Expectations, Capital Gains, and Income
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.
Volume (Year): 41 (2003)
Issue (Month): 4 (October)
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