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effects of tax policy or changes in the parameters of the economy. The relative role of life cycle savings increases with the … rate of growth and with the relative savings rate of life-cycle savers and capitalists. An increase in the savings rate of … workers has no effect on output per capita; life cycle savings simply crowds out inherited savings. A tax on capital (even if …
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theory, and behavioral economics. The paper argues that any theory of deep downturns has to answer these questions: What is …
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