Empirical Studies - Public Finance

该项目收集了新的数据，并提供了重要的新信息。 美国一些最及时和最重要的问题的结果。 税收政策 第一部分确定交易税和 其他交易成本影响股市表现。 的 第二部分采用美国提供的"自然实验"。 时间序列数据，特别是1981年和1986年的税收改革， 以及比较美国和加拿大的经验，以检验 税收补贴如何影响市场的竞争理论， 出租和自有住房。 交易费用与股票市场 业绩吸引了大量的政策兴趣， 1987年10月市场崩溃后。 计划给予 长期投资的资本利得税减免，以及 建议对所有证券交易征税，不论收益如何 或损失，是这种财政举措的例子。 不幸的是， 实际上没有经验基础来评估这些 提案 项目的这一部分开发了一个数据集 包括交易税的时间序列， 世界各大证券交易所的佣金率 股票市场;使用这些数据和市场上的其他信息 研究交易成本与 股票周转率，市场波动性，市场规模 1987年10月的下降，以及 股票回报;并进行了深入的研究，几个国家 改变了他们的交易税率或 在过去十年中，委员会的结构。 税收对住房市场的影响也至关重要， 评估最近的税收变化。 1986年的税收改革 该法案最终可能会使真实的租金增加20%。 为 大多数低收入家庭，这种变化的福利影响， 一个项目的真实的成本可能占35%， 家庭预算的变化远大于直接影响 在纳税方面。 该项目使用来自 美国和加拿大（具有相似人口统计学特征的"对照组"） 和财政状况，但不同的税收政策）进行研究 税收改革对住房的影响。 相对而言 很少有实证研究使用美国税收政策的变化， 在过去的五年里，我们可以确定哪些模型或假设最好。 描述了观察到的效果。

The project assembles new data and provides significant new results on some of the most timely and important issues in U.S. tax policy. The first part determines how transaction taxes and other costs of trading affect stock market performance. The second part uses the "natural experiment" provided by the U.S. time series data, particularly the 1981 and 1986 tax reforms, as well as comparisons between U.S. and Canadian experience, to test competing theories of how tax subsidies affect the markets for rental and owner-occupied housing. The questions about transaction costs and stock market performance attracted substantial policy interest in the aftermath of the October 1987 market break. Plans to grant capital gains tax relief for long-run investments, as well as suggestions to tax all securities transactions regardless of gain or loss, are examples of such fiscal initiatives. Unfortunately, there is virtually no empirical basis for evaluating these proposals. This part of the project develops a data set consisting of time series on the transactions taxes and commission rates for each of the major stock exchanges in world equity markets; uses these data and other information on market characteristics to study the links between trading costs and equity turnover rates, market volatility, the size of the market decline in October 1987, and serial correlation properties of stock returns; and conducts an in-depth study of several nations which have changed their transaction tax rates or their commission structures during the last decade. The influence of taxation on housing markets is also essential to evaluating recent tax changes. For example, the 1986 Tax Reform Act may ultimately increase real rents by twenty percent. For most low-income households, the welfare effects of this change in the real cost of an item which may account for 35% of the household budget is far larger than the direct effects of changes in tax payments. This project uses time series data from the United States and Canada (a "control" with similar demographic and financial conditions but divergent tax policies) to study the housing effects of tax reform. There has been relatively little empirical work using the variation in U.S. tax policies in the last five years to determine which models or assumptions best described the observed effects.