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Interest Rates, Inflation, and Consumer Expenditures
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This article is published in The American Economic Review.The article was published on 1975-01-01 and is currently open access. It has received 72 citations till now. The article focuses on the topics: Fisher hypothesis & Real interest rate.read more
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Redistributive taxation in a simple perfect foresight model
TL;DR: In this paper, the authors investigate the potential of capital taxation in an intertemporal maximizing model of capital formation and show that under any convergent redistributive tax policy which maximizes a Paretian social objective, the capital income tax will converge to zero.
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Economic Foundations of Cost-Effectiveness Analysis
TL;DR: It is shown how a cost-effectiveness criterion can be derived to guide resource allocation decisions, and how it varies with age, gender, income level, and risk aversion.
Journal ArticleDOI
Demography of risk aversion
TL;DR: In this article, the authors used life insurance data to estimate the Pratt-Arrow coefficient of relative risk aversion for each of nearly 2,400 households and compared with the results on pure risk aversion.
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Taxation, Saving and the Rate of Interest
TL;DR: In this paper, a variety of functional forms, estimation methods, and definitions of the real after-tax rate of return invariably lead to the conclusion of a substantial interest elasticity of saving and the implications of this result for the analysis of the efficiency and equity of the current U.S. tax treatment of income from capital are explored.
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The Welfare Cost of Capital Income Taxation in a Growing Economy
TL;DR: In this paper, the welfare cost of capital income taxation is analyzed in a general equilibrium framework, where the private sector is represented by a competitive household endowed with perfect foresight and an infinite life.
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A Theory of the Consumption Function
TL;DR: Friedman as mentioned in this paper proposed a new theory of the consumption function, tested it against extensive statistical J material and suggests some of its significant implications, including the sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much they save.
The life cycle hypothesis of saving: aggregate implications and tests
Ando Albert,Modigliani Franco +1 more
Book
Statistical methods of econometrics
Edmond Malinvaud,A. Silvey +1 more
TL;DR: In this paper, the authors present a systematic presentation of statistical methods used for the analysis of economic data and the properties of various procedures are studied within the framework of theoretical stochastic models, and their relevance for inference on the economic phenomena is discussed at length.
Book
The rate of interest
TL;DR: The authors have now reached the last of the four topics encompassed by Keynes's treatment of investment and saving, and have reached the conclusion of the analysis of the last part of the paper.