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Author:Viard, Alan D. 

Working Paper
The welfare effects of pay-as-you-go retirement programs: the role of tax and benefit timing

It is well known that pay-as-you-go retirement programs reduce steady-state welfare and the capital stock in dynamically efficient OLG economies. The common two-period OLG model obscures, however, the dependence of these effects on the ages at which taxes are paid and benefits are received. Program changes that shift taxes to older workers or benefits to younger retirees have effects similar to reductions in program size, yielding steady-state welfare gains and increases in capital accumulation while imposing transition costs on current generations. This analysis has policy implications for ...
Working Papers , Paper 0602

Journal Article
Social Security and Medicare: no free lunch

Southwest Economy , Issue Jan , Pages 1, 8-12

Journal Article
The new budget outlook: policymakers respond to the surplus

Economic events and policy changes have unexpectedly moved the federal budget into surplus. If current policies are maintained, surpluses are expected to continue for twenty years, although deficits are expected to return after 2020. Congress and President Clinton are considering proposals to reduce the projected surpluses through tax cuts or spending increases. In this article, Alan Viard describes the recent budget events and the new budget outlook. He analyzes the effects of the proposed tax cuts and spending increases, finding that they are likely to reduce national saving and lower ...
Economic and Financial Policy Review , Issue Q II , Pages 2-15

Journal Article
The second great migration: economic and policy implications

Southwest Economy , Issue May , Pages 1-8

Journal Article
Would a research tax credit be a good investment for Texas?

Southwest Economy , Issue Mar , Pages 1-7

Journal Article
Social Security restructuring: tough decisions ahead

Southwest Economy , Issue Sep , Pages 13-17

Working Paper
Legal fee restrictions, moral hazard, and attorney profits

When attorney effort is unobservable and certain other simplifying assumptions (such as risk neutrality) hold, it is efficient for an attorney to purchase the rights to a client's legal claim. However, the American Bar Association Model Rules of Professional Conduct prohibit this arrangement. We show that this ethical restriction, which is formally equivalent to requiring a minimum fixed fee of zero, can create economic rents for attorneys, even though they continue to compete along the contingent-fee dimension. The contingent fee is not bid down to the zero-profit level, because such a fee ...
Working Papers , Paper 9912

Working Paper
Are income taxes destined to rise? the fiscal imbalance and future tax policy

We present a model of optimizing government behavior in which a need for increased revenue leads to the introduction of a new revenue source, such as a VAT, accompanied by a reduction in income taxes. We argue that this is a plausible outcome for the United States, in view of international experience and recent fiscal reform proposals, and has important implications for individual investment decisions.
Working Papers , Paper 1502

Journal Article
The federal budget: what a difference a year makes

Southwest Economy , Issue Jan , Pages 1, 6-10

Journal Article
The transition to consumption taxation, Part 2: the impact on existing financial assets

Replacing the income tax with a consumption tax is likely to reduce the total value of the capital stock. Alan D. Viard reviews how this decline is divided between bondholders and stockholders and the effect on household borrowers and lenders. He explains that the results depend on whether monetary policy accommodates the tax through a higher price level. Without accommodation, the decline in the value of capital is largely borne by stockholders and there is little reallocation of wealth between household borrowers and lenders. If the tax is fully accommodated, bondholders bear heavier ...
Economic and Financial Policy Review , Issue Q II , Pages 20-31


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