Public finance fellow Thomas Hogan analyzes the relationship between bank lending and the Federal Reserve's policy of paying interest on excess reserves (IOER).
In an economy with heterogeneous firms and heterogeneous consumers, the authors describe a general equilibrium where firm equity is priced by a supply and demand process. With a model robust to arbitrary, nonlinear tax functions, they investigate the efficiency of replacing the current U.S. tax regime with a policy of no corporate taxes and taxation of capital distributions to the household at progressive personal income tax rates.
This working paper analyzes the roots of Iran’s “dissonant” political system and revolutionary ideology, the fractious contest over defining and applying this ideology, and the implications of these struggles for Iranian foreign and security policy.