An examination of how intergenerational altruism and borrowing constraints shape the interest rate, savings, and welfare response to funded and unfunded Social Security programs.

An analysis of the interest rate and savings effects of fiscal policy in an overlapping generations framework, discussing the circumstances under which capital's steady-state marginal product varies.

The authors estimate common and nation-specific components of technology shocks, real demand shocks, and combined (common and nation-specific) monetary shocks using quarterly data for Korea and the United States.

A presentation of computational counterfactual experiments that examine the quantitative impact of marginal tax rates on the distribution of income.

A presentation of a large-scale, dynamic simulation model for comparing the equity, efficiency, and macroeconomic effects of five alternatives to the current U.S. federal income tax: a proportional income tax, a proportional consumption tax, a flat tax, a flat tax with transition relief, and a...

An argument that variations of extant general-equilibrium monetary models can generate real-time economic forecasts comparable in accuracy to those contained in the Federal Reserve Board's "Greenbook" briefing documents.

A proposal for a U.S. Social Security reform that gradually, but ultimately fully, privatizes the system. This proposal follows the no-harm, no-foul principle in that it preserves the benefits of older generations and yet promises the same or higher retirement benefits for the young.

An Auerbach-Kotlikoff (AK) overlapping-generations model is used to examine how changes in marginal income-tax rate structures affect the distribution of income, drawing on actual changes to the U.S. tax code. This approach builds on AK by allowing for many different cohort types, and hence for...

An examination of the inflation-indexing provisions contained in the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986.

Using the well-known dynamic fiscal policy framework pioneered by Auerbach and Kotlikoff, we examine the efficiency and welfare implications of shifting from a linear marginal tax rate structure to a discrete rate structure characterized by two regions of flat tax rates of 15 and 28 percent. For...