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Author:Tannenwald, Robert 

Journal Article
State business tax climate: how should it be measured and how important is it?

States are more concerned than ever before about their business tax climate. Over the past two decades, profound technological and political changes have enhanced employers' geographic mobility and extended their geographic range, thereby intensifying economic competition both within the United States and throughout the world. This study ranks the business tax climate of 22 states, including the six within New England. It finds only modest differences in business tax climate among most states. Within the region, New Hampshire and Massachusetts have the most attractive business tax climates.> ...
New England Economic Review , Issue Jan , Pages 23-38

Journal Article
The neutrality of Massachusetts' taxation of financial institutions

The provision of financial services has changed dramatically over the past two decades. Technological innovation and deregulation have extended providers' geographic range and broadened the array of products they are capable of delivering. These changes have intensified competition among financial service firms. In recent years Massachusetts, like other states, has passed legislation designed to narrow disparities among the tax burdens of these institutions. At the same time, the Commonwealth has passed tax cuts designed to enhance the competitiveness of Massachusetts-based financial ...
New England Economic Review , Issue May , Pages 41-56

Working Paper
Measuring the incentive effects of state tax policies toward capital investment

Empirical research on the effects of differential business taxation across jurisdictions relies on the appropriate measurement of the burden of tax in each location. While numerous summary measures have been proposed and used in various contexts to make such comparisons, most fail to account for the full effects of each state's tax system and the interactions of state tax systems with both local and federal taxes. This paper addresses these issues and employs an approach used in recent state tax reform studies to measure tax burdens. The advantages of this "representative firm" approach ...
Working Papers , Paper 01-04

Journal Article
Cyclical swing or secular slide? Why have New England's banks been losing money?

Are the losses recently incurred by New Englands banking industry symptomatic of chronic excess capacity that will depress the industrys profitability even after the regions economy recovers from its current recession? Or can the industry restore its profitability by ridding itself of the extraordinary costs resulting from its large overhang of bad loans? This article maintains that the industry is not "overbanked" and that its underlying profitability will eventually reemerge. In support of this contention, the article provides estimates of the "normal" profitability of New Englands ...
New England Economic Review , Issue Nov , Pages 29-46

Journal Article
Panel discussion: the future of state and local government finance

Regional Economic Development , Issue Oct , Pages 108-22

Journal Article
Are state and local revenue systems becoming obsolete?

As recently as a year ago, state governments were awash in revenue, but reports from state revenue officials suggest that growth in tax receipts has slowed considerably in recent quarters. The flow of tax revenues into state coffers has decelerated primarily because the economy has suffered a severe shock (it was weakening even before September 11) and delayed tax cuts enacted in earlier, more prosperous times have taken full effect. However, many tax analysts believe that long-term economic, technological, and political trends are also partially responsible and will continue to constrain ...
New England Economic Review

Journal Article
The geographic boundaries of New England's middle-lending markets

Mid-sized companies--those with annual sales between $10 million and $250 million--produce a significant percentage of the nation's output; thus, any conditions impeding their performance should concern public policymakers. One such condition may be insufficient access to short-term credit at competitive prices. In order to evaluate the competitiveness of lending markets, analysts must be able to identify their geographic boundaries. ; This article, the second in a series on middle-market lending, investigates the boundaries and concentration levels of middle-lending markets in New England. ...
New England Economic Review , Issue Jul , Pages 45-64

Journal Article
Differences across First District banks in operational efficiency

Economists devoted little attention to differences across banks in operational efficiency until about 15 years ago, when banks began to fail with increasing frequency. Some economists attributed the rising failure rate in part to intensified competitive pressures generated by deregulation and technological innovation. If this hypothesis is correct, and a significant number of banks are still inefficiently managed, then further deregulation and technological change could "shake up and shake out" the banking industry. Using data from 1985 through 1993, this study evaluates the extent to ...
New England Economic Review , Issue May , Pages 41-60

Working Paper
Measuring fiscal disparities across the U. S. states: a representative revenue system/representative expenditure system approach, fiscal year 2002

States and their local governments vary both in their needs to provide basic public services and in their abilities to raise revenues to pay for those services. A joint study by the Tax Policy Center and the New England Policy Center at the Federal Reserve Bank of Boston uses the Representative Revenue System (RRS) and the Representative Expenditure System (RES) frameworks to quantify these disparities across states by comparing each state?s revenue capacity, revenue effort, and necessary expenditures to the average capacity, effort, and need in states across the country for fiscal year 2002. ...
New England Public Policy Center Working Paper , Paper 06-2

Journal Article
Effects of state and local public policies on economic development: an overview

The use of state and local public policy as an instrument of economic development is more controversial than ever. Profound technological and political changes have enhanced the geographic mobility of capital and extended firms' geographic range, intensifying competition among states and localities. At the same time, demand for state and local public services continues to rise, while impending reductions in federal aid compound the states' fiscal dilemma.> Caught between conflicting long-run fiscal pressures, state and local policymakers have sought advice on which policies are most ...
New England Economic Review , Issue Mar , Pages 1-12

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