Strategy & Macroeconomic Policy eJournal最新文献

{"title":"Ranking State Tax Systems: Progressivity, Adequacy, Efficiency","authors":"F. Thompson, Ken Beatty, Jon C. Thompson","doi":"10.2139/ssrn.2159486","DOIUrl":"https://doi.org/10.2139/ssrn.2159486","url":null,"abstract":"A good tax system must raise sufficient revenue – and do so fairly, efficiently, transparently, and coherently. How do the tax systems of the states stack up in terms of fairness, adequacy, and neutrality? To answer this question, we assess each state’s relative performance in terms of progressivity, growth, and administrative and economic efficiency.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134039827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Beyond Full Employment: The Employer of Last Resort as an Institution for Change","authors":"Pavlina R. Tcherneva","doi":"10.2139/SSRN.2153220","DOIUrl":"https://doi.org/10.2139/SSRN.2153220","url":null,"abstract":"Over the past decade and a half the ability of the employer-of-last-resort (ELR) proposal to deliver full employment and price stability has been discussed at length in the literature. A different issue has received relatively little attention—namely, the concern that even when the ELR produces these macroeconomic benefits, it does so by offering \"low-paying\" \"dead-end\" jobs, further denigrating the unemployed. In this context, the important buffer stock feature of the ELR is misconstrued as a hydraulic mechanism that prioritizes macroeconomic stability over the program's benefits to the unemployed. This paper argues that the two objectives are not mutually exclusive by revisiting Argentina's experience with Plan Jefes and its subsequent reform. Plan Jefes is the only direct job creation program in the world specifically modeled after the modern ELR proposal developed in the United States. With respect to macroeconomic stability, the paper reviews how it exhibits some of the key stabilizing features of ELR that have been postulated in the literature, even though it was not designed as an unconditional job guarantee. Plan Jefes also illustrated that public employment programs can have a transformative impact on persistent socioeconomic problems such as poverty and gender disparity. Women-by far the largest group of program beneficiaries-report key benefits to their communities, families, children, and (importantly) themselves from participation in Jefes. Argentina's experience shows that direct job creation programs that offer employment at a base wage can have the unique capacity to empower and undermine prevailing structures that produce and reproduce poverty and gender disparities. Because the latter two problems are multidimensional, the ELR cannot be treated as a panacea, but rather as an important policy tool that remedies some of the most entrenched and resilient causes of poverty and gender inequality. The paper examines survey evidence based on narratives by female participants in Jefes to assess these potentially transformative aspects of the ELR proposal.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131205006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fostering Web 2.0 Innovation: The Role of the Judicial Interpretation of the DMCA Safe Harbor, Secondary Liability and Fair Use","authors":"Susanna Monseau","doi":"10.2139/SSRN.2133527","DOIUrl":"https://doi.org/10.2139/SSRN.2133527","url":null,"abstract":"There have been many creative suggestions for new laws to resolve some of the tension between protecting copyright online and encouraging the growth of Web 2.0. It is improbable that Congress will pass legislation encompassing any of these suggestions soon given the intense lobbying by the copyright industry. Creating a workable balance between protecting copyright owners and fostering technological innovation is more likely to be achieved through judicial interpretation of existing law. This paper argues that the internet of the future is going to be shaped by cases like Viacom v. YouTube. The paper contends that judicial interpretations, particularly of the Digital Millennium Copyright Act (DMCA) safe harbors, and the common law doctrines of secondary liability and fair use, can and should be used to balance the lengthy statutory protection won by the copyright industries, most particularly by ensuring the safe harbors cover all legitimate content sharing sites which use the notice and takedown procedures but also by limiting the application of secondary liability to these sites and clarifying that transformative new technologies are protected by fair use. Judges need to avoid the overprotection of copyright owner’s rights and to provide legal certainty about the boundaries of copyright protection. Case law is clarifying that it should be the job of copyright owners to police their own property online and that legitimate web platforms should rarely be liable for the activity of their users absent specific awareness of infringing activity or willfully blindness to such activity. There is less judicial interpretation of the doctrine of fair use than of both the DMCA safe harbor and secondary liability which unfortunately deters reliance on fair use as a defense, a fact potentially likely to deter online innovation. Limited secondary liability expanded fair use and, most of all, clear parameters for copyright protection will encourage investment in technological innovation and promote creativity, the purpose of copyright protection, online.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124399117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monetary and Banking Policy in a Currency Union","authors":"Lorenzo Bini Smaghi","doi":"10.2139/SSRN.2118454","DOIUrl":"https://doi.org/10.2139/SSRN.2118454","url":null,"abstract":"The title of this year’s conference “More than the Taylor rule: Monetary Policy, Prudential Issues and Central Banking” provides the grounds for discussing several interesting issues related to the role of central banks, building in particular on the experience acquired before and during the crisis.To be sure, there is now broad agreement that there is more to central banking than just following Taylor rules or, to put it in another way, to implement a simple inflation targeting regime. Financial stability matters, also for central banks whose primary objective is price stability. Under certain circumstances, the way in which monetary policy is implemented, with a view to achieve price stability, can undermine financial stability and in the end jeopardize price stability itself. Financial stability has to be taken into consideration in the conduct of monetary policy","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126222998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Gray1 CPB, LLC v. Kolokotronis (2011) 202 CA4th 480 135 CR3d 448","authors":"R. Bernhardt","doi":"10.2139/SSRN.2096418","DOIUrl":"https://doi.org/10.2139/SSRN.2096418","url":null,"abstract":"A recent California decision rejects the contention that the waivers contained in a guaranty are invalid because the document is really a promissory note.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":" 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120833197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Complements to the Dynamic AS/AD Model of the Textbook of Jones (2008)","authors":"J. García-Solanes, Carmen Marin-Martinez","doi":"10.2139/ssrn.2091617","DOIUrl":"https://doi.org/10.2139/ssrn.2091617","url":null,"abstract":"In this paper we enlarge the AS/AD model of the recent Jones (2008) textbook of Macroeconomics by adding two elements that enrich the dynamics and theoretical consistency of the model. On the one hand, we include endogenous dynamics in the AD function through the real exchange rate and, on the other hand, we replace the simple adaptive expectations scheme by a more flexible and general mechanism, in which the rate of inflation targeted by the central bank plays an important role. Our framework allows determine endogenously the level and dynamics of the real exchange rate, and contributes to better understanding the macroeconomic adjustments triggered by external shocks and policy actions.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129202114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"U.S. Debt and Deficits: Time to Reverse the Trend","authors":"James R. Barth, Tong Li","doi":"10.2139/ssrn.1966616","DOIUrl":"https://doi.org/10.2139/ssrn.1966616","url":null,"abstract":"With the failure of the Congressional \"supercommittee,\" national attention is once more focused on the issue of ever-mounting federal budget deficits. This paper provides a primer on budget deficits, and surpluses from the creation of the federal government. From 1790 to 2010, government spending averaged 8.7 percent of GDP; today it is 25 percent, fueling debt of historic levels. The only meaningful solution to reducing debt levels, the authors argue, is to cut entitlement programs, and then set a tax rate sufficient over the course of the business cycle to fund government spending.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123973322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Emergency Liquidity Provision to Public Banks: Rules Versus Discretion","authors":"Achim Hauck, U. Vollmer","doi":"10.2139/ssrn.2103165","DOIUrl":"https://doi.org/10.2139/ssrn.2103165","url":null,"abstract":"This paper analyzes a government's incentives to provide financial assistance to a public bank which is hit by a liquidity shock. We show that discretionary decisions about emergency liquidity assistance result in either excessively small or excessively large liquidity injections in a wide variety of circumstances. Also, adding a lender of last resort does not generally ensure a socially optimal policy. However, optimal rules exist that align the preferences of the government and/or a lender of last resort with social preferences by either subsidizing or taxing liquidity aid.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123443748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effects of Financial Policies on Foreign Currencies Exchange Rates in Sudan (1989-2010)","authors":"Issam A.W. Mohamed","doi":"10.2139/SSRN.2035512","DOIUrl":"https://doi.org/10.2139/SSRN.2035512","url":null,"abstract":"The present paper aims to analyze impacts of financial policy on the foreign currencies exchange rates. The study utilizes time series data analyses in order to reach better econometric model that may reflect the relationship between financial policy and foreign exchange rates in Sudan between years 1989-2010. The importance of the analysis is embodied on shedding light on fluctuating financial policies in the country that negatively affects the economic performance. The study hypothesized that there are positive correlations between the financial policy represented by the independent variables of governmental expenditure and taxation and the dependent variable of foreign currencies exchange rates. The results show that there are positive correlations between total taxation and foreign currencies exchange rates. Moreover, results show that there are positive correlations between governmental expenditures and currencies exchange rates. The results are in agreement with the economic theory as illustrated by Mohamed (2012). However, their implications clearly define that the current financial crisis in Sudan is self-inflicted by irrational and irresponsible governmental macroeconomic policies and uncontrolled expenditure. I strongly point here at the necessity of austerity measures, first applied to the GE before applying them to the general governmental services, e.g., health, education, water and electricity services. Raising taxation seems to have enhanced financial resources which were used for defense, security and other sovereignty expenditures. That did not help to keep effective foreign currencies exchange rates in leash. In fact GE and Taxation lost control and unleashed hyper pricing for foreign currencies market prices. The current economic course is without doubts leading uncouthly to domestic market dryness of hard currencies as they are currently not dealt with as tools of commodities exchange. They represent saving commodity and solid asset. The expected results are the minimization of imports. It is even encouraging under-voicing of exports by setting-aside part of their revenues and preventing them from re-entering the country. In conclusion, I clearly admonish that official macroeconomic decision-makers are either ignorant or on purpose lead the country into total bankruptcy. The only feasible recommendation is that country needs a comprehensive policy restructure, particularly in its economic decision-making and economic planning.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130237607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social Security and Macroeconomic Risk in General Equilibrium","authors":"Peter Broer","doi":"10.2139/ssrn.2009394","DOIUrl":"https://doi.org/10.2139/ssrn.2009394","url":null,"abstract":"This paper studies the interaction between macro-economic risk and paygo social security. For this, it uses an applied general equilibrium model with overlapping generations of risk-averse households. The sources of risk are productivity shocks and depreciation shocks. The risk profile of pensions differs from that of financial assets because pensions are linked partially to future wage rates and productivity. The model is used to discuss the effects of changes in the social security system on labor supply, private saving, and welfare in a closed economy. The author finds that switching from Defined Benefit to Defined Contribution is generally welfare improving, if current generations are compensated, while a switch from a wage-indexed Defined Benefit system to a price-indexed system is generally welfare deteriorating. A reduction in the size of the pay-as-you-go system does not yield clear results: if current generations are compensated, some future generations lose, and others gain.","PeriodicalId":104767,"journal":{"name":"Strategy & Macroeconomic Policy eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129824431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}