Search Results

The FOMC in 1975: Announcing Monetary Targets - Review

Monetary policy in 1975 was directed at aiding economic recovery from the most severe recession in the post-World War II years without rekindling the fires of inflation. As in recent years, the Federal Open Market Committee pursued short-run objectives of monetary policy formulated in terms of both an interest rate and money growth rate targets. These dual objectives were pursued through open market operations—that is, the buying and selling of U. S. Government and Federal agency securities and bankers’ acceptances.

research.stlouisfed.org/.../review/1976/03/01/the-fomc-in-1975-announcing-monetary-targets

Paying More Taxes and Affording It Less - Review

One of the many side effects of inflation is that it results in a transfer of resource command from the private sector to the public sector of the economy. The Government’s status as a net monetary debtor and the progressive income tax structure are the vehicles by which this resource transfer occurs. This article discusses how inflation and the progressive tax structure interact to generate Government revenue and reduce the take-home pay of taxpayers.

research.stlouisfed.org/.../publications/review/1975/07/01/paying-more-taxes-and-affording-it-less

Coordinated International Economic Expansion: Are Convoys or Locomotives the Answer? - Review

American diplomats have been pressuring the other “locomotive” countries—West Germany and Japan—to take steps to reflate their economies. This would have the effect of creating more consumer demand and therefore more world trade. Such an “export” of the American recovery would also, incidentally, serve to bring down un- employment in the United States.

research.stlouisfed.org/.../

The Growing Link Between the Federal Government and State and Local Government Financing - Review

The growth of the state and local government sector and its increasing reliance on Federal revenues warrant consideration in discussions of stabilization policy. State and local government expenditures and taxes have been growing rapidly in recent decades, both absolutely and relative to that at the Federal level. In addition, grants-in-aid from the Federal Government have become an increasingly important source of funds for state and local governments.

research.stlouisfed.org/.../

A Tax-Based Incomes Policy (TIP): What's It All About? - Review

Subject corporations to higher corporate income tax rates if they give pay raises which are too large. This is the essence of a plan devised by Governor Henry C. Wallich of the Federal Reserve Board and Sidney Weintraub of tile University of Pennsylvania. Their proposal to use the tax system to curb inflation is called “TIP,” an acronym for tax-based incomes policy. As inflation continues to plague the economy, many economists feel that the traditional tools of monetary and fiscal policy are inadequate to handle the situation and have recommended direct measures to stop wage and price increases.

research.stlouisfed.org/.../review/1978/02/01/a-tax-based-incomes-policy-tip-whats-it-all-about