This paper develops a multicommunity model and analyzes policies that affect spending on public education and its distribution across communities. The authors find that policies that on net increase the fraction of the (relatively) wealthiest residents in the poorest community are welfare...

Postwar U.S. time series for money, interest rates, prices, and GNP are characterized by a multivariate process driven by four exogenous disturbances. Those disturbances are identified so that they can be interpreted as the four main sources of fluctuations found in the IS-LM-Phillips curve...