The paper begins with presentation of a methodology for computing rental costs of capital under any tax regime.Tax law … inflation on interest rates and the allocation of real capital. The model allocates a fixed private capital stock among various … classes of nonresidential and residential capital, depending upon the rental costs for the capital components, the price …

Second, even in the absence of fiscal costs, public debt reduces capital accumulation, and may therefore have welfare …-adjusted rate of return to capital. If it is lower than the growth rate, it indicates that the risk-adjusted rate of return to … capital is in fact low. The average risky rate however also plays a role. I show how both the average risky rate and the …

affect total expenditures in households headed by low-educated single mothers. However, patterns of expenditure did change … significant changes in expenditures on childcare or learning and enrichment activities. This pattern of results suggests that … welfare reform has shifted family expenditures towards items that facilitate work outside the home, but, at least so far, has …

ownership and expenses, levels and paths of health status, number of household members, and out-of -pocket medical expenditures …In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in …

by the ownership of life insurance, annuities including private pensions, and long-term care insurance in the Health and … Retirement Study. For the median household aged 51 to 57, the lifetime welfare cost of market incompleteness and suboptimal …