Search Results
Working Paper
The predictive usefulness of consumer sentiment data
Journal Article
Tax reform and personal saving
Journal Article
Consumption taxes : macroeconomic effects and policy issues
Proposals for fundamental reform of the federal tax code are receiving increased attention in the business press and among economic analysts and policymakers. President Bush has identified tax reform as a top priority, calling for a tax system that is ?pro-growth, easy to understand, and fair to all.? Moreover, the President has appointed a commission to consider different approaches to tax reform. One approach might be to improve the current income-based federal tax code, perhaps by broadening the tax base and lowering income-tax rates. However, another approach might be to replace current ...
Journal Article
The yield curve and inflation expectations
Journal Article
Can measures of the consumer debt burden reliably predict an economic slowdown?
Some analysts and business executives are becoming concerned that recent increases in the consumer debt burden may foreshadow an economic slowdown. Higher debt increases the risk that a household may experience financial distress in the event of an adverse economic shock, such as the loss of a job or large uninsured medical expenses. As the risk of financial distress rises, households may become less willing to spend on consumer goods, particularly big ticket items such as automobiles and home computers, which in turn would hurt economic growth.> Different measures of the consumer debt burden ...
Journal Article
Does interest rate volatility affect money demand?
Journal Article
Social Security privatization: balancing efficiency and fairness
This article examines these fundamental issues of economic efficiency and fairness that should be weighed when considering Social Security privatization. The first section summarizes the challenges to the current system and outlines various options for reform. The second section explains how privatization could improve economic efficiency, and briefly considers the difficult issue of the transition costs in moving from the current system to full privatization. The third section discusses important issues of fairness within and across generations. Any decision to privatize Social Security will ...
Journal Article
Should the decline in the personal saving rate be a cause for concern?
The personal saving rate has received particular attention recently because saving was negative in 2005 for the first time since the Great Depression. Although saving declined in other developed countries during this period, the U.S. decline was more pronounced than in most of these countries. ; A major concern is whether U.S. households are providing adequately for long-term needs, such as future retirement and medical expenses. In addition, low personal saving has created short-run concerns that a sudden increase in the saving rate could reduce growth of consumer spending, real output, and ...
Journal Article
Policy options to improve the U.S. standard of living
The U.S. standard of living has been slipping relative to living standards in other industrial nations. While there is no easy road to national wealth, reducing the federal budget deficit appears to be the most dependable policy to enhance the future U.S. living standard.