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data-dom-id="ProfileCheckPaperUpdate-react-component-c3c97ce3-c81f-4287-87f0-07461ae701b5"></div> <div id="ProfileCheckPaperUpdate-react-component-c3c97ce3-c81f-4287-87f0-07461ae701b5"></div> <div class="DesignSystem"><div class="onsite-ping" id="onsite-ping"></div></div><div class="profile-user-info DesignSystem"><div class="social-profile-container"><div class="left-panel-container"><div class="user-info-component-wrapper"><div class="user-summary-cta-container"><div class="user-summary-container"><div class="social-profile-avatar-container"><img class="profile-avatar u-positionAbsolute" alt="Edgar L Feige" border="0" onerror="if (this.src != '//a.academia-assets.com/images/s200_no_pic.png') this.src = '//a.academia-assets.com/images/s200_no_pic.png';" width="200" height="200" src="https://0.academia-photos.com/21390/7158/6860/s200_edgar.feige.jpg" /></div><div class="title-container"><h1 class="ds2-5-heading-sans-serif-sm">Edgar L Feige</h1><div class="affiliations-container fake-truncate js-profile-affiliations"><div><a class="u-tcGrayDarker" href="https://wisc.academia.edu/">University of Wisconsin-Madison</a>, <a class="u-tcGrayDarker" href="https://wisc.academia.edu/Departments/Economics/Documents">Economics</a>, <span class="u-tcGrayDarker">Faculty Member</span></div></div></div></div><div class="sidebar-cta-container"><button class="ds2-5-button hidden profile-cta-button grow js-profile-follow-button" data-broccoli-component="user-info.follow-button" data-click-track="profile-user-info-follow-button" data-follow-user-fname="Edgar" data-follow-user-id="21390" data-follow-user-source="profile_button" data-has-google="false"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">add</span>Follow</button><button class="ds2-5-button hidden profile-cta-button grow js-profile-unfollow-button" data-broccoli-component="user-info.unfollow-button" data-click-track="profile-user-info-unfollow-button" data-unfollow-user-id="21390"><span 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class="js-profile-total-view-text">Public Views</span></p><p class="data"><span class="js-profile-view-count"></span></p></div></a></div><div class="user-bio-container"><div class="profile-bio fake-truncate js-profile-about" style="margin: 0px;">Edgar L. Feige is Professor of Economics Emeritus at the University of Wisconsin-Madison. A graduate of Columbia University (BA. 1958) and the University of Chicago (Ph.D, 1963) he has also taught at Yale University ; The University of Essex; Erasmus University and held the Cleveringa Chair at the University of Leyden. Feige has received numerous awards, including Ford Foundation Doctoral Dissertation Award, election as a Fellow at the Netherlands Institute for Advanced Study and twice received the Fulbright Scholar Award in Spain. In 1998-99 he received a third Fulbright Research Scholar Award serving as Visiting Research Scholar at the Institute for Public Finance, Zagreb and Visiting Research Scholar at the Croatian National Bank. In 2003 he served as a World Bank Visiting Scholar at the Center for Economic and Financial Research in Moscow and in 2004 was awarded a Rockefeller Foundation research residency at Bellagio.<br /><br />Feige is the author of more than eighty publications in books and scholarly journals and has been called "the father of Underground Economy analysis" based on his thirty years of research on underground economies throughout the world. His books include The Demand for Liquid Assets, Prentice Hall, 1963; The Underground Economies: Tax Evasion and Information Distortion, Cambridge University Press, 1989 and Underground Economies in Transition: Unrecorded Activity, Tax Evasion, Corruption and Organized Crime, Ashgate, 1999. He has served as a consultant to the United States Treasury Department, Bureau of Engraving and Printing; the Financial Crimes Enforcement Network (FinCEN); the Agency for International Development; the Los Alamos National Laboratory; the Board of Governors of the Federal Reserve System; the Instituto Libertad y Democracia; the International Monetary Fund, the Croatian National Bank, the Central Bank of Albania, and served on the National Academy of Science Research Council Task Force on Economies in Transition. Recent research activities include work on the Underground Economies of Transition Countries; Unofficial (de facto) Dollarization; and Tax Reform for the 21st Century.<br /><div class="js-profile-less-about u-linkUnstyled u-tcGrayDarker u-textDecorationUnderline u-displayNone">less</div></div></div><div class="suggested-academics-container"><div class="suggested-academics--header"><p class="ds2-5-body-md-bold">Related Authors</p></div><ul class="suggested-user-card-list"><div class="suggested-user-card"><div class="suggested-user-card__avatar social-profile-avatar-container"><a href="https://shu.academia.edu/RichardWhite"><img class="profile-avatar u-positionAbsolute" alt="Richard J White" border="0" onerror="if (this.src != '//a.academia-assets.com/images/s200_no_pic.png') this.src = '//a.academia-assets.com/images/s200_no_pic.png';" width="200" height="200" src="https://0.academia-photos.com/4304/1706/16495152/s200_richard.white.jpg" /></a></div><div 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class="profile--tab_heading_container js-section-heading" data-section="Books" id="Books"><h3 class="profile--tab_heading_container">Books by Edgar L Feige</h3></div><div class="js-work-strip profile--work_container" data-work-id="166382"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/166382/The_Demand_For_Liquid_Assets_A_Temporal_Cross_Section_Analysis_New_Jersey_Prentice_Hall_Inc_1964"><img alt="Research paper thumbnail of The Demand For Liquid Assets: A Temporal Cross Section Analysis. New Jersey: Prentice Hall, Inc. 1964. " class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/166382/The_Demand_For_Liquid_Assets_A_Temporal_Cross_Section_Analysis_New_Jersey_Prentice_Hall_Inc_1964">The Demand For Liquid Assets: A Temporal Cross Section Analysis. New Jersey: Prentice Hall, Inc. 1964. </a></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166382"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166382"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166382; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166382]").text(description); $(".js-view-count[data-work-id=166382]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166382; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166382']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=166382]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166382,"title":"The Demand For Liquid Assets: A Temporal Cross Section Analysis. 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(Editor and co-author) Cambridge University Press, 1989," class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/166380/The_Underground_Economies_Tax_Evasion_and_Information_Distortion_Editor_and_co_author_Cambridge_University_Press_1989_">The Underground Economies: Tax Evasion and Information Distortion. (Editor and co-author) Cambridge University Press, 1989,</a></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166380"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166380"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166380; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166380]").text(description); $(".js-view-count[data-work-id=166380]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166380; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166380']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=166380]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166380,"title":"The Underground Economies: Tax Evasion and Information Distortion. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="44375662"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/44375662/The_Meaning_and_Measurement_of_the_Underground_Economy"><img alt="Research paper thumbnail of The Meaning and Measurement of the Underground Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/64776125/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/44375662/The_Meaning_and_Measurement_of_the_Underground_Economy">The Meaning and Measurement of the Underground Economy</a></div><div class="wp-workCard_item"><span>The Underground Economies</span><span>, 1989</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This chapter examines the meaning and measurement of various underground economies and puts forth...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This chapter examines the meaning and measurement of various underground economies and puts forth the hypothesis that the empirical anomaly of Stagflation during the 1970's can be partially explained by the growth of the unreported and unrecorded economies.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="2c515e90aae1cdb886cfbd5a5f262cdf" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":64776125,"asset_id":44375662,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/64776125/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="44375662"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="44375662"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 44375662; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="166399"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/166399/_Information_Distortions_In_Social_Systems_The_Underground_Economy_And_Other_Observer_Subject_Policymaker_Feedbacks_"><img alt="Research paper thumbnail of "Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks," class="work-thumbnail" src="https://attachments.academia-assets.com/39647250/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/166399/_Information_Distortions_In_Social_Systems_The_Underground_Economy_And_Other_Observer_Subject_Policymaker_Feedbacks_">"Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks,</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">A vast array of information about economic activity, political behavior and social trends are sum...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">A vast array of information about economic activity, political behavior and social trends are summarized in quantitative measures, sometimes in a single number such as GDP. Because of their apparent objectivity, simplicity and universality, these measures are used as a basis for both scientific investigations and in the formulation of public policy. These critical ‘facts” are often subject to what we call observer-subject- policy feedback, an interactive mechanism that can seriously distort and bias the economic, social and political indicators that are typically treated as exogenous observations on our complex systems. In fact, information is often endogenous to the system being studied, and a failure to recognize the observer-subject-policymaker feedback mechanism can result in “rational” decisions being based on ‘irrational” information systems. Indeed, we argue that the information content of social indicators is likely to become distorted by the very operation of the economic, social and political institutions they seek to describe. The unobserved economy is an exemplar of this interactive process. Reference: The Underground Economies: Tax Evasion and Information Distortion. Edgar L. Feige (ed.) Cambridge University Press, 1989.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="20fb584b6764e46c9962934a5d4401e9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39647250,"asset_id":166399,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39647250/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166399"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166399"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166399; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166399]").text(description); $(".js-view-count[data-work-id=166399]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166399; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166399']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "20fb584b6764e46c9962934a5d4401e9" } } $('.js-work-strip[data-work-id=166399]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166399,"title":"\"Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks,","translated_title":"","metadata":{"abstract":"A vast array of information about economic activity, political behavior and social trends are summarized in quantitative measures, sometimes in a single number such as GDP. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="profile--tab_heading_container js-section-heading" data-section="Drafts" id="Drafts"><h3 class="profile--tab_heading_container">Drafts by Edgar L Feige</h3></div><div class="js-work-strip profile--work_container" data-work-id="45418777"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/45418777/Preprint_of_German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations"><img alt="Research paper thumbnail of Preprint of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations" class="work-thumbnail" src="https://attachments.academia-assets.com/65932513/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/45418777/Preprint_of_German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations">Preprint of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations</a></div><div class="wp-workCard_item wp-workCard--coauthors"><span>by </span><span><a class="" data-click-track="profile-work-strip-authors" href="https://wisc.academia.edu/EdgarFeige">Edgar L Feige</a> and <a class="" data-click-track="profile-work-strip-authors" href="https://independent.academia.edu/WilliamMoskoff">William Moskoff</a></span></div><div class="wp-workCard_item"><span>SHOFAR</span><span>, 2023</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. Their conscription and voluntary service in the military during both the Franco-Prussian War (1870-1871) and World War I (1914-1918), provided an opportunity for Jews to demonstrate their fealty to the nation. Moreover, their requests for Jewish military chaplains were granted, enabling them to celebrate their traditional High Holy Days services. This article tells the story of Jewish religious worship on Yom Kippur during both wars as depicted by German artists.  We examine contemporaneous accounts of the scenes depicted, and find that while some were accurate with respect to venue and mood, the most popular images of throngs of Jewish soldiers worshiping on open air battlefields were fictionalized images of events that never took place. These pictorial images, exaggerated, romanticized, and idealized, portrayed Jews as patriotic Germans, fully engaged with the wartime goals of the German government while practicing their unique forms of worship. German Jews and Jews throughout the diaspora clung to these images which became widely available on postcards, lithographs, and cloth wall hangings.  They continued to be proudly displayed in Jewish homes as symbols of Jewish patriotism, until the end of World War I when blatant antisemitism falsely blamed the Jews for Germany’s defeat.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="c42dd9756ecd9638086aab160d1304aa" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":65932513,"asset_id":45418777,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/65932513/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="45418777"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="45418777"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 45418777; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="profile--tab_heading_container js-section-heading" data-section="Papers" id="Papers"><h3 class="profile--tab_heading_container">Papers by Edgar L Feige</h3></div><div class="js-work-strip profile--work_container" data-work-id="119651481"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119651481/German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations"><img alt="Research paper thumbnail of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119651481/German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations">German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. Their conscription and voluntary service in the military during both the Franco-Prussian War (1870-1871) and World War I (1914-1918), provided an opportunity for Jews to demonstrate their fealty to the nation. Moreover, their requests for Jewish military chaplains were granted, enabling them to celebrate their traditional High Holy Days services. This article tells the story of Jewish religious worship on Yom Kippur during both wars as depicted by German artists. We examine contemporaneous accounts of the scenes depicted, and find that while some were accurate with respect to venue and mood, the most popular images of throngs of Jewish soldiers worshiping on open air battlefields were fictionalized images of events that never took place. These pictorial images, exaggerated, romanticized, and idealized, portrayed Jews as patriotic Germans, fully engaged with the wartime goals of the German government while practicing their unique forms of worship. German Jews and Jews throughout the diaspora clung to these images which became widely available on postcards, lithographs, and cloth wall hangings. They continued to be proudly displayed in Jewish homes as symbols of Jewish patriotism, until the end of World War I when blatant antisemitism falsely blamed the Jews for Germany’s defeat.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651481"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651481"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651481; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651481]").text(description); $(".js-view-count[data-work-id=119651481]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651481; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651481']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119651481]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651481,"title":"German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations","translated_title":"","metadata":{"abstract":"One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651480"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651480/Currency_Velocity_and_Cash_Payments_in_the_US_Economy_The_Currency_Enigma"><img alt="Research paper thumbnail of Currency Velocity and Cash Payments in the US Economy: The Currency Enigma" class="work-thumbnail" src="https://attachments.academia-assets.com/115026311/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651480/Currency_Velocity_and_Cash_Payments_in_the_US_Economy_The_Currency_Enigma">Currency Velocity and Cash Payments in the US Economy: The Currency Enigma</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 1989</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="466921210588385a6bb617d918286b13" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026311,"asset_id":119651480,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026311/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651480"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651480"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651480; 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href="https://www.academia.edu/119651479/Measuring_Underground_Unobserved_Non_Observed_Unrecorded_Economies_in_Transition_Countries_Can_We_Trust_GDP"><img alt="Research paper thumbnail of Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?" class="work-thumbnail" src="https://attachments.academia-assets.com/115026309/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651479/Measuring_Underground_Unobserved_Non_Observed_Unrecorded_Economies_in_Transition_Countries_Can_We_Trust_GDP">Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2008</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper compiles alternative estimates of underground economies in twenty five transition coun...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in varying degrees now include non-transparent imputations for the "nonobserved economy") as well as the macro model estimates of the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of the radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved, non-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure of the transition experience should be based on estimates of total economic activity (TEA) namely, recorded plus unrecorded economic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts (NIPA) methods for obtaining "exhaustive" measures of total economic activity and the two most popular macro-model approaches (electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical results detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack of convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and economic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional macro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time that the profession acknowledges how little we really know about underground economies and their causes and consequences.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="15ecbca33b6b1d90f81b5f089e589445" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026309,"asset_id":119651479,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026309/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651479"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651479"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651479; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651479]").text(description); $(".js-view-count[data-work-id=119651479]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651479; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651479']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "15ecbca33b6b1d90f81b5f089e589445" } } $('.js-work-strip[data-work-id=119651479]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651479,"title":"Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","ai_title_tag":"Assessing Underground Economies in Transition","grobid_abstract":"This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in varying degrees now include non-transparent imputations for the \"nonobserved economy\") as well as the macro model estimates of the unrecorded economy. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651478"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119651478/The_meaning_and_measurement_of_the_underground_economy"><img alt="Research paper thumbnail of The meaning and measurement of the underground economy" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119651478/The_meaning_and_measurement_of_the_underground_economy">The meaning and measurement of the underground economy</a></div><div class="wp-workCard_item"><span>Cambridge University Press eBooks</span><span>, Jan 27, 1989</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Page 29. CHAPTER 1 The meaning and measurement of the underground economy EDGAR L. FEIGE If we ar...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Page 29. CHAPTER 1 The meaning and measurement of the underground economy EDGAR L. FEIGE If we are to believe official government statistics, the US economy of the 1970&amp;#x27;s displayed symptoms of economic maladies ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651478"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651478"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651478; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651478]").text(description); $(".js-view-count[data-work-id=119651478]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651478; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651478']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119651478]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651478,"title":"The meaning and measurement of the underground economy","translated_title":"","metadata":{"abstract":"Page 29. 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Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Page 1. Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy? Edgar L. Feige University of Wisconsin Douglas K. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651473"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651473/New_estimates_of_U_S_currency_abroad_the_domestic_money_supply_and_the_unreported_economy"><img alt="Research paper thumbnail of New estimates of U.S. currency abroad, the domestic money supply and the unreported economy" class="work-thumbnail" src="https://attachments.academia-assets.com/115026304/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651473/New_estimates_of_U_S_currency_abroad_the_domestic_money_supply_and_the_unreported_economy">New estimates of U.S. currency abroad, the domestic money supply and the unreported economy</a></div><div class="wp-workCard_item"><span>Crime Law and Social Change</span><span>, Dec 10, 2011</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Despite financial innovations that have created important new substitutes for cash usage, per cap...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve"s (NYB) "confidential" data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve"s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income" is $1.9-$2.4 trillion, implying a "tax gap" in the range of $400-$550 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="e8277447a33341fe9c3195a8874cedbe" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026304,"asset_id":119651473,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026304/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651473"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651473"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651473; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651473]").text(description); $(".js-view-count[data-work-id=119651473]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651473; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651473']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "e8277447a33341fe9c3195a8874cedbe" } } $('.js-work-strip[data-work-id=119651473]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651473,"title":"New estimates of U.S. currency abroad, the domestic money supply and the unreported economy","translated_title":"","metadata":{"publisher":"Springer Science+Business Media","ai_title_tag":"Revised Estimates of U.S. Currency Abroad and the Unreported Economy","grobid_abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. 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Laidler</a></div><div class="wp-workCard_item"><span>Journal of Political Economy</span><span>, Feb 1, 1979</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651472"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651472"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651472; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651472]").text(description); $(".js-view-count[data-work-id=119651472]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651472; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651472']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119651472]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651472,"title":"The Demand for Money: Theories and Evidence. 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Laidler","translated_title":"","metadata":{"publisher":"University of Chicago Press","publication_date":{"day":1,"month":2,"year":1979,"errors":{}},"publication_name":"Journal of Political Economy"},"translated_abstract":null,"internal_url":"https://www.academia.edu/119651472/The_Demand_for_Money_Theories_and_Evidence_David_E_W_Laidler","translated_internal_url":"","created_at":"2024-05-20T06:36:17.284-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"The_Demand_for_Money_Theories_and_Evidence_David_E_W_Laidler","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":null,"owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy"}],"urls":[{"id":42138590,"url":"https://doi.org/10.1086/260750"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651471"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651471/The_Dynamics_of_Currency_Substitution_Asset_Substitution_and_De_Facto_Dollarization_and_Euroization_in_Transition_Countries"><img alt="Research paper thumbnail of The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/115026350/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651471/The_Dynamics_of_Currency_Substitution_Asset_Substitution_and_De_Facto_Dollarization_and_Euroization_in_Transition_Countries">The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2003</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. Estimates of the amount of foreign currency in circulation (FCC) in transition countries are used to develop a new comprehensive dollarization index (CDI) and separate indices of currency substitution (CSI) and asset substitution (ASI). When the CDI is compared to the traditional dollarization index (DI) that relies solely on foreign currency deposits as a proxy for the extent of dollarization, I find that the comprehensive dollarization measure provides a more complete picture of the extent of de facto dollarization and euroization, and that it better reflects the separate influences of currency substitution and asset substitution. I find that the dynamic evolution of currency substitution and asset substitution in transition countries is both more variable and complex than is usually believed to be the case. These new dollarization indicators enable researchers to examine the causes of the dollarization process and its tendency to lead to irreversibility (hysteresis). Moreover, the currency substitution and asset substitution indices shed light on the dynamic consequences of these processes for the effectiveness of monetary policy. Finally, the new estimates of FCC make possible the measurement of effective currency/deposit ratios that can be used to develop new estimates of the size and growth of underground economies in transition countries.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1e0cfbe6b6b8fcfaa0cc2dbe51baa7ed" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026350,"asset_id":119651471,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026350/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651471"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651471"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651471; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651471]").text(description); $(".js-view-count[data-work-id=119651471]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651471; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651471']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1e0cfbe6b6b8fcfaa0cc2dbe51baa7ed" } } $('.js-work-strip[data-work-id=119651471]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651471,"title":"The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","grobid_abstract":"This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. 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(Editor and co-author) Cambridge University Press, 1989,","translated_title":"","metadata":{},"translated_abstract":null,"internal_url":"https://www.academia.edu/166380/The_Underground_Economies_Tax_Evasion_and_Information_Distortion_Editor_and_co_author_Cambridge_University_Press_1989_","translated_internal_url":"","created_at":"2008-12-03T22:49:00.642-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"book","co_author_tags":[],"downloadable_attachments":[],"slug":"The_Underground_Economies_Tax_Evasion_and_Information_Distortion_Editor_and_co_author_Cambridge_University_Press_1989_","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":null,"owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":5378,"name":"Underground Economies","url":"https://www.academia.edu/Documents/in/Underground_Economies"},{"id":8358,"name":"Public Budgeting and Finance","url":"https://www.academia.edu/Documents/in/Public_Budgeting_and_Finance"},{"id":24330,"name":"Macro Economics","url":"https://www.academia.edu/Documents/in/Macro_Economics"},{"id":28583,"name":"Money","url":"https://www.academia.edu/Documents/in/Money"}],"urls":[]}, dispatcherData: dispatcherData }); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="166399"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/166399/_Information_Distortions_In_Social_Systems_The_Underground_Economy_And_Other_Observer_Subject_Policymaker_Feedbacks_"><img alt="Research paper thumbnail of "Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks," class="work-thumbnail" src="https://attachments.academia-assets.com/39647250/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/166399/_Information_Distortions_In_Social_Systems_The_Underground_Economy_And_Other_Observer_Subject_Policymaker_Feedbacks_">"Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks,</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">A vast array of information about economic activity, political behavior and social trends are sum...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">A vast array of information about economic activity, political behavior and social trends are summarized in quantitative measures, sometimes in a single number such as GDP. Because of their apparent objectivity, simplicity and universality, these measures are used as a basis for both scientific investigations and in the formulation of public policy. These critical ‘facts” are often subject to what we call observer-subject- policy feedback, an interactive mechanism that can seriously distort and bias the economic, social and political indicators that are typically treated as exogenous observations on our complex systems. In fact, information is often endogenous to the system being studied, and a failure to recognize the observer-subject-policymaker feedback mechanism can result in “rational” decisions being based on ‘irrational” information systems. Indeed, we argue that the information content of social indicators is likely to become distorted by the very operation of the economic, social and political institutions they seek to describe. The unobserved economy is an exemplar of this interactive process. Reference: The Underground Economies: Tax Evasion and Information Distortion. Edgar L. Feige (ed.) Cambridge University Press, 1989.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="20fb584b6764e46c9962934a5d4401e9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39647250,"asset_id":166399,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39647250/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166399"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166399"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166399; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166399]").text(description); $(".js-view-count[data-work-id=166399]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166399; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166399']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "20fb584b6764e46c9962934a5d4401e9" } } $('.js-work-strip[data-work-id=166399]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166399,"title":"\"Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks,","translated_title":"","metadata":{"abstract":"A vast array of information about economic activity, political behavior and social trends are summarized in quantitative measures, sometimes in a single number such as GDP. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="10955795" id="drafts"><div class="js-work-strip profile--work_container" data-work-id="45418777"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/45418777/Preprint_of_German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations"><img alt="Research paper thumbnail of Preprint of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations" class="work-thumbnail" src="https://attachments.academia-assets.com/65932513/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/45418777/Preprint_of_German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations">Preprint of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations</a></div><div class="wp-workCard_item wp-workCard--coauthors"><span>by </span><span><a class="" data-click-track="profile-work-strip-authors" href="https://wisc.academia.edu/EdgarFeige">Edgar L Feige</a> and <a class="" data-click-track="profile-work-strip-authors" href="https://independent.academia.edu/WilliamMoskoff">William Moskoff</a></span></div><div class="wp-workCard_item"><span>SHOFAR</span><span>, 2023</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. Their conscription and voluntary service in the military during both the Franco-Prussian War (1870-1871) and World War I (1914-1918), provided an opportunity for Jews to demonstrate their fealty to the nation. Moreover, their requests for Jewish military chaplains were granted, enabling them to celebrate their traditional High Holy Days services. This article tells the story of Jewish religious worship on Yom Kippur during both wars as depicted by German artists.  We examine contemporaneous accounts of the scenes depicted, and find that while some were accurate with respect to venue and mood, the most popular images of throngs of Jewish soldiers worshiping on open air battlefields were fictionalized images of events that never took place. These pictorial images, exaggerated, romanticized, and idealized, portrayed Jews as patriotic Germans, fully engaged with the wartime goals of the German government while practicing their unique forms of worship. German Jews and Jews throughout the diaspora clung to these images which became widely available on postcards, lithographs, and cloth wall hangings.  They continued to be proudly displayed in Jewish homes as symbols of Jewish patriotism, until the end of World War I when blatant antisemitism falsely blamed the Jews for Germany’s defeat.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="c42dd9756ecd9638086aab160d1304aa" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":65932513,"asset_id":45418777,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/65932513/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="45418777"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="45418777"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 45418777; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="2649" id="papers"><div class="js-work-strip profile--work_container" data-work-id="119651481"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119651481/German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations"><img alt="Research paper thumbnail of German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119651481/German_Jewish_Soldiers_and_the_Celebration_of_Yom_Kippur_in_Wartime_Patriotic_Images_and_Jewish_Aspirations">German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. Their conscription and voluntary service in the military during both the Franco-Prussian War (1870-1871) and World War I (1914-1918), provided an opportunity for Jews to demonstrate their fealty to the nation. Moreover, their requests for Jewish military chaplains were granted, enabling them to celebrate their traditional High Holy Days services. This article tells the story of Jewish religious worship on Yom Kippur during both wars as depicted by German artists. We examine contemporaneous accounts of the scenes depicted, and find that while some were accurate with respect to venue and mood, the most popular images of throngs of Jewish soldiers worshiping on open air battlefields were fictionalized images of events that never took place. These pictorial images, exaggerated, romanticized, and idealized, portrayed Jews as patriotic Germans, fully engaged with the wartime goals of the German government while practicing their unique forms of worship. German Jews and Jews throughout the diaspora clung to these images which became widely available on postcards, lithographs, and cloth wall hangings. They continued to be proudly displayed in Jewish homes as symbols of Jewish patriotism, until the end of World War I when blatant antisemitism falsely blamed the Jews for Germany’s defeat.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651481"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651481"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651481; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651481]").text(description); $(".js-view-count[data-work-id=119651481]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651481; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651481']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119651481]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651481,"title":"German Jewish Soldiers and the Celebration of Yom Kippur in Wartime: Patriotic Images and Jewish Aspirations","translated_title":"","metadata":{"abstract":"One of the enduring themes in German Jewish history has been the deep-seated desire of Jews to be fully accepted as equals by other Germans, including the right to worship freely. 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Moreover, their requests for Jewish military chaplains were granted, enabling them to celebrate their traditional High Holy Days services. This article tells the story of Jewish religious worship on Yom Kippur during both wars as depicted by German artists. We examine contemporaneous accounts of the scenes depicted, and find that while some were accurate with respect to venue and mood, the most popular images of throngs of Jewish soldiers worshiping on open air battlefields were fictionalized images of events that never took place. These pictorial images, exaggerated, romanticized, and idealized, portrayed Jews as patriotic Germans, fully engaged with the wartime goals of the German government while practicing their unique forms of worship. German Jews and Jews throughout the diaspora clung to these images which became widely available on postcards, lithographs, and cloth wall hangings. 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href="https://www.academia.edu/119651479/Measuring_Underground_Unobserved_Non_Observed_Unrecorded_Economies_in_Transition_Countries_Can_We_Trust_GDP"><img alt="Research paper thumbnail of Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?" class="work-thumbnail" src="https://attachments.academia-assets.com/115026309/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651479/Measuring_Underground_Unobserved_Non_Observed_Unrecorded_Economies_in_Transition_Countries_Can_We_Trust_GDP">Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2008</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper compiles alternative estimates of underground economies in twenty five transition coun...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in varying degrees now include non-transparent imputations for the "nonobserved economy") as well as the macro model estimates of the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of the radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved, non-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure of the transition experience should be based on estimates of total economic activity (TEA) namely, recorded plus unrecorded economic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts (NIPA) methods for obtaining "exhaustive" measures of total economic activity and the two most popular macro-model approaches (electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical results detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack of convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and economic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional macro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time that the profession acknowledges how little we really know about underground economies and their causes and consequences.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="15ecbca33b6b1d90f81b5f089e589445" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026309,"asset_id":119651479,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026309/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651479"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651479"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651479; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651479]").text(description); $(".js-view-count[data-work-id=119651479]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651479; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651479']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "15ecbca33b6b1d90f81b5f089e589445" } } $('.js-work-strip[data-work-id=119651479]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651479,"title":"Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","ai_title_tag":"Assessing Underground Economies in Transition","grobid_abstract":"This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in varying degrees now include non-transparent imputations for the \"nonobserved economy\") as well as the macro model estimates of the unrecorded economy. 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CHAPTER 1 The meaning and measurement of the underground economy EDGAR L. FEIGE If we ar...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Page 29. CHAPTER 1 The meaning and measurement of the underground economy EDGAR L. 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Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Page 1. Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy? Edgar L. Feige University of Wisconsin Douglas K. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651473"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651473/New_estimates_of_U_S_currency_abroad_the_domestic_money_supply_and_the_unreported_economy"><img alt="Research paper thumbnail of New estimates of U.S. currency abroad, the domestic money supply and the unreported economy" class="work-thumbnail" src="https://attachments.academia-assets.com/115026304/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651473/New_estimates_of_U_S_currency_abroad_the_domestic_money_supply_and_the_unreported_economy">New estimates of U.S. currency abroad, the domestic money supply and the unreported economy</a></div><div class="wp-workCard_item"><span>Crime Law and Social Change</span><span>, Dec 10, 2011</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Despite financial innovations that have created important new substitutes for cash usage, per cap...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve"s (NYB) "confidential" data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve"s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income" is $1.9-$2.4 trillion, implying a "tax gap" in the range of $400-$550 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="e8277447a33341fe9c3195a8874cedbe" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026304,"asset_id":119651473,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026304/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651473"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651473"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651473; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651473]").text(description); $(".js-view-count[data-work-id=119651473]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651473; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651473']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "e8277447a33341fe9c3195a8874cedbe" } } $('.js-work-strip[data-work-id=119651473]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651473,"title":"New estimates of U.S. currency abroad, the domestic money supply and the unreported economy","translated_title":"","metadata":{"publisher":"Springer Science+Business Media","ai_title_tag":"Revised Estimates of U.S. Currency Abroad and the Unreported Economy","grobid_abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve\"s (NYB) \"confidential\" data on wholesale currency shipments abroad. 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David E. W. Laidler" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119651472/The_Demand_for_Money_Theories_and_Evidence_David_E_W_Laidler">The Demand for Money: Theories and Evidence. David E. W. Laidler</a></div><div class="wp-workCard_item"><span>Journal of Political Economy</span><span>, Feb 1, 1979</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651472"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651472"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651472; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651472]").text(description); $(".js-view-count[data-work-id=119651472]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651472; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651472']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119651472]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651472,"title":"The Demand for Money: Theories and Evidence. David E. W. Laidler","translated_title":"","metadata":{"publisher":"University of Chicago Press","publication_date":{"day":1,"month":2,"year":1979,"errors":{}},"publication_name":"Journal of Political Economy"},"translated_abstract":null,"internal_url":"https://www.academia.edu/119651472/The_Demand_for_Money_Theories_and_Evidence_David_E_W_Laidler","translated_internal_url":"","created_at":"2024-05-20T06:36:17.284-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"The_Demand_for_Money_Theories_and_Evidence_David_E_W_Laidler","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":null,"owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy"}],"urls":[{"id":42138590,"url":"https://doi.org/10.1086/260750"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651471"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651471/The_Dynamics_of_Currency_Substitution_Asset_Substitution_and_De_Facto_Dollarization_and_Euroization_in_Transition_Countries"><img alt="Research paper thumbnail of The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/115026350/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651471/The_Dynamics_of_Currency_Substitution_Asset_Substitution_and_De_Facto_Dollarization_and_Euroization_in_Transition_Countries">The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2003</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. Estimates of the amount of foreign currency in circulation (FCC) in transition countries are used to develop a new comprehensive dollarization index (CDI) and separate indices of currency substitution (CSI) and asset substitution (ASI). When the CDI is compared to the traditional dollarization index (DI) that relies solely on foreign currency deposits as a proxy for the extent of dollarization, I find that the comprehensive dollarization measure provides a more complete picture of the extent of de facto dollarization and euroization, and that it better reflects the separate influences of currency substitution and asset substitution. I find that the dynamic evolution of currency substitution and asset substitution in transition countries is both more variable and complex than is usually believed to be the case. These new dollarization indicators enable researchers to examine the causes of the dollarization process and its tendency to lead to irreversibility (hysteresis). Moreover, the currency substitution and asset substitution indices shed light on the dynamic consequences of these processes for the effectiveness of monetary policy. Finally, the new estimates of FCC make possible the measurement of effective currency/deposit ratios that can be used to develop new estimates of the size and growth of underground economies in transition countries.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1e0cfbe6b6b8fcfaa0cc2dbe51baa7ed" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026350,"asset_id":119651471,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026350/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651471"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651471"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651471; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651471]").text(description); $(".js-view-count[data-work-id=119651471]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651471; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651471']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1e0cfbe6b6b8fcfaa0cc2dbe51baa7ed" } } $('.js-work-strip[data-work-id=119651471]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651471,"title":"The Dynamics of Currency Substitution, Asset Substitution and De Facto Dollarization and Euroization in Transition Countries","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","grobid_abstract":"This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. 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Moreover, the currency substitution and asset substitution indices shed light on the dynamic consequences of these processes for the effectiveness of monetary policy. 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THE CASUAL CAUSAL RELATIONSHIP BETWEEN MONEY AND INCOME: SOME CAVEATS FOR TIME SERIES ANA...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Page 1. THE CASUAL CAUSAL RELATIONSHIP BETWEEN MONEY AND INCOME: SOME CAVEATS FOR TIME SERIES ANALYSIS Edgar L. Feige and Douglas K. Pearce* I. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651468"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651468/New_estimates_of_overseas_U_S_currency_holdings_the_Underground_economy_and_the_Tax_Gap"><img alt="Research paper thumbnail of New estimates of overseas U.S. currency holdings, the Underground economy and the "Tax Gap" class="work-thumbnail" src="https://attachments.academia-assets.com/115026349/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651468/New_estimates_of_overseas_U_S_currency_holdings_the_Underground_economy_and_the_Tax_Gap">New estimates of overseas U.S. currency holdings, the Underground economy and the "Tax Gap</a></div><div class="wp-workCard_item"><span>RePEc: Research Papers in Economics</span><span>, Sep 1, 2009</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines the "currency enigma" which arises because despite financial innovation that ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper examines the "currency enigma" which arises because despite financial innovation that has created important new substitutes for cash usage, U.S. per capita currency holdings now amount to $2700. American households and businesses admit to holding only 15 percent of the stock of currency outside of the banking system. Some fraction of unaccounted for currency is held overseas (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions involving incomes that are not reported to the IRS (the underground economy hypothesis). We first revisit the longstanding controversy concerning the fraction of U.S. currency held abroad and find that newly revised estimates of U.S. overseas currency stocks estimates the fraction overseas at 37 percent, rather than the widely cited figure of 65 percent. A more refined proxy places the fraction abroad closer to 30 percent. New estimates of overseas holdings permit calculation of domestic currency holdings, as well as narrow and broad measures of domestic monetary aggregates. These are tested to determine their ability to predict fluctuations in real output and prices. The domestic currency figures are then used to estimate the current amount of "unreported</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="9cf641bd5145e8990e7ac8d9112972f3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026349,"asset_id":119651468,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026349/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651468"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651468"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651468; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651468]").text(description); $(".js-view-count[data-work-id=119651468]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651468; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651468']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "9cf641bd5145e8990e7ac8d9112972f3" } } $('.js-work-strip[data-work-id=119651468]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651468,"title":"New estimates of overseas U.S. currency holdings, the Underground economy and the \"Tax Gap","translated_title":"","metadata":{"publisher":"RePEc: Research Papers in Economics","grobid_abstract":"This paper examines the \"currency enigma\" which arises because despite financial innovation that has created important new substitutes for cash usage, U.S. per capita currency holdings now amount to $2700. American households and businesses admit to holding only 15 percent of the stock of currency outside of the banking system. Some fraction of unaccounted for currency is held overseas (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions involving incomes that are not reported to the IRS (the underground economy hypothesis). We first revisit the longstanding controversy concerning the fraction of U.S. currency held abroad and find that newly revised estimates of U.S. overseas currency stocks estimates the fraction overseas at 37 percent, rather than the widely cited figure of 65 percent. A more refined proxy places the fraction abroad closer to 30 percent. New estimates of overseas holdings permit calculation of domestic currency holdings, as well as narrow and broad measures of domestic monetary aggregates. These are tested to determine their ability to predict fluctuations in real output and prices. The domestic currency figures are then used to estimate the current amount of \"unreported","publication_date":{"day":1,"month":9,"year":2009,"errors":{}},"publication_name":"RePEc: Research Papers in Economics","grobid_abstract_attachment_id":115026349},"translated_abstract":null,"internal_url":"https://www.academia.edu/119651468/New_estimates_of_overseas_U_S_currency_holdings_the_Underground_economy_and_the_Tax_Gap","translated_internal_url":"","created_at":"2024-05-20T06:36:16.392-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":115026349,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/115026349/thumbnails/1.jpg","file_name":"mpra_paper_19564.pdf","download_url":"https://www.academia.edu/attachments/115026349/download_file","bulk_download_file_name":"New_estimates_of_overseas_U_S_currency_h.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/115026349/mpra_paper_19564-libre.pdf?1716323997=\u0026response-content-disposition=attachment%3B+filename%3DNew_estimates_of_overseas_U_S_currency_h.pdf\u0026Expires=1738613373\u0026Signature=GUTsBs~FmuNnz21GXi07DmoeSniPK6ESqDn5ptG5O8q7WWh98W0DkHIS2hegfa66lSzt5ylb8QxXFnNPD7CihKS6WqQsGa7U8j1e~AFFZEwc5DFgvMzB4AdvrVZKHJZmAI9Rn~zZIEEfdlYyTTmeq5U5lccBHpvoyQVIKgnixzLmq5Zyga8dImLUK-YxjJINdrXkrzOnQ6LDWjpImbdDmjpKFo2X0Y9DYSIfpWdYPT5R03wqAHPaj-fmUxyomsIRDYhfcTDFUTpQW7NhT2rTWDsY6yYIinXHd7p5T3GaCX4PcAEaIEg2176f9qcfSjXbF~Y1RB3CyO9XQwW1PtOdrQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"New_estimates_of_overseas_U_S_currency_holdings_the_Underground_economy_and_the_Tax_Gap","translated_slug":"","page_count":30,"language":"en","content_type":"Work","summary":"This paper examines the \"currency enigma\" which arises because despite financial innovation that has created important new substitutes for cash usage, U.S. per capita currency holdings now amount to $2700. American households and businesses admit to holding only 15 percent of the stock of currency outside of the banking system. Some fraction of unaccounted for currency is held overseas (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions involving incomes that are not reported to the IRS (the underground economy hypothesis). We first revisit the longstanding controversy concerning the fraction of U.S. currency held abroad and find that newly revised estimates of U.S. overseas currency stocks estimates the fraction overseas at 37 percent, rather than the widely cited figure of 65 percent. A more refined proxy places the fraction abroad closer to 30 percent. New estimates of overseas holdings permit calculation of domestic currency holdings, as well as narrow and broad measures of domestic monetary aggregates. These are tested to determine their ability to predict fluctuations in real output and prices. The domestic currency figures are then used to estimate the current amount of \"unreported","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":115026349,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/115026349/thumbnails/1.jpg","file_name":"mpra_paper_19564.pdf","download_url":"https://www.academia.edu/attachments/115026349/download_file","bulk_download_file_name":"New_estimates_of_overseas_U_S_currency_h.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/115026349/mpra_paper_19564-libre.pdf?1716323997=\u0026response-content-disposition=attachment%3B+filename%3DNew_estimates_of_overseas_U_S_currency_h.pdf\u0026Expires=1738613373\u0026Signature=GUTsBs~FmuNnz21GXi07DmoeSniPK6ESqDn5ptG5O8q7WWh98W0DkHIS2hegfa66lSzt5ylb8QxXFnNPD7CihKS6WqQsGa7U8j1e~AFFZEwc5DFgvMzB4AdvrVZKHJZmAI9Rn~zZIEEfdlYyTTmeq5U5lccBHpvoyQVIKgnixzLmq5Zyga8dImLUK-YxjJINdrXkrzOnQ6LDWjpImbdDmjpKFo2X0Y9DYSIfpWdYPT5R03wqAHPaj-fmUxyomsIRDYhfcTDFUTpQW7NhT2rTWDsY6yYIinXHd7p5T3GaCX4PcAEaIEg2176f9qcfSjXbF~Y1RB3CyO9XQwW1PtOdrQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":750,"name":"Institutional Economics","url":"https://www.academia.edu/Documents/in/Institutional_Economics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":1717,"name":"Economic Policy Evaluation","url":"https://www.academia.edu/Documents/in/Economic_Policy_Evaluation"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"},{"id":4771,"name":"Transition Economics","url":"https://www.academia.edu/Documents/in/Transition_Economics"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":42483,"name":"Tax Evasion","url":"https://www.academia.edu/Documents/in/Tax_Evasion"},{"id":42484,"name":"Shadow Economy","url":"https://www.academia.edu/Documents/in/Shadow_Economy"},{"id":42485,"name":"Tax gap","url":"https://www.academia.edu/Documents/in/Tax_gap"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation"},{"id":229633,"name":"Seigniorage","url":"https://www.academia.edu/Documents/in/Seigniorage"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency"},{"id":549007,"name":"Cash","url":"https://www.academia.edu/Documents/in/Cash"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output"},{"id":3611551,"name":"monetary aggregates","url":"https://www.academia.edu/Documents/in/monetary_aggregates"}],"urls":[{"id":42138586,"url":"https://econpapers.repec.org/RePEc:pra:mprapa:19564"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651467"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651467/Reflections_on_the_meaning_and_measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy"><img alt="Research paper thumbnail of Reflections on the meaning and measurement of Unobserved Economies: What do we really know about the "Shadow Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/115026348/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651467/Reflections_on_the_meaning_and_measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy">Reflections on the meaning and measurement of Unobserved Economies: What do we really know about the "Shadow Economy</a></div><div class="wp-workCard_item"><span>RePEc: Research Papers in Economics</span><span>, Dec 20, 2015</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="0fccf7cec7f7fe9c69e034e66c26ae60" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026348,"asset_id":119651467,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026348/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651467"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651467"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651467; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651467]").text(description); $(".js-view-count[data-work-id=119651467]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651467; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651467']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "0fccf7cec7f7fe9c69e034e66c26ae60" } } $('.js-work-strip[data-work-id=119651467]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651467,"title":"Reflections on the meaning and measurement of Unobserved Economies: What do we really know about the \"Shadow Economy","translated_title":"","metadata":{"publisher":"RePEc: Research Papers in Economics","grobid_abstract":"This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","publication_date":{"day":20,"month":12,"year":2015,"errors":{}},"publication_name":"RePEc: Research Papers in Economics","grobid_abstract_attachment_id":115026348},"translated_abstract":null,"internal_url":"https://www.academia.edu/119651467/Reflections_on_the_meaning_and_measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy","translated_internal_url":"","created_at":"2024-05-20T06:36:16.182-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":115026348,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/115026348/thumbnails/1.jpg","file_name":"MPRA_paper_68466.pdf","download_url":"https://www.academia.edu/attachments/115026348/download_file","bulk_download_file_name":"Reflections_on_the_meaning_and_measureme.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/115026348/MPRA_paper_68466-libre.pdf?1716324006=\u0026response-content-disposition=attachment%3B+filename%3DReflections_on_the_meaning_and_measureme.pdf\u0026Expires=1738613374\u0026Signature=GUqrI6rSm8Qf4~RonGVsHbQ5X0dDpJCzr5IZqjFQkq9U24UYUI2yzavm0sjlKrmwrcOoqu4-eSxYu-uyWFnDhhKMUOKz3pefrDWonRi~jzZIL2u18ja0ZE7ZGmfpUjYIdlY7eZs3D0rTVVrPKIfQVy4CuDcYnkFiuPUmM5RppT13xCcrM0InIJlhnjAXIO-4USJxAw2YvicFWOdmXnXDXV7aBHgpnZPhrDmK-ER~u~ztOXkqbxff24VeeTITi5UwyWTxzBodW2AA~Ido7tJmYARyA3iw~~qaVST2mdbs3kf5DU6XZllsMVR3gaLN4jP~8IGWD1hXNH83Z0VVIvOlZw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Reflections_on_the_meaning_and_measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy","translated_slug":"","page_count":51,"language":"en","content_type":"Work","summary":"This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":115026348,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/115026348/thumbnails/1.jpg","file_name":"MPRA_paper_68466.pdf","download_url":"https://www.academia.edu/attachments/115026348/download_file","bulk_download_file_name":"Reflections_on_the_meaning_and_measureme.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/115026348/MPRA_paper_68466-libre.pdf?1716324006=\u0026response-content-disposition=attachment%3B+filename%3DReflections_on_the_meaning_and_measureme.pdf\u0026Expires=1738613374\u0026Signature=GUqrI6rSm8Qf4~RonGVsHbQ5X0dDpJCzr5IZqjFQkq9U24UYUI2yzavm0sjlKrmwrcOoqu4-eSxYu-uyWFnDhhKMUOKz3pefrDWonRi~jzZIL2u18ja0ZE7ZGmfpUjYIdlY7eZs3D0rTVVrPKIfQVy4CuDcYnkFiuPUmM5RppT13xCcrM0InIJlhnjAXIO-4USJxAw2YvicFWOdmXnXDXV7aBHgpnZPhrDmK-ER~u~ztOXkqbxff24VeeTITi5UwyWTxzBodW2AA~Ido7tJmYARyA3iw~~qaVST2mdbs3kf5DU6XZllsMVR3gaLN4jP~8IGWD1hXNH83Z0VVIvOlZw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance"},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":817,"name":"Philosophy of Agency","url":"https://www.academia.edu/Documents/in/Philosophy_of_Agency"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"},{"id":4781,"name":"National Income and Product Accounts","url":"https://www.academia.edu/Documents/in/National_Income_and_Product_Accounts"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":42483,"name":"Tax Evasion","url":"https://www.academia.edu/Documents/in/Tax_Evasion"},{"id":42484,"name":"Shadow Economy","url":"https://www.academia.edu/Documents/in/Shadow_Economy"},{"id":46429,"name":"Economy","url":"https://www.academia.edu/Documents/in/Economy"},{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network"},{"id":729364,"name":"Tax Administration","url":"https://www.academia.edu/Documents/in/Tax_Administration"}],"urls":[{"id":42138585,"url":"https://econpapers.repec.org/paper/pramprapa/69271.htm"}]}, dispatcherData: dispatcherData }); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651462"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119651462/The_Anatomy_of_the_Underground_Economy"><img alt="Research paper thumbnail of The Anatomy of the Underground Economy" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119651462/The_Anatomy_of_the_Underground_Economy">The Anatomy of the Underground Economy</a></div><div class="wp-workCard_item"><span>RePEc: Research Papers in Economics</span><span>, Feb 3, 2005</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651462"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651462"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651462; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119651461"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119651461/Professor_Schneiders_Shadow_Economy_What_Do_We_Really_Know_A_Rejoinder"><img alt="Research paper thumbnail of Professor Schneider's Shadow Economy: What Do We Really Know? A Rejoinder" class="work-thumbnail" src="https://attachments.academia-assets.com/115026344/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119651461/Professor_Schneiders_Shadow_Economy_What_Do_We_Really_Know_A_Rejoinder">Professor Schneider's Shadow Economy: What Do We Really Know? A Rejoinder</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, Jun 10, 2016</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Professor Schneider's "Comment" on my "Reflections" paper does not adequately address the key iss...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Professor Schneider's "Comment" on my "Reflections" paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. Further findings of inadequate documentation, suspicious normalization procedures, unexplained calibration errors and the inability to replicate the results; reinforces the conclusions of my original "Reflections" paper. Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="bc7ecd31ae21c0b879bfd3f2a351ec0f" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":115026344,"asset_id":119651461,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/115026344/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119651461"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119651461"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119651461; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119651461]").text(description); $(".js-view-count[data-work-id=119651461]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119651461; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119651461']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "bc7ecd31ae21c0b879bfd3f2a351ec0f" } } $('.js-work-strip[data-work-id=119651461]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119651461,"title":"Professor Schneider's Shadow Economy: What Do We Really Know? 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Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","publication_date":{"day":10,"month":6,"year":2016,"errors":{}},"publication_name":"Social Science Research Network","grobid_abstract_attachment_id":115026344},"translated_abstract":null,"internal_url":"https://www.academia.edu/119651461/Professor_Schneiders_Shadow_Economy_What_Do_We_Really_Know_A_Rejoinder","translated_internal_url":"","created_at":"2024-05-20T06:36:14.933-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":115026344,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/115026344/thumbnails/1.jpg","file_name":"MPRA_paper_71903.pdf","download_url":"https://www.academia.edu/attachments/115026344/download_file","bulk_download_file_name":"Professor_Schneiders_Shadow_Economy_What.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/115026344/MPRA_paper_71903-libre.pdf?1716323996=\u0026response-content-disposition=attachment%3B+filename%3DProfessor_Schneiders_Shadow_Economy_What.pdf\u0026Expires=1738613376\u0026Signature=Ncn4mzrCBkLrWuLNQqB3~g8vrNxZrzuOTWX2LJ66ZmK4DaYu553-CyGGbEbbC95X63RmtV2nGln2WXab5Dd0kbkKyyNpdEv3BYX4jt1rT~c-rxo-SXf-bo3cr5pQYBIdoZ7lyNESeO9nIRdFriq68gCqioAxpjFMGS5UocIheQzmn7YI2rs~FYKc-iJkumBG8GrOf2xwO7NpWuuW8sWRHNSdY3wPL5LzjS0CgFnjbL1jw0ucbA5CkJSnM9QQXaZdkrqZTJsgxYqqbzURheEHjwvh8cgQ5-HQ-V2i8ccjy~9LJLl6ZJDAEG7Zu6Ektu~tX79Y0f8f7CcibdsGGr2kNQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Professor_Schneiders_Shadow_Economy_What_Do_We_Really_Know_A_Rejoinder","translated_slug":"","page_count":23,"language":"en","content_type":"Work","summary":"Professor Schneider's \"Comment\" on my \"Reflections\" paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. 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The present sy...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">10:27am CST by alanbenesi, Community 15 4 Unfair taxation is one of my pet peeves. The present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes is complicated and subject to evasion. Human nature being what it is the wealthy and large businesses have used their money and power to obtain tax breaks and loopholes. They also have tax lawyers and accountants to assist in minimizing their taxes. In 1989 Professor Edgar Feige of the University of Wisconsin proposed replacing the present tax system with the Automated Payment Transactions (APT) tax</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="761d5901950e21cb972f10e0e06693ca" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":76584000,"asset_id":64644571,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/76584000/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="64644571"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="64644571"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 64644571; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=64644571]").text(description); $(".js-view-count[data-work-id=64644571]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 64644571; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='64644571']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "761d5901950e21cb972f10e0e06693ca" } } $('.js-work-strip[data-work-id=64644571]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":64644571,"title":"The Automated Payments Transaction (APT) Tax","translated_title":"","metadata":{"abstract":"10:27am CST by alanbenesi, Community 15 4 Unfair taxation is one of my pet peeves. 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Feige proposes an automated payment transaction (APT) tax to replace the current complex U.S. Tax Code. This flat tax would apply a 0.3% fee to all financial transactions, streamlining tax processes and eliminating loopholes while maintaining revenue levels. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917175" id="transactiontaxandtaxreform"><div class="js-work-strip profile--work_container" data-work-id="166377"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/166377/_Starting_Over_The_Automated_Payment_Transaction_Tax_Milken_Institute_Review_Journal_of_Economic_Policy_First_Quarter_2001"><img alt="Research paper thumbnail of “Starting Over: The Automated Payment Transaction Tax”, Milken Institute Review- Journal of Economic Policy, First Quarter, 2001." class="work-thumbnail" src="https://attachments.academia-assets.com/39646958/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/166377/_Starting_Over_The_Automated_Payment_Transaction_Tax_Milken_Institute_Review_Journal_of_Economic_Policy_First_Quarter_2001">“Starting Over: The Automated Payment Transaction Tax”, Milken Institute Review- Journal of Economic Policy, First Quarter, 2001.</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper proposes a 21st century global fiscal architecture to replace the present system of pe...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than via the rate structure. Since roughly 85% of all transactions involve the exchange of financial instruments, it is the wealthy who carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6c071dd10f66a1d911a197e23c761fbf" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39646958,"asset_id":166377,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39646958/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166377"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166377"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166377; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166377]").text(description); $(".js-view-count[data-work-id=166377]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166377; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166377']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "6c071dd10f66a1d911a197e23c761fbf" } } $('.js-work-strip[data-work-id=166377]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166377,"title":"“Starting Over: The Automated Payment Transaction Tax”, Milken Institute Review- Journal of Economic Policy, First Quarter, 2001.","translated_title":"","metadata":{"abstract":"This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. 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Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.","ai_title_tag":"Automated Payment Transaction (APT) Tax Proposal"},"translated_abstract":"This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than via the rate structure. Since roughly 85% of all transactions involve the exchange of financial instruments, it is the wealthy who carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.","internal_url":"https://www.academia.edu/166377/_Starting_Over_The_Automated_Payment_Transaction_Tax_Milken_Institute_Review_Journal_of_Economic_Policy_First_Quarter_2001","translated_internal_url":"","created_at":"2008-12-03T22:46:10.895-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":39646958,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/39646958/thumbnails/1.jpg","file_name":"APTTax1.pdf","download_url":"https://www.academia.edu/attachments/39646958/download_file","bulk_download_file_name":"Starting_Over_The_Automated_Payment_Tra.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/39646958/APTTax1-libre.pdf?1446577867=\u0026response-content-disposition=attachment%3B+filename%3DStarting_Over_The_Automated_Payment_Tra.pdf\u0026Expires=1738613377\u0026Signature=Apygtt~2~YRFYTylVw7coOOdMWisP8nW5IbDB9v-np0EiPQTWPjO0LKPeam8tvbryogDGiftba1apN0nBBE9ioJuTK6cG4QY8NCVhuC2gQdYYFKYXZ--a~rw1LR8-6zEXR~ZNewqIWqh7e3U-wRM5WNKv9kQekO~ro-v~TtvXJZ~qQvlbGzgwtyFM3loOjUMi4Bl5FCLbN4y9mkajzRWvjTA2psJ5Xfj5R1SKiQQAKQbC5aG3priXN1xNoYw7ffH4SriZmiAtPUjpfguXedCQsAsnAJENkDYv1i8spRyKGpoGC91-YB8v1~RLemfEsluRj9Inmi4eV~Jcc2UMlxvjA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"_Starting_Over_The_Automated_Payment_Transaction_Tax_Milken_Institute_Review_Journal_of_Economic_Policy_First_Quarter_2001","translated_slug":"","page_count":16,"language":"en","content_type":"Work","summary":"This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than via the rate structure. Since roughly 85% of all transactions involve the exchange of financial instruments, it is the wealthy who carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":39646958,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/39646958/thumbnails/1.jpg","file_name":"APTTax1.pdf","download_url":"https://www.academia.edu/attachments/39646958/download_file","bulk_download_file_name":"Starting_Over_The_Automated_Payment_Tra.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/39646958/APTTax1-libre.pdf?1446577867=\u0026response-content-disposition=attachment%3B+filename%3DStarting_Over_The_Automated_Payment_Tra.pdf\u0026Expires=1738613377\u0026Signature=Apygtt~2~YRFYTylVw7coOOdMWisP8nW5IbDB9v-np0EiPQTWPjO0LKPeam8tvbryogDGiftba1apN0nBBE9ioJuTK6cG4QY8NCVhuC2gQdYYFKYXZ--a~rw1LR8-6zEXR~ZNewqIWqh7e3U-wRM5WNKv9kQekO~ro-v~TtvXJZ~qQvlbGzgwtyFM3loOjUMi4Bl5FCLbN4y9mkajzRWvjTA2psJ5Xfj5R1SKiQQAKQbC5aG3priXN1xNoYw7ffH4SriZmiAtPUjpfguXedCQsAsnAJENkDYv1i8spRyKGpoGC91-YB8v1~RLemfEsluRj9Inmi4eV~Jcc2UMlxvjA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"}],"urls":[{"id":1432,"url":"http://ideas.repec.org/p/pra/mprapa/11533.html"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="30138339"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/30138339/Taxing_all_Transactions_The_Automated_Payment_Transactions_APT_Tax"><img alt="Research paper thumbnail of Taxing all Transactions: The Automated Payment Transactions (APT) Tax" class="work-thumbnail" src="https://attachments.academia-assets.com/50596340/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/30138339/Taxing_all_Transactions_The_Automated_Payment_Transactions_APT_Tax">Taxing all Transactions: The Automated Payment Transactions (APT) Tax</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper presented at the International Institute Of Public Finance Meetings on August 28th, 19...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper presented at the International Institute Of Public Finance Meetings on August 28th, 1989 examines the desirability and feasibility of introducing a financial transactions tax on all transactions to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes.  This single comprehensive revenue neutral financial transaction tax is called the Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than through the tax rate structure. The volume of financial transactions is highly skewed toward the wealthy, since they carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. The tax also has the advantage of lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system. Ideally, the financial transaction tax should be adopted worldwide in order to eliminate tax shifting and tax competition among nation states.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="f2eb03a4272c21fab18eb8402170ae3f" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":50596340,"asset_id":30138339,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/50596340/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="30138339"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="30138339"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30138339; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30138339]").text(description); $(".js-view-count[data-work-id=30138339]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30138339; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='30138339']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "f2eb03a4272c21fab18eb8402170ae3f" } } $('.js-work-strip[data-work-id=30138339]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":30138339,"title":"Taxing all Transactions: The Automated Payment Transactions (APT) Tax","translated_title":"","metadata":{"abstract":"This paper presented at the International Institute Of Public Finance Meetings on August 28th, 1989 examines the desirability and feasibility of introducing a financial transactions tax on all transactions to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes. This single comprehensive revenue neutral financial transaction tax is called the Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than through the tax rate structure. The volume of financial transactions is highly skewed toward the wealthy, since they carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. The tax also has the advantage of lower administrative and compliance cost. 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Ideally, the financial transaction tax should be adopted worldwide in order to eliminate tax shifting and tax competition among nation states. ","internal_url":"https://www.academia.edu/30138339/Taxing_all_Transactions_The_Automated_Payment_Transactions_APT_Tax","translated_internal_url":"","created_at":"2016-11-28T09:58:07.321-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"draft","co_author_tags":[],"downloadable_attachments":[{"id":50596340,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/50596340/thumbnails/1.jpg","file_name":"Taxing_all_Transactions.pdf","download_url":"https://www.academia.edu/attachments/50596340/download_file","bulk_download_file_name":"Taxing_all_Transactions_The_Automated_Pa.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/50596340/Taxing_all_Transactions-libre.pdf?1480356069=\u0026response-content-disposition=attachment%3B+filename%3DTaxing_all_Transactions_The_Automated_Pa.pdf\u0026Expires=1738613377\u0026Signature=eFhsmaYjmCr2fYD3jIZrOJS7lPctXHR85X2zqOZY7UybDfjacD3Qsissd3Mf-wmiF~LX22rs-17609vXDN~9T2ep2ApcIUJnlPRlnhFcnLA49GPeP-J1VKnD0eh4C5zCDx-V8HBqVgj5w~eQzOp9ap3duzg~kq4kASu0~qR3d4daWDJ6RM4fDFfAEDKqApoYmQPLR0oF0OPQ3G92KNYJtlNiKlML2jZ3nYhv5f0edvL7lrPWqzEjRv6xU~H~yOOwNQo2IsVl-qfg2mw78G26cbqzjaqgGa~6CZguW-NsVxD3qlvZbcvUMIuEOdMeYpIOIoyB-26VA1wikRENhuPJaA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Taxing_all_Transactions_The_Automated_Payment_Transactions_APT_Tax","translated_slug":"","page_count":24,"language":"en","content_type":"Work","summary":"This paper presented at the International Institute Of Public Finance Meetings on August 28th, 1989 examines the desirability and feasibility of introducing a financial transactions tax on all transactions to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes. This single comprehensive revenue neutral financial transaction tax is called the Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than through the tax rate structure. The volume of financial transactions is highly skewed toward the wealthy, since they carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. The tax also has the advantage of lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system. Ideally, the financial transaction tax should be adopted worldwide in order to eliminate tax shifting and tax competition among nation states. ","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":50596340,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/50596340/thumbnails/1.jpg","file_name":"Taxing_all_Transactions.pdf","download_url":"https://www.academia.edu/attachments/50596340/download_file","bulk_download_file_name":"Taxing_all_Transactions_The_Automated_Pa.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/50596340/Taxing_all_Transactions-libre.pdf?1480356069=\u0026response-content-disposition=attachment%3B+filename%3DTaxing_all_Transactions_The_Automated_Pa.pdf\u0026Expires=1738613377\u0026Signature=eFhsmaYjmCr2fYD3jIZrOJS7lPctXHR85X2zqOZY7UybDfjacD3Qsissd3Mf-wmiF~LX22rs-17609vXDN~9T2ep2ApcIUJnlPRlnhFcnLA49GPeP-J1VKnD0eh4C5zCDx-V8HBqVgj5w~eQzOp9ap3duzg~kq4kASu0~qR3d4daWDJ6RM4fDFfAEDKqApoYmQPLR0oF0OPQ3G92KNYJtlNiKlML2jZ3nYhv5f0edvL7lrPWqzEjRv6xU~H~yOOwNQo2IsVl-qfg2mw78G26cbqzjaqgGa~6CZguW-NsVxD3qlvZbcvUMIuEOdMeYpIOIoyB-26VA1wikRENhuPJaA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="310204"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/310204/The_Automated_Payment_Transaction_Tax"><img alt="Research paper thumbnail of The Automated Payment Transaction Tax" class="work-thumbnail" src="https://attachments.academia-assets.com/41862312/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/310204/The_Automated_Payment_Transaction_Tax">The Automated Payment Transaction Tax</a></div><div class="wp-workCard_item"><span>Economic Policy</span><span>, Jan 1, 2000</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="c7a87fafd18621a5ad26852461efb390" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":41862312,"asset_id":310204,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/41862312/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="310204"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="310204"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 310204; 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In its simplest form, the eA tax consists of a flat tax levied on all transactions, which is automatically assessed and collected when transactions are settled through electronic banking and payments systems. The eA tax introduces progressivity through its tax base since the volume of final payments includes exchanges of titles to property, rendering it more skewed than conventional income or consumption tax bases. Wealthy individuals conduct a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all eA tax payments by firms and individuals eliminates the need to file tax information returns, creates a degree of transparency and perceived fairness that induces greater tax compliance, and reduces administrative and compliance costs. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="10882683"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/10882683/Proposing_a_New_Tax_System_for_the_21st_Century"><img alt="Research paper thumbnail of Proposing a New Tax System for the 21st Century" class="work-thumbnail" src="https://attachments.academia-assets.com/36674962/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/10882683/Proposing_a_New_Tax_System_for_the_21st_Century">Proposing a New Tax System for the 21st Century</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines the desirability and feasibility of replacing the present system of personal ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper examines the desirability and feasibility of replacing the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax.  In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system.  The APT tax introduces progressivity through the tax base since the volume of final payments includes exchanges of titles to property and is therefore more highly skewed than the conventional income or consumption tax base. The wealthy carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="b69c13d17bb0ee43da9fca10d139566c" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":36674962,"asset_id":10882683,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/36674962/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="10882683"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="10882683"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 10882683; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=10882683]").text(description); $(".js-view-count[data-work-id=10882683]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 10882683; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='10882683']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "b69c13d17bb0ee43da9fca10d139566c" } } $('.js-work-strip[data-work-id=10882683]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":10882683,"title":"Proposing a New Tax System for the 21st Century","translated_title":"","metadata":{"abstract":"This paper examines the desirability and feasibility of replacing the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base since the volume of final payments includes exchanges of titles to property and is therefore more highly skewed than the conventional income or consumption tax base. The wealthy carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system. "},"translated_abstract":"This paper examines the desirability and feasibility of replacing the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base since the volume of final payments includes exchanges of titles to property and is therefore more highly skewed than the conventional income or consumption tax base. The wealthy carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system. 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In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base since the volume of final payments includes exchanges of titles to property and is therefore more highly skewed than the conventional income or consumption tax base. The wealthy carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917182" id="undergroundshadoweconomy"><div class="js-work-strip profile--work_container" data-work-id="44375534"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/44375534/The_Meaning_and_Measurement_of_the_Underground_Economyy"><img alt="Research paper thumbnail of The Meaning and Measurement of the Underground Economyy" class="work-thumbnail" src="https://attachments.academia-assets.com/64775960/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/44375534/The_Meaning_and_Measurement_of_the_Underground_Economyy">The Meaning and Measurement of the Underground Economyy</a></div><div class="wp-workCard_item"><span>The Underground Economies</span><span>, 1989</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This chapter examines the meaning and measurement of various underground economies and posits the...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This chapter examines the meaning and measurement of various underground economies and posits the growth of the unreported and unrecorded economies as a possible explanation of the empirical anomaly of stagflation during the 1970's.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="096c65175e83b0e03173dac77d665639" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":64775960,"asset_id":44375534,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/64775960/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="44375534"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="44375534"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 44375534; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="21561349"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/21561349/Reflections_on_the_Meaning_and_Measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy"><img alt="Research paper thumbnail of Reflections on the Meaning and Measurement of Unobserved Economies: What do we really know about the Shadow Economy?" class="work-thumbnail" src="https://attachments.academia-assets.com/42069719/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/21561349/Reflections_on_the_Meaning_and_Measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy">Reflections on the Meaning and Measurement of Unobserved Economies: What do we really know about the Shadow Economy?</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5406f0c206d0ccd72fc74db398301122" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":42069719,"asset_id":21561349,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/42069719/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="21561349"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="21561349"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 21561349; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=21561349]").text(description); $(".js-view-count[data-work-id=21561349]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 21561349; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='21561349']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "5406f0c206d0ccd72fc74db398301122" } } $('.js-work-strip[data-work-id=21561349]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":21561349,"title":"Reflections on the Meaning and Measurement of Unobserved Economies: What do we really know about the Shadow Economy?","translated_title":"","metadata":{"abstract":"This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","ai_title_tag":"Understanding the Shadow Economy's Measurement Issues"},"translated_abstract":"This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. 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It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","internal_url":"https://www.academia.edu/21561349/Reflections_on_the_Meaning_and_Measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy","translated_internal_url":"","created_at":"2016-02-04T11:05:05.975-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":42069719,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/42069719/thumbnails/1.jpg","file_name":"FEIGE_FINALREFLECTIONS_.pdf","download_url":"https://www.academia.edu/attachments/42069719/download_file","bulk_download_file_name":"Reflections_on_the_Meaning_and_Measureme.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/42069719/FEIGE_FINALREFLECTIONS_-libre.pdf?1454612521=\u0026response-content-disposition=attachment%3B+filename%3DReflections_on_the_Meaning_and_Measureme.pdf\u0026Expires=1738613377\u0026Signature=hOl~85ZiMCg7INQUWWj9TmoejwndbqTJ691uRY~ymjgpgb4NCStMxiuwN3QEkLnrmBKCSBxZIysFmIGsJclLDPVALMWf0SMIQxSittujAw~OMcAYE8w4B-OKIEEhRyn7qmHN4sx2au9SgAkLqvyaoZjaMS5B1eMOVxbKVxuWJvILafIEX22gXZ809rzf599yHQGd27ArlHgvp2wS32PCVi0pnLYmZK~ds3rJx3b-0MaQP0aIMPAj0ZLNcnCpp-dHdjlS4gccp33CFfeRkYGbv34g06kW8JhJ9tc0casldeLjJZkynnutwyC5~wmarXugNQsBMiKGjwJDkvMo~IWRWQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Reflections_on_the_Meaning_and_Measurement_of_Unobserved_Economies_What_do_we_really_know_about_the_Shadow_Economy","translated_slug":"","page_count":50,"language":"en","content_type":"Work","summary":"This paper reviews the meaning and measurement of unobserved economies germane to tax evasion and macroeconomic information systems. These include the unreported, non-observed, underground, illegal, informal and unrecorded economies. It reviews the progress and shortcomings of national and international agency efforts to measure these unobserved economies, noting what they have in common, what distinguishes one from another and their interconnections. It then examines the meaning of Professor Schneider's Shadow Economy (SSE), and the veracity of his claim to have accurately estimated its size and trend worldwide by employing a MIMIC model methodology. It concludes that SSE estimates suffer from conceptual flaws, apparent manipulation of results and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":42069719,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/42069719/thumbnails/1.jpg","file_name":"FEIGE_FINALREFLECTIONS_.pdf","download_url":"https://www.academia.edu/attachments/42069719/download_file","bulk_download_file_name":"Reflections_on_the_Meaning_and_Measureme.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/42069719/FEIGE_FINALREFLECTIONS_-libre.pdf?1454612521=\u0026response-content-disposition=attachment%3B+filename%3DReflections_on_the_Meaning_and_Measureme.pdf\u0026Expires=1738613377\u0026Signature=hOl~85ZiMCg7INQUWWj9TmoejwndbqTJ691uRY~ymjgpgb4NCStMxiuwN3QEkLnrmBKCSBxZIysFmIGsJclLDPVALMWf0SMIQxSittujAw~OMcAYE8w4B-OKIEEhRyn7qmHN4sx2au9SgAkLqvyaoZjaMS5B1eMOVxbKVxuWJvILafIEX22gXZ809rzf599yHQGd27ArlHgvp2wS32PCVi0pnLYmZK~ds3rJx3b-0MaQP0aIMPAj0ZLNcnCpp-dHdjlS4gccp33CFfeRkYGbv34g06kW8JhJ9tc0casldeLjJZkynnutwyC5~wmarXugNQsBMiKGjwJDkvMo~IWRWQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance"},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":4781,"name":"National Income and Product Accounts","url":"https://www.academia.edu/Documents/in/National_Income_and_Product_Accounts"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":42484,"name":"Shadow Economy","url":"https://www.academia.edu/Documents/in/Shadow_Economy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="26019898"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/26019898/Professor_Schneiders_Shadow_Economy_What_do_we_really_know_A_Rejoinder"><img alt="Research paper thumbnail of Professor Schneider's Shadow Economy: What do we really know? A Rejoinder" class="work-thumbnail" src="https://attachments.academia-assets.com/46363439/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/26019898/Professor_Schneiders_Shadow_Economy_What_do_we_really_know_A_Rejoinder">Professor Schneider's Shadow Economy: What do we really know? A Rejoinder</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Professor Schneider's " Comment " on my " Reflections " paper does not adequately address the key...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Professor Schneider's " Comment " on my " Reflections " paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. Further findings of inadequate documentation, suspicious normalization procedures, unexplained calibration errors and the inability to replicate the results; reinforces the conclusions of my original " Reflections " paper. Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="f8ad060310137222c45cf4261b85ab71" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":46363439,"asset_id":26019898,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/46363439/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="26019898"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="26019898"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 26019898; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=26019898]").text(description); $(".js-view-count[data-work-id=26019898]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 26019898; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='26019898']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "f8ad060310137222c45cf4261b85ab71" } } $('.js-work-strip[data-work-id=26019898]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":26019898,"title":"Professor Schneider's Shadow Economy: What do we really know? A Rejoinder","translated_title":"","metadata":{"abstract":"Professor Schneider's \" Comment \" on my \" Reflections \" paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. Further findings of inadequate documentation, suspicious normalization procedures, unexplained calibration errors and the inability to replicate the results; reinforces the conclusions of my original \" Reflections \" paper. Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature."},"translated_abstract":"Professor Schneider's \" Comment \" on my \" Reflections \" paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. Further findings of inadequate documentation, suspicious normalization procedures, unexplained calibration errors and the inability to replicate the results; reinforces the conclusions of my original \" Reflections \" paper. Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","internal_url":"https://www.academia.edu/26019898/Professor_Schneiders_Shadow_Economy_What_do_we_really_know_A_Rejoinder","translated_internal_url":"","created_at":"2016-06-09T09:26:11.364-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"draft","co_author_tags":[],"downloadable_attachments":[{"id":46363439,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/46363439/thumbnails/1.jpg","file_name":"Final_FEIGE_Jota_Rejoinder.pdf","download_url":"https://www.academia.edu/attachments/46363439/download_file","bulk_download_file_name":"Professor_Schneiders_Shadow_Economy_What.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/46363439/Final_FEIGE_Jota_Rejoinder-libre.pdf?1465497847=\u0026response-content-disposition=attachment%3B+filename%3DProfessor_Schneiders_Shadow_Economy_What.pdf\u0026Expires=1738613377\u0026Signature=WuXdas9Lw6gdJTyps1zsH4VxtYzpOR6b0LS8Zf8hDO7DQTl3vsxZeOESBDuDWQIrPm9CKGyB5X4mTrmM281ZjJ6NgA50sHJhtZ9FENtVn12KujhlTHHgTnQOFuOyKixpUjY4oE8iRcxX0gYRItfoC5miqbVym88qjMS~dhJ2TCadxrXiqcR9lnltDNb99ZcLf18bRUnjDFjR6fQE3q6v9rA9DUUANm~s6iLrk8OSdat5lgGmLhAqKCWkqIOdDFyT~ENfnrHqB5RpuxTLDAqIdLtxOlzf0izNvOrRshqagGHVZLuTPXdyA7B4L~titxSBPOmDtpjmNOIYR8TzGJxrLA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Professor_Schneiders_Shadow_Economy_What_do_we_really_know_A_Rejoinder","translated_slug":"","page_count":22,"language":"en","content_type":"Work","summary":"Professor Schneider's \" Comment \" on my \" Reflections \" paper does not adequately address the key issues concerning the veracity of his findings, namely issues of documentation, normalization, calibration and replication. Further findings of inadequate documentation, suspicious normalization procedures, unexplained calibration errors and the inability to replicate the results; reinforces the conclusions of my original \" Reflections \" paper. Schneider's Shadow Economy results suffer from conceptual flaws, arbitrary data manipulations and insufficient documentation for replication, questioning their place in the academic, policy and popular literature.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":46363439,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/46363439/thumbnails/1.jpg","file_name":"Final_FEIGE_Jota_Rejoinder.pdf","download_url":"https://www.academia.edu/attachments/46363439/download_file","bulk_download_file_name":"Professor_Schneiders_Shadow_Economy_What.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/46363439/Final_FEIGE_Jota_Rejoinder-libre.pdf?1465497847=\u0026response-content-disposition=attachment%3B+filename%3DProfessor_Schneiders_Shadow_Economy_What.pdf\u0026Expires=1738613377\u0026Signature=WuXdas9Lw6gdJTyps1zsH4VxtYzpOR6b0LS8Zf8hDO7DQTl3vsxZeOESBDuDWQIrPm9CKGyB5X4mTrmM281ZjJ6NgA50sHJhtZ9FENtVn12KujhlTHHgTnQOFuOyKixpUjY4oE8iRcxX0gYRItfoC5miqbVym88qjMS~dhJ2TCadxrXiqcR9lnltDNb99ZcLf18bRUnjDFjR6fQE3q6v9rA9DUUANm~s6iLrk8OSdat5lgGmLhAqKCWkqIOdDFyT~ENfnrHqB5RpuxTLDAqIdLtxOlzf0izNvOrRshqagGHVZLuTPXdyA7B4L~titxSBPOmDtpjmNOIYR8TzGJxrLA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="43248199"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/43248199/UNDERGROUND_ACTIVITY_AND_INSTITUTIONAL_CHANGE_PRODUCTIVE_PROTECTIVE_AND_PREDATORY_BEHAVIOR_IN_TRANSITION_ECONOMIES"><img alt="Research paper thumbnail of UNDERGROUND ACTIVITY AND INSTITUTIONAL CHANGE: PRODUCTIVE, PROTECTIVE AND PREDATORY BEHAVIOR IN TRANSITION ECONOMIES" class="work-thumbnail" src="https://attachments.academia-assets.com/63518962/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/43248199/UNDERGROUND_ACTIVITY_AND_INSTITUTIONAL_CHANGE_PRODUCTIVE_PROTECTIVE_AND_PREDATORY_BEHAVIOR_IN_TRANSITION_ECONOMIES">UNDERGROUND ACTIVITY AND INSTITUTIONAL CHANGE: PRODUCTIVE, PROTECTIVE AND PREDATORY BEHAVIOR IN TRANSITION ECONOMIES</a></div><div class="wp-workCard_item"><span>Transforming Post-Communist Political Economies</span><span>, 1997</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines why some transitions are more successful than others by focusing attention on...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors-evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules-comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions-the rules that structure and constrain economic activity-for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with 'bad" rules may actually foster development whereas non compliance with "good" rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes. JEL classification: P2 O17 P14 H2 H3 K4 O5 H26</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1e45b6cc6a0f2be090252c0b70b4d657" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":63518962,"asset_id":43248199,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/63518962/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="43248199"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="43248199"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 43248199; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=43248199]").text(description); $(".js-view-count[data-work-id=43248199]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 43248199; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='43248199']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1e45b6cc6a0f2be090252c0b70b4d657" } } $('.js-work-strip[data-work-id=43248199]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":43248199,"title":"UNDERGROUND ACTIVITY AND INSTITUTIONAL CHANGE: PRODUCTIVE, PROTECTIVE AND PREDATORY BEHAVIOR IN TRANSITION ECONOMIES","translated_title":"","metadata":{"abstract":"This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors-evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules-comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions-the rules that structure and constrain economic activity-for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with 'bad\" rules may actually foster development whereas non compliance with \"good\" rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. 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Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors-evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules-comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions-the rules that structure and constrain economic activity-for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with 'bad\" rules may actually foster development whereas non compliance with \"good\" rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. 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Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with 'bad\" rules may actually foster development whereas non compliance with \"good\" rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes. 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Members of formal sectors confront different sets of transformation and transaction costs than do members of informal sectors and these differences are regarded as crucial to the development process. The paper distinguishes illegal, unreported, unrecorded and informal economies and examines the conceptual and empirical linkages among them. Alternative micro and macro methodologies for measuring underground activities are reviewed and evaluated including census and survey procedures, discrepancies and monetary methods. To be published in World Development, Vol 18, No 7, 1990.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="9d6f50f77aa91d100e2a922de32029f9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39539796,"asset_id":166403,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39539796/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166403"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166403"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166403; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166403]").text(description); $(".js-view-count[data-work-id=166403]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166403; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166403']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "9d6f50f77aa91d100e2a922de32029f9" } } $('.js-work-strip[data-work-id=166403]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166403,"title":"\"Defining And Estimating Underground And Informal Economies: The New Institional Economics Approach,\"","translated_title":"","metadata":{"abstract":"A taxonomy of underground economies is elaborated based on the new institutional approach to economic development. 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Members of formal sectors confront different sets of transformation and transaction costs than do members of informal sectors and these differences are regarded as crucial to the development process. The paper distinguishes illegal, unreported, unrecorded and informal economies and examines the conceptual and empirical linkages among them. Alternative micro and macro methodologies for measuring underground activities are reviewed and evaluated including census and survey procedures, discrepancies and monetary methods. 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Members of formal sectors confront different sets of transformation and transaction costs than do members of informal sectors and these differences are regarded as crucial to the development process. The paper distinguishes illegal, unreported, unrecorded and informal economies and examines the conceptual and empirical linkages among them. Alternative micro and macro methodologies for measuring underground activities are reviewed and evaluated including census and survey procedures, discrepancies and monetary methods. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="38728454"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/38728454/The_Anantomy_of_the_Underground_Economy"><img alt="Research paper thumbnail of The Anantomy of the Underground Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/58814087/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/38728454/The_Anantomy_of_the_Underground_Economy">The Anantomy of the Underground Economy</a></div><div class="wp-workCard_item"><span>The Unofficial Economy, Alessandrini and Dallago (eds.) Gower, pp. 83-106.</span><span>, 1987</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The “underground economy” literature has generated a plethora of vague terms (shadow, hidden, sub...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The “underground economy” literature has generated a plethora of vague terms (shadow, hidden, subterranean) that have served to confuse rather than clarify the substantive issues raised by the finding that significant segments of economic activity may be imperfectly accounted for in the conventional data bases that form the foundation of empirical inquiry in economics. This paper outlines a taxonomic framework that clarifies the distinction between “unrecorded” and “unreported” economic activities and examines the appropriate empirical counterparts of these concepts. All too often, the under-recording of income in National Income and Product Accounts has been confused with the underreporting of income on tax forms.  The concept of a “full compliance deficit” is introduced in order to distinguish between structural, cyclical and compliance components of budget deficit measures.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="17129ff4fb34ea7e170547f17d4eb3da" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":58814087,"asset_id":38728454,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/58814087/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="38728454"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="38728454"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 38728454; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=38728454]").text(description); $(".js-view-count[data-work-id=38728454]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 38728454; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='38728454']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "17129ff4fb34ea7e170547f17d4eb3da" } } $('.js-work-strip[data-work-id=38728454]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":38728454,"title":"The Anantomy of the Underground Economy","translated_title":"","metadata":{"abstract":"The “underground economy” literature has generated a plethora of vague terms (shadow, hidden, subterranean) that have served to confuse rather than clarify the substantive issues raised by the finding that significant segments of economic activity may be imperfectly accounted for in the conventional data bases that form the foundation of empirical inquiry in economics. 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Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the underground economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available in order to shed greater light on the question of how much U.S. currency is abroad while providing important information on the location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $185 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. fiscal underground economy as measured by the amount of income that is not properly reported to the IRS. By 2010, “unreported income” approached $2 trillion, implying a “tax gap” in the range of $430- $475 billion. Currently, we estimate that 18-19 percent of total reportable income is not properly reported to the IRS.<br /><br /><br />Forthcoming in Crime, Law and Social Change.<br /><br />Keywords: Overseas currency, currency abroad, underground economy; unreported economy; tax gap; tax evasion; cash payments; monetary aggregates. <br /><br />JEL Classifications: E26; H26; O17; E41; E52</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="339758"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="339758"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 339758; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=339758]").text(description); $(".js-view-count[data-work-id=339758]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 339758; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='339758']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=339758]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":339758,"title":"New Estimates of Overseas U.S. Currency Holdings, the Underground Economy, and the “Tax Gap”","translated_title":"","metadata":{"abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the underground economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available in order to shed greater light on the question of how much U.S. currency is abroad while providing important information on the location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $185 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. fiscal underground economy as measured by the amount of income that is not properly reported to the IRS. By 2010, “unreported income” approached $2 trillion, implying a “tax gap” in the range of $430- $475 billion. Currently, we estimate that 18-19 percent of total reportable income is not properly reported to the IRS.\n\n\nForthcoming in Crime, Law and Social Change.\n\nKeywords: Overseas currency, currency abroad, underground economy; unreported economy; tax gap; tax evasion; cash payments; monetary aggregates. \n\nJEL Classifications:\tE26; H26; O17; E41; E52"},"translated_abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the underground economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available in order to shed greater light on the question of how much U.S. currency is abroad while providing important information on the location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $185 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. fiscal underground economy as measured by the amount of income that is not properly reported to the IRS. By 2010, “unreported income” approached $2 trillion, implying a “tax gap” in the range of $430- $475 billion. Currently, we estimate that 18-19 percent of total reportable income is not properly reported to the IRS.\n\n\nForthcoming in Crime, Law and Social Change.\n\nKeywords: Overseas currency, currency abroad, underground economy; unreported economy; tax gap; tax evasion; cash payments; monetary aggregates. \n\nJEL Classifications:\tE26; H26; O17; E41; E52","internal_url":"https://www.academia.edu/339758/New_Estimates_of_Overseas_U_S_Currency_Holdings_the_Underground_Economy_and_the_Tax_Gap_","translated_internal_url":"","created_at":"2010-09-26T03:28:29.217-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[],"slug":"New_Estimates_of_Overseas_U_S_Currency_Holdings_the_Underground_Economy_and_the_Tax_Gap_","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the underground economy hypothesis). We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available in order to shed greater light on the question of how much U.S. currency is abroad while providing important information on the location of overseas U.S. dollars. The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $185 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. Domestic cash holdings are finally used to estimate the size of the U.S. fiscal underground economy as measured by the amount of income that is not properly reported to the IRS. By 2010, “unreported income” approached $2 trillion, implying a “tax gap” in the range of $430- $475 billion. Currently, we estimate that 18-19 percent of total reportable income is not properly reported to the IRS.\n\n\nForthcoming in Crime, Law and Social Change.\n\nKeywords: Overseas currency, currency abroad, underground economy; unreported economy; tax gap; tax evasion; cash payments; monetary aggregates. \n\nJEL Classifications:\tE26; H26; O17; E41; E52","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":750,"name":"Institutional Economics","url":"https://www.academia.edu/Documents/in/Institutional_Economics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":1717,"name":"Economic Policy Evaluation","url":"https://www.academia.edu/Documents/in/Economic_Policy_Evaluation"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"},{"id":4771,"name":"Transition Economics","url":"https://www.academia.edu/Documents/in/Transition_Economics"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":42483,"name":"Tax Evasion","url":"https://www.academia.edu/Documents/in/Tax_Evasion"},{"id":42484,"name":"Shadow Economy","url":"https://www.academia.edu/Documents/in/Shadow_Economy"},{"id":42485,"name":"Tax gap","url":"https://www.academia.edu/Documents/in/Tax_gap"}],"urls":[{"id":14762,"url":"http://ideas.repec.org/p/pra/mprapa/19564.html"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8605789"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8605789/Americas_Unreported_Economy_Measuring_the_Size_Growth_and_Determinants_of_Income_Tax_Evasion_in_the_U_S"><img alt="Research paper thumbnail of America's Unreported Economy: Measuring the Size, Growth and Determinants of Income Tax Evasion in the U.S." class="work-thumbnail" src="https://attachments.academia-assets.com/34971632/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8605789/Americas_Unreported_Economy_Measuring_the_Size_Growth_and_Determinants_of_Income_Tax_Evasion_in_the_U_S">America's Unreported Economy: Measuring the Size, Growth and Determinants of Income Tax Evasion in the U.S.</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This study empirically investigates the extent of noncompliance with the tax code and examines th...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This study empirically investigates the extent of noncompliance with the tax code and examines the determinants of federal income tax evasion in the U.S.  Employing a refined version of Feige’s (1986; 1989) General Currency Ratio (GCR) model to estimate a time series of unreported income as our measure of tax evasion,  we find that 18-23 % of total reportable income may not properly be reported to the IRS.  This gives rise to a 2009 “tax gap” in the range of $390-$537 billion. As regards the determinants of tax noncompliance, we find that federal income tax evasion is an increasing function of the average effective federal income tax rate, the unemployment rate, the nominal interest rate, and per capita real GDP, and a decreasing function of the IRS audit rate. Despite important refinements of the traditional currency ratio approach for estimating the aggregate size and growth of unreported economies, we conclude that the sensitivity of the results to different benchmarks, imperfect data sources and alternative specifying assumptions precludes obtaining results of sufficient accuracy and reliability to serve as effective policy guides. <br /><br /><br />Reference: Crime, Law and Social Change (2012) Vol.57 No.3 pp. 265-285</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5c355ba53391dfd99e77b547f3a24199" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34971632,"asset_id":8605789,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34971632/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8605789"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8605789"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8605789; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8605789]").text(description); $(".js-view-count[data-work-id=8605789]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8605789; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8605789']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "5c355ba53391dfd99e77b547f3a24199" } } $('.js-work-strip[data-work-id=8605789]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8605789,"title":"America's Unreported Economy: Measuring the Size, Growth and Determinants of Income Tax Evasion in the U.S.","translated_title":"","metadata":{"abstract":"This study empirically investigates the extent of noncompliance with the tax code and examines the determinants of federal income tax evasion in the U.S. Employing a refined version of Feige’s (1986; 1989) General Currency Ratio (GCR) model to estimate a time series of unreported income as our measure of tax evasion, we find that 18-23 % of total reportable income may not properly be reported to the IRS. This gives rise to a 2009 “tax gap” in the range of $390-$537 billion. As regards the determinants of tax noncompliance, we find that federal income tax evasion is an increasing function of the average effective federal income tax rate, the unemployment rate, the nominal interest rate, and per capita real GDP, and a decreasing function of the IRS audit rate. Despite important refinements of the traditional currency ratio approach for estimating the aggregate size and growth of unreported economies, we conclude that the sensitivity of the results to different benchmarks, imperfect data sources and alternative specifying assumptions precludes obtaining results of sufficient accuracy and reliability to serve as effective policy guides. \n\n\nReference: Crime, Law and Social Change (2012) Vol.57 No.3 pp. 265-285\n"},"translated_abstract":"This study empirically investigates the extent of noncompliance with the tax code and examines the determinants of federal income tax evasion in the U.S. Employing a refined version of Feige’s (1986; 1989) General Currency Ratio (GCR) model to estimate a time series of unreported income as our measure of tax evasion, we find that 18-23 % of total reportable income may not properly be reported to the IRS. This gives rise to a 2009 “tax gap” in the range of $390-$537 billion. As regards the determinants of tax noncompliance, we find that federal income tax evasion is an increasing function of the average effective federal income tax rate, the unemployment rate, the nominal interest rate, and per capita real GDP, and a decreasing function of the IRS audit rate. Despite important refinements of the traditional currency ratio approach for estimating the aggregate size and growth of unreported economies, we conclude that the sensitivity of the results to different benchmarks, imperfect data sources and alternative specifying assumptions precludes obtaining results of sufficient accuracy and reliability to serve as effective policy guides. \n\n\nReference: Crime, Law and Social Change (2012) Vol.57 No.3 pp. 265-285\n","internal_url":"https://www.academia.edu/8605789/Americas_Unreported_Economy_Measuring_the_Size_Growth_and_Determinants_of_Income_Tax_Evasion_in_the_U_S","translated_internal_url":"","created_at":"2014-10-02T07:15:55.854-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":34971632,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34971632/thumbnails/1.jpg","file_name":"Feigeceb2012.pdf","download_url":"https://www.academia.edu/attachments/34971632/download_file","bulk_download_file_name":"Americas_Unreported_Economy_Measuring_th.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34971632/Feigeceb2012-libre.pdf?1412262262=\u0026response-content-disposition=attachment%3B+filename%3DAmericas_Unreported_Economy_Measuring_th.pdf\u0026Expires=1738613378\u0026Signature=R7m7976Jg0P7NroGaF56ie0n2L6RLKnTUa1aNMLCQNoQ2D4R2PHhHayY9R-8bCt7jthwZRC3-hyfm7sDnHzK0pATYfVyqR71AJWfBgXEXER~N3q1BfJCF3KU0OBCRaCkBAzJxkW4mjNRrrAYleHErJtOaPEpqnsmtiGdu1E~Z8F1029Gd6Qfgrkoga2qKFZlnpm1YOSBqbIDMocl3kkXM8qH0b9SzmDLuoKY~CQVmk5O7iAk1WQ9xXwGiaKlHUwJZOWj6Yu593DtxSqPwF2eHR8Qp4icYUsVmB-B~TsCeIBw8dO~icDKN~nSWNj39-QqyofowsR4WKTw-LmMYAJxfw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Americas_Unreported_Economy_Measuring_the_Size_Growth_and_Determinants_of_Income_Tax_Evasion_in_the_U_S","translated_slug":"","page_count":29,"language":"en","content_type":"Work","summary":"This study empirically investigates the extent of noncompliance with the tax code and examines the determinants of federal income tax evasion in the U.S. Employing a refined version of Feige’s (1986; 1989) General Currency Ratio (GCR) model to estimate a time series of unreported income as our measure of tax evasion, we find that 18-23 % of total reportable income may not properly be reported to the IRS. This gives rise to a 2009 “tax gap” in the range of $390-$537 billion. As regards the determinants of tax noncompliance, we find that federal income tax evasion is an increasing function of the average effective federal income tax rate, the unemployment rate, the nominal interest rate, and per capita real GDP, and a decreasing function of the IRS audit rate. Despite important refinements of the traditional currency ratio approach for estimating the aggregate size and growth of unreported economies, we conclude that the sensitivity of the results to different benchmarks, imperfect data sources and alternative specifying assumptions precludes obtaining results of sufficient accuracy and reliability to serve as effective policy guides. \n\n\nReference: Crime, Law and Social Change (2012) Vol.57 No.3 pp. 265-285\n","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":34971632,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34971632/thumbnails/1.jpg","file_name":"Feigeceb2012.pdf","download_url":"https://www.academia.edu/attachments/34971632/download_file","bulk_download_file_name":"Americas_Unreported_Economy_Measuring_th.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34971632/Feigeceb2012-libre.pdf?1412262262=\u0026response-content-disposition=attachment%3B+filename%3DAmericas_Unreported_Economy_Measuring_th.pdf\u0026Expires=1738613378\u0026Signature=R7m7976Jg0P7NroGaF56ie0n2L6RLKnTUa1aNMLCQNoQ2D4R2PHhHayY9R-8bCt7jthwZRC3-hyfm7sDnHzK0pATYfVyqR71AJWfBgXEXER~N3q1BfJCF3KU0OBCRaCkBAzJxkW4mjNRrrAYleHErJtOaPEpqnsmtiGdu1E~Z8F1029Gd6Qfgrkoga2qKFZlnpm1YOSBqbIDMocl3kkXM8qH0b9SzmDLuoKY~CQVmk5O7iAk1WQ9xXwGiaKlHUwJZOWj6Yu593DtxSqPwF2eHR8Qp4icYUsVmB-B~TsCeIBw8dO~icDKN~nSWNj39-QqyofowsR4WKTw-LmMYAJxfw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":1454,"name":"Tax Law","url":"https://www.academia.edu/Documents/in/Tax_Law"},{"id":5378,"name":"Underground Economies","url":"https://www.academia.edu/Documents/in/Underground_Economies"},{"id":12175,"name":"Tax Policy","url":"https://www.academia.edu/Documents/in/Tax_Policy"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="17492234"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/17492234/Swedens_Underground_Economy"><img alt="Research paper thumbnail of Sweden's Underground Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/39539855/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/17492234/Swedens_Underground_Economy">Sweden's Underground Economy</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper summarizes the results of a research project investigating the size, growth and implic...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper summarizes the results of a research project investigating the size, growth and implications of Sweden's underground economy.<br />Citation: Feige, Edgar L. (1986) Sweden's Underground Economy. IUI Working Paper 161<br />Provided in Cooperation with:<br />Research Institute of Industrial Economics (IFN), Stockholm</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="279ac1249b560e0b8171728385f0d32e" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39539855,"asset_id":17492234,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39539855/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="17492234"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="17492234"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 17492234; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=17492234]").text(description); $(".js-view-count[data-work-id=17492234]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 17492234; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='17492234']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "279ac1249b560e0b8171728385f0d32e" } } $('.js-work-strip[data-work-id=17492234]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":17492234,"title":"Sweden's Underground Economy","translated_title":"","metadata":{"abstract":"This paper summarizes the results of a research project investigating the size, growth and implications of Sweden's underground economy.\nCitation: Feige, Edgar L. (1986) Sweden's Underground Economy. IUI Working Paper 161\nProvided in Cooperation with:\nResearch Institute of Industrial Economics (IFN), Stockholm","ai_title_tag":"Investigating Sweden's Underground Economy"},"translated_abstract":"This paper summarizes the results of a research project investigating the size, growth and implications of Sweden's underground economy.\nCitation: Feige, Edgar L. (1986) Sweden's Underground Economy. 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(1986) Sweden's Underground Economy. IUI Working Paper 161\nProvided in Cooperation with:\nResearch Institute of Industrial Economics (IFN), Stockholm","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":39539855,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/39539855/thumbnails/1.jpg","file_name":"Sweden_underground_Economy.pdf","download_url":"https://www.academia.edu/attachments/39539855/download_file","bulk_download_file_name":"Swedens_Underground_Economy.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/39539855/Sweden_underground_Economy-libre.pdf?1446170954=\u0026response-content-disposition=attachment%3B+filename%3DSwedens_Underground_Economy.pdf\u0026Expires=1738613378\u0026Signature=PmDtwG3WL6rwOcHCCg1Yjk~qjLQVQVlxFbx8GOuQc3bJgIBIFTfRFQAow5VJSPzoMRtcx6fSEWrnedrYtCkCMddCWm~b1L70kO40iRHCCN-di~Kf3FmuLXwcW4NdZWKFCKIGW8ZxJ13pgr7Tz4fyvxRQHq5~k6Kj~MFaHKm1GQsVjbHrCxahUJRXBRHOr8LsnwegAzxknMKRYeiv3kisa2BEMl0ohFjIzy8~7X6AOtSbDjybPtjHhDpWKi9Pi59sc7BogUj7gVOQ~0fRcJzwEH3DmFa0NruFkJiZ-XjQEtzY3BOYLf1Ney0A6Nb-bT3fzil2hxm8YQf1fKT9b7bUAA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation"},{"id":18114,"name":"Informal Economy","url":"https://www.academia.edu/Documents/in/Informal_Economy"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":42484,"name":"Shadow Economy","url":"https://www.academia.edu/Documents/in/Shadow_Economy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8742429"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8742429/A_Re_Examination_of_the_Underground_Economy_in_the_United_States_A_Comment_on_Tanzi"><img alt="Research paper thumbnail of A Re-Examination of the "Underground Economy" in the United States: A Comment on Tanzi" class="work-thumbnail" src="https://attachments.academia-assets.com/35094718/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8742429/A_Re_Examination_of_the_Underground_Economy_in_the_United_States_A_Comment_on_Tanzi">A Re-Examination of the "Underground Economy" in the United States: A Comment on Tanzi</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines alternative specifications of a general currency ratio (GCR)model used to obt...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper examines alternative specifications of a general currency ratio (GCR)model used to obtain macroeconomic estimates of the size and growth of the 'underground economy'. Tanzi's approach to estimating the underground economy is shown to be a variation of the GCR model. However both his conceptual specification and his empirical implementation of the model are shown to flawed, leading to significant underestimation of the size and growth of unreported income in the US economy. The paper appears in the International Monetary Fund Staff Papers, Vol. 33 No. 4 December, 1986</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1f30bac8a0a0c7cef1e833dc03744896" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":35094718,"asset_id":8742429,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/35094718/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8742429"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8742429"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8742429; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8742429]").text(description); $(".js-view-count[data-work-id=8742429]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8742429; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8742429']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1f30bac8a0a0c7cef1e833dc03744896" } } $('.js-work-strip[data-work-id=8742429]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8742429,"title":"A Re-Examination of the \"Underground Economy\" in the United States: A Comment on Tanzi","translated_title":"","metadata":{"abstract":"This paper examines alternative specifications of a general currency ratio (GCR)model used to obtain macroeconomic estimates of the size and growth of the 'underground economy'. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8633369"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8633369/Information_distortions_in_social_systems_The_underground_economy_and_other_observer_subject_policymaker_feedbacks"><img alt="Research paper thumbnail of Information distortions in social systems: The underground economy and other observer-subject policymaker feedbacks" class="work-thumbnail" src="https://attachments.academia-assets.com/34995089/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8633369/Information_distortions_in_social_systems_The_underground_economy_and_other_observer_subject_policymaker_feedbacks">Information distortions in social systems: The underground economy and other observer-subject policymaker feedbacks</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">A vast array of information about economic activity, political behavior and social trends are sum...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">A vast array of information about economic activity, political behavior and social trends are summarized in quantitative measures, sometimes in a single number such as GDP. Because of their apparent objectivity, simplicity and universality, these measures are used as a basis for both scientific investigations and in the formulation of public policy. These critical ‘facts” are often subject to what we call observer-subject- policy feedback, an interactive mechanism that can seriously distort and bias the economic, social and political indicators that are typically treated as exogenous observations on our complex systems. In fact, information is often endogenous to the system being studied, and a failure to recognize the observer-subject-policymaker feedback mechanism can result in “rational” decisions being based on ‘irrational” information systems. Indeed, we argue that the information content of social indicators is likely to become distorted by the very operation of the economic, social and political institutions they seek to describe. The unobserved economy is an exemplar of this interactive process. Reference: The Underground Economies: Tax Evasion and Information Distortion. Edgar L. Feige (ed.) Cambridge University Press, 1989.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6f3ec0f2f0d34c96904ee3dcf87887b4" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34995089,"asset_id":8633369,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34995089/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8633369"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8633369"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8633369; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="10875514"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/10875514/Macroeconomics_and_the_Unobserved_Sector"><img alt="Research paper thumbnail of Macroeconomics and the Unobserved Sector" class="work-thumbnail" src="https://attachments.academia-assets.com/36671946/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/10875514/Macroeconomics_and_the_Unobserved_Sector">Macroeconomics and the Unobserved Sector</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper elaborates the Unobserved Income Hypothesis as an explanation of various anomalies obs...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper elaborates the Unobserved Income Hypothesis as an explanation of various anomalies observed in macroeconomics. <br />The paper was presented at the International Symposium on Taxation held in Vancouver, British Columbia, Canada on August 27-29, 1980.<br />The appropriate citation for the publication is “Macroeconomics and the Unobserved Economy” in W. Block and Walker. M eds. Taxation: An International Perspective, The Fraser Institute, 1984</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="ead323a0a98cca96b7a1d655380ca064" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":36671946,"asset_id":10875514,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/36671946/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="10875514"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="10875514"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 10875514; 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "ead323a0a98cca96b7a1d655380ca064" } } $('.js-work-strip[data-work-id=10875514]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":10875514,"title":"Macroeconomics and the Unobserved Sector","internal_url":"https://www.academia.edu/10875514/Macroeconomics_and_the_Unobserved_Sector","owner_id":21390,"coauthors_can_edit":true,"owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":36671946,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/36671946/thumbnails/1.jpg","file_name":"Feige_1980.pdf","download_url":"https://www.academia.edu/attachments/36671946/download_file","bulk_download_file_name":"Macroeconomics_and_the_Unobserved_Sector.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/36671946/Feige_1980-libre.pdf?1424204439=\u0026response-content-disposition=attachment%3B+filename%3DMacroeconomics_and_the_Unobserved_Sector.pdf\u0026Expires=1740016913\u0026Signature=F331FTeokZY90w3KcJVrM~iR3P7L7j1PKJ~S9beTLlLChDfUntimZtLqmIYgVhMZSYXzcDu5zXqigu2TbS9~VxWUiC3z7CvvVp4T5Mx6TYACBuWd7aHO2-Rr5807ASyGpINMmR4pCqfxKP3wGxaVnGXMV2VM34wQUMZ74BwfrlLERYKslx18zEpR9c2qTR07Mb2oNNxWKwm94bns20UW6JmuvNsi8OZEVk7l5~BFt65H5cAKxkIVrd8yQZrnhZtC4GVIwLRN0T6qJlopJ74xXkUqQtEhjbilpL9SQ5z2CrP1fWplsz7FbCMVkDTODRLleL-LXm3yewUTI-V6KR80eQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8696829"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8696829/Underground_Activity_and_Institutional_Change_Productive_Protective_and_Predatory_Behavior_in_Transition_Economies"><img alt="Research paper thumbnail of Underground Activity and Institutional Change:Productive, Protective and Predatory Behavior in Transition Economies" class="work-thumbnail" src="https://attachments.academia-assets.com/35049549/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8696829/Underground_Activity_and_Institutional_Change_Productive_Protective_and_Predatory_Behavior_in_Transition_Economies">Underground Activity and Institutional Change:Productive, Protective and Predatory Behavior in Transition Economies</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines why some transitions are more successful than others by focusing attention on...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors--evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules--comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions--the rules that structure and constrain economic activity--for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with ‘bad” rules may actually foster development whereas non compliance with “good” rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes.<br />In Transforming Post-Communist Political Economies, J. Nelson, C. Tilly and L. Walker eds. National Academy Press , Washington D.C. 1997</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="4c24875624bc9c8e79f22f9e0891c852" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":35049549,"asset_id":8696829,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/35049549/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8696829"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8696829"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8696829; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8696829]").text(description); $(".js-view-count[data-work-id=8696829]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8696829; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8696829']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "4c24875624bc9c8e79f22f9e0891c852" } } $('.js-work-strip[data-work-id=8696829]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8696829,"title":"Underground Activity and Institutional Change:Productive, Protective and Predatory Behavior in Transition Economies","translated_title":"","metadata":{"abstract":"This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors--evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules--comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions--the rules that structure and constrain economic activity--for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with ‘bad” rules may actually foster development whereas non compliance with “good” rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes.\nIn Transforming Post-Communist Political Economies, J. Nelson, C. Tilly and L. Walker eds. National Academy Press , Washington D.C. 1997","ai_title_tag":"Underground Economies in Transition Economies"},"translated_abstract":"This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors--evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules--comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions--the rules that structure and constrain economic activity--for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with ‘bad” rules may actually foster development whereas non compliance with “good” rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes.\nIn Transforming Post-Communist Political Economies, J. Nelson, C. Tilly and L. Walker eds. National Academy Press , Washington D.C. 1997","internal_url":"https://www.academia.edu/8696829/Underground_Activity_and_Institutional_Change_Productive_Protective_and_Predatory_Behavior_in_Transition_Economies","translated_internal_url":"","created_at":"2014-10-08T12:10:40.499-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":35049549,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/35049549/thumbnails/1.jpg","file_name":"FeigeUGPP.pdf","download_url":"https://www.academia.edu/attachments/35049549/download_file","bulk_download_file_name":"Underground_Activity_and_Institutional_C.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/35049549/FeigeUGPP-libre.pdf?1412795362=\u0026response-content-disposition=attachment%3B+filename%3DUnderground_Activity_and_Institutional_C.pdf\u0026Expires=1738613378\u0026Signature=YUPJbhxPyAeUb8NxVmYSz~nRBJ35mlvG4m64NrtZtM0RsW7wLorNPfyUaAZ6CbpDKUB~AynwlYhmMdSeeq1PW03eA18UYhstM0j4r9KgHeW8Mfo2Be~LeaYTMV~EjKSrmKADvXH3flRmHLi8DqSiXz-ASaaYHoloRckPGtS2CivIXGF7ea20ppYtlq3lomoHnPw6QA6EkpTkXh-JstsMI-UXNv4bpF5ofyBnq2fJQYRhTIu3rB9YNMcKOB~zef-4sSOp67iNCVWLLBh-iTaR4g1zEdezCYqAeeZVpIMOCzJ-p0I24Bf95hmY7Sku5-bspo-y9y185rwhZm8nGPOz8w__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Underground_Activity_and_Institutional_Change_Productive_Protective_and_Predatory_Behavior_in_Transition_Economies","translated_slug":"","page_count":20,"language":"en","content_type":"Work","summary":"This paper examines why some transitions are more successful than others by focusing attention on the role of productive, protective and predatory behaviors from the perspective of the new institutional economics. Many transition economies are characterized by a fundamental inconsistency between formal and informal institutions. When formal and informal rules clash, noncompliant behaviors proliferate, among them, tax evasion, corruption, bribery, organized criminality, and theft of government property. These wealth redistributing protective and predatory behaviors activities absorb resources that could otherwise be used for wealth production resulting in huge transition costs. Noncompliant behaviors--evasion, avoidance, circumvention, abuse, and/or corruption of institutional rules--comprise what we can be termed underground economies. A variety of underground economies can be differentiated according to the types of rules violated by the noncompliant behaviors. The focus of the new institutional economics is on the consequences of institutions--the rules that structure and constrain economic activity--for economic outcomes. Underground economics is concerned with instances in which the rules are evaded, circumvented, and violated. It seeks to determine the conditions likely to foster rule violations, and to understand the various consequences of noncompliance with institutional rules. Noncompliance with ‘bad” rules may actually foster development whereas non compliance with “good” rules will hinder development. Since rules differ, both the nature and consequences of rule violations will therefore depend on the particular rules violated. Institutional economics and underground economics are therefore highly complementary. The former examines the rules of the game, the latter the strategic responses of individuals and organizations to those rules. Economic performance depends on both the nature of the rules and the extent of compliance with them. Institutions therefore do affect economic performance, but it is not always obvious which institutional rules dominate. Where formal and informal institutions are coherent and consistent, the incentives produced by the formal rules will affect economic outcomes. Under these circumstances, the rule of law typically secures property rights, reduces uncertainty, and lowers transaction costs. In regimes of discretionary authority where formal institutions conflict with informal norms, noncompliance with the formal rules becomes pervasive, and underground economic activity is consequential for economic outcomes.\nIn Transforming Post-Communist Political Economies, J. Nelson, C. Tilly and L. Walker eds. National Academy Press , Washington D.C. 1997","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":35049549,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/35049549/thumbnails/1.jpg","file_name":"FeigeUGPP.pdf","download_url":"https://www.academia.edu/attachments/35049549/download_file","bulk_download_file_name":"Underground_Activity_and_Institutional_C.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/35049549/FeigeUGPP-libre.pdf?1412795362=\u0026response-content-disposition=attachment%3B+filename%3DUnderground_Activity_and_Institutional_C.pdf\u0026Expires=1738613378\u0026Signature=YUPJbhxPyAeUb8NxVmYSz~nRBJ35mlvG4m64NrtZtM0RsW7wLorNPfyUaAZ6CbpDKUB~AynwlYhmMdSeeq1PW03eA18UYhstM0j4r9KgHeW8Mfo2Be~LeaYTMV~EjKSrmKADvXH3flRmHLi8DqSiXz-ASaaYHoloRckPGtS2CivIXGF7ea20ppYtlq3lomoHnPw6QA6EkpTkXh-JstsMI-UXNv4bpF5ofyBnq2fJQYRhTIu3rB9YNMcKOB~zef-4sSOp67iNCVWLLBh-iTaR4g1zEdezCYqAeeZVpIMOCzJ-p0I24Bf95hmY7Sku5-bspo-y9y185rwhZm8nGPOz8w__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":750,"name":"Institutional Economics","url":"https://www.academia.edu/Documents/in/Institutional_Economics"},{"id":977,"name":"Development Studies","url":"https://www.academia.edu/Documents/in/Development_Studies"},{"id":64615,"name":"Transition Economies","url":"https://www.academia.edu/Documents/in/Transition_Economies"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="5304921"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/5304921/Measuring_underground_unobserved_non_observed_unrecorded_economies_in_transition_countries_Can_we_trust_GDP_"><img alt="Research paper thumbnail of Measuring underground, unobserved, non-observed, unrecorded economies in transition countries: Can we trust GDP?"" class="work-thumbnail" src="https://attachments.academia-assets.com/32471177/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/5304921/Measuring_underground_unobserved_non_observed_unrecorded_economies_in_transition_countries_Can_we_trust_GDP_">Measuring underground, unobserved, non-observed, unrecorded economies in transition countries: Can we trust GDP?"</a></div><div class="wp-workCard_item"><span>Journal of Comparative Economics 36 (2008) p. 287-306</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper compiles alternative estimates of underground economies in twenty five transition coun...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition <br />decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in <br />varying degrees now include non-transparent imputations for the “non-observed economy”) as well as the macro model estimates <br />of the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of <br />the radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved, <br />non-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure <br />of the transition experience should be based on estimates of total economic activity (TEA), namely, recorded plus unrecorded <br />economic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts <br />(NIPA) methods for obtaining “exhaustive” measures of total economic activity and the two most popular macro-model approaches <br />(electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical <br />results detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack <br />of convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and <br />economic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional <br />macro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time <br />that the profession acknowledges how little we really know about underground economies and their causes and consequences.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1128883ac6120008df64617abf05e00f" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":32471177,"asset_id":5304921,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/32471177/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="5304921"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="5304921"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 5304921; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=5304921]").text(description); $(".js-view-count[data-work-id=5304921]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 5304921; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='5304921']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1128883ac6120008df64617abf05e00f" } } $('.js-work-strip[data-work-id=5304921]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":5304921,"title":"Measuring underground, unobserved, non-observed, unrecorded economies in transition countries: Can we trust GDP?\"","translated_title":"","metadata":{"abstract":"This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition\r\ndecade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in\r\nvarying degrees now include non-transparent imputations for the “non-observed economy”) as well as the macro model estimates\r\nof the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of\r\nthe radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved,\r\nnon-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure\r\nof the transition experience should be based on estimates of total economic activity (TEA), namely, recorded plus unrecorded\r\neconomic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts\r\n(NIPA) methods for obtaining “exhaustive” measures of total economic activity and the two most popular macro-model approaches\r\n(electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical\r\nresults detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack\r\nof convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and\r\neconomic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional\r\nmacro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time\r\nthat the profession acknowledges how little we really know about underground economies and their causes and consequences.","publication_name":"Journal of Comparative Economics 36 (2008) p. 287-306"},"translated_abstract":"This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition\r\ndecade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in\r\nvarying degrees now include non-transparent imputations for the “non-observed economy”) as well as the macro model estimates\r\nof the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of\r\nthe radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved,\r\nnon-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure\r\nof the transition experience should be based on estimates of total economic activity (TEA), namely, recorded plus unrecorded\r\neconomic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts\r\n(NIPA) methods for obtaining “exhaustive” measures of total economic activity and the two most popular macro-model approaches\r\n(electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical\r\nresults detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack\r\nof convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and\r\neconomic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional\r\nmacro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time\r\nthat the profession acknowledges how little we really know about underground economies and their causes and consequences.","internal_url":"https://www.academia.edu/5304921/Measuring_underground_unobserved_non_observed_unrecorded_economies_in_transition_countries_Can_we_trust_GDP_","translated_internal_url":"","created_at":"2013-12-03T06:10:15.463-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":32471177,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/32471177/thumbnails/1.jpg","file_name":"Feige_Urban.pdf","download_url":"https://www.academia.edu/attachments/32471177/download_file","bulk_download_file_name":"Measuring_underground_unobserved_non_obs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/32471177/Feige_Urban-libre.pdf?1391094807=\u0026response-content-disposition=attachment%3B+filename%3DMeasuring_underground_unobserved_non_obs.pdf\u0026Expires=1738613378\u0026Signature=gqJNTA-Mtf-mAgftYySi6NIufHGqapkteK--3ITzHLQAqubg9VUyrP8sqwt0TJSN3takyehsniLmFBdxQgjMBQW7Hye2C5-Et754~eazcvwkB7nT0kFmJK117Cky3DEzNUZUBr6HDwYOfv8n~PYOZX7hgqLH2fAKsDpgJmQkMZYB81Ry4-Y26Gcg9FL8SiPlGtOKijqvkUtJXMCNWyLWLfz0T8DwmPA-hYiBsWmWUdBT0okVwU6xVgvXjqSyW3pdVVpM81DkruqOER7r7uN5qs1DE2-sP8nClj4791XtJSM3sAj1ejep9hlekD4QrEI16wWzlvSPZBgh8GmXeLG-KQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Measuring_underground_unobserved_non_observed_unrecorded_economies_in_transition_countries_Can_we_trust_GDP_","translated_slug":"","page_count":20,"language":"en","content_type":"Work","summary":"This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition\r\ndecade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in\r\nvarying degrees now include non-transparent imputations for the “non-observed economy”) as well as the macro model estimates\r\nof the unrecorded economy. A corollary of this finding is that substantive results from many studies examining the consequences of\r\nthe radical transition from planned to market economies must be viewed with considerable skepticism. Underground (unobserved,\r\nnon-observed, unrecorded) economic activities play a major role in transition economies. Evaluations of the success and failure\r\nof the transition experience should be based on estimates of total economic activity (TEA), namely, recorded plus unrecorded\r\neconomic activity. We examine the conceptual and empirical relationships between new National Income and Product Accounts\r\n(NIPA) methods for obtaining “exhaustive” measures of total economic activity and the two most popular macro-model approaches\r\n(electric consumption and currency ratio models) for estimating the size and growth of the unrecorded sector. Our updated empirical\r\nresults detailing the size and trajectory of unrecorded activities obtained from different estimation methods reveal a disturbing lack\r\nof convergence. Until these important differences are resolved, investigations of the relationship between economic reforms and\r\neconomic outcomes during the transition decade must be viewed with considerable caution. Given the shortcomings of conventional\r\nmacro model estimates of the underground economy and the lack of transparency and consistency of NOE estimates, it is high time\r\nthat the profession acknowledges how little we really know about underground economies and their causes and consequences.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":32471177,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/32471177/thumbnails/1.jpg","file_name":"Feige_Urban.pdf","download_url":"https://www.academia.edu/attachments/32471177/download_file","bulk_download_file_name":"Measuring_underground_unobserved_non_obs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/32471177/Feige_Urban-libre.pdf?1391094807=\u0026response-content-disposition=attachment%3B+filename%3DMeasuring_underground_unobserved_non_obs.pdf\u0026Expires=1738613378\u0026Signature=gqJNTA-Mtf-mAgftYySi6NIufHGqapkteK--3ITzHLQAqubg9VUyrP8sqwt0TJSN3takyehsniLmFBdxQgjMBQW7Hye2C5-Et754~eazcvwkB7nT0kFmJK117Cky3DEzNUZUBr6HDwYOfv8n~PYOZX7hgqLH2fAKsDpgJmQkMZYB81Ry4-Y26Gcg9FL8SiPlGtOKijqvkUtJXMCNWyLWLfz0T8DwmPA-hYiBsWmWUdBT0okVwU6xVgvXjqSyW3pdVVpM81DkruqOER7r7uN5qs1DE2-sP8nClj4791XtJSM3sAj1ejep9hlekD4QrEI16wWzlvSPZBgh8GmXeLG-KQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[],"urls":[]}, dispatcherData: dispatcherData }); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917186" id="cashlesssociety"><div class="js-work-strip profile--work_container" data-work-id="175625"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/175625/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma"><img alt="Research paper thumbnail of Currency Velocity and Cash Payments in the U.S. Economy: The Currency Enigma" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/175625/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma">Currency Velocity and Cash Payments in the U.S. Economy: The Currency Enigma</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper develops a demographic model of the currency population by examining the birth and dea...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="83037f9eab428dfc8ba5d093a9536905" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":108481,"asset_id":175625,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/108481/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="175625"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="175625"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 175625; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=175625]").text(description); $(".js-view-count[data-work-id=175625]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 175625; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='175625']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "83037f9eab428dfc8ba5d093a9536905" } } $('.js-work-strip[data-work-id=175625]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":175625,"title":"Currency Velocity and Cash Payments in the U.S. Economy: The Currency Enigma","translated_title":"","metadata":{"abstract":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States."},"translated_abstract":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.","internal_url":"https://www.academia.edu/175625/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma","translated_internal_url":"","created_at":"2009-03-17T23:14:01.176-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[],"slug":"Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":108481,"title":"Currency Velocity and Cash Payments in the U.S. Economy: The Currency Enigma","file_type":"","scribd_thumbnail_url":"https://a.academia-assets.com/images/blank-paper.jpg","file_name":"","download_url":"https://www.academia.edu/attachments/108481/download_file","bulk_download_file_name":"Currency_Velocity_and_Cash_Payments_in_t","bulk_download_url":"academia.edu"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"},{"id":1717,"name":"Economic Policy Evaluation","url":"https://www.academia.edu/Documents/in/Economic_Policy_Evaluation"}],"urls":[{"id":4448951,"url":"http://mpra.ub.uni-muenchen.de/13807/"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="5304731"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/5304731/How_Much_of_Americas_Currency_is_Overseas_The_Myth_of_the_Cashless_Society_"><img alt="Research paper thumbnail of How Much of America's Currency is Overseas?: The Myth of the "Cashless Society"" class="work-thumbnail" src="https://attachments.academia-assets.com/32471037/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/5304731/How_Much_of_Americas_Currency_is_Overseas_The_Myth_of_the_Cashless_Society_">How Much of America's Currency is Overseas?: The Myth of the "Cashless Society"</a></div><div class="wp-workCard_item"><span>Deutsche Bundesbank "The usage, costs and benefits of cash: Theory and evidience from macro and micro data" 2012 pp 119-151</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Abstract The rapid growth of substitutes for cash, particularly debit and credit cards, has led...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Abstract <br /> The rapid growth of substitutes for cash, particularly debit and credit cards, has led economists to predict the advent of the “cashless society”.  Yet cash holdings in most developed economies continue to grow and in the U.S., per capita currency holdings now amount to $3000. This paper revisits the long-standing controversy concerning the whereabouts of U.S. cash. Specifically, we employ a previously confidential data source on net shipments of U.S. currency abroad to re-estimate the fraction of U.S. currency held overseas. Contrary to the widely cited figure that 65 percent of U.S. currency is abroad, we now find that direct evidence supports the notion that overseas holdings amount to less than 25 percent. <br />Currently, the official figure for the percent of U.S. currency held abroad as published by the Federal Reserve in their Flow of Funds Accounts and by the Bureau of Economic Analysis in the U.S. Balance of Payments Accounts is 37 percent. This official figure is based on a proxy variable that is supposed to mimic the previously confidential data series maintained by the New York Federal Reserve. Judson (2012) made this series public enabling us to discover that the official estimates of currency abroad require downward revision to reflect accurately the newly released data on actual cash shipments abroad. <br />We also review the “indirect” approaches to estimating the fraction of currency overseas employed by Porter and Judson (1996) and Judson (2012). We find that these indirect methods to be innovative but deeply flawed due to violations of their restrictive assumptions. Moreover, sensitivity analysis reveals the estimates highly sensitive to alternative specifying assumptions. <br /> The paper also examines the temporal pattern of overseas holdings of U.S. currency and finds that the observed decline in the demand for U.S cash abroad coincides with the growing popularity of the Euro and its growth as a second currency held outside the Euro area between 2003 and 2008. These new findings have significant implications for estimating the domestic money supply and other domestic monetary aggregates; for estimating the net benefits of seigniorage earnings of the Federal Reserve; for forecasting changes in output and prices and for estimating the amount of unreported income and tax evasion in the U.S.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="24d31a6efacc1ce4c405d93c7ff813b6" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":32471037,"asset_id":5304731,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/32471037/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="5304731"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="5304731"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 5304731; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=5304731]").text(description); $(".js-view-count[data-work-id=5304731]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 5304731; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='5304731']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "24d31a6efacc1ce4c405d93c7ff813b6" } } $('.js-work-strip[data-work-id=5304731]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":5304731,"title":"How Much of America's Currency is Overseas?: The Myth of the \"Cashless Society\"","translated_title":"","metadata":{"abstract":"Abstract\r\n\tThe rapid growth of substitutes for cash, particularly debit and credit cards, has led economists to predict the advent of the “cashless society”. Yet cash holdings in most developed economies continue to grow and in the U.S., per capita currency holdings now amount to $3000. This paper revisits the long-standing controversy concerning the whereabouts of U.S. cash. Specifically, we employ a previously confidential data source on net shipments of U.S. currency abroad to re-estimate the fraction of U.S. currency held overseas. Contrary to the widely cited figure that 65 percent of U.S. currency is abroad, we now find that direct evidence supports the notion that overseas holdings amount to less than 25 percent.\r\nCurrently, the official figure for the percent of U.S. currency held abroad as published by the Federal Reserve in their Flow of Funds Accounts and by the Bureau of Economic Analysis in the U.S. Balance of Payments Accounts is 37 percent. This official figure is based on a proxy variable that is supposed to mimic the previously confidential data series maintained by the New York Federal Reserve. Judson (2012) made this series public enabling us to discover that the official estimates of currency abroad require downward revision to reflect accurately the newly released data on actual cash shipments abroad. \r\nWe also review the “indirect” approaches to estimating the fraction of currency overseas employed by Porter and Judson (1996) and Judson (2012). We find that these indirect methods to be innovative but deeply flawed due to violations of their restrictive assumptions. Moreover, sensitivity analysis reveals the estimates highly sensitive to alternative specifying assumptions. \r\n The paper also examines the temporal pattern of overseas holdings of U.S. currency and finds that the observed decline in the demand for U.S cash abroad coincides with the growing popularity of the Euro and its growth as a second currency held outside the Euro area between 2003 and 2008. These new findings have significant implications for estimating the domestic money supply and other domestic monetary aggregates; for estimating the net benefits of seigniorage earnings of the Federal Reserve; for forecasting changes in output and prices and for estimating the amount of unreported income and tax evasion in the U.S.\r\n","publication_name":"Deutsche Bundesbank \"The usage, costs and benefits of cash: Theory and evidience from macro and micro data\" 2012 pp 119-151"},"translated_abstract":"Abstract\r\n\tThe rapid growth of substitutes for cash, particularly debit and credit cards, has led economists to predict the advent of the “cashless society”. Yet cash holdings in most developed economies continue to grow and in the U.S., per capita currency holdings now amount to $3000. This paper revisits the long-standing controversy concerning the whereabouts of U.S. cash. Specifically, we employ a previously confidential data source on net shipments of U.S. currency abroad to re-estimate the fraction of U.S. currency held overseas. Contrary to the widely cited figure that 65 percent of U.S. currency is abroad, we now find that direct evidence supports the notion that overseas holdings amount to less than 25 percent.\r\nCurrently, the official figure for the percent of U.S. currency held abroad as published by the Federal Reserve in their Flow of Funds Accounts and by the Bureau of Economic Analysis in the U.S. Balance of Payments Accounts is 37 percent. This official figure is based on a proxy variable that is supposed to mimic the previously confidential data series maintained by the New York Federal Reserve. Judson (2012) made this series public enabling us to discover that the official estimates of currency abroad require downward revision to reflect accurately the newly released data on actual cash shipments abroad. \r\nWe also review the “indirect” approaches to estimating the fraction of currency overseas employed by Porter and Judson (1996) and Judson (2012). We find that these indirect methods to be innovative but deeply flawed due to violations of their restrictive assumptions. Moreover, sensitivity analysis reveals the estimates highly sensitive to alternative specifying assumptions. \r\n The paper also examines the temporal pattern of overseas holdings of U.S. currency and finds that the observed decline in the demand for U.S cash abroad coincides with the growing popularity of the Euro and its growth as a second currency held outside the Euro area between 2003 and 2008. These new findings have significant implications for estimating the domestic money supply and other domestic monetary aggregates; for estimating the net benefits of seigniorage earnings of the Federal Reserve; for forecasting changes in output and prices and for estimating the amount of unreported income and tax evasion in the U.S.\r\n","internal_url":"https://www.academia.edu/5304731/How_Much_of_Americas_Currency_is_Overseas_The_Myth_of_the_Cashless_Society_","translated_internal_url":"","created_at":"2013-12-03T05:45:56.485-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":32471037,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/32471037/thumbnails/1.jpg","file_name":"Feige_Myth.pdf","download_url":"https://www.academia.edu/attachments/32471037/download_file","bulk_download_file_name":"How_Much_of_Americas_Currency_is_Oversea.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/32471037/Feige_Myth-libre.pdf?1390965611=\u0026response-content-disposition=attachment%3B+filename%3DHow_Much_of_Americas_Currency_is_Oversea.pdf\u0026Expires=1738613378\u0026Signature=JzPvo~vfZvjbmM40HKg1bpbrIK0fX9YdW9LYp-gJUfQVXIr1R0BW4ulDJH9lrQkYij4~TrAN1ECj71ZrHrMHKMSDOLHdGMz7HjY0ew0KVM6UBMKC7E4I9XZJsbMKX4Yu1b23w-CzZvi68HlB3v0f0mlRrZ3c7NhOsz7yhCieMxsvpqN8o50yXl6tBD7wi2dkBKNkB7rTygZ9CN27LJaJ8oIaFfBE97eTMRUD38WiNGUNniFWJ95SBv-RsvCDBZdXJYD~o62Saw5ho983BzsYTwt9gxA~mmaWFdvf~E902xJQ51HpaKYgHl15-ytakKnr8gQABhU46G-TuX64TfdZPA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"How_Much_of_Americas_Currency_is_Overseas_The_Myth_of_the_Cashless_Society_","translated_slug":"","page_count":33,"language":"en","content_type":"Work","summary":"Abstract\r\n\tThe rapid growth of substitutes for cash, particularly debit and credit cards, has led economists to predict the advent of the “cashless society”. Yet cash holdings in most developed economies continue to grow and in the U.S., per capita currency holdings now amount to $3000. This paper revisits the long-standing controversy concerning the whereabouts of U.S. cash. Specifically, we employ a previously confidential data source on net shipments of U.S. currency abroad to re-estimate the fraction of U.S. currency held overseas. Contrary to the widely cited figure that 65 percent of U.S. currency is abroad, we now find that direct evidence supports the notion that overseas holdings amount to less than 25 percent.\r\nCurrently, the official figure for the percent of U.S. currency held abroad as published by the Federal Reserve in their Flow of Funds Accounts and by the Bureau of Economic Analysis in the U.S. Balance of Payments Accounts is 37 percent. This official figure is based on a proxy variable that is supposed to mimic the previously confidential data series maintained by the New York Federal Reserve. Judson (2012) made this series public enabling us to discover that the official estimates of currency abroad require downward revision to reflect accurately the newly released data on actual cash shipments abroad. \r\nWe also review the “indirect” approaches to estimating the fraction of currency overseas employed by Porter and Judson (1996) and Judson (2012). We find that these indirect methods to be innovative but deeply flawed due to violations of their restrictive assumptions. Moreover, sensitivity analysis reveals the estimates highly sensitive to alternative specifying assumptions. \r\n The paper also examines the temporal pattern of overseas holdings of U.S. currency and finds that the observed decline in the demand for U.S cash abroad coincides with the growing popularity of the Euro and its growth as a second currency held outside the Euro area between 2003 and 2008. These new findings have significant implications for estimating the domestic money supply and other domestic monetary aggregates; for estimating the net benefits of seigniorage earnings of the Federal Reserve; for forecasting changes in output and prices and for estimating the amount of unreported income and tax evasion in the U.S.\r\n","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":32471037,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/32471037/thumbnails/1.jpg","file_name":"Feige_Myth.pdf","download_url":"https://www.academia.edu/attachments/32471037/download_file","bulk_download_file_name":"How_Much_of_Americas_Currency_is_Oversea.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/32471037/Feige_Myth-libre.pdf?1390965611=\u0026response-content-disposition=attachment%3B+filename%3DHow_Much_of_Americas_Currency_is_Oversea.pdf\u0026Expires=1738613378\u0026Signature=JzPvo~vfZvjbmM40HKg1bpbrIK0fX9YdW9LYp-gJUfQVXIr1R0BW4ulDJH9lrQkYij4~TrAN1ECj71ZrHrMHKMSDOLHdGMz7HjY0ew0KVM6UBMKC7E4I9XZJsbMKX4Yu1b23w-CzZvi68HlB3v0f0mlRrZ3c7NhOsz7yhCieMxsvpqN8o50yXl6tBD7wi2dkBKNkB7rTygZ9CN27LJaJ8oIaFfBE97eTMRUD38WiNGUNniFWJ95SBv-RsvCDBZdXJYD~o62Saw5ho983BzsYTwt9gxA~mmaWFdvf~E902xJQ51HpaKYgHl15-ytakKnr8gQABhU46G-TuX64TfdZPA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[],"urls":[]}, dispatcherData: dispatcherData }); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="17665518"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/17665518/The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision"><img alt="Research paper thumbnail of The Consequences of Journal Editorial Policies and a Suggestion for Revision" class="work-thumbnail" src="https://attachments.academia-assets.com/39645444/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/17665518/The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision">The Consequences of Journal Editorial Policies and a Suggestion for Revision</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The thesis of this paper is that current journal editorial policy bearing on empirical literature...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The thesis of this paper is that current journal editorial policy bearing on empirical literature puts an inordinate premium on the attainment of "statistically significant results," with the effect of contaminating our published literature with a proliferation of Type 1 errors. I suggest a change in journal editorial policy to shift the criterion for acceptance away from the production of statistically significant results, toward a criterion that rewards relevance of the proposed research and adequacy of design of the hypothesis-testing procedures. As a minimum standard, journal editors could explicitly publicize the necessity for full reporting of procedures and data and openly encourage the publication of "negative" findings.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="e9f6fabc301675000920ccd1b7854bdd" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":39645444,"asset_id":17665518,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/39645444/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="17665518"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="17665518"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 17665518; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=17665518]").text(description); $(".js-view-count[data-work-id=17665518]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 17665518; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='17665518']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "e9f6fabc301675000920ccd1b7854bdd" } } $('.js-work-strip[data-work-id=17665518]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":17665518,"title":"The Consequences of Journal Editorial Policies and a Suggestion for Revision","translated_title":"","metadata":{"abstract":"The thesis of this paper is that current journal editorial policy bearing on empirical literature puts an inordinate premium on the attainment of \"statistically significant results,\" with the effect of contaminating our published literature with a proliferation of Type 1 errors. I suggest a change in journal editorial policy to shift the criterion for acceptance away from the production of statistically significant results, toward a criterion that rewards relevance of the proposed research and adequacy of design of the hypothesis-testing procedures. As a minimum standard, journal editors could explicitly publicize the necessity for full reporting of procedures and data and openly encourage the publication of \"negative\" findings."},"translated_abstract":"The thesis of this paper is that current journal editorial policy bearing on empirical literature puts an inordinate premium on the attainment of \"statistically significant results,\" with the effect of contaminating our published literature with a proliferation of Type 1 errors. I suggest a change in journal editorial policy to shift the criterion for acceptance away from the production of statistically significant results, toward a criterion that rewards relevance of the proposed research and adequacy of design of the hypothesis-testing procedures. As a minimum standard, journal editors could explicitly publicize the necessity for full reporting of procedures and data and openly encourage the publication of \"negative\" findings.","internal_url":"https://www.academia.edu/17665518/The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision","translated_internal_url":"","created_at":"2015-11-03T10:17:12.498-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":39645444,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/39645444/thumbnails/1.jpg","file_name":"The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision.pdf","download_url":"https://www.academia.edu/attachments/39645444/download_file","bulk_download_file_name":"The_Consequences_of_Journal_Editorial_Po.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/39645444/The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision-libre.pdf?1446575107=\u0026response-content-disposition=attachment%3B+filename%3DThe_Consequences_of_Journal_Editorial_Po.pdf\u0026Expires=1738613379\u0026Signature=Ysjtf~MpAvoKbq41LtweE~-ucTweZa1mHwSNtmB9VyXkQGo5Q6PlPXXv~V4ZnH7LLYuL1yFSCMQux7qWPUpKXoDiOxRKrHhUAV37okLvXFf4mjWLg6Y55oScXfjAs9ezEkO3~Xmfz0iwRaLkbe1Qof6V4Y-aaL4PxQPR4R1g2fOe6iEbOyfBeQqxCad0LsDxt~k1SNu1ogdPzuqj5IzrPSEFbh3PeLexsDPesCSzIJ0GsuBoODXf8TmFCujD1m~M4NUSyJhaoTWMrBdPyxRxhCEAuuOzR6rLeT0kwCWpkpBmfMU9iAqhT6d3bF2cwmPanfqIAyVjMPxwZHC1ejrPSw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision","translated_slug":"","page_count":5,"language":"en","content_type":"Work","summary":"The thesis of this paper is that current journal editorial policy bearing on empirical literature puts an inordinate premium on the attainment of \"statistically significant results,\" with the effect of contaminating our published literature with a proliferation of Type 1 errors. I suggest a change in journal editorial policy to shift the criterion for acceptance away from the production of statistically significant results, toward a criterion that rewards relevance of the proposed research and adequacy of design of the hypothesis-testing procedures. As a minimum standard, journal editors could explicitly publicize the necessity for full reporting of procedures and data and openly encourage the publication of \"negative\" findings.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":39645444,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/39645444/thumbnails/1.jpg","file_name":"The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision.pdf","download_url":"https://www.academia.edu/attachments/39645444/download_file","bulk_download_file_name":"The_Consequences_of_Journal_Editorial_Po.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/39645444/The_Consequences_of_Journal_Editorial_Policies_and_a_Suggestion_for_Revision-libre.pdf?1446575107=\u0026response-content-disposition=attachment%3B+filename%3DThe_Consequences_of_Journal_Editorial_Po.pdf\u0026Expires=1738613379\u0026Signature=Ysjtf~MpAvoKbq41LtweE~-ucTweZa1mHwSNtmB9VyXkQGo5Q6PlPXXv~V4ZnH7LLYuL1yFSCMQux7qWPUpKXoDiOxRKrHhUAV37okLvXFf4mjWLg6Y55oScXfjAs9ezEkO3~Xmfz0iwRaLkbe1Qof6V4Y-aaL4PxQPR4R1g2fOe6iEbOyfBeQqxCad0LsDxt~k1SNu1ogdPzuqj5IzrPSEFbh3PeLexsDPesCSzIJ0GsuBoODXf8TmFCujD1m~M4NUSyJhaoTWMrBdPyxRxhCEAuuOzR6rLeT0kwCWpkpBmfMU9iAqhT6d3bF2cwmPanfqIAyVjMPxwZHC1ejrPSw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":892,"name":"Statistics","url":"https://www.academia.edu/Documents/in/Statistics"},{"id":2065,"name":"Research Methodology","url":"https://www.academia.edu/Documents/in/Research_Methodology"},{"id":70693,"name":"Editorial Design","url":"https://www.academia.edu/Documents/in/Editorial_Design"},{"id":164783,"name":"Replicability","url":"https://www.academia.edu/Documents/in/Replicability"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917222" id="fromsocialismtocapitalismprivatization"><div class="js-work-strip profile--work_container" data-work-id="166402"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/166402/_The_Transition_to_a_Market_Economy_in_Russia_Property_Rights_Mass_Privatization_and_Stabilization_"><img alt="Research paper thumbnail of . "The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization,"" class="work-thumbnail" src="https://attachments.academia-assets.com/35550126/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/166402/_The_Transition_to_a_Market_Economy_in_Russia_Property_Rights_Mass_Privatization_and_Stabilization_">. "The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization,"</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">he Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented res...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">he Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat of macroeconomic collapse and the threat of inflation. As a precursor to price liberalization, private property rights must be created, distributed and credibly enforced in order to ensure that these rights can be freely traded at market prices. The creation and distribution of property rights must find a balance between the competing goals of equity on the one hand and efficient governance structures on the other. Finally, provision must be made for a social safety net, sufficiently broad to minimize the short run burden of an inevitably costly adjustment process in order to avoid a crisis of constitutional authority. A program of “Socialist Privatization” is proposed as a political means of establishing market capitalism on the basis of an equitable distribution of wealth.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="7173c35310e9b7c6dc872e287073c3d5" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":35550126,"asset_id":166402,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/35550126/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166402"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166402"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166402; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166402]").text(description); $(".js-view-count[data-work-id=166402]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166402; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166402']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "7173c35310e9b7c6dc872e287073c3d5" } } $('.js-work-strip[data-work-id=166402]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166402,"title":". \"The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization,\"","translated_title":"","metadata":{"abstract":"he Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat of macroeconomic collapse and the threat of inflation. As a precursor to price liberalization, private property rights must be created, distributed and credibly enforced in order to ensure that these rights can be freely traded at market prices. The creation and distribution of property rights must find a balance between the competing goals of equity on the one hand and efficient governance structures on the other. Finally, provision must be made for a social safety net, sufficiently broad to minimize the short run burden of an inevitably costly adjustment process in order to avoid a crisis of constitutional authority. A program of “Socialist Privatization” is proposed as a political means of establishing market capitalism on the basis of an equitable distribution of wealth.","ai_title_tag":"Market Transition in Russia: Property Rights and Privatization"},"translated_abstract":"he Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat of macroeconomic collapse and the threat of inflation. As a precursor to price liberalization, private property rights must be created, distributed and credibly enforced in order to ensure that these rights can be freely traded at market prices. The creation and distribution of property rights must find a balance between the competing goals of equity on the one hand and efficient governance structures on the other. 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An important component of the proposed policy package was an equalitarian distribution of a portion of “state” wealth to private citizens by means of a voucher program whose aim was to establish a social safety net of private wealth composed of “citizen shares” to cushion the disruptions and lessen the hardships of the transition process. This paper estimates the value of the proposed “citizen shares” and finds that they would have provided a significant social safety net as well as a powerful incentive for Soviet citizens to support the reform program. The problem with the proposed voucher program was not that it provided too little incentive. The problem was that the government failed to provide the relevant information to the public and that government information was not likely to be viewed as credible by its citizens. Reference: Comparative Economic Studies. Vol. XXXII No. 3, Fall, 1990</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="13fa055605ce3fef57d74d3ee896c1bf" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34980288,"asset_id":8616293,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34980288/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8616293"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8616293"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8616293; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8616293]").text(description); $(".js-view-count[data-work-id=8616293]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8616293; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8616293']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "13fa055605ce3fef57d74d3ee896c1bf" } } $('.js-work-strip[data-work-id=8616293]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8616293,"title":"Socialist Privatization: Response","translated_title":"","metadata":{"abstract":"In earlier papers on “Socialist privatization” Feige proposed a sequential set of stabilization, privatization and liberalization policies designed to provide the necessary, albeit not sufficient conditions, for a transition from a planned to a market economy. An important component of the proposed policy package was an equalitarian distribution of a portion of “state” wealth to private citizens by means of a voucher program whose aim was to establish a social safety net of private wealth composed of “citizen shares” to cushion the disruptions and lessen the hardships of the transition process. This paper estimates the value of the proposed “citizen shares” and finds that they would have provided a significant social safety net as well as a powerful incentive for Soviet citizens to support the reform program. The problem with the proposed voucher program was not that it provided too little incentive. The problem was that the government failed to provide the relevant information to the public and that government information was not likely to be viewed as credible by its citizens. Reference: Comparative Economic Studies. Vol. XXXII No. 3, Fall, 1990"},"translated_abstract":"In earlier papers on “Socialist privatization” Feige proposed a sequential set of stabilization, privatization and liberalization policies designed to provide the necessary, albeit not sufficient conditions, for a transition from a planned to a market economy. An important component of the proposed policy package was an equalitarian distribution of a portion of “state” wealth to private citizens by means of a voucher program whose aim was to establish a social safety net of private wealth composed of “citizen shares” to cushion the disruptions and lessen the hardships of the transition process. This paper estimates the value of the proposed “citizen shares” and finds that they would have provided a significant social safety net as well as a powerful incentive for Soviet citizens to support the reform program. The problem with the proposed voucher program was not that it provided too little incentive. The problem was that the government failed to provide the relevant information to the public and that government information was not likely to be viewed as credible by its citizens. Reference: Comparative Economic Studies. Vol. XXXII No. 3, Fall, 1990","internal_url":"https://www.academia.edu/8616293/Socialist_Privatization_Response","translated_internal_url":"","created_at":"2014-10-03T01:36:37.981-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":34980288,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34980288/thumbnails/1.jpg","file_name":"spresponse.pdf","download_url":"https://www.academia.edu/attachments/34980288/download_file","bulk_download_file_name":"Socialist_Privatization_Response.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34980288/spresponse-libre.pdf?1412325236=\u0026response-content-disposition=attachment%3B+filename%3DSocialist_Privatization_Response.pdf\u0026Expires=1738613379\u0026Signature=B5URuDczGd3g44cU8idvLLu4PeuMYRp-bDMfWqHUGpIq4PqD-3wEcQ0S3eJF1ZR~HTm85EDVL1JQoc1Y~cNJ8ambflkbOfdMzuA2fUAkBt0l3ZmXppw2lNoRYunjLc~WvR0MSwjgcw08N1JXKa~L5ZA06RYaUrVqdanqVHPKU2rwGM6~bD-0xsCqqWzPLJf01u7~ykigUwumTgKO-itStYQJ9b9z5mpLBfyre4~oN5KrtM0E154FJOL4P5vB0t-teAZTYw1ct4WPJqMrAauO0r82ECu~rQ5O3LQod-Qy1Qr-4UcB44i48x-MoymOxlK5YJsjgARExdJ-iAJ011OvEQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Socialist_Privatization_Response","translated_slug":"","page_count":11,"language":"en","content_type":"Work","summary":"In earlier papers on “Socialist privatization” Feige proposed a sequential set of stabilization, privatization and liberalization policies designed to provide the necessary, albeit not sufficient conditions, for a transition from a planned to a market economy. An important component of the proposed policy package was an equalitarian distribution of a portion of “state” wealth to private citizens by means of a voucher program whose aim was to establish a social safety net of private wealth composed of “citizen shares” to cushion the disruptions and lessen the hardships of the transition process. This paper estimates the value of the proposed “citizen shares” and finds that they would have provided a significant social safety net as well as a powerful incentive for Soviet citizens to support the reform program. The problem with the proposed voucher program was not that it provided too little incentive. The problem was that the government failed to provide the relevant information to the public and that government information was not likely to be viewed as credible by its citizens. Reference: Comparative Economic Studies. Vol. XXXII No. 3, Fall, 1990","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":34980288,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34980288/thumbnails/1.jpg","file_name":"spresponse.pdf","download_url":"https://www.academia.edu/attachments/34980288/download_file","bulk_download_file_name":"Socialist_Privatization_Response.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34980288/spresponse-libre.pdf?1412325236=\u0026response-content-disposition=attachment%3B+filename%3DSocialist_Privatization_Response.pdf\u0026Expires=1738613379\u0026Signature=B5URuDczGd3g44cU8idvLLu4PeuMYRp-bDMfWqHUGpIq4PqD-3wEcQ0S3eJF1ZR~HTm85EDVL1JQoc1Y~cNJ8ambflkbOfdMzuA2fUAkBt0l3ZmXppw2lNoRYunjLc~WvR0MSwjgcw08N1JXKa~L5ZA06RYaUrVqdanqVHPKU2rwGM6~bD-0xsCqqWzPLJf01u7~ykigUwumTgKO-itStYQJ9b9z5mpLBfyre4~oN5KrtM0E154FJOL4P5vB0t-teAZTYw1ct4WPJqMrAauO0r82ECu~rQ5O3LQod-Qy1Qr-4UcB44i48x-MoymOxlK5YJsjgARExdJ-iAJ011OvEQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":389,"name":"Russian Studies","url":"https://www.academia.edu/Documents/in/Russian_Studies"},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":12108,"name":"China","url":"https://www.academia.edu/Documents/in/China"},{"id":49459,"name":"Income inequality","url":"https://www.academia.edu/Documents/in/Income_inequality"},{"id":400393,"name":"Theories of Socialism","url":"https://www.academia.edu/Documents/in/Theories_of_Socialism"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy"}],"urls":[]}, dispatcherData: dispatcherData }); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8605574"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8605574/New_Estimates_of_U_S_Currency_Abroad_the_Domestic_Money_Supply_and_the_Unreported_Economy"><img alt="Research paper thumbnail of New Estimates of U.S. Currency Abroad, the Domestic Money Supply and the Unreported Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/34971460/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8605574/New_Estimates_of_U_S_Currency_Abroad_the_Domestic_Money_Supply_and_the_Unreported_Economy">New Estimates of U.S. Currency Abroad, the Domestic Money Supply and the Unreported Economy</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Despite financial innovations that have created important new substitutes for cash usage, per cap...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported  economy hypothesis).<br /> We find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars.  <br />The newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers.  Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. <br /> Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income” is $1.9 - $2.4 trillion, implying a “tax gap” in the range of $400- $540 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS.  <br /><br />      Reference: Crime, Law and Social Change, (2012) Vol. 57 No. 3 pp.239-263</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="28d4cf452d6f6949a82dd6388b908f56" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34971460,"asset_id":8605574,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34971460/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8605574"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8605574"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8605574; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8605574]").text(description); $(".js-view-count[data-work-id=8605574]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8605574; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8605574']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "28d4cf452d6f6949a82dd6388b908f56" } } $('.js-work-strip[data-work-id=8605574]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8605574,"title":"New Estimates of U.S. Currency Abroad, the Domestic Money Supply and the Unreported Economy","translated_title":"","metadata":{"abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis).\n\tWe find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars. \nThe newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. \n Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income” is $1.9 - $2.4 trillion, implying a “tax gap” in the range of $400- $540 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS. \n\n Reference: Crime, Law and Social Change, (2012) Vol. 57 No. 3 pp.239-263\n\n"},"translated_abstract":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis).\n\tWe find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars. \nThe newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. \n Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income” is $1.9 - $2.4 trillion, implying a “tax gap” in the range of $400- $540 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS. \n\n Reference: Crime, Law and Social Change, (2012) Vol. 57 No. 3 pp.239-263\n\n","internal_url":"https://www.academia.edu/8605574/New_Estimates_of_U_S_Currency_Abroad_the_Domestic_Money_Supply_and_the_Unreported_Economy","translated_internal_url":"","created_at":"2014-10-02T06:54:02.356-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":34971460,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34971460/thumbnails/1.jpg","file_name":"CLSA2012Feige.pdf","download_url":"https://www.academia.edu/attachments/34971460/download_file","bulk_download_file_name":"New_Estimates_of_U_S_Currency_Abroad_the.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34971460/CLSA2012Feige-libre.pdf?1412262286=\u0026response-content-disposition=attachment%3B+filename%3DNew_Estimates_of_U_S_Currency_Abroad_the.pdf\u0026Expires=1738613379\u0026Signature=HEAe3aBBGQ1LnHJ3jxQCJkuV2ZY~~Y-fLsYPCApadoCuIlS5gLhTcztlT8qEMqxuvjH8QqhQE-2DHvpaWXjnGHGxofDa-tr4Oz3CSndngQKz0BFhvFRwhhVO4APPCDddSJ3f4nl-Sr8Fj1mlIoCA2B28SP~-0X4Dieaqrlt0yL4cJG8tHuYpBttzTft5naVIhFjiB~FQnLIWP37sMJCmvO7Wj5wfCtOibgmNwot8VX3iWr-x5-J5Wt0QrZ3nMrwQb8Vyg5YSzSr0QDNNHBbbXW~j-F2myyDayWwlU99NGL-7pEbzlS54fLicLm6RLFsqcXNjUWCTqPZHSamcWkz82w__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"New_Estimates_of_U_S_Currency_Abroad_the_Domestic_Money_Supply_and_the_Unreported_Economy","translated_slug":"","page_count":35,"language":"en","content_type":"Work","summary":"Despite financial innovations that have created important new substitutes for cash usage, per capita holdings of U.S. currency amount to $2950. Yet American households and businesses admit to holding only 15 percent of the currency stock, leaving the whereabouts of 85 percent unknown. Some fraction of this unaccounted for currency is held abroad (the dollarization hypothesis) and some is held domestically undeclared, as a store of value and a medium of exchange for transactions involving the production and distribution of illegal goods and services, and for transactions earning income that is not reported to the IRS (the unreported economy hypothesis).\n\tWe find that the percentage of U.S. currency currently held overseas is between 30-37 percent rather than the widely cited figure of 65 percent. This finding is based on the official Federal Reserve/Bureau of Economic Analysis data which is a proxy measure of the New York Federal Reserve’s (NYB) “confidential” data on wholesale currency shipments abroad. We recommend that the NYB data be aggregated so as to circumvent confidentiality concerns, and be made readily available to all researchers in order to shed greater light on the questions of how much U.S. currency is abroad and on the particular location of overseas U.S. dollars. \nThe newly revised official estimates of overseas currency holdings are employed to determine the Federal Reserve’s seigniorage earnings from 1964-2010, which have provided a $287 billion windfall for U.S. taxpayers. Overseas currency stock data are also used to derive estimates of the domestically held stock of currency as well as narrow and broad measures of domestic monetary aggregates. These domestic monetary aggregates are believed to be better predictors of future economic activity than traditional monetary aggregates and are tested to determine their ability to predict fluctuations in real output and prices. \n Domestic cash holdings are finally used to estimate the size of the U.S. unreported economy as measured by the amount of income that is not properly reported to the IRS. By 2010, we estimate that legal and illegal source unreported income” is $1.9 - $2.4 trillion, implying a “tax gap” in the range of $400- $540 billion. Currently, we estimate that 18-23 percent of total reportable income is not properly reported to the IRS. \n\n Reference: Crime, Law and Social Change, (2012) Vol. 57 No. 3 pp.239-263\n\n","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":34971460,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34971460/thumbnails/1.jpg","file_name":"CLSA2012Feige.pdf","download_url":"https://www.academia.edu/attachments/34971460/download_file","bulk_download_file_name":"New_Estimates_of_U_S_Currency_Abroad_the.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34971460/CLSA2012Feige-libre.pdf?1412262286=\u0026response-content-disposition=attachment%3B+filename%3DNew_Estimates_of_U_S_Currency_Abroad_the.pdf\u0026Expires=1738613379\u0026Signature=HEAe3aBBGQ1LnHJ3jxQCJkuV2ZY~~Y-fLsYPCApadoCuIlS5gLhTcztlT8qEMqxuvjH8QqhQE-2DHvpaWXjnGHGxofDa-tr4Oz3CSndngQKz0BFhvFRwhhVO4APPCDddSJ3f4nl-Sr8Fj1mlIoCA2B28SP~-0X4Dieaqrlt0yL4cJG8tHuYpBttzTft5naVIhFjiB~FQnLIWP37sMJCmvO7Wj5wfCtOibgmNwot8VX3iWr-x5-J5Wt0QrZ3nMrwQb8Vyg5YSzSr0QDNNHBbbXW~j-F2myyDayWwlU99NGL-7pEbzlS54fLicLm6RLFsqcXNjUWCTqPZHSamcWkz82w__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance"},{"id":4777,"name":"Tax reform","url":"https://www.academia.edu/Documents/in/Tax_reform"},{"id":5378,"name":"Underground Economies","url":"https://www.academia.edu/Documents/in/Underground_Economies"},{"id":12175,"name":"Tax Policy","url":"https://www.academia.edu/Documents/in/Tax_Policy"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="166406"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/166406/Unofficial_Dollarization_in_Latin_America_Currency_Substitution_Network_Externalities_and_Irreversibility_"><img alt="Research paper thumbnail of Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,"" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/166406/Unofficial_Dollarization_in_Latin_America_Currency_Substitution_Network_Externalities_and_Irreversibility_">Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,"</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We examine the extent, causes and consequences of the use of foreign currency as a co-circulating...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We examine the extent, causes and consequences of the use of foreign currency as a co-circulating medium of exchange and store of value in Latin America. Using new estimates of the amount of foreign currency in circulation in the form of US dollars, we obtain unique measures of currency substitution, asset substitution, dollarization, and bank credibility for many Latin American countries. We also specify and estimate demand functions for foreign currency in circulation in Argentina in order to examine the dynamic consequences of network externalities for hysteresis and irreversibility.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="166406"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="166406"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 166406; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=166406]").text(description); $(".js-view-count[data-work-id=166406]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 166406; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='166406']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=166406]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":166406,"title":"Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,\"","translated_title":"","metadata":{"abstract":"We examine the extent, causes and consequences of the use of foreign currency as a co-circulating medium of exchange and store of value in Latin America. Using new estimates of the amount of foreign currency in circulation in the form of US dollars, we obtain unique measures of currency substitution, asset substitution, dollarization, and bank credibility for many Latin American countries. We also specify and estimate demand functions for foreign currency in circulation in Argentina in order to examine the dynamic consequences of network externalities for hysteresis and irreversibility.","more_info":"Author Info\nEdgar L. Feige (The University of Wisconsin-Madison)\nVedran Šošiæ (Croatian National Bank)\nMichael Faulend (Croatian National Bank)\nVelimir Šonje (Reifseinen Bank)"},"translated_abstract":"We examine the extent, causes and consequences of the use of foreign currency as a co-circulating medium of exchange and store of value in Latin America. Using new estimates of the amount of foreign currency in circulation in the form of US dollars, we obtain unique measures of currency substitution, asset substitution, dollarization, and bank credibility for many Latin American countries. We also specify and estimate demand functions for foreign currency in circulation in Argentina in order to examine the dynamic consequences of network externalities for hysteresis and irreversibility.","internal_url":"https://www.academia.edu/166406/Unofficial_Dollarization_in_Latin_America_Currency_Substitution_Network_Externalities_and_Irreversibility_","translated_internal_url":"","created_at":"2008-12-03T23:16:28.092-08:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[{"id":12067060,"work_id":166406,"tagging_user_id":21390,"tagged_user_id":66114996,"co_author_invite_id":2376013,"email":"v***c@hnb.hr","display_order":0,"name":"Vedran Šošić","title":"Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,\""},{"id":12067061,"work_id":166406,"tagging_user_id":21390,"tagged_user_id":29459692,"co_author_invite_id":null,"email":"v***e@icloud.com","display_order":4194304,"name":"Velimir Šonje","title":"Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,\""},{"id":12067065,"work_id":166406,"tagging_user_id":21390,"tagged_user_id":null,"co_author_invite_id":2376012,"email":"m***d@hnb.hr","display_order":6291456,"name":"Michael Faulend","title":"Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,\""},{"id":12067069,"work_id":166406,"tagging_user_id":21390,"tagged_user_id":322582,"co_author_invite_id":null,"email":"j***n@sonoma.edu","affiliation":"Sonoma State University","display_order":7340032,"name":"James Joseph Dean","title":"Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,\""}],"downloadable_attachments":[],"slug":"Unofficial_Dollarization_in_Latin_America_Currency_Substitution_Network_Externalities_and_Irreversibility_","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":"We examine the extent, causes and consequences of the use of foreign currency as a co-circulating medium of exchange and store of value in Latin America. Using new estimates of the amount of foreign currency in circulation in the form of US dollars, we obtain unique measures of currency substitution, asset substitution, dollarization, and bank credibility for many Latin American countries. We also specify and estimate demand functions for foreign currency in circulation in Argentina in order to examine the dynamic consequences of network externalities for hysteresis and irreversibility.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics"},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics"}],"urls":[{"id":1448,"url":"http://ideas.repec.org/p/wpa/wuwpif/0205002.html"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8567315"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8567315/The_Myth_of_the_Cashless_Society_How_much_of_Americas_currency_is_overseas"><img alt="Research paper thumbnail of The Myth of the "Cashless Society": How much of America's currency is overseas?" class="work-thumbnail" src="https://attachments.academia-assets.com/34937589/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8567315/The_Myth_of_the_Cashless_Society_How_much_of_Americas_currency_is_overseas">The Myth of the "Cashless Society": How much of America's currency is overseas?</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Despite financial innovations that have created important new substitutes for cash usage, holding...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Despite financial innovations that have created important new substitutes for cash usage, holdings of U.S. currency continue to grow and now amount to $3000 per capita, facts, refuting predictions of the advent of the “cashless society”.  Explaining the whereabouts of the surprisingly large quantity of U.S. cash in circulation with the public gives rise to the “currency enigma”.  American households and businesses admit to holding only 15 percent of the stock of outstanding currency. Overseas holdings of U.S cash account for some fraction of the stock outstanding.  The rest is held domestically as an undeclared store of value or as a medium of exchange for transactions involving the production and distribution of prohibited goods and services, (the illegal economy) and for transactions, earning income that is not properly reported to the Internal Revenue Service, the “unreported economy”. A critical empirical question is “What fraction of U.S. currency is held abroad?”<br />Porter and Judson (1996) employing “indirect” methods claimed that “between 55 percent and 70 percent of the U.S. currency stock is currently held outside the country”, whereas the “official” Federal Reserve figure published in it’s Flow of Funds (FOF) accounts puts the estimate at 37 percent abroad at the end of 2010.  The Federal Reserve obtains its published estimates using a proxy for a confidential data series collected by the New York Federal Reserve Bank of bulk shipments of U.S. currency by wholesale currency dealers into and out of the U.S.  Judson (2012) recently published these confidential aggregate shipment data, enabling a reexamination of the veracity of the “official” Federal Reserve Flow of Funds estimates of currency held abroad. We find that the FOF published proxy tracks the previously confidential shipment data closely between 1988 and 2001. Thereafter, the proxy begins to overstate the series it is supposed to mimic.  Taking account of the direct net bulk currency shipments abroad reported to the New York Fed as well as additional channels by which currency can flow into or out of the U.S such as immigrant remittances and travel, we find that by 2012 roughly 25 percent of U.S. currency is abroad. We strongly urge the Federal Reserve to come to some agreement concerning the amount of currency held abroad so that the current discrepancies between their published data, their internal data and their public pronouncements can finally be put to rest.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="355732d3935aab217f1dae0ac88fc9b3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34937589,"asset_id":8567315,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34937589/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8567315"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8567315"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8567315; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8567315]").text(description); $(".js-view-count[data-work-id=8567315]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8567315; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8567315']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "355732d3935aab217f1dae0ac88fc9b3" } } $('.js-work-strip[data-work-id=8567315]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8567315,"title":"The Myth of the \"Cashless Society\": How much of America's currency is overseas?","translated_title":"","metadata":{"abstract":"Despite financial innovations that have created important new substitutes for cash usage, holdings of U.S. currency continue to grow and now amount to $3000 per capita, facts, refuting predictions of the advent of the “cashless society”. Explaining the whereabouts of the surprisingly large quantity of U.S. cash in circulation with the public gives rise to the “currency enigma”. American households and businesses admit to holding only 15 percent of the stock of outstanding currency. Overseas holdings of U.S cash account for some fraction of the stock outstanding. The rest is held domestically as an undeclared store of value or as a medium of exchange for transactions involving the production and distribution of prohibited goods and services, (the illegal economy) and for transactions, earning income that is not properly reported to the Internal Revenue Service, the “unreported economy”. A critical empirical question is “What fraction of U.S. currency is held abroad?”\nPorter and Judson (1996) employing “indirect” methods claimed that “between 55 percent and 70 percent of the U.S. currency stock is currently held outside the country”, whereas the “official” Federal Reserve figure published in it’s Flow of Funds (FOF) accounts puts the estimate at 37 percent abroad at the end of 2010. The Federal Reserve obtains its published estimates using a proxy for a confidential data series collected by the New York Federal Reserve Bank of bulk shipments of U.S. currency by wholesale currency dealers into and out of the U.S. Judson (2012) recently published these confidential aggregate shipment data, enabling a reexamination of the veracity of the “official” Federal Reserve Flow of Funds estimates of currency held abroad. We find that the FOF published proxy tracks the previously confidential shipment data closely between 1988 and 2001. Thereafter, the proxy begins to overstate the series it is supposed to mimic. Taking account of the direct net bulk currency shipments abroad reported to the New York Fed as well as additional channels by which currency can flow into or out of the U.S such as immigrant remittances and travel, we find that by 2012 roughly 25 percent of U.S. currency is abroad. We strongly urge the Federal Reserve to come to some agreement concerning the amount of currency held abroad so that the current discrepancies between their published data, their internal data and their public pronouncements can finally be put to rest. \n","ai_title_tag":"U.S. Currency Abroad: Facts and Myths"},"translated_abstract":"Despite financial innovations that have created important new substitutes for cash usage, holdings of U.S. currency continue to grow and now amount to $3000 per capita, facts, refuting predictions of the advent of the “cashless society”. Explaining the whereabouts of the surprisingly large quantity of U.S. cash in circulation with the public gives rise to the “currency enigma”. American households and businesses admit to holding only 15 percent of the stock of outstanding currency. Overseas holdings of U.S cash account for some fraction of the stock outstanding. The rest is held domestically as an undeclared store of value or as a medium of exchange for transactions involving the production and distribution of prohibited goods and services, (the illegal economy) and for transactions, earning income that is not properly reported to the Internal Revenue Service, the “unreported economy”. A critical empirical question is “What fraction of U.S. currency is held abroad?”\nPorter and Judson (1996) employing “indirect” methods claimed that “between 55 percent and 70 percent of the U.S. currency stock is currently held outside the country”, whereas the “official” Federal Reserve figure published in it’s Flow of Funds (FOF) accounts puts the estimate at 37 percent abroad at the end of 2010. The Federal Reserve obtains its published estimates using a proxy for a confidential data series collected by the New York Federal Reserve Bank of bulk shipments of U.S. currency by wholesale currency dealers into and out of the U.S. Judson (2012) recently published these confidential aggregate shipment data, enabling a reexamination of the veracity of the “official” Federal Reserve Flow of Funds estimates of currency held abroad. We find that the FOF published proxy tracks the previously confidential shipment data closely between 1988 and 2001. Thereafter, the proxy begins to overstate the series it is supposed to mimic. Taking account of the direct net bulk currency shipments abroad reported to the New York Fed as well as additional channels by which currency can flow into or out of the U.S such as immigrant remittances and travel, we find that by 2012 roughly 25 percent of U.S. currency is abroad. We strongly urge the Federal Reserve to come to some agreement concerning the amount of currency held abroad so that the current discrepancies between their published data, their internal data and their public pronouncements can finally be put to rest. \n","internal_url":"https://www.academia.edu/8567315/The_Myth_of_the_Cashless_Society_How_much_of_Americas_currency_is_overseas","translated_internal_url":"","created_at":"2014-09-30T04:36:21.782-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":34937589,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34937589/thumbnails/1.jpg","file_name":"Feige_Myth.pdf","download_url":"https://www.academia.edu/attachments/34937589/download_file","bulk_download_file_name":"The_Myth_of_the_Cashless_Society_How_muc.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34937589/Feige_Myth-libre.pdf?1412068878=\u0026response-content-disposition=attachment%3B+filename%3DThe_Myth_of_the_Cashless_Society_How_muc.pdf\u0026Expires=1738613379\u0026Signature=gsvsptJM5v71tjBNxXcVf0L3YUr3iGJdmNbaCpVtgdJQPYwdJqAfJK3Rv9GeMYDT2Ia-EQ7jgwiuUIh6Q42vDWJAY-kw750tmtSG82HGWikTVY8M6slUmVqXR3R6I-27ggxTHY5C4ew8BtUMsfC2aDdu85fRqYvhE-jxOYIpxW5qTFJFn815XcmtfgoikyEDFMDeaXUApWvJ5KM2BehcqcBIj-68VR6EGJxyr5twDSluvKgtSS44bmqqO1yp27HG8ONEPISqdvz8tRiJ1F7BFtAdzPyOR~HI7dhWMbjeqN0~R9E3GiFGPLZ-7Kk9camnLPPjbh-Ob~yMLn~hK6RcSQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"The_Myth_of_the_Cashless_Society_How_much_of_Americas_currency_is_overseas","translated_slug":"","page_count":33,"language":"en","content_type":"Work","summary":"Despite financial innovations that have created important new substitutes for cash usage, holdings of U.S. currency continue to grow and now amount to $3000 per capita, facts, refuting predictions of the advent of the “cashless society”. Explaining the whereabouts of the surprisingly large quantity of U.S. cash in circulation with the public gives rise to the “currency enigma”. American households and businesses admit to holding only 15 percent of the stock of outstanding currency. Overseas holdings of U.S cash account for some fraction of the stock outstanding. The rest is held domestically as an undeclared store of value or as a medium of exchange for transactions involving the production and distribution of prohibited goods and services, (the illegal economy) and for transactions, earning income that is not properly reported to the Internal Revenue Service, the “unreported economy”. A critical empirical question is “What fraction of U.S. currency is held abroad?”\nPorter and Judson (1996) employing “indirect” methods claimed that “between 55 percent and 70 percent of the U.S. currency stock is currently held outside the country”, whereas the “official” Federal Reserve figure published in it’s Flow of Funds (FOF) accounts puts the estimate at 37 percent abroad at the end of 2010. The Federal Reserve obtains its published estimates using a proxy for a confidential data series collected by the New York Federal Reserve Bank of bulk shipments of U.S. currency by wholesale currency dealers into and out of the U.S. Judson (2012) recently published these confidential aggregate shipment data, enabling a reexamination of the veracity of the “official” Federal Reserve Flow of Funds estimates of currency held abroad. We find that the FOF published proxy tracks the previously confidential shipment data closely between 1988 and 2001. Thereafter, the proxy begins to overstate the series it is supposed to mimic. Taking account of the direct net bulk currency shipments abroad reported to the New York Fed as well as additional channels by which currency can flow into or out of the U.S such as immigrant remittances and travel, we find that by 2012 roughly 25 percent of U.S. currency is abroad. We strongly urge the Federal Reserve to come to some agreement concerning the amount of currency held abroad so that the current discrepancies between their published data, their internal data and their public pronouncements can finally be put to rest. \n","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":34937589,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34937589/thumbnails/1.jpg","file_name":"Feige_Myth.pdf","download_url":"https://www.academia.edu/attachments/34937589/download_file","bulk_download_file_name":"The_Myth_of_the_Cashless_Society_How_muc.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34937589/Feige_Myth-libre.pdf?1412068878=\u0026response-content-disposition=attachment%3B+filename%3DThe_Myth_of_the_Cashless_Society_How_muc.pdf\u0026Expires=1738613379\u0026Signature=gsvsptJM5v71tjBNxXcVf0L3YUr3iGJdmNbaCpVtgdJQPYwdJqAfJK3Rv9GeMYDT2Ia-EQ7jgwiuUIh6Q42vDWJAY-kw750tmtSG82HGWikTVY8M6slUmVqXR3R6I-27ggxTHY5C4ew8BtUMsfC2aDdu85fRqYvhE-jxOYIpxW5qTFJFn815XcmtfgoikyEDFMDeaXUApWvJ5KM2BehcqcBIj-68VR6EGJxyr5twDSluvKgtSS44bmqqO1yp27HG8ONEPISqdvz8tRiJ1F7BFtAdzPyOR~HI7dhWMbjeqN0~R9E3GiFGPLZ-7Kk9camnLPPjbh-Ob~yMLn~hK6RcSQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":42482,"name":"Underground economy","url":"https://www.academia.edu/Documents/in/Underground_economy"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy"},{"id":181723,"name":"Cashless Society","url":"https://www.academia.edu/Documents/in/Cashless_Society"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="8633294"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8633294/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma"><img alt="Research paper thumbnail of Currency Velocity and Cash Payments in the U.S. Economy:The Currency Enigma" class="work-thumbnail" src="https://attachments.academia-assets.com/34995028/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8633294/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma">Currency Velocity and Cash Payments in the U.S. Economy:The Currency Enigma</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper develops a demographic model of the currency population by examining the birth and dea...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="0b53230b9a4723ae5f4edd76406c6f6d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34995028,"asset_id":8633294,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34995028/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8633294"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8633294"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8633294; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8633294]").text(description); $(".js-view-count[data-work-id=8633294]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8633294; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8633294']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "0b53230b9a4723ae5f4edd76406c6f6d" } } $('.js-work-strip[data-work-id=8633294]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8633294,"title":"Currency Velocity and Cash Payments in the U.S. Economy:The Currency Enigma","translated_title":"","metadata":{"abstract":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.","ai_title_tag":"Currency Dynamics in the U.S.: Velocity and Cash Payments"},"translated_abstract":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.","internal_url":"https://www.academia.edu/8633294/Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma","translated_internal_url":"","created_at":"2014-10-04T07:42:39.439-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":21390,"coauthors_can_edit":true,"document_type":"other","co_author_tags":[],"downloadable_attachments":[{"id":34995028,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34995028/thumbnails/1.jpg","file_name":"Currency_Velocity_1989.pdf","download_url":"https://www.academia.edu/attachments/34995028/download_file","bulk_download_file_name":"Currency_Velocity_and_Cash_Payments_in_t.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34995028/Currency_Velocity_1989-libre.pdf?1412433464=\u0026response-content-disposition=attachment%3B+filename%3DCurrency_Velocity_and_Cash_Payments_in_t.pdf\u0026Expires=1738613379\u0026Signature=Ty7niHAgQVcDH1FXvqpY2E04pYb6m2FRXBRC3ywo8CETz2Lzr7Fd5YWXlU3MKIFR-zThIZbujd0b1eK~Cn3eamOfFg6B~CGQHKk1p6sjw2FZF-pXgp4sKFZ80F~u5Qw9Qp6FAGtswcFG9oDUI4futnQbyj34OzjlqfMxeRnXd3NbMMw1rRHlSfp90SrgchRXAJYGof9lg9FvT4KAemwTgQbXz2zOzn5TAdxbA5-mrw2PMPkJefCq-wobGiWxbK4Wxf9F9Rd0GqBTWvGFSGltvGE0ago3Awx6wEJinr0koGvVkt96SuCL4kGrPfWMy6xE71DnQtpQKAH0e6U58EdDBQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Currency_Velocity_and_Cash_Payments_in_the_U_S_Economy_The_Currency_Enigma","translated_slug":"","page_count":55,"language":"en","content_type":"Work","summary":"This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.","owner":{"id":21390,"first_name":"Edgar","middle_initials":"L","last_name":"Feige","page_name":"EdgarFeige","domain_name":"wisc","created_at":"2008-12-03T10:41:05.978-08:00","display_name":"Edgar L Feige","url":"https://wisc.academia.edu/EdgarFeige"},"attachments":[{"id":34995028,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/34995028/thumbnails/1.jpg","file_name":"Currency_Velocity_1989.pdf","download_url":"https://www.academia.edu/attachments/34995028/download_file","bulk_download_file_name":"Currency_Velocity_and_Cash_Payments_in_t.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/34995028/Currency_Velocity_1989-libre.pdf?1412433464=\u0026response-content-disposition=attachment%3B+filename%3DCurrency_Velocity_and_Cash_Payments_in_t.pdf\u0026Expires=1738613379\u0026Signature=Ty7niHAgQVcDH1FXvqpY2E04pYb6m2FRXBRC3ywo8CETz2Lzr7Fd5YWXlU3MKIFR-zThIZbujd0b1eK~Cn3eamOfFg6B~CGQHKk1p6sjw2FZF-pXgp4sKFZ80F~u5Qw9Qp6FAGtswcFG9oDUI4futnQbyj34OzjlqfMxeRnXd3NbMMw1rRHlSfp90SrgchRXAJYGof9lg9FvT4KAemwTgQbXz2zOzn5TAdxbA5-mrw2PMPkJefCq-wobGiWxbK4Wxf9F9Rd0GqBTWvGFSGltvGE0ago3Awx6wEJinr0koGvVkt96SuCL4kGrPfWMy6xE71DnQtpQKAH0e6U58EdDBQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics"},{"id":5378,"name":"Underground Economies","url":"https://www.academia.edu/Documents/in/Underground_Economies"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917256" id="dollarization"></div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917264" id="resourcescarcity"><div class="js-work-strip profile--work_container" data-work-id="8605215"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/8605215/The_Economics_of_natural_Resource_Scarcity_and_the_Implications_for_Development_Policy_and_International_Cooperation"><img alt="Research paper thumbnail of The Economics of natural Resource Scarcity and the Implications for Development Policy and International Cooperation" class="work-thumbnail" src="https://attachments.academia-assets.com/34971184/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/8605215/The_Economics_of_natural_Resource_Scarcity_and_the_Implications_for_Development_Policy_and_International_Cooperation">The Economics of natural Resource Scarcity and the Implications for Development Policy and International Cooperation</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper analyses the problem of natural resource scarcity and its implications for economic de...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper analyses the problem of natural resource scarcity and its implications for economic development and international cooperation. We examine the meaning and measurement of resource “scarcity” and its implications for economic growth and development. The paper describes the conditions required for the efficient use of exhaustible natural resources and for optimal inter-temporal efficient paths and considers the consequences of uncertainty, risk, externalities, disequilibria and institutional constraints on the market’s ability to achieve efficient resource utilization. Particular attention is paid to the implications of the cartelization of natural resource industries and the disturbing tendency to use political rather than economic motivations as the basis for resource production and distribution decisions.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5decbf3d9603c33def91841ce4dd345a" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":34971184,"asset_id":8605215,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/34971184/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="8605215"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="8605215"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8605215; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8605215]").text(description); $(".js-view-count[data-work-id=8605215]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8605215; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='8605215']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "5decbf3d9603c33def91841ce4dd345a" } } $('.js-work-strip[data-work-id=8605215]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":8605215,"title":"The Economics of natural Resource Scarcity and the Implications for Development Policy and International Cooperation","translated_title":"","metadata":{"abstract":"This paper analyses the problem of natural resource scarcity and its implications for economic development and international cooperation. We examine the meaning and measurement of resource “scarcity” and its implications for economic growth and development. The paper describes the conditions required for the efficient use of exhaustible natural resources and for optimal inter-temporal efficient paths and considers the consequences of uncertainty, risk, externalities, disequilibria and institutional constraints on the market’s ability to achieve efficient resource utilization. Particular attention is paid to the implications of the cartelization of natural resource industries and the disturbing tendency to use political rather than economic motivations as the basis for resource production and distribution decisions."},"translated_abstract":"This paper analyses the problem of natural resource scarcity and its implications for economic development and international cooperation. We examine the meaning and measurement of resource “scarcity” and its implications for economic growth and development. The paper describes the conditions required for the efficient use of exhaustible natural resources and for optimal inter-temporal efficient paths and considers the consequences of uncertainty, risk, externalities, disequilibria and institutional constraints on the market’s ability to achieve efficient resource utilization. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="3917284" id="publicfinance"><div class="js-work-strip profile--work_container" data-work-id="310220"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/310220/Taxation_for_the_21st_Century_the_Automated_Payment_Transaction_APT_Tax"><img alt="Research paper thumbnail of Taxation for the 21st Century: the Automated Payment Transaction (APT) Tax" class="work-thumbnail" src="https://attachments.academia-assets.com/3245353/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/310220/Taxation_for_the_21st_Century_the_Automated_Payment_Transaction_APT_Tax">Taxation for the 21st Century: the Automated Payment Transaction (APT) Tax</a></div><div class="wp-workCard_item"><span>Economic policy</span><span>, Jan 1, 2000</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="82153b0613e9ba71ee3130d6817b2e96" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":3245353,"asset_id":310220,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/3245353/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="310220"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="310220"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 310220; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="10481654" id="conferencepresentations"><div class="js-work-strip profile--work_container" data-work-id="43408306"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/43408306/Employment_Trends_and_Unobserved_Economy"><img alt="Research paper thumbnail of Employment Trends and Unobserved Economy" class="work-thumbnail" src="https://attachments.academia-assets.com/63707813/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/43408306/Employment_Trends_and_Unobserved_Economy">Employment Trends and Unobserved Economy</a></div><div class="wp-workCard_item"><span>Employment Trends and the Unobserved Economy</span><span>, 1982</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We have suggested a generalization of the Employment - Population (E-P) ratio approach to the uno...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We have suggested a generalization of the Employment - Population (E-P) ratio approach to the unobserved economy that takes account of possible changes in average hours and changes in the sectoral composition of the labor force. Taking account of these factors gives stronger evidence for a relative rise in the hidden economy after 1968 than Denison found using the E-P ratio. Building in the effects of disproportionately high levels of hidden income for proprietors, the self-employed and farmers would further strengthen the evidence for a growing unobserved sector. We have not addressed this issue. While we can obtain plausibility ranges on the size of the unobserved sector from our approach, it is unlikely that accurate measures for the values of unobserved hours can be developed. 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