We interpret the marginal welfare cost of capital income taxes as the present discounted value of consumption distortions. Such an asset market interpretation emphasizes the importance of the interest rate used to value future distortions, especially in the presence of uncertainty. We find that...

This paper studies the impact of dividend and corporate income taxes on investment and asset returns in a stochastic general equilibrium model. Under the "new" view of dividend taxation (e.g. Poterba and Summers, 1985), proportional dividend taxes do not distort investment decisions, and thus...

This book is a welcome consolidation and extension of the recent expanding debates on happiness and economics. Happiness and economics, as a new field for research, is now of pivotal interest particularly to welfare economists and psychologists. This Handbook provides an unprecedented forum for...

This paper describes a novel approach for predicting the thermal impact of gas cavitation in hydraulic circuits. The developed model utilizes a thermal-hydraulic modeling concept for calculating the oil temperatures inside the control volumes divided from the circuit, taking into account the gas...

Campbell and Vuolteenaho (CV, 2004) empirically decompose the S&P 500's dividend yield from 1927 to 2002 to derive a measure of residual mispricing attributed to inflation illusion. They argue that the strong positive correlation between the mispricing component and inflation is strong evidence...