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Full-Text Articles in Macroeconomics
Major Tax Reductions And Public Education, Philip Favero
Major Tax Reductions And Public Education, Philip Favero
Economics Staff Paper Series
The following discussion of tax reductions uses as an example South Dakota’s own version of Proposition 13, the Dakota Proposition. In the discussion which follows, four major themes are developed. First, Dakota Proposition would have a very major consequence for public finance in South Dakota-beginning in 1982 and extending indefinitely thereafter. Second, Dakota Proposition and other major tax reduction proposals have a variety of origins---some particular to the relevant state, and some more general origins as well. Third, common misunderstanding and, indeed, ignorance exists about the benefits provided by public education and about taxation to support education. And finally, Dakota …
The Velocity Of Money: Evidence For The U.K. 1911-1966, Philip E. Graves
The Velocity Of Money: Evidence For The U.K. 1911-1966, Philip E. Graves
PHILIP E GRAVES
This paper presents secular evidence on the income velocity of money, exploring the issue of the superiority of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non-traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support. Indeed, income elasticities of demand for M2 balances of .3 to .45 are observed, elasticities much smaller than previously thought.