We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring … skilled and unskilled labor, detailed region-specific demographics and fiscal policies. Eliminating the model's U.S. corporate … income tax produces rapid and dramatic increases in the model's level of U.S. investment, output, and real wages, making the …

of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period …

, telecom investment and employment outlays would increase by over one fifth in counties containing the majority of the U.S …

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

elderly in the U.S., the EU, and Japan will more than double. At the same time, the number of workers available to pay the … life-cycle model. The model has three regions the U.S. Japan which exchange goods and capital. The model features …

. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of …