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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Working Papers

November 1973, No. 73-3

The Cost of Capital, the Desired Capital Stock, and a Variable Investment Tax Credit as a Stabilization Tool

Roger N. Waud and Glenn C. Picou

This study considers the potential of a variable investment tax credit to relieve the pressure of a contracyclical monetary policy on the housing and State and local government sectors.

Katrina Mullen (804) 697-8145