Automatic Fiscal Policies to Combat Recess

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M.E. Sharpe
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Contents

Fiscal Policy to Combat a Severe Recession
3
An Automatic Transfer Tax Rebate
21
An Automatic Temporary Consumption Tax Cut
40
Fiscal Discipline with NUBAR Normal Unemployment Balanced Budget Rule
53
A Fiscal Policy Advisory Board
58
Recent Empirical Studies Relevant to Countercyclical Fiscal Policy
71
The Tax Rebate in the 1975 Recession
96
The Tax Rebate in the 2001 Recession
114
Early Studies of Automatic Fiscal Policy
139
Early Challenges to Countercyclical Fiscal Policy
153
The New Classical Counterrevolution A False Path for Macroeconomics
179
Fiscal Policy and the Ending of the Great Depression
209
References
219
Index
223
About the Author
241
Copyright

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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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