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By J. O. N. Perkins (auth.)

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3 is consistent with the ranking of those measures tested also in the OECD simulations; interest rate cuts being the most inflationary, followed by accommodated government outlays, then bond-financed 30 A General Approach to Macroeconomic Policy government outlays. Income tax cuts are generally more inflationary than the other tax cuts. 3), are also consistent with the EEC simulations reported below, so far as there are policy measures common to both; for in the EEC simulations also cuts in indirect taxes and employers' social security contributions had downward effects on prices, and income tax cuts had a less inflationary effect than government outlays.

Bond-financed income tax cuts score better than bond-financed rises in government outlays for all seven countries; and (except for Canada, again, and the US) bond-financed tax cuts or bond-financed government outlays each score better than the same measure when it is accommodated by monetary measures to hold down interest rates, using the comparison of the effects over the average level for the five years. For the average annual change over the five-year period, however, the bond-financed alternatives are the more inflationary for the US, Japan and (for outlays) West Germany, as well as for Canada.

1988. the UK, assume a constant quantity of money). The simulations of cuts in employers' national insurance contributions provide evidence from three of the models that this form of stimulus also operates in a helpful direction on both of the main macroeconomic objectives (in one of them even better than a cut in VAT) - a conclusion that we shall see below is also consistent with the EEC simulations. In one model income tax cuts also reduce prices. When the fiscal stimuli are both accommodated by a sufficiently expansionary monetary policy to hold interest rates constant, the evidence from the UK models is mixed on whether government outlays are more inflationary than income tax cuts; though on the average of the models these results are consistent with the results from the OECD simulations to the effect that the income tax cut is the less inflationary of the two.

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