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Figure (a) Figure (b) Consumption, Consumption, period 2 period 2 After policy BC2 change After policy BC2 change Y(1+r[1-tax]) BC1 Y(1+r[1-tax]) BC1 Consumption, period 1

Figure (a) Figure (b) Consumption, Consumption, period 2 period 2 After policy BC2 change After policy BC2 change Y(1+r[1-tax]) BC1 Y(1+r[1-tax]) BC1 Consumption, period 1 Consumption, period 1

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