We reevaluate Young and Varner’s (YV) study of the effect of New Jersey’s 2004 income tax increase on migration. The 2004 “millionaires’ tax†raised New Jersey’s marginal income tax rate from 6.37 percent to 8.97 percent on incomes over US$500,000. YV...

The current expansion has seen record-high levels of transactions in housing, extraordinary growth in the aggregate value of owner-occupied housing, and large increases in the amount of funds realized from the refinancing of mortgage debt. Many analysts thus have pointed to the strong housing...

Recent dramatic changes in the U.S. economy's structure have compelled BEA to revise the way in which it measures real GDP levels and growth. By switching to a chain-weighted method of computing aggregate growth--which relies heavily on current price information--BEA will be able to measure GDP...

The 1990s have seen astonishing growth in the stock market portfolios of Americans, which many have argued has been a major force behind the growth of consumer spending. This paper reviews the relationship between the stock market and the consumer. Using a variety of econometric techniques and...