This paper examines Ricardian equivalence in a world in which taxes are not lump sum, but are levied on risky labor income. It shows that the marginal propensity to consume out of a tax cut, coupled with a future income tax increase, can be substantial under plausible assumptions. Indeed, the MPC out of a tax cut can be closer to the Keynesian value that ignores the future tax liabilities than ...

I undertake a quantitative investigation into the short run effects of changes in the timing of taxes for model economies in which heterogeneous households face a borrowing constraint. A combination of the distortionary effects of non-lump-sum taxation and the liquidity effects arising from the asset market structure are found to imply large real effects from tax changes. For example, a tempora...

An equivalent circuit, made of the chain connection of a number of T-type two-port networks, is proposed for the very accurate representation of the frequency-domain behavior of radially inhomogeneous solitary cylindrical structures, the individual two-port networks being made of frequency-independent R, L and C lumped elements. The accuracy of the model is dictated by the number of two-port ne...

a frequency domain dynamic analysis is needed to obtain the response of structures constructed on a system of base isolators on flexible soil when subjected to earthquake ground motion. in such systems, the lateral stiffness of the base isolators is so small, compared to the structural stiffness, that in an earthquake attack the fundamental vibration mode dominates the response. with this in mi...

Various approaches can be used to simulate groundwater flow in karst systems, including equivalent porous media distributed parameter, lumped parameter, and dual porosity approaches, as well as discrete fracture or conduit approaches. The purpose of this study was to evaluate two different equivalent porous media approaches: lumped and distributed parameter, for simulating regional groundwater ...

Abstract The distinguishing feature of a vertical ball screw feed system without counterweight is that the spindle weight directly acts on kinematic joints. Research into dynamic characteristics under acceleration and deceleration an important step in improving structural performance milling machines. magnitude direction inertial force change significantly when accelerates decelerates. Therefor...

In the Arrow-Debreu model of an intertemporal economy with a continuum of agents, suppose that the auctioneer sets prices while the government institutes optimal lump-sum transfers period by period. An earlier paper showed how subgame imperfections arise because agents understand how current decisions such as those determining investment will influence future lump-sum transfers. This observatio...

Identifying clusters, namely groups of nodes with comparatively strong internal connectivity, is a fundamental task for deeply understanding the structure and function of a network. By means of a lumped Markov chain model of a random walker, we propose two novel ways of inferring the lumped markov transition matrix. Furthermore, some useful results are proposed based on the analysis of the prop...

Methods to model metamaterial structures consisting of lumped elements embedded into transmission lines using multiresolution time-domain (MRTD) are presented in this paper. Specifically, this paper presents the modeling of lumped elements in MRTD, including elements that are smaller than a cell (subcell modeling). Using this technique, several lumped elements in any configuration can be modele...