Volume Title: Tax Policy and the Economy, Volume 5. Volume Author/Editor: David Bradford, editor. Volume URL:

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1 This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Tax Policy and the Economy, Volume 5 Volume Author/Editor: David Bradford, editor Volume Publisher: The MIT Press Volume ISBN: Volume URL: Conference Date: November 13, 1990 Publication Date: January 1991 Chapter Title: Front matter, table of contents Chapter Author: David F. Bradford Chapter URL: Chapter pages in book: (p )

2 lax Policy andthe Economy National Bureau of Economic Research Edited by David Bradford The Role of Tax Rules in the Recent Restructuring of U.S. Corporations Taxation and the Cost of Capital Generational Accounts NBER The Incidence of Mandated Employer-Provided Insurance Is the Gasoline Tax Regressive? MIT Press

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4 TAX POLICY AND THE ECONOMY 5 edited by David Bradford National Bureau of Economic Research The MIT Press, Cambridge, Massachusetts

5 Send orders and business correspondence to: The MIT Press 55 Hayward Street Cambridge, MA In the United Kingdom, continental Europe, and the Middle East and Africa, send orders and business correspondence to: The MIT Press Ltd. 14 Bloomsbury Square London, WC1A 2LP ENGLAND ISSN: ISBN: hardcover paperback X Library of Congress number Copyright Information Permission to photocopy articles for internal or personal use, or the internal or personal use of specific clients, is granted by the copyright owner for users registered with the Copyright Clearance Center (CCC) Transactional Reporting Service, provided that the fee of $5.00 per copy is paid directly to CCC, 27 Congress St., Salem, MA The fee code for users of the Transactional Reporting Service is: /91 $5.00. For those organizations that have been granted a photocopy license with CCC, a separate system of payment has been arranged by The National Bureau of Economic Research and The Massachusetts Institute of Technology.

6 NATIONAL BUREAU OF ECONOMIC RESEARCH Officers: George T. Conklin, Jr., Chairman Paul McCracken, Vice Chairman Martin Feldstein, President Geoffrey Carliner, Corporate Secretary and Executive Director Charles A. Walworth, Treasurer Sam Parker, Director of Finance and Administration Directors at Large: John J. Biggs Andrew Brimmer Carl F. Christ George T. Conklin, Jr. Kathleen B. Cooper Jean A. Crockett George C. Eads Morton Ehrlich Martin Feldstein George Hatsopoulos Lawrence R. Klein Franklin A. Lindsay Paul W. McCracken Leo Melamed Michael H. Moskow James J. O'Leary Robert T. Parry Peter G. Peterson Robert V. Roosa Richard N. Rosett Bert Seidman Eli Shapiro Donald S. Wasserman Directors by University Appointment: Jagdish Bhagwati, Columbia James L. Pierce, California, Berkeley William C. Brainard, Yale Andrew Postlewaite, Pennsylvania Glen G. Cain, Wisconsin Nathan Rosenberg, Stanford Franklin Fisher, Harold T. Shapiro, Princeton Massachusetts Institute of Technology Craig Swan, Minnesota Jonathan Huges, Northwestern Michael Yoshino, Harvard Saul H. Hymans, Michigan Arnold Zellner, Chicago Marjorie B. McElroy, Duke Directors by Appointment of Other Organizations: Rueben C. Buse, Ben E. Laden, American Agricultural Economics National Association of Business Association Economists Richard Easterlin, Rudolph A. Oswald, Economic History Association American Federation of Labor and Gail Foster, Congress of Industrial Organizations The Conference Board Dean P. Phypers, A. Ronald Gallant, Committee for Economic Development American Statistical Association Douglas D. Purvis, Robert S. Hamada, Canadian Economics Association American Finance Association Charles A. Walworth, David Kendrick, American Institute of Certified Public American Economic Association Accountants Directors Emeriti: Moses Abramovitz Emilio G. Collado Frank W. Fetter Thomas D. Flynn Gottfried Haberler Geoffrey H. Moore George B. Roberts Willard L. Thorp William S. Vickrey Since this volume is a record of conference proceedings, it has been exempted from the rules governing critical review of manuscripts by the Board of Directors of the National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and 20 April 1968).

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8 CONTENTS Introduction: David Bradford vii Acknowledgments xiii THE ROLE OF TAX RULES IN THE RECENT RESTRUCTURING OF U.S. CORPORATIONS 1 Myron S. Scholes and Mark A. Wolfson TAXATION AND THE COST OF CAPITAL: THE "OLD'' VIEW, THE "NEW" VIEW, AND ANOTHER VIEW 25 Hans-Werner Sinn GENERATIONAL ACCOUNTS: A MEANINGFUL ALTERNATIVE TO DEFICIT ACCOUNTING 55 Alan J. Auerbach, Jagadeesh Gokhale, and Laurence J. Kotlikoff THE INCIDENCE OF MANDATED EMPLOYER-PROVIDED INSURANCE: LESSONS FROM WORKERS' COMPENSATION INSURANCE 111 Jonathan Gruber and Alan B. Krueger IS THE GASOLINE TAX REGRESSIVE? 145 James M. Poterba

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