This paper shows that, when future earnings are uncertain, the substitution of deficit fin ance for tax finance (or the introduction of an unfunded social secur ity program) can raise consumption even if all bequests reflect inter generational altruism. An operative bequest motive therefore need...

This paper examines the effect of existing college scholarship rules on the incentive to save. The analysis shows that families that are eligible for college scholarships face 'education tax rates' on capital income of between 22 percent and 47 percent in addition to regular federal and state...

This paper presents a variety of ideas about ways in which the government of Mexico can stimulate a higher rate of saving. These ideas are building blocks rather than an overall plan. Mexico has recently replaced its traditional pay-as-you-go social security system with a system of mandatory...

Destined to become the standard guide to the economic policy of the United States during the Reagan era, this book provides an authoritative record of the economic reforms of the 1980s.In his introduction, Martin Feldstein provides compelling analysis of policies with which he was closely...

"A readable, balanced, and provocative view of the prospects for fruitful international economic cooperation. The papers are realistic: each discusses the difficulties involved in reaching cooperative solutions or procedures as well as the benefits of doing so. The discussion among the...

The United States in the World Economy offers the results of a conference organized by the National Bureau of Economics in 1987. The volume includes background papers prepared by nine academic economists, personal statements by individuals prominent in government and business, and summaries of...

Inflation, Tax Rules, and Capital Formation brings together fourteen papers that show the importance of the interaction between tax rules and monetary policy. Based on theoretical and empirical research, these papers emphasize the importance of including explicit specifications of the tax system...