President William Clinton has signed into law an aggressive plan to cut the federal government budget deficit by nearly $500 billion over a period of five years. The purpose of deficit reduction is to revive U.S. economic growth by stimulating private investment, the most important source of...

We provide new evidence on patterns of structural change in advanced economies, reconsidering the stylised facts put forward by Kaldor (1963), Kuznets (1971), and Maddison (1980). Since 1980, the services sector has overwhelmingly predominated in the economic activity of the European Union,...

In this paper we model U.S. labor supply and demand in considerable detail in order to capture the enormous heterogeneity of the labor force and its evolution over the next 25 years. We represent labor supplies for a large number of demographic groups as responses to prices of leisure and...

In this paper we evaluate the impact of the Tax Reform Act of 1986 on U.S. economic growth. We first calculate effective tax rates on income from capital employed in corporate, noncorporate, and household sectors. We then project the future growth of the U.S. economy with and without the 1986...

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I. Introduction, 416.--II. The dynamic input-output system, 420.--III. Stability of the dynamic input-output system: investment policy, 423.--IV. Stability of the dynamic input-output system: output policy, 430.--V. Summary and conclusion, 434.

No abstract provided.