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THIS PAPER OFFERS NEW EMPIRICAL ESTIMATES OF THE DIFFERENCE IN CONSUMER SPENDING PROPENSITIES FROM TEMPORARY AND PERMANENT INCOME TAX CHANGES. OVER A 1-YEAR PLANNING HORIZON, A TEMPORARY TAX CHANGE IS ESTIMATED TO HAVE ONLY A LITTLE MORE THAN HALF THE IMPACT OF THE SAME SIZE PERMANENT CHANGE, AND REBATE IS ESTIMATED TO HAVE ONLY ABOUT 38 PERCENT OF THE IMPACT.

In this book, Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before – one that is a pleasure to read, and as interesting as it is important. Focusing on the most significant developments and long-term changes, Blinder traces the highs and lows of monetary and fiscal policy, which have by turns cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events – including the financial crisis, the Great Recession, and monetary policy during COVID-19.

From the New York Times bestselling author, the fascinating story of U.S. economic policy from Kennedy to COVID—filled with lessons for todayIn this book, Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to read, and as interesting as it is important.Focusing on the most significant developments and long-term changes, Blinder traces the highs and lows of monetary and fiscal policy, which have by turns cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events—including the financial crisis, the Great Recession, and monetary policy during COVID-19.A lively and concise narrative that is sure to become a classic, A Monetary and Fiscal History of the United States, 1961–2021 is filled with vital lessons for anyone who wants to better understand where the economy has been—and where it might be headed

The lamppost theory of economic policy -- Clashing civilizations -- Lost horizons? -- Madison's curse meets Madison Avenue -- The media are the messengers -- Murphy's law of economic policy -- Wanted: hard-headed but soft-hearted policies -- Trade disagreements -- With liberty and inequality for all? -- The political quicksand of tax reform -- Toward remedies: moving the needle -- Toward remedies: moving the line -- Last word: on bridging the gap

Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also e

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communicationmostly empirical, and almost all of it written in this decade. We survey this evergrowing literature. The evidence suggests that communication can be an important and powerful part of the central bank's toolkit since it has the ability to move financial markets, to enhance the predictability of monetary policy decisions, and potentially to help achieve central banks' macroeconomic objectives. However, the large variation in communication strategies across central banks suggests that a consensus has yet to emerge on what constitutes an optimal communication strategy

Contents -- Preface -- Part I. On Learning by Asking -- Chapter 1. Why Study Price Stickiness? Why This Way? -- Chapter 2. Antecendents -- Chapter 3. Research Design -- Part II. The Basic Findings -- Chapter 4. Wouldn't It Be Nice to Know...? -- Chapter 5. Basic Results on the Twelve Theories -- Part III. Detailed Findings on Each Theory -- Chapter 6. Nominal Contracting -- Chapter 7. Implicit Contracts -- Chapter 8. Judging Quality by Price -- Chapter 9. Psychological Pricing Points -- Chapter 10. Procyclical Elasticity of Demand