The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does--and does not--define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals--within and outside of government--shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed--including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation--requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a clear picture of this uniquely important institution.

Struggles over what a region receives, or should receive, from the budget of the central government are common to many countries. Discussions often focus on the measures of ?net fiscal flows? or ?fiscal balances? provided by the government or other actors. This unique book shows just how these flows are computed then interpreted and clarifies the often misunderstood economic and political motives that explain why some regions receive more monies than others.The Political Economy of Inter-Regional Fiscal Flows provides an overview of the main methods currently being used to measure ?fiscal flows?, highlighting the advantages of the different approaches and interpreting their results. The book reviews the political economy literature that analyses the determinants of inter-regional ?fiscal flows?. Particular attention is devoted to the relationship between ?fiscal flows? and country stability, with methodological contributions and country studies both focusing on this issue. The contributing economists and political scientists provide a state-of-the-art study that will prove to be of great use to academics and practitioners in public sector economics and finance.

This book discusses local area planning in the Lombardy region of Italy. The book provides valuable insights about the development of local welfare systems and the territorial organization of social services through the analysis of the evolution of the Local Area Plan, which lies at the intersection of sub regional governance and of social services delivery models. Using Lombardy as a case study, this brief analyzes the structural conditions influencing the establishment of Local Area Plans, their effect on inter-municipal cooperation, and the need for possible reforms. The book is organized as follows: the first chapter presents a reconstruction of the national and regional framework, analyzing the structure of ties and opportunities within which Local Area Plans are called to act. The second chapter provides a review of the extant literature on Local Area Plans and introduces the theoretical framework used by the volume. The third chapter details legislation introduced in Lombardy to reform the governance structure of Local Area Plans by supporting a process of reorganization and aggregation. The fourth chapter presents some cases of Local Area Plan aggregation. The final chapter presents the conclusion and some brief considerations about the future of social planning. Providing an empirical analysis of local service delivery, this book will be useful to scholars and practitioners interested in public administration, welfare, local government, non-profit and public organizations, and management.

How much does the Soviet Union spend on defense, economic development, social welfare, and education? How does it finance the enormous scale of its expenditures under all these heads? What typical sequences are disclosed, and how do they mesh with other types of behavior in the Soviet economy? Can one even believe the official figures? If so, what do they tell us? If not, in which directions may they need to be corrected? Has the degree of secretiveness varied over time? (Evidence is adduced to show that it has.) What are the branch and territorial components of the budget, and how are they put together, under which pressures and within which timescale? What is the budget s legal status, and how is it affected by legislative procedures? In this in-depth investigation into the scope, structure, and meaning of the Soviet budget, Raymond Hutchings answers these questions. Based largely on an intensive analysis of quantitative series built up over a very long period, this book contributes to understanding the Soviet economy from an angle made possible by no other approach. Students of the Soviet economy, economists, and specialists in international affairs will find the book s data, conclusions, and methods of analysis extremely useful."

This book explores how the financial system should be regulated and structured to achieve the twin goals of inclusive growth and financial stability, with a focus on African low-income countries (LICs). The subject and content of this book is original in that it attempts to draw on the lessons and radical rethinking on the financial sector in developed and middle income countries, arising in the wake of the international financial crisis. It includes four in- depth country case studies, of Kenya, Ghana, Nigeria and Ethiopia, but also analyses the empirical evidence for Sub-Saharan Africa as a whole, evaluating the relevance (or not) of such major changes for the very different financial sectors and economies in low income countries. Achieving Financial Stability and Growth in Africa has major academic and policy implications, especially for low income countries, but also more generally, on broader issues. These include the desirable size of the financial sector, as well as more specific issues, such as the high cost of borrowing of small and medium enterprises in LICs, and possible measures to reduce it. Highly topical subjects like the appropriate regulation of the financial sector and management of capital flows are discussed in depth. Though drawing on comprehensive reviews of the literature, this volume has the virtue of the large comparative academic and policy experience of researchers, as well as in-depth case studies, that take account of institutional and economic features of low- income countries. Written by senior academics and policy-makers, this book is a must read for those researching or participating in the financial sectors of low-income countries, as well as in developed economies. It is also suitable for those who study political economy and public finance.

This monograph treats the question of determining how much to spend for the collection and analysis of public data. This difficult problem for government statisticians and policy-makers is likely to become even more pressing in the near future. The approach taken here is to estimate and compare the benefits and costs of alternative data programs. Since data are used in many ways, the benefits are hard to measure. The strategy I have adopted focuses on use of data to determine fund allocations, particularly in the General Revenue Sharing program. General Revenue Sharing is one of the largest allocation programs in the United States. That errors in population counts and other data cause sizable errors in allocation has been much publicized. Here we analyze whether the accuracy of the 1970 census of population and other data used by General Revenue Sharing should be improved. Of course it is too late to change the 1970 census program, but the method and techniques of analysis will apply to future data programs. In partic ular, benefit-cost analyses such as this are necessary for informed decisions about whether the expense of statistical programs is justi fied or not. For example, although a law authorizing a mid-decade census was enacted in 1976, there exists great doubt whether funds will be provided so a census can take place in 1985. (The President's Budget for 1981 allows no money for the mid-decade census, despite the Census Bureau's request for $1. 9 million for planning purposes."

This book has been written as a preparatory work for the seminar on Scandina vian taxation of the XXXIII Congress of the International Fiscal Association in Copenhagen, 1979. I wish to warmly thank professor Thclger Nielsen Copenhagen acting professor Olof Olsson, Helsingfors, and jur. dr. Fredrik Zimmer, Oslo, who have supplied the sections on the development of Danish, Finnish and Norwegian tax law, which have been included in the book. This valuable material, together with the corres ponding Swedish information, has formed the basis for the analysis of trends, which appears in part II of the book. I also want to extend my thanks to Peter Melz, Bachelor of economy, for help with the statistical material, to David Gerber, Attorney at law, New York, for translating parts of the book into English and to Ulla Lindqvist for typing the manuscript. Stockholm, April 1979 Gustaf Lindencrona 5 Table of Contents PART I. TRENDS IN SCANDINAVIAN TAXATION 1965 -1977 9 1. Explanations 19 19 Tables 1 - 14 19 Table 15 PART II. SPECIAL FEATURES OF THE SCANDINAVIAN 21 DEVELOPMENT 1. The Common Scandinavian Background 21 2. Extension of the Tax Base 22 Denmark 22 Finland 24 Norway 25 Sweden 27 3. Integration of Corporation Tax and Income Tax 28 Denmark 28 Finland 29 Norway 29 Sweden 30 4. The Progress of Separate Taxation 30 Denmark 31 Finland 32 Norway 32 Sweden 33 5.

From a giant of health care policy, an engaging and enlightening account of why American health care is so expensive-and why it doesn't have to be Uwe Reinhardt was a towering figure and moral conscience of health care policy in the United States and beyond. Famously bipartisan, he advised presidents and Congress on health reform and originated central features of the Affordable Care Act. In Priced Out, Reinhardt offers an engaging and enlightening account of today's U.S. health care system, explaining why it costs so much more and delivers so much less than the systems of every other advanced country, why this situation is morally indefensible, and how we might improve it. The problem, Reinhardt says, is not one of economics but of social ethics. There is no American political consensus on a fundamental question other countries settled long ago: to what extent should we be our brothers' and sisters' keepers when it comes to health care? Drawing on the best evidence, he guides readers through the chaotic, secretive, and inefficient way America finances health care, and he offers a penetrating ethical analysis of recent reform proposals. At this point, he argues, the United States appears to have three stark choices: the government can make the rich help pay for the health care of the poor, ration care by income, or control costs. Reinhardt proposes an alternative path: that by age 26 all Americans must choose either to join an insurance arrangement with community-rated premiums, or take a chance on being uninsured or relying on a health insurance market that charges premiums based on health status. An incisive look at the American health care system, Priced Out dispels the confusion, ignorance, myths, and misinformation that hinder effective reform.

In a recent study of 61 hospitals, it was found that they bought 21 different types of A4 paper, 652 different kinds of surgical gloves and 1751 different cannulas. Police forces could cut the cost of their uniforms by over 30 per cent if they all bought the same one. But they disagree on how many pockets they need. Having committed to buy two new aircraft carriers, the MOD realised it didn't have the funds to buy them. The delayed delivery cost an additional GBP1.6 billion. We've spent GBP500 million on an abandoned project to centralise 999 calls, GBP3.5 billion on privatising the Work Programme, GBP700 million on implementing Universal Credit (used by 18,000 people), GBP20 billion on medical negligence claims, GBP70 billion (and counting) dealing with nuclear waste at Sellafield, and countless millions on IT investments in the BBC, the Home Office, the NHS . . . Waste is everywhere. Fighting against this waste is the Public Accounts Committee, which oversees some GBP700 billion of public spending every year. As its chair from 2010-15, Margaret Hodge knows the excesses of government bodies better than anyone. Conversational, witty, engaging and packed with anecdotes and insights about the biggest political figures of our time, Called to Account shines a light on some of the most fascinating - and alarming - issues that face Britain today.

Modern society cannot function without a high level of investment, just as it cannot function without a high level of taxation (or its equivalent in communist countries). Both investment and taxation (as a source of government revenue) are important for the level of production and employment. No wonder then that governments are faced with an increasing dilemma between higher taxation on the one hand and the need for stimulating investment by tax reductions or allowances on the other. Related to this is the choice between a market economy which is as free as possible and detailed governmental measures for monitoring and steering investments, not only with the intention to promote economic growth but to further a nu mb er of other social interests as weil. This is to some extent a political issue but the decisions it involves should still be based on sound economic facts and considerations. In many countries one of the important instruments for stimulating and steering investment is the introduction oi\modification of investment incentives within the framework of the tax system. The present book gives a lot of information on this subject. It endeavours to create a conceptual order in the somewhat chaotic multitude of incentives practised by the main industrial countries and studies their economic effects. The authors are weil equipped to do this because they were c10sely involved in the study on this subject made by Erasmus U niversity Rotterdam at the request of the Common Market Com mission.

The Bellagio Group was founded at a time of global economic crisis. This collection brings together the private correspondence and published papers of the Group's founders, creating a picture of the personalities, issues, debates and compromises leading to the adoption of flexible exchange rates and a modified Triffin plan.

Conventional wisdom dictates that those goods which are said to cause harm or impose costs on society deserve a special tax. For centuries, governments have levied these "sin taxes" on alcohol and tobacco, but the list of taxable sins has now grown to include soda and marijuana, with calls to impose further taxes on plastic bags, meat, and even robots and carbon. Contrary to what experts and policymakers tell us, many of these alleged sins impose very little, if any, cost on society, and the harms that do exist can be minimized without resorting to tax. What follows in this book is a discussion of four case studies-on tobacco, marijuana, alcohol and soda-which make the case against the conventional wisdom in taxing these "sins", before concluding that when it comes to taxing sin, it is time for governments to forgive-and forget.

With this volume, Professor John Henneman of the University of Iowa concludes a decade of research into the development of French royal finance in the fourteenth century. This book shows how the capture of King John II in 1356 led to a critical change in the history of royal taxation.

'lhe PUIllooes of this study are to investigate processes of cyclical fluctuations, inflation and economic g: t'Oo'lth, and conComitantly, to relate the short-run analysis to the long-run analysis of the econaT\Y as far as feasible under the confines of this investigation. First of all, we shall present a theory of investnent in Chapter 1. We shall make evident defects included in the neo-classical theory of investnent, founded in particular by I. Fisher and a variant of which is the Keynesian version, by taking into account recent studies of investnent and by formulating a new theory of investnent. Its incorporatim into our dynamic analyses is one of the reasons why the theory developed in this study is referred to as Neo Keynesian. Brlefly, the theory is characterlzed by firm investnent being a function of the firm's expected stock of money, the expected marginal productivi ty of capital, and the expected rate of inflation (or the firm's subjective rate of real interest) ."

Attiat Ott and Richard Cebula have recognised the need to present, in an accessible and straightforward way, the voluminous literature in the public economics arena. Advances in econometric techniques and the spillover of knowledge from other disciplines made it difficult, not only for students but also for lecturers, to accurately find the information they need.This major Companion addresses a wealth of topics common to the study of both public economics and public choice including questions such as: How does one structure the whole spectrum of public finance in a manageable framework? What is Wagner's Law really about and what does empirical testing tell us? How binding is the budget constraint? How encompassing is a dictator's interest? How do veto powers of the executive, institutional structures and regimes affect public sector outcomes? Do voters behave rationally? Do conflicts yield benefits? Is war cost effective and does secession offer a viable exit option? The contributions, both theoretical and empirical, shed light on some contentious issues in the public economics literature and provide readers with insight into issues that are at the forefront of discussions about the public economy. The empirical analysis utilizes recent econometric techniques to validate or refute empirical findings based on older 'vintage' econometrics. The diversity of coverage ranges from traditional models of the public economy to the incorporation of defence spending as a significant and often neglected function of the public sector. The contributors include many pioneers and leading lights in the field. The Elgar Companion to Public Economics will be required reading for academics and scholars at many levels in the fields of public economics and public choice but mainly graduate and above. The Companion will also be of value to scholars in the wider social sciences in general and political science in particular.