The correlation between changes in the nation's total supply of money and subsequent changes in real output has led some people to infer that policymakers, by changing the money supply, can stimulate or moderate the nation's real output. ; Scott Freeman argues that this conclusion may be...

This article examines the effects and desirability of paying interest on required reserves. Scott Freeman and Joseph Haslag demonstrate that a policy of paying interest on reserves can make everyone better off, even if the interest must be financed by a tax on capital. An essential part of this...

In this second of two articles on the economic impact of fundamental tax reform, Gregory Huffman and Evan Koenig extend their earlier framework for analyzing how the adoption of a flat-rate consumption tax would affect the economy over time. They argue that if tax reform is to be successful in...

The Internal Revenue Service remains unpopular, the U.S. savings rate remains low, and pressure to efficiently raise significant new tax revenues seems certain to grow once the baby boom generation reaches retirement age. Consequently, it is likely that alternatives to the current income tax...

Discussions of the effects of monetary and fiscal policy sometimes center on the impact of such policies in ameliorating fluctuations associated with the business cycle. However, though familiar with the term "business cycle," many people are not aware of what it refers to exactly. In this...