This article investigates why, in October 1987, almost all stock markets fell together despite
widely differing economic circumstances. We construct a model in which “contagion” …

Taxation—both corporate and personal—has been held responsible for the low investment
and productivity growth rates experienced in the West during the last decade. This book, a …

The empirical objective of this study is to account for the time-variation the covariances between
markets. Using data on sixteen national stock markets, we estimate a multivariate factor …

… In a recently published book Radical Uncertainty, Mervyn King and I argue that this
elision has led to confusion and policy errors and seek to restore a richer terminology for …

This paper discusses a methodology for calculating the distribution of gains and losses from
a policy change using data for a large sample of households. Estimates are based on the …

The way in which taxation affects corporate financial policy, and the level of investment
through the structure of the cost of capital, is still a bone of contention. Various specifications of …

The aim of this paper is to examine the behaviour of wealth-holdings over the life-cycle. We
estimate the wealth-age relationship using cross-section data, and investigate its …

An index of Inequality is constructed which decomposes into two components, corresponding
to vertical and "horizontal" equity respectively. Horizontal equity Is defined in terms of …

We examine a survey of 6010 US households and estimate a model for household portfolio
allocation. We extend the conventional portfolio choice model in order to capture the …

This paper explores the portfolio behavior of investors differing with respect to both tax rates
and risk aversion, emphasizing the role of constraints on individual and firm behavior in …