MARC Record from Library of Congress

LEADER: 02177cam a22003017a 4500
001 2006619442
003 DLC
005 20060727164247.0
007 cr |||||||||||
008 060727s2006 gau sb f000 0 eng
010 $a 2006619442
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aNason, James M.
245 10 $aInterwar U.K. unemployment$h[electronic resource] :$bthe Benjamin and Kochin hypothesis or the legacy of "just" taxes? /$cJames M. Nason and Shaun P. Vahey.
260 $a[Atlanta, Ga.] :$bFederal Reserve Bank of Atlanta,$c[2006]
490 1 $aWorking paper series / Federal Reserve Bank of Atlanta ;$v2006-4
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 07/27/06.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Benjamin and Kochin (1979, Journal of political economy) present regression estimates to support their hypothesis that larger unemployment benefits increased U.K. unemployment post-World War I (WWI). The Benjamin-Kochin (BK) regression is easy to replicate. When the replication is widened to include income tax rates and WWI observations using Bayesian Monte Carlo methods, the evidence moves against the BK hypothesis and in favor of regressions that include the capital income tax rate. We explain these results with Daunton (2002, Just taxes). He argues that U.K. tax rates were set during WWI and the interwar period to achieve an equitable, or "just," mix of taxes and debt. Neoclassical theory suggests that capital income tax rates fluctuations created inefficient factor input allocations that drove up interwar U.K. unemployment"--Federal Reserve Bank of Atlanta web site.
653 $aU.K. interwar unemployment;$areplacement ratio;$acapital income tax rate;$aMarkov chain Monte Carlo
700 1 $aVahey, Shaun P.
710 2 $aFederal Reserve Bank of Atlanta.
830 0 $aWorking paper series (Federal Reserve Bank of Atlanta : Online) ;$v2006-4.
856 40 $uhttp://www.frbatlanta.org/invoke.cfm?objectid=06399AB1-5056-9F06-99AC8A95D9D555CA&method=display