WHEN I left graduate school, in 1963, I believed that the single most desirable change in the
US tax structure would be the taxation of capital gains as ordinary income. I now believe that …

This chapter reviews the concepts, methods, and results of studies that analyze the
incidence of taxes. The purpose of such studies is to determine how the burden of a …

We investigate the redistributive potential of capital taxation in an intertemporal maximizing
model of capital formation. First, even unanticipated redistributive capital taxation is severely …

This paper articulates and applies frameworks for examining whether consumption is
excessive. We consider two criteria for the possible excessiveness (or insufficiency) of …

This paper develops an endogenous growth model with productive public capital along with
private capital in a spirit similar to that of Barro (1990). Since our model includes two stock …

News—or foresight—about future economic fundamentals can create rational expectations
equilibria with non‐fundamental representations that pose substantial challenges to …

Our aim in this paper is to exposit a convex model of equilibrium growth. The model has two
features that distinguish it from most other work on the subject: first, that the model is convex …

This brief essay is intended to provide readers with an introduction to the real business cycle
approach to business fluctuations. It discusses the basic real business cycle framework; …

General equilibrium models that include policy rules for government spending, lump-sum
transfers, and distortionary taxation on labor and capital income and on consumption …

In this survey, we review research on tax policy and business investment with four
objectives. First, we use a simple prototypical dynamic neoclassical investment model to …