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Inflation Capital Taxation And Monetary Policy
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Book Synopsis Inflation, Capital Taxation and Monetary Policy by : Martin S. Feldstein
Download or read book Inflation, Capital Taxation and Monetary Policy written by Martin S. Feldstein and published by . This book was released on 1981 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the effects of the interaction between inflation and the taxation of capital income. The principal conclusions are: (1) Inflation substantially increases the total effective tax rate on the income from capital used in the nonfinancial corporate sector. The total effective tax rate has risen from less than 60 percent in the mid-1960's to more than 70 percent in the late 1970's. (2) The higher effective tax rate reduces the real net rate of return to those who provide investment capital. In the late 19701s, the real net rate of return averaged less than three percent. (3) The interact ion between inflation and existing tax rules contributed to the fall in the ratio of share prices to real pretax earnings, or, equivalently, to the rise in the real cost to the firm of equity capital. (4) By reducing the real net return to investors and by widening the gap between the firms' cost of funds and the maximum return that they can afford to pay, the interaction between tax rates and inflation has depressed the rate of net investment in business fixed capital. (5) The failure to consider correctly the effects of the fiscal structure has caused observers to underestimate the expansionary character of monetary policy in the past two decades. (6) The goal of increasing investment while maintaining price stability can be achieved with tight money, a high real interest rate, and tax incentives for investment. A high real net-of-tax interest rate could reduce residential investment and other forms of consumer spending while the tax incentives offset the monetary effect for investment in business capital.
Book Synopsis Inflation, Tax Rules, and Capital Formation by : Martin Feldstein
Download or read book Inflation, Tax Rules, and Capital Formation written by Martin Feldstein and published by University of Chicago Press. This book was released on 2009-05-15 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation, Tax Rules, and Capital Formation brings together fourteen papers that show the importance of the interaction between tax rules and monetary policy. Based on theoretical and empirical research, these papers emphasize the importance of including explicit specifications of the tax system in such study.
Book Synopsis Inflation, Capital Taxation, and Monetary Policy by : Martin Feldstein
Download or read book Inflation, Capital Taxation, and Monetary Policy written by Martin Feldstein and published by . This book was released on 1985 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the effects of the interaction between inflation and the taxation of capital income. The principal conclusions are: (1) Inflation substantially increases the total effective tax rate on the income from capital used in the nonfinancial corporate sector. The total effective tax rate has risen from less than 60 percent in the mid-1960's to more than 70 percent in the late 1970's. (2) The higher effective tax rate reduces the real net rate of return to those who provide investment capital. In the late 19701s, the real net rate of return averaged less than three percent. (3) The interact ion between inflation and existing tax rules contributed to the fall in the ratio of share prices to real pretax earnings, or, equivalently, to the rise in the real cost to the firm of equity capital. (4) By reducing the real net return to investors and by widening the gap between the firms' cost of funds and the maximum return that they can afford to pay, the interaction between tax rates and inflation has depressed the rate of net investment in business fixed capital. (5) The failure to consider correctly the effects of the fiscal structure has caused observers to underestimate the expansionary character of monetary policy in the past two decades. (6) The goal of increasing investment while maintaining price stability can be achieved with tight money, a high real interest rate, and tax incentives for investment. A high real net-of-tax interest rate could reduce residential investment and other forms of consumer spending while the tax incentives offset the monetary effect for investment in business capital
Book Synopsis Taxes, Loans, and Inflation by : C. Eugene Steuerle
Download or read book Taxes, Loans, and Inflation written by C. Eugene Steuerle and published by Brookings Institution Press. This book was released on 1985 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research papers on the relations between income tax, credit policy and inflation in the USA - covers individual income tax, corporation tax, interest rates, credit system, tax and financial arbitrage, macroeconomics of fiscal policy, tax incentives for saving and investment, effects on business organizations, prescriptions for major tax reform (return to the gold standard). References, statistical tables.
Book Synopsis The Costs and Benefits of Price Stability by : Martin Feldstein
Download or read book The Costs and Benefits of Price Stability written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Book Synopsis Capital Taxation by : Martin S. Feldstein
Download or read book Capital Taxation written by Martin S. Feldstein and published by Harvard University Press. This book was released on 1983 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.
Book Synopsis Trade and Tax Policy, Inflation and Exchange Rates by : Assaf Razin
Download or read book Trade and Tax Policy, Inflation and Exchange Rates written by Assaf Razin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ass a f R a z i nand Hans-Jiirgen Vosgerau The eight chapters of this volume have been grouped into two parts. Part A of contains chapters which are mainly monetary in character, whereas real aspects international economics are treated in Part B. It goes without saying that this is only a device for structuring the field. In substance most chapters reveal the close connections between real and monetary aspects. Part A on "Inflation, Exchange Rates, and Macro-Economic Adjustment in the Global Economy" consists of four papers. In recent years, an inflation targeting framework for monetary policy has been adopted by New Zealand, Canada, the United Kingdom, Finland, Sweden, Australia, and Spain (in chronological order). The use of inflation targeting can be viewed as a further step in the evolution of monetary policy techniques adopted by central banks. A common feature of the countries that have adopted inflation targets is the relatively poor inflation record over the last 30 years compared with other industrial countries such as Germany, Switzerland, Japan and the United States. Because of their relatively good inflation record, this latter group of countries has not explicitly adopted inflation targeting. With, or without, explicit inflation targeting the monetary policy credibility hinges on the independence of the central bank. Alex Cukierman addresses the issue of central bank independence by surveying alternative ways to characterize independence.
Book Synopsis Taxation, Inflation, and Interest Rates by : Mr.Vito Tanzi
Download or read book Taxation, Inflation, and Interest Rates written by Mr.Vito Tanzi and published by International Monetary Fund. This book was released on 1984-06-15 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Vito Tanzi, Director of the IMF's Fiscal Affairs Department, the book consists of nine studies pertaining to monetary-fiscal links in both closed and open economies.
Book Synopsis Tax Policy and Core Inflation by : Otto Eckstein
Download or read book Tax Policy and Core Inflation written by Otto Eckstein and published by . This book was released on 1980 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Treatise on War Inflation by : William J. Fellner
Download or read book A Treatise on War Inflation written by William J. Fellner and published by Univ of California Press. This book was released on 2022-09-23 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1942.
Book Synopsis Monetary Policy, Taxation, and International Investment Strategy by : Victor A. Canto
Download or read book Monetary Policy, Taxation, and International Investment Strategy written by Victor A. Canto and published by Praeger. This book was released on 1990-10-17 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written especially for portfolio managers, financial analysts, and corporate economists, this volume considers the practical implications of government economic policies. The contributors illustrate how incentives and disincentives affect economic behavior and the performance of the economy through an in-depth discussion of monetary, fiscal, and international economic issues. In addition, the authors present a unique top-down approach that enables the reader to trace the impact of government policies through the economy and thereby discover the investment strategies most likely to be successful within a given policy context. The first section of the book focuses on monetary issues and explores issues related to inflation, likely government intervention mechanisms to control inflation, variants of the monetarist model, interpreting the demand curve, and the development of a portfolio strategy designed to take advantage of anticipated changes in financial variables. The next group of chapters looks at supply-side economics and analyzes the effects of the economic incentives and constraints imposed by government. Particular attention is paid to the effects of taxation policies on equity values, economic growth, and savings. In the third section, the contributors present a supply-side view of selected international economic issues including the relationship between tax rate reductions and foreign exchange rates and the trade balance. The concluding section examines the portfolio strategies that can be derived from the analyses presented in previous chapters. An indispensable resource for finance executives, this book will also be of significant value to graduate students in economics, financial management, and business programs.
Book Synopsis The Stock Market Channel of Monetary Policy by : Mr.Ralph Chami
Download or read book The Stock Market Channel of Monetary Policy written by Mr.Ralph Chami and published by International Monetary Fund. This book was released on 1999-02-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
Book Synopsis Taxation and the Deficit Economy by : Dwight R. Lee
Download or read book Taxation and the Deficit Economy written by Dwight R. Lee and published by Pacific Studies in Public Poli. This book was released on 1986 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: This texts contains essays written by economists who review the effects of past government actions & reforms needed to avoid long term economic stagnation. Topics discussed include social security, the military industrial complex, & private vs. political entrpreneurship. Generally, the topics include such topics as the economic effects of taxation, spending, deficits, & other forms of hidden taxation, & taxation & individual rights.
Book Synopsis The Taxation of Capital Income by : Alan J. Auerbach
Download or read book The Taxation of Capital Income written by Alan J. Auerbach and published by Harvard University Press. This book was released on 1983 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important contribution to tax analysis presents seven related theoretical essays that examine the effects of capital income taxation on the behavior of firms. It is divided into three sections, focusing on optimal tax design, firm financial policy, and inflation. Taken together, the essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the difficult task of tax reform. Auerbach's results suggest policies the government might adopt to promote the optimal accumulation of capital. He examines the implications for capital taxation of discrepancies between nominal depreciation rates and real economic depreciation, and suggests appropriate rules of thumb for determining when capital taxation is neutral among alternative investment projects. He also makes important contributions to the debate over the integration of corporate and personal taxes on capital income and to the behavioral puzzle of why corporations pay dividends to their shareholders.
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author :Andrés Erosa Publisher :London : Department of Economics, University of Western Ontario ISBN 13 :9780771422300 Total Pages :39 pages Book Rating :4.4/5 (223 download)
Book Synopsis On Inflation as a Regressive Consumption Tax by : Andrés Erosa
Download or read book On Inflation as a Regressive Consumption Tax written by Andrés Erosa and published by London : Department of Economics, University of Western Ontario. This book was released on 2000 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Complete Report written by and published by . This book was released on 1974 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:
