This paper examines the views of three prominent Wisconsin progressives – Richard T. Ely, Tomas Sewall Adams, and John R. Commons – on taxes as social policy. Wisconsin emerged as a national progressive leader in the 1890s – a ‘laboratory of democracy’ that produced the nation’s...

We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence...

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the...