Inflation, tax rules, and capital formation

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The book brings together fourteen papers on the subject of inflation, tax rules, and capital formation that I wrote between 1975 and 1981. The volume begins with a brief overview of the research and of the principal conclusions.

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The research presented in this volume combines the traditional subjects of macroeconomics and public finance. From macroeconomics comes a concern with the rate of interest, the capital intensity of production, and the impact of monetary policy. From public finance comes an emphasis on the significance of the distortionary tax rules that have generally been ignored in macroeconomic analysis and a concern with the effects of tax rules and monetary policy on the distribution of the income and on the value of assets.