180 research outputs found
The middle class in macroeconomics and growth theory: a three-class neo-Kaleckian-Goodwin model
Contradictions Coming Home to Roost? Income Distribution and the Return of the Aggregate Demand Problem
Backward bending structure of Phillips Curve in Japan, France, Turkey and the U.S.A.
This work aims to analyse the cointegration and the causality
relationship between inflation and unemployment by using nonlinear
A.R.D.L. and two popular nonlinear causality tests for the period from
1960 to 2016 in Japan, Turkey, the U.S.A. and from 1970 to 2016 in
France. This study complements the previous empirical papers.
However, it differs from the existing literature with simultaneous
use of nonlinear A.R.D.L. and causality methods. Nonlinear A.R.D.L.
determined that there is a long run relationship between inflation
and unemployment; between economic growth and unemployment
for Japan, France, the U.S.A. and Turkey
Financial Transaction Tax: Small is Beautiful
The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially
undesirable transactions when more direct means of doing so are unavailable for political or
practical reasons. Some financial transactions are indeed likely to do more harm than good,
especially when they contribute to the systemic risk of the financial system. However, such a
financial transaction tax should be very small, much smaller than the negative externalities in
question, because it is a blunt instrument that also drives out socially useful transactions.
There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate
than exchange-based derivative transactions. More targeted remedies to drive out socially
undesirable transactions should be sought in parallel, which would allow, after their
implementation, to reduce or even phase out financialtransaction taxes
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