President George W. Bush is preparing a drastic permanent reduction in federal income and estate taxes. He cites as precedents tax cuts by Kennedy-Johnson 1962-64 and Reagan 1981. In those cases, however, the economy was operating well below full employment and needed a "demand-side" stimulus...

This is a critical survey of the literature on the implications of government financial policy for economic activity. The central question is whether the choice of how to finance a given path of government expenditures (i.e., through taxes, nonmonetary debt or money creation) has any real...

In der Schweiz verlief die konjunkturelle Entwicklung 2003 noch ungünstiger als im übrigen Westeuropa. Das reale Bruttoinlandsprodukt dürfte um ¼% gesunken sein. Auf dem Arbeitsmarkt verschlechterte sich Lage stets. Die Arbeitslosenquote erhöhte sich im Jahresdurchschnitt auf 3,7%. Die...