Because of the restrictive assumptions required to establish the theory of Ricardian equivalence, its relevance in … changes in tax receipts have no effect on consumer spending. The present study shows that Kormendi's results are a misleading … that in the equation specified by Kormendi, but with the years 1941 through 1946 excluded, increases in tax receipts have …

International risk-sharing has far-reaching implications both for economic policy and for basic research in economics …. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that … are undesirable and possibly unnecessary. This paper extends and refines the study of international risk-sharing in two …

unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …-dividend ratio, and aggregate dividend and consumption growth. The model-implied risk-free rate and price-dividend ratio are … procyclical while the market return has countercyclical mean and variance. Finally, household consumption risk explains the cross …

condition derived herein, observable shocks are fully shared. The model, therefore, can generate the low degree of risk sharing …

characteristics of idiosyncratic labor market risk. We find that uncertainty distributed throughout the working years accounts for 40 ….S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these …

This paper explores the implications of tax rate uncertainty, identifying circumstances in which revenue-neutral tax … heterogeneous taxpayers, tax rate variability is shown to perform an efficiency-enhancing screening function, imposing heavier … expected tax burdens on less responsive taxpayers. And while efficient tax uncertainty enables governments to reduce average …