On October 15, 2007, the Federal Reserve Bank of Chicago held a conference at its Detroit Branch to explore alternative ways of reducing carbon emissions. Conference participants analyzed market-based and technology-driven approaches to carbon emission reductions, as well as the costs and...

States are showing renewed interest in using Gross Receipts Taxes (GRTs) as a method for taxing business. This paper discusses the advantages and disadvantages of GRTs along three dimensions—as a stand alone tax against standard tax principles, as a replacement for an existing business tax...

State-local tax policies to encourage growth and development have been roundly criticized as detrimental to social welfare. In response, recent proposals have included delimiting the ability of states and localities to fashion tax policies. Not only are such proposals unworkable, but they fail...

By distinguishing industrial R&D from manufacturing production, this study identifies a local economy's comparative advantage by activity rather than by product. The Chicago area's comparative advantage has shifted away from production and toward R&D activity during the 1976 to 1985 period....