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Papers presented at a conference held at the James A. Baker III Institute for Public Policy at Rice University, in Apr. 2006.
The book suggests a novel way how the effects of tax reforms especially in the field of capital income taxation can be measured by means of dynamic computable general equilibrium (CGE) models. Using a model calibrated to the German economy, the author evaluates and quantifies the effects of introducing a Dual Income Tax (DIT) in Germany. This tax reform is a currently hotly debated topic in Germany and has been suggested both by the German Council of Economic Advisors (GCEA) and by Prof. Hans-Werner Sinn. Thus, the book is of great interest not only for the academic but also for the business world and politics.
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
The authors argue that, for 25 years, the U.S. has experienced a great wave of prosperity as a result of supply-side economics, or Reaganomics. They caution that Americans risk losing their high standard of living if the policies of the past are reversed by a Democratic president.
How can business leaders make better production and capital investment decisions? How can Wall Street analysts improve their predictions of future stock market values? How can government improve macroeconomic forecasts and policies? In The Power of Profit, Anari and Kolari demonstrate how profit measures can be applied as the basis for these and many other applications of economic, policy, financial, and business analysis. The underlying theme of the book is that profitability is the driving force in free market economies. Firms invest in capital, produce goods and services, and generate sales in an effort to reap profits. Firms that are unprofitable exit the marketplace and are replaced by profitable firms. Despite the crucial importance of profits, however, there is no formal model that directly relates profits to capital formation and output. Previous studies over the past 100 years on profit and the economy are mainly descriptive in nature, without any well-specified model grounded in microeconomic theory. Filling this gap, the authors present a profit system model of the firm grounded in basic accounting relationships in addition to the well-known Cobb-Douglas production function, which can be applied to individual firms, industries, and the business sector as a whole. Through rigorous data analysis, the authors show how the profit system modelcan be applied to: modeling the U.S. business sector and national economy forecasting output, capital stock, total profit, profit rates, and profit margins examining the relationships among profitability, economic growth, and the business cycle simulating the effects of potential monetary policy changes on the business sector and national economy valuing the Standard & Poor’s stock market index as well as individual firms. The result is a model that integrates microeconomic and macroeconomic factors and that can be widely applied in business and economic decisions, policymaking, research, and teaching.
A New Architecture for the U.S. National Accounts brings together a distinguished group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of accounts, but also to identify gaps and inconsistencies and expand and incorporate systems of nonmarket accounts with the core system. Since the United States economy accounts for almost thirty percent of the world economy, it is not surprising that accounting for this huge and diverse set of economic activities requires a decentralized statistical system. This volume outlines the major assignments among institutions that include the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Department of Labor, the Census Bureau, and the Governors of the Federal Reserve System. An important part of the motivation for the new architecture is to integrate the different components and make them consistent. This volume is the first step toward achieving that goal.
Volumes 1 and 3 contain papers written or co-written by Jorgenson. Volume 2 is a collection of 13 revised and updated papers presented at a conference held on May 7-8, 1993 at the John F. Kennedy School of Government, Harvard University, to honor Jorgenson on the occasion of his 60th birthday.
Rosen and Gayer's Public Finance provides the economic tools necessary to analyze government expenditure and tax policies and, along the way, takes students to the frontiers of current research and policy. While the information presented is cutting edge and reflects the work of economists currently active in the field, the approach makes the text accessible to undergraduates whose only prior exposure to economics is at the introductory level. The authors' years of policy experience have convinced them that modern public finance provides a practical and invaluable framework for thinking about policy issues. The goal is simple: to emphasize the links between sound economics and the analysis of real-world policy problems. Enhancements and key features for this new Global Edition include:New Policy Perspectives introduce relevant and engaging examples of international policy so students can extend their understanding of theory to policymaking across the globe. New Empirical Evidence applications provide students with real-world examples that are relevant to them, from case studies about Sweden and China to global examples that compare experiences between countries. Updated end-of-chapter questions broaden critical thinking, encouraging students to apply their knowledge to international and comparative examples. The results of econometric models are used to help students understand how expenditure and tax policies affect individual behavior and how governments set policies. Integrated theory and analysis: Institutional, theoretical, and empirical material is interwoven to provide students with a clear and coherent view of how government spending and taxation relate to economic theory. Current research is presented alongside discussion of methodological and substantive controversies. The approach is modern, theoretical, and empirical, and shared by most active economists. Institutional and legal settings are described in detail, and the links between economic analysis and current political issues are emphasized. This Global Edition has been adapted to meet the needs of courses outside of the United States and does not align with the instructor and student resources available with the US edition.