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Expectations, Capital Gains, and Income

Author

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  • Robert J. Hill
  • T. Peter Hill

Abstract

A theoretical framework for the measurement of income under uncertainty is developed that addresses some long-standing controversies about the treatment of capital gains. The consequences for economic analysis and policy making are potentially serious, because the treatment of capital gains can significantly affect some major macroeconomic aggregates, including national income and savings, balance of payments deficits, government deficits, and depreciation. (JEL O47, P44, Q32) Copyright 2003, Oxford University Press.

Suggested Citation

  • Robert J. Hill & T. Peter Hill, 2003. "Expectations, Capital Gains, and Income," Economic Inquiry, Western Economic Association International, vol. 41(4), pages 607-619, October.
  • Handle: RePEc:oup:ecinqu:v:41:y:2003:i:4:p:607-619
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    File URL: http://hdl.handle.net/10.1093/ei/cbg031
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    Citations

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    Cited by:

    1. Carl Obst & Lars Hein & Bram Edens, 2016. "National Accounting and the Valuation of Ecosystem Assets and Their Services," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(1), pages 1-23, May.
    2. Bram Edens, 2013. "Depletion: Bridging the Gap Between Theory and Practice," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(3), pages 419-441, March.
    3. Diewert, Erwin & Fixler, Dennis & Zieschang, Kimberly, 2012. "Problems with the Measurement of Banking Services in a National Accounting Framework," Economics working papers erwin_diewert-2012-14, Vancouver School of Economics, revised 04 Apr 2012.
    4. repec:bla:revinw:v:63:y:2017:i::p:s321-s354 is not listed on IDEAS
    5. repec:eee:resene:v:51:y:2018:i:c:p:18-27 is not listed on IDEAS
    6. Paola Ovando & José L. Oviedo & Pablo Campos, 2015. "Measuring total social income of a stone pine afforestation in Huelva (Spain)," Working Papers 1501, Instituto de Políticas y Bienes Públicos (IPP), CSIC.
    7. Diewert W.Erwin, 2010. "User Costs versus Waiting Services and Depreciation in a Model of Production," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(6), pages 759-771, December.
    8. W. Erwin Diewert & Alice O. Nakamura, 2009. "Accounting for housing in a CPI," Working Papers 09-4, Federal Reserve Bank of Philadelphia.

    More about this item

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P44 - Economic Systems - - Other Economic Systems - - - National Income, Product, and Expenditure; Money; Inflation
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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