The paper studies a federal system where (a) a region provides non-contractible inputs into the social benefits from a public policy project with spillovers to other regions, and (b) where political bargaining between different levels of government may ensure efficient decision making ex post....

This paper examines policies to index Social Security taxes or benefits to changes in the ratio of workers to beneficiaries, allowing for auto-correction for changing demographic factors.

This legislative analysis examines the arguments for and against reducing the COLAs for social security and other federal retirement and disability programs, with particular attention to the administration proposal and the policy that was passed by the Senate in May 1985. 

Few realize how bad the federal government's finances are, because most evaluations are based on what happened in the past--not what is likely to happen in the future.

The author concludes that fiscal policy is a more potent countercyclival tool than monetary policy under flexible exchange rates.

The immediacy of America's fiscal problems presents an opportunity to reform and renew one of the largest expenditures in the federal budget.

Social investing, by both the political left and right, frequently ends up hurting the very people--particularly the economically disadvantaged--that it is supposed to help.

This analysis compares the current tax system with one that would exempt the foreign dividends of American corporations from U.S. taxes.

Loan volume creates public information. One lender’s underwriting activities generate valuable information not only for the lender itself, but also for other lenders operating in the same neighborhood. The Lang and Nakamura (L-N) model hypothesizes that the total loan volume in a...

The note documents and discusses the modalities and consequences of the phenomenon of siphoning profits of state enterprises for private uses by state enteprise managers and insiders in Bulgaria during the period of early transition.