Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...

Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems...

Tax policy debates-and reforms-depend heavily on estimates of how alternative tax rules would affect behavior. Yet there is considerable controversy about the key empirical links among tax rates, household decisions, and revenue collections. The nine papers in this volume exploit the substantial...