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Fiscal Policy to Combat a Severe Recession
An Automatic Transfer Tax Rebate
An Automatic Temporary Consumption Tax Cut
Fiscal Discipline with NUBAR Normal Unemployment Balanced Budget Rule
A Fiscal Policy Advisory Board
Recent Empirical Studies Relevant to Countercyclical Fiscal Policy
The Tax Rebate in the 1975 Recession
The Tax Rebate in the 2001 Recession
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actual aggregate demand Alan Blinder automatic fiscal policy automatic stabilizers automatic tax rebate billion Blinder budget deficits cash transfer central bank classical counterrevolution classical economics combat recession Congress consumer spending consumption tax consumption tax cut countercyclical fiscal policy countercyclical policy counterrevolution decade Democrats depression disposable income econometric effect empirical enact equation estimate expenditure Federal Reserve fiscal policy advisory forecast formula flexibility Friedman government spending households impact implemented income tax increase interest rate investment Japan Keynesian economics Lucas and Sargent Lucas critique macroeconomics monetary policy money-financed fiscal stimulus NUBAR output path percent policy advisory board predicted President quarter raise ratio real business cycle real GDP rebate checks recession reduce response sales tax Security and Medicare Seidman severe recession Shapiro and Slemrod shock Social Security Souleles supply shock suppose surplus tax cut tax refunds temporary tax changes theory tion triggered U.S. Treasury unemployment rate withholding
Page xv - formula flexibility”: Formula Flexibility Formula flexibility refers to an arrangement whereby changes in tax rates and/or expenditure levels are legislated in advance, to go into effect if and when specified changes in income occur. For instance, it might be legislated that income tax rates be reduced or public expenditures raised by x percent if income falls by y percent. (Musgrave 1959,
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Fiskalpolitik in der Währungsunion: das Stabilisierungspotential ...
No preview available - 2007