Links: 2013-01-09

North America
Letting the payroll tax cut expire was a terrible idea; extent of terribleness unclear | FT Alphaville
"While workers intended to spend 10 to 18 percent of their tax-cut income, they reported actually spending 28 to 43 percent of the funds. This is higher than estimates from studies of recent tax cuts, and arguably a consequence of the design of the 2011 tax cuts. The shift to greater consumption than intended is largely unexplained by present-bias or unanticipated shocks, and is...


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