a speech at the Massachusetts Institute of Technology 2006 commencement, Cambridge, Massachusetts

a speech at the Fifteenth Congressional District of Texas’ Fifth Regional Issues Conference, Washington, D.C.

This paper explores how altruistic parents structure transfer rules in response to potential incentive problems and how the investment behavior of children is influenced by these transfer policies. To investigate these issues, I develop a dynamic model of altruistic transfers in which transfers...

A number of industries underwent large and permanent reductions in employment growth at the beginning of this decade, a process we label as restructuring. We describe how restructuring occurred and what its consequences were for the economy. In particular, we find that restructuring stemmed...