In-work benefits in the United States: the earned income tax credit

Article Abstract:

The earned income tax credit is the largest cash benefit given to low-income families in the US since 1975. An analysis is done to evaluate take-up, labor market effects and compliance. The participation rate of 80%-86% in the US is higher than the take-up of Family Credit in the UK. The effects on hours of work and participation is complex due to its three-tiered structure. Simulation analysis indicates the sensitivity of labor market participation to changes in the earned income tax credit.

Analysis, Economic aspects, Family, Earned income tax credit

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The present relevance of Hume's open-economy monetary dynamics

Article Abstract:

Economist David Hume's theory of output and monetary dynamics is examined within the framework of a short-run, open-economy macrodynamic analysis. Using a hysteresis model of the interaction of real and monetary variables, it was shown that Hume's monetary theory can never be considered as exclusively monetarist or Keynesian, but rather as one which combines elements of both schools. This only serves to affirm Hume's seminal contributions to modern monetary theory.

Models, Money, Hume, David

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Nonlinear dynamics in real-time equity market indices: evidence from the United Kingdom

Article Abstract:

The nonlinearity and presence of chaotic behavior in real-time returns in the UK is tested using around 60,000 observations gathered within a span of six months. Returns on the country's FTSE-100 Index served as test data. Results show that nonlinearity does exist and besides, the GARCH procedure can account for some of the observed nonlinear reliance. As for chaos, there is little evidence to support it.

Chaos theory, Chaotic systems, Nonlinear theories

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