This paper examines the permanent and transitory effects of changes in wealth, the top federal marginal income tax rate, and capital gains tax rate on the distribution of Adjusted Gross Income (AGI). This paper establishes the importance of wealth in determining the distribution of AGI, and...

Empirical studies of substitutability among monetary assets generally ignore financial instruments that only recently have become prominent. We remedy this deficiency by investigating substitution behavior within a portfolio of near-monies, including money market accounts and interest-bearing...

Many studies have examined the relationship between defense spending and growth in real aggregate output with mixed results. Most recently, Atesoglu (2002) finds a positive relationship between defense spending and output. Capturing the error correction term as the long run adjustment parameter...

This paper updates and extends an earlier study by Abraham, Johnson and Uyar (1994) by examining the determinants of governors’ salaries for the forty-eight contiguous states. State per capita personal income, population, unemployment rate and per capita government revenues are the primary...

We examine the relative importance of tax rates and macroeconomic fluctuations in explaining the share of national adjusted gross income (AGI) reported by the top 0.5% of all taxpayers. Results indicate that cutting the top income or capital gains tax rate would increase the top AGI share but...

This paper investigates the question as to whether the volatility of the monetary aggregates arises primarily from the behavior of the monetary base or the monetary multipliers. The findings indicate that the monetary multipliers are more volatile than the base, regardless of the definition of...

The Allen elasticity of substitution (AES) is widely used to study monetary asset substitution and structural demand stability. C. Blackorby and R. R. Russell (1989) show that the AES is uninformative and that the Morishima elasticity of substitution (MES) is the appropriate measure, a point...

This paper examines the ability of the slope of the yield curve to serve as a predictor of regional recessions. The ability of interest rate spreads to predict recessions has received considerable attention at the aggregate level. This paper offers evidence on the usefulness of rate spreads in...

This study investigates monetary impacts within the regional economies of the United States. It provides updated evidence on regional impacts and examines how impacts have changed over time. Using vector autoregression (VAR) methods, impacts are investigated for the overall period (1959-2003),...