This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the period 1965-2007. The results support the...

The paper studies the equilibrium level of taxation in an AK growth model in the presence of perfect capital mobility. The analysis indicates that, in the absence of an agreement among countries, the desire to attract capital from abroad causes a generalised reduction in taxes with respect to...

This work shows that the risk premium can be a mistaken measure of the reduction in utility caused by risk since, when different levels of wealth are considered, the relative size of the former is related to that of the latter only in some cases. The analysis indicates that this is because the...

This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the period 1965–2007.