Neglecting the redistributive effects of a progressive income tax in an inflation, current literature in macroeconomics and public finance offers two contradictory explanations of consumption-based redistributions to the government during inflation. One explanation, the consumer illusion...

This paper uses the EGARCH-M model to examine the impact of federal securities statutes on the mean and variance of total real U.S. stock market returns. In contrast to previous work, this study employs a longer time period, utilizes a broader array of stocks and examines the impact of eight...

History professors have long portrayed Custer’s stand at the Little Bighorn River in terms of the managerial quirks and personality flaws of the central characters. The discussion in Evan Connell’s (1984) book, Son of the Morning Star, illuminates the Last Stand in terms of economic...

The U.S. Social Security levy is widely used by economists to illustrate the irrelevance of legal tax incidence for economic incidence. However, the levy's magnitude in conjunction with an asymmetry in the U.S. federal income tax code make the levy's legal incidence highly relevant for its...

We provide a new interpretation of one of the "great" but in our view "failed" North-South agreements during the U.S. Constitution's drafting. In 1787, lower South delegates to the Constitutional Convention reputedly settled for a simple-majority congressional vote for commercial regulations in...

Analyzing pure fiscal actions in an IS-LM setting is a common exercise in current macromonetary textbook literature. As far as the role these analyses Abstract assign to the monetary sector is concerned, this literature offers two contradictory portrayals. One describes thefiscal action's...