HKS Affiliated Authors
James W. Harpel Professor of Capital Formation and Growth
Excerpt
Excerpt
The Economist’s Stone. Jeffrey Frankel, March 13, 2013, Opinion. "This year marks the 100th anniversaries of two distinct institutional innovations in American economic policy: the introduction of the federal income tax and the establishment of the Federal Reserve. They are worth commemorating, if only because we are at risk of forgetting what we have learned since then. Initially, neither the income tax nor the Fed was associated with the explicit concepts of fiscal and monetary policy. Indeed, it wasn’t until after the experience of the 1930’s that they came to be viewed as potential instruments for macroeconomic management..." Link verified March 28, 2014