Search Results
Journal Article
Devolution: the new federalism, an overview
In recent years, a growing number of scholars and policymakers have concluded that the federal government has become too large and powerful, intruding into affairs better handled by states and municipalities. Based on this premise, they have argued for a reduction in federal aid, the conversion of matching grants to block grants, greater flexibility for states in implementing federally funded programs, and curtailment of federal mandates. Their program is popularly referred to as devolution, the devolving of federal responsibilities to lower levels of government. The controversy that ...
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 ...
Journal Article
Commentary on \\"state tax revenue growth and volatility\\"
Report
How should suburbs help their central cities?
In this paper, we study the question whether suburbs should help finance the core public services of their central cities. We review three arguments that have been offered in favor of suburbs' fiscal assistance to their central cities. First, the central city provides public services that benefit suburban residents. Second, the central city may provide redistributive services to low-income central city residents that benefit suburbanites with redistributive preferences for such transfers. For efficiency, suburbanites should contribute toward such services in proportion to the benefits they ...
Journal Article
Higher taxes for top earners: can they really increase revenue?
Journal Article
Fiscal sweeteners : Did North Carolina lure Dell too much?
Journal Article
Federal health care law promises coverage for all, but at a price
The Patient Protection and Affordable Care Act, better known as health care reform, was signed into law last March. The measure ostensibly provides health care coverage to almost all Americans while simultaneously reducing the deficit by $143 billion over 10 years and by a greater amount over the longer term.
Journal Article
Tax rates and revenue since the 1970s
Before 2000, the tax burden shifted from the lowest 80% of earners to the highest 20%; since 2000, the burden has shrunk for all groups, but more so for the highest earners.
Working Paper
Revenue-maximizing monetary policy
In this paper, we examine the impact that changes in the rate of money creation and reserve requirements have on real seigniorage revenue. We consider two additional features that differ from previous analyses. First, the model economies grow endogenously, and that growth depends on the accumulation of intermediated capital. Second, agents have two means of financing; one is bank deposits against which reserves must be held and the other is a nonbank intermediary. Thus, growth-rate effects and financing-substitution effects are both present, and one can assess the quantitiative importance or ...