lukestein’s avatarlukestein’s Twitter Archive—№ 3,872

  1. …in reply to @DanielJHemel
    @DanielJHemel @davidckamin Oh man, I know I’m not the only finance scholar who hates the phrase “selloff”; for every tax-driven seller, there’d be a buyer—likely largely the same investors seeking to redeploy the proceeds from the sales. 1/
    On twitter.com Twitter logo lukestein’s avatar ♻️ 3 Retweets Mood -3 🙁
    1. …in reply to @lukestein
      @DanielJHemel @davidckamin A policy like this would almost certainly drive short-term *volume* up, but The effect on stock *prices* is super ambiguous. You could imagine this drives a reallocation of capital that’s currently “locked in” to higher-value investment opportunities… 2/
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      1. …in reply to @lukestein
        @DanielJHemel @davidckamin It’s certainly a wealth transfer from gov’t to a particular set of investors, with unclear effects (both through those investors’ marginal portfolio allocation decisions, marginal propensity to consume, and gov’t budget constraints). 3/
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