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-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that …. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and … asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply. …
Persistent link: https://www.econbiz.de/10011030294
This article studies the impact on aggregate economic activity of increases in defense purchases which are unrelated to other developments in the economy. The authors use empirical evidence to evaluate the predictions of several prominent models.
Persistent link: https://www.econbiz.de/10005499174
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This paper examines the effects of government spending under both lump-sum and income tax regimes. Under a lump-sum tax financing scheme, an increase in government spending induces a rise in the real interest rate and causes labor effort and real output to increase because of the income effect....
Persistent link: https://www.econbiz.de/10005063833
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
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Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Persistent link: https://www.econbiz.de/10010551225
This paper examines the possible causes of the nationwide unfunded public pension liability problem in the U.S., and …’ pension systems, a specific analysis of the Rhode Island public pension system will be conducted. Through this investigation …
Persistent link: https://www.econbiz.de/10009450209
This paper presents a simple general equilibrium model of optimal taxation in which both private agents and the government can default on their debt. As a benchmark we consider Ramsey equilibria in which the government can precommit to its policies at the beginning of time, but in which private...
Persistent link: https://www.econbiz.de/10005498565
1993 Annual Report essay
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