Research

Working Papers

Age-Dependent Taxation: The Role of r-g (with Yu-Chi Chu), R&R Review of Economic Dynamics

• The sign of r − g decides whether labor tax should rise or fall with age because age-dependent labor tax acts like an intergenerational transfer that earns the growth rate g.

Rising Wealth of Entrepreneurs and Its Implications for the Optimal Tax Policies (with Toshiaki Ogawa), R&R Journal of Economic Theory

• As entrepreneurs’ share of wealth rises, the laissez-faire transition is constrained inefficient due to a pecuniary externality through future factor prices.

Does Tax Function Matter for Optimal Policy?  (with Yu-Chi Chu)

• The choice of parametric tax functions matters a lot for the resulted optimal tax policies and welfare.

Social Security: Compromising Risk-Sharing? (with Ananth Seshadri) [slides]

• The maximum taxable income cap for social security weakens its risk-sharing role for working years, leading social security to reduce risk sharing.

Optimal Taxation with Human Capital Risk (with Toshiaki Ogawa) [slides]

• Idiosyncratic income risk does not necessarily lead to positive capital taxation.

Heterogeneous Entrepreneurial Ability and Wealth Inequality

• This paper examines the role of borrowing constraints faced by entrepreneurs to generate realistic wealth inequality.

Published Papers

Entrepreneurship and Top Marginal Tax Rates, Journal of Public Economics, May 2026

Selected Working in Progress

Social Security and Capital Taxation (with Yu-Chi Chu and Ananth Seshadri)

Revisiting the Private Equity Premium Puzzle: 1989-2022 (with Yi Ling), [draft available upon request]