This paper reassesses the burden of the current U.S. international tax regime and reconsiders well-known welfare benchmarks used to guide international tax reform. Reinventing corporate tax policy requires that international considerations be placed front and center in the debate on how to tax corporate income. A simple framework for assessing current rules suggests a U.S. tax burden on foreign...

Abstract We investigate how the economy responds to anticipated (news) shocks future investment decisions. Using structural vector autoregressions (SVARs), we show that news about relative price of residential explains a high fraction variance output, aggregate and for Spain. In contrast, Germany it is on business structures equipment explain higher consumption non-residential investment. confr...

For most homeowners, the house is the single most important consumption good appearing as an argument of the utility function, and, at the same time, the dominant asset in the portfolio. This paper uses a mean-variance efŽ ciency framework to examine the household’s optimal portfolio problem when owner-occupied housing is included in the list of available assets. Housing differs from stocks and...

We assess the role of state-level renter protection regulations on pricing, performance and risk multifamily housing. construct a score (RPS) to measure extent in each state. Using proprietary property-level dataset from loans backed by commercial mortgage securities (CMBS) census tract socioeconomic variables, we study RPS initial capitalization (cap) rates, annual net operating income (NOI) l...

Homeowners can be viewed as the put option holders who sell housing to lenders when price is lower than its mortgage value and houses rises above a certain threshold. On basis of theory investment under uncertainty, we model from perspective houseowners choose either live in their or switch for comfort improvement appreciation. We decompose into consumption values by exploring parameters affect...