introduction of an unfunded social security program will raise consumption even if all bequests reflect intergenerational altruism … earnings are uncertain, his future bequest is also uncertain and his consumption therefore rises more in response to an …

working relatively few (weekly) hours, for instance, suffer from a spending shock of the type we analyzed: their consumption …

consumption or investment. In this way, aggregate demand would be maintained by substituting public consumption for private … consumption. A second alternative prescription was to reduce the private saving rate. Early Keynesians like Seymour Harris saw the …

the welfare loss of capital income taxation relative to the alternatives of taxing consumption and labor income.The second …

consumption confirms that fiscal policy changes - both contractions and expansions - can have non-Keynesian effects if they are … sufficiently large and persistent, and suggests that these effects can result not only from changes in public consumption but to … decrease in net taxes (with almost no change in public consumption) was associated with a dramatic fall in private domestic …