| Record ID | marc_loc_updates/v35.i21.records.utf8:25776646:2242 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_updates/v35.i21.records.utf8:25776646:2242?format=raw |
LEADER: 02242cam a22003017a 4500
001 2007615363
003 DLC
005 20070515111322.0
007 cr |||||||||||
008 070514s2007 gau sb f000 0 eng
010 $a 2007615363
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aNason, James M.
245 14 $aThe McKenna rule and U.K. World War I finance$h[electronic resource] /$cJames M. Nason and Shaun P. Vahey.
260 $a[Atlanta, Ga.] :$bFederal Reserve Bank of Atlanta,$c[2007]
490 1 $aWorking paper series / Federal Reserve Bank of Atlanta ;$v2007-3
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 5/14/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"The United Kingdom employed the McKenna rule to conduct fiscal policy during World War I (WWI) and the interwar period. Named for Reginald McKenna, Chancellor of the Exchequer (1915-16), the McKenna rule committed the United Kingdom to a path of debt retirement, which we show was forward-looking and smoothed in response to shocks to the real economy and tax rates. The McKenna rule was in the tradition of the "English method" of war finance because the United Kingdom taxed capital to finance WWI. Higher rates of capital taxation also paid for debt retirement during and subsequent to WWI. The United Kingdom was motivated to implement the McKenna rule because of a desire to achieve a balance between fairness and equity. However, the McKenna rule adversely affected the real economy, according to a permanent income model. WWI and interwar U.K. data support the prediction that real activity is lower in response to higher past debt retirement rates"--Federal Reserve Bank of Atlanta web site.
653 $aWar finance;$aMcKenna rule;$adebt retirement;$acapital income tax rate;$apermanent income
700 1 $aVahey, Shaun P.
710 2 $aFederal Reserve Bank of Atlanta.
830 0 $aWorking paper series (Federal Reserve Bank of Atlanta : Online) ;$v2007-3.
856 40 $uhttp://www.frbatlanta.org/invoke.cfm?objectid=97A28BFE-5056-9F12-12399C040DFDD48E&method=display