It has long been argued that the anticipations of some future event will impact current consumption and well-being in … model, by assuming that in addition to his own current consumption, an agent’s current utility depends upon a reference … consumption level that is based on expected future consumption. Two alternative specifications of the anticipated future …

view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to …

Assuming a two-period model with endogenous choices of labour, education, and saving, it is shown to be second …-best efficient not to distort the choice of education. In general this implies distorting the saving decision. Hence a strict order … of policy priority is derived. Efficient tax policy ranks investment in human capital higher than investment in nonhuman …

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the … substitute real investment by financial investment. When interest rates are expected to fall in the long term, the marginal and …

tax shift from labour to consumption as standard example of fiscal devaluation remains moderate, however …