nor to practically increase Italian government debt, but to practically cause a mere reduction in taxation and thence in … associated with them, would have (i) stimulated expenditure more than a taxation rebate to the said firms and (ii) facilitated … taxation credit certificates endowed with a further reduction in taxation conditional on their use for consumption, termed …

unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private …

bank. After carefully considering the complexities of reserve accounting, it is argued that the proceeds from taxation and …