This paper examines the relative valuations for fixed capital and financial assets in the United States, illustrating the observed relationships from the valuations of assets on the real productive side of the economy to the financial valuations of equities and other financial assets, and also...

Revenue estimates for tax policy changes are typically made under the convention of a fixed set of economic assumptions, with a given level of nominal GDP and aggregate income. For a tax policy change as large and significant as an add-on value-added tax (VAT) or other consumption tax that...