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Allan H. Meltzer's History of the Federal Reserve, Volume I: 1913-1951 was published in 2002. His opus tells the story of one of America's most influential but least understood public institutions--the Federal Reserve System. The first volume covers the period from the Fed's founding in 1913 through the Treasury-Federal Reserve Accord of 1951, which marked the beginning of a larger and greatly changed institution. Mr. Meltzer explains that the development of the Fed into a powerful central bank was something its founders did not envision. Alan Greenspan, the current Fed chairman, contributed the foreword.
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AEI's Tax Reform Project, directed by Kevin A. Hassett, produces books and monographs and organizes a seminar series on the full range of issues that the major tax reform strategies raise. The project held several events during the year. Among the most notable was an April conference featuring former AEI scholar Lawrence B. Lindsey, now the assistant to the president for economic policy and director of the National Economic Council, and Chairman Bill Thomas (R-Calif.) of the House Ways and Means Committee. They discussed the key issues involved in the federal tax package passed in 2001 and whether the tax reductions in the act should be made permanent. At another April event, panelists examined the effects of deficits on interest rates and the types of fiscal stimulus packages that can effectively boost an economy in recession.
Two new publications from the AEI Press examine the role tax credits could play in reducing the number of Americans without health insurance. Responsible Tax Credits for Health Insurance, by Adjunct Scholar Mark V. Pauly and attorney John S. Hoff, explores the potential of a system of flexible tax credits and offers a sample plan. Cutting Taxes for Insuring: Options and Effects of Tax Credits for Health Insurance, by Mr. Pauly and Bradley Herring of Yale University, assesses the likely effect of specific tax credit options on the uninsured population. The authors conclude that a carefully designed tax credit proposal could substantially reduce the number of people who do not have health insurance while improving the equity of the tax treatment of those who do.
Many economists and business executives believe that entrepreneurial activity generates significant spillover benefits for the economy that justify tax subsidies for new businesses. At a September event, Roger Gordon of the University of California at San Diego explained how features of the personal and corporate income-tax codes affect the incentives to undertake new business ventures, and he presented empirical evidence that income taxes clearly influence entrepreneurial behavior.
A June conference considered proposals to offer a federal tax credit for political donations under $200. The event, which featured three members of Congress, included the release of a new report commissioned by AEI on federal and state experience with small-donation tax credits. The panelists also discussed the feasibility of such credits.
In December, Kent Smetters of the University of Pennsylvania led an event looking at the role of the Social Security Trust Fund in the budget process and presenting empirical evidence that policymakers have tended to spend revenues supposedly earmarked for the fund.
Another December event paid tribute to the publication Tax Notes on its thirtieth anniversary. Participants evaluated the fifteen papers in the anniversary issue, which considered the future of the U.S. tax system.
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