Suchergebnisse

"The relative efficiency of alternative income tax systems is analyzed in a dynamic, general equilibrium model having an endogenous labor supply and imperfect risk sharing. This theoretical model allows different tax systems to be compared with respect to their labor distortion effects, their automatic income stability properties, and the welfare they provide on average to a representative consumer-laborer. The comparisons are done for the optimal tax parameters under each given tax system. Despite a role for income stabilization, the optimal income tax schedule turns out to be regressive"--Federal Reserve Bank of Minneapolis web site

"In a model which exhibits many monetarist properties it is shown that monetary and fiscal policies must be coordinated. The model is populated by overlapping generations of three-period lived agents who can hold fiat money, fiat bonds, and physical capital. A government produces a public good and issues both money and fiat bonds to finance permanent budget deficits. In this model both fiat money and fiat bonds can have value in equilibrium, and their co-existence can allow a more efficient financing of deficits than can a single debt instrument"--Federal Reserve Bank of Minneapolis web site

"This paper reviews selected studies in the theory of macroeconomic stabilization policy and summarizes their key findings. A simple model is constructed which includes all surveyed models as special cases. All solutions are derived and described step by step"--Federal Reserve Bank of Minneapolis web site

"The analyses of fiscal and monetary policies that the Congressional Budget Office (CBO) provides Congress tend to be biased, encouraging the use of activist stabilization policies. The CBO's virtual neglect of economic uncertainties and its emphasis on very short time horizons make active policies appear much more attractive than its own model implies. Moreover, the CBO's adoption of the macroeconometric approach fundamentally biases its analyses. Macroeconometric models do not remain invariant to changes in policy rules and are mute on the implications of alternative policies for efficiency and income distribution. The rational expectations equilibrium approach overcomes these difficulties and implies that less activist and less inflationary policies are desirable"--Federal Reserve Bank of Minneapolis web site

Left and right libertarians alike are attracted to the thesis of self-ownership (SO) because, as Eric Mack says, they 'believe that it best captures our common perception of the moral inviolability of persons'. Further, most libertarians, left and right, accept that some version of the Lockean Proviso (LP) restricts agents' ability to acquire worldly resources. The inviolability of SO purports to make libertarianism more appealing than its (non-libertarian) egalitarian counterparts, since traditional egalitarian theories cannot straightforwardly explain why, e.g. forced organ donation and forced labor are serious wrongs even when they generate more equitable outcomes or benefit the greater good. I argue that, when SO is coupled with LP, this appeal is unfounded. SO, as usually construed, allows for the possibility of justified incursions of non-culpable agents up to and including forced organ donation. I conclude by considering a few possible responses on behalf of the libertarian, assessing each one's plausibility.

Major Post Censal Redesign of Household Sample Surveys in the United States

In the cold war, the United Kingdom government devised a number of public education campaigns to inform citizens about the precautions that they should undertake in the event of a nuclear attack. One such campaign, Protect and Survive, was released to the general public and media in May 1980. The negative publicity this publication received is considered to be a reason why a successor publication was never released despite the increased risk of nuclear attack. Using recently released records from the UK National Archives the paper considers that, aside from this explanation, interlocking institutional objectives, rather than simply inertia, provide an explanation for this hiatus.