In this study, we estimate the elasticities of alternative sources of state tax revenue relative to the economy, as measured by GSP, and to wealth, as measured by the S&P500. Next, efficient tax frontiers are estimated for each state by minimizing the standard deviation, given the current...

In this paper, we estimate the impact of earmarking lottery revenue to education as opposed to filtering lottery revenue through a state's general fund. A unique facet of this investigation is the comparison of states with lottery revenue earmarked for spending on K-12 education and states with...

In this paper, we investigate the macroeconomic impact on U.S. state economies of differences in the percent of the employed in private sector unions and the percent of the employed in public sector unions. Using annual data from 1983 through 1996 for the 48 contiguous U.S. states, we search for...

This research examines the Phillips curve price adjustment mechanism allowing for the conditional variance of inflation to be time varying. Specifically, we estimate ARCH and GARCH models of inflation for Canada, Japan, and the U.K. The results suggest that an increase in the conditional...

This paper estimates a dynamic Taylor-type model in order to analyze the behavior of the Federal Reserve under the leadership of three different Fed chairs: Arthur Burns, Paul Volcker, and Alan Greenspan. The model proves useful in distinguishing the conduct of monetary policy under each. Burns...

This study makes use of a dynamic Taylor-type model to examine the conduct of monetary policy by central banks that profess to engage in inflation targeting. Previous research regarding inflation targeting and Taylor-type rules is reviewed and a dynamic Taylor-type model is developed. Tests for...