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Local Government Budgeting : The Econometric Comparison of Political and Bureaucratic Models

Feldstein, Martin - 1977

The current paper presents a method of deciding the question of whether any given stage in the budget process is an … political budget model and by the bureaucratic budget model. According to the bureaucratic model, the effect of inter … budget model implies that the overall expenditure increase is the result of separate decisions on each of the expenditure …

Persistent link: https://www.econbiz.de/10012478928

The Distributional Effects of an Investment-Based Social Security System

Feldstein, Martin - 2000

In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of...

Persistent link: https://www.econbiz.de/10012471284

The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain

Feldstein, Martin - 1999

In this paper we study the transition from a pay-as-you-go system of Social Security pensions to an investment-based system in an economy in which portfolio returns and capital profitability are both uncertain. The paper extends earlier studies by Feldstein and Samwick that modeled the...

Persistent link: https://www.econbiz.de/10012471784

International Debt Service and Economic Growth : Some Simple Analytics

Feldstein, Martin - 1986

Any arrangement that is to serve as a long-term framework for international debt management must permit a politically acceptable rate of economic growth in the debtor countries while gradually improving the financial positions of the creditor banks. In addition, a realistic debt management...

Persistent link: https://www.econbiz.de/10012476994

The Effects of Fiscal Policies When Incomes are Uncertain : A Contradiction to Ricardian Equivalence

Feldstein, Martin - 1986

This paper shows that when earnings are uncertain the substitution of deficit finance for tax finance or the introduction of an unfunded social security program will raise consumption even if all bequests reflect intergenerational altruism. Thus, contrary to the theory developed by Barro and a...

Persistent link: https://www.econbiz.de/10012477007

Can an Increased Budget Deficit Be Contractionary?

Feldstein, Martin - 1984

to the traditional one-sector Keynesian analysis. The key to this surprising possibility is that an increased budget … discussed: (1) the adverse effect of budget deficits on business "confidence" and (2) the contraction of current demand that … occurs if anticipated future budget deficits raise real long-term interest rates …

Persistent link: https://www.econbiz.de/10012477655

Debt and Taxes in the Theory of Public Finance

Feldstein, Martin - 1984

If a specified amount of government spending must be financed, how should that finance be divided between taxes and government borrowing? In the case of a temporary increase in government spending, it has been argued that debt finance is optimal because the small increments in all future tax...

Persistent link: https://www.econbiz.de/10012477656

The Optimal Level of Social Security Benefits

Feldstein, Martin - 1982

The optimal level of Social Security benefits depends on balancing the protection that these benefits offer to those who have not provided adequately for their own old age against the welfare costs of distorting economic behavior. The primary such cost is the distortion in private saving. The...

Persistent link: https://www.econbiz.de/10012478135

Unemployment Insurance and Reservation Wages

Feldstein, Martin - 1982

The present paper examines the reservation wages reported by a largesample of unemployed individuals in the United States in May 1976. The majorityof unemployedindividuals report reservation wages that are at least as highas the wage they were paid on their last job. Approximately one-fourth of...

Persistent link: https://www.econbiz.de/10012478157

Domestic Saving and International Capital Movements in the Long Run and the Short Run

Feldstein, Martin - 1982

The evidence and analysis in this paper support the earlier findings of Feldstein and Horioka (1980) that sustained increases in domestic savings rates induce approximately equal increases in domestic rates of investment. New estimates for the post-OPEC period 1974-79 imply that each extra...

Persistent link: https://www.econbiz.de/10012478160