capital gains and wealth taxation. We study optimal …

We study optimal taxation in a model with endogenous financial frictions, risky investment
and occupational choice, where the wealth distribution affects how efficiently capital is used …

We study optimal Pareto-improving factor taxation when agents are heterogeneous in their
labor productivity and wealth and markets are complete. Pareto-improving policies require a …

Empirical studies have shown that loss aversion is a relevant economic phenomenon at the
aggregate level. This paper examines market efficiency over the business cycle with a …

We study optimal capital taxation in a model with financial frictions, where the distribution of
wealth across entrepreneurs of di erent productivity levels affects how efficiently capital is …

The increase in wealth-to-income ratios in the second half of XXth century has recently
received much attention. We decompose the trend in physical capital and housing, further …

I derive a robust condition for the optimality of capital income tax rates that holds across a
battery of benchmark macroeconomic models. Applying my theoretical results to US data …

This paper studies optimal dynamic capital taxation with skill-biased technological changes
and non-separable utility. It finds rising skill premium together with complementarity between …

The paper examines the famous Chamley-Judd zero capital tax theorem in model
economies where agents care about their social status. We show that the limiting capital …