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January 1980

Posted 1980-01-01

The Value-Added Tax—A Review of the Issues

by R. W. Hafer and Michael E. Trebing

Recently many groups have called for major tax reform. These groups maintain the that the existing U.S. tax system has altered economic incentives and negatively influenced the performance of the economy.

Posted 1980-01-01

The Demand for Currency: Is the Underground Economy Undermining Monetary Policy

by Norman N. Bowsher

Because of the sustained growth of currency outstanding relative to demand deposits, questions have arisen about what purposes the currency serves. More specifically, does this currency support a huge and growing amount of unreported economic activity?