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COUNTER-CYCLICAL TAX POLICY Built-in flexibility FRIEDMAN, Milton A Monetary and Fiscal Framework for Economic Stability, AMERICAN BCOBOMIC REVIEW, SSSFIII, June, 1948, pp, 24-5-264. extreme reliance on automatic stabilization HART, Albert G. MONEI, M B T AMD B06B6MIC A C H v m 2nd ed., I.I. Prentice-Ball, Sopt. 1953. MAXWELL, James A. FISCAL POLICY. ITS TECHNIQUES AND INSTITUTIONAL SETTING. New York: Henry Holt & Co., Jan., 1955. ¥HITE, Melvin I. PERSONAL INCOME TAX REDUCTION IN A BUSINESS CONTRACTION. New York: Columbia University Press, 1951. Pp. vii, 143. Review: by Roland I. Robinson, JOURNAL OF FINANCE, VII, Dec. 1952, pp. 6£L-42. "built-in fiscal flexibility"—attempt to estimate extent to which personal tax reduction would offset a business contraction. H e concludes simple built-in flexibility would cure no more than a mild recession. The reduction of exemptions and elimination of 1st bracket rates are adequate if applied instantaneously and might even work if part of an 1 annual tax change program"; but a semi-annual tax change program would have greater probability of success. Long way from a practical program of compensatory fiscal policy—appalling size of such a fiscal policy if to be adequate WHITE, Melvin I . Personal Income Tax Reduction in a Business Contraction• N.Y.i Columbia University Press, 1951 • BRETHERTON, R. F. The sensi«ttivity of taxes to fluctuations of trade, ECONOMETRICA, V, 1937, pp. 171-83. Efficacy of built-in flexibility BRETHERTON, R. F. The s e n s i t i v i t y of taxes to fluctuations of trade ECONOMETRICA, V, 1937, pp. 171-183 LUSHER, David W. "The stabilizing effectiveness of budget flexibility" in POLICIES TO COMBAT DEPRESSION. New York: National Bureau of Economic Research, March 1954. LUSHER, David W. "The Stabilizing Effectiveness of Budget Flexibility, Conference on Polities to Combat Depression . Universities-National Bur. Coram, for Econ. Research, Princeton, October 30-31, 1953. MJSGRAVE, E. S. The Fiscal Outlook (University of Chicago) JOURNAL OF BUSINESS, XXVII, Jan. 1954, pp. 4-16. short-run fed. budget outlook and its significance. Milt in flexibility • cushion in budget but no insurance against a substantial decline; discretionary action needed. fiscal 1954. MUSGRAVE, R. A. and MILLER, Merton "Built-in Flexibility," AMERICAN ECONOMIC REVIEW, XXXVIII, March 1948, pp. 122-28. MUSGRAVE, R. A. and MILLER, Merton H. "Built-in Flexibility," AMERICAN ECONOMIC REVIEW, Vol. 38, March, 1948, pp. 122-128. importance of automatically compensatory movement of tax revenues as a stabilization device MUSGRAVE, Richard A. and MILLER, Merton H. "Built-in F l e x i b i l i t y , " AMERICAN ECONOMIC REVIEW, XXXVIII, No. 1, March, 1948, pp.' 122-128. importance as stabilization device PSCHMAN, Joseph A. Yield of the individual income tax during a recession, NATIONAL TAX JOURNAL, March, 1954. PECHMAN, Joseph AYield of the individual income tax during a recession, National Tax Journal, VII, March, 1954-* pp. 1-16• 1 built-in1 flexibility of individual income tax K SLITOR, Richard E. The measurement of progressivity and b u i l t - i n f l e x i b i l i t y , QUARTERLY JOURNAL OF ECONOMICS, February, 1948. Pp. 5. u ^ i jL:z^ SLITOR, Richard E. The Flexibility of Income-Tax Yield under Averaging. JOURNAL OF POLITICAL ECONOMY, LIV, 1946, p. 266-^18' X SUMBERG, T. A. Leakage problems in flexible taxation, JOUENAL OF POLITICAL ECONOMY, December, 1947. pp. 4. SOMBERG, T. A. Leakage problems in f l e x i b l e t a x a t i o n , JOURNAL OF POLITICAL ECONOMY, LV, J)«c, 1947, pp. 572-85. f ^ c - ^ <^ Ut.^'cr £W^/7//y VICKREI, William ^ ^ ^ ^ ^ ^ . ^ Some limits to income elasticity of income tax yields, Rev* of Econs. & Stats., XXXI, May 1949* U O - 6 . The article further explores the thesis set forth by Musgrave and Miller (AER, XXXVIII, 1948, pp. 122-8) concerning the degree to which cyclical fluctuations may be mitigated thru automatic response of tax revenues to changes in national income. The author presents certain theorems and conclusions to show how "in the case of the individual income tax, it is possible to go further and derive certain upper bounds to the degree to which the yield of such taxes may be made responsive to income fluctuations and thus demonstrate even more severe limitations on the effectiveness of built-in flexibility as a stabilizing device.11 6 WALTER, J. E. Tax sensitivity, SOUTHERN ECONOMIC JOURNAL, XVII, 1951, pp. 422-37. fffiC««»j A b m t f -lot WALTER, James E. Tax Sensitivity, THE SOUTHERN ECONOMIC JOURNAL, XVII, No. A, April, 1951. AV " />pvFl j<vr» ^o . M^.-S'?