This paper studies the question of how unilateral changes in the rate of inflation affect the international allocation of capital. Presenting a model that incorporates a transaction motive for money holding and capital income taxation with historical cost accounting, it counters the view that...

This paper shows that the double taxation of corporate dividends (or profit repatriations) implies a nucleus theory of the corporation. After the firm is set up with a small stock of original capital, it enters a phase of purely internal growth during which no dividends are paid and no shares...

This paper counters the view that the possibility of share repurchases invalidates the predictions of the ’new’ (or ’trapped equity’) view of corporate taxation. It is shown that the ’new’ view’s basic cost of capital expression which distinguishes it from the ’old’ view...

This paper deals with the residential demand for electricity. A theoretical model is formulated which is based on intertemporal optimization in a household production context. The model is estimated using a dynamic version of the PLS (partial-least-squares) approach. Most important determinants...