countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into …

We examine six alternative plans which might be discussed in an effort to increase consumer savings through the … personal income tax system in the United States. These plans attempt to affect savings through an increase in the real rate of … return either by direct tax cuts on savings or by indexing tax rates against inflation. The paper presents estimates of …

(and the coefficient of relative risk aversion) from regressions of consumption growth on uncertainty in consumption growth … imply estimates of prudence and risk aversion that are unrealistically low. Using numerical solutions to a fairly standard …

optimally shares risks across generations exposes future generations to a share of the risk in physical capital returns. Such a … system reduces precautionary saving and increases the risk-bearing capacity of the economy. Under plausible conditions it … increases the riskless interest rate, lowers the price of physical capital, and reduces the risk premium on physical capital …