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Expectations, Capital Gains, and Income

Author

Listed:
  • 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. W. Erwin Diewert & Kevin J. Fox, 2016. "Sunk costs and the measurement of commercial property depreciation," Canadian Journal of Economics, Canadian Economics Association, vol. 49(4), pages 1340-1366, November.
    2. Erwin Diewert, 2009. "The aggregation of capital over vintages in a model of embodied technical progress," Journal of Productivity Analysis, Springer, vol. 32(1), pages 1-19, August.
    3. Mr. Luis M. Cubeddu & Signe Krogstrup & Gustavo Adler & Mr. Pau Rabanal & Mai Dao & Mrs. Swarnali A Hannan & Luciana Juvenal & Ms. Carolina Osorio-Buitron & Cyril Rebillard & Mr. Daniel Garcia-Macia &, 2019. "The External Balance Assessment Methodology: 2018 Update," IMF Working Papers 2019/065, International Monetary Fund.
    4. 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.
    5. 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.
    6. Robert J. Hill, 2018. "Peter Hill (1929‐2017): In Memoriam," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(1), pages 239-242, March.
    7. 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.
    8. Peter ven de Ven & Anne Harrison & Barbara Fraumeni & Marshall Reinsdorf & Dominique Durant & Kyle Hood & Leonard Nakamura, 2017. "Improving the Treatment of Holding Gains and Default Losses in National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 321-354, December.
    9. Asheim, Geir B. & Hartwick, John M. & Mitra, Tapan, 2021. "Investment rules and time invariance under population growth," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).
    10. Cairns, Robert D., 2018. "Economic Accounting in the Simple Hotelling Model," Resource and Energy Economics, Elsevier, vol. 51(C), pages 18-27.
    11. Gustavo Adler & Mr. Daniel Garcia-Macia & Signe Krogstrup, 2019. "The Measurement of External Accounts," IMF Working Papers 2019/132, International Monetary Fund.
    12. 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.
    13. 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.
    14. 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 - Political Economy and Comparative 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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