T, Historical Perspectives The influence on the consumption-investment mix of alternative
methods of financing a given volume of government spending has been a subject of debate …

Although market clearing prices have always been central to economic theory, an applied
general equilibrium model in which prices simultaneously clear all markets is a relatively …

This study presents new estimates of consumption functions based on aggregate US time-
series data. The results are striking: a variety of functional forms, estimation methods, and …

Abstract 'Crowding out'of private economic activity by public economic activity is a
multidimensional concept. A taxonomy is proposed: the degree of crowding out, the time …

Interest rate has long been recognized not only by classical and neo-classical economists
but also by contemporary economists as one of the factors that determine the level of …

This paper investigates whether and how the distribution of income affects the fraction of
disposable income which is consumed. It is shown that a slight generalization of the …

THE STOCK MARKET decline of 1973-74 marked the longest and steepest fall in corporate-
stock prices since the depression of the 1930s. The loss of stockholder wealth in market …

How should capital income be taxed to achieve efficiency and equity? In this detailed study,
tax policy analyst Jane Gravelle, brings together comprehensive estimates of effective tax …

ALTHOUGH CORPORATIONS are responsible for roughly half of private saving in the
United States, most studies of saving focus exclusively on household behavior. Policy …

Several recent papers have tested the permanent income-cum-rational expectations
hypothesis using data on nondurable or semidurable consumption. We show how this …