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Showing results 1 to 10 of approximately 48.
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Speech
Beyond the crisis: reflections on the challenges
Remarks at the Foreign Policy Association Corporate Dinner, New York City
Journal Article
Devolution: the new federalism, an overview
In recent years, a growing number of scholars and policymakers have concluded that the federal government has become too large and powerful, intruding into affairs better handled by states and municipalities. Based on this premise, they have argued for a reduction in federal aid, the conversion of matching grants to block grants, greater flexibility for states in implementing federally funded programs, and curtailment of federal mandates. Their program is popularly referred to as devolution, the devolving of federal responsibilities to lower levels of government. The controversy that ...
Speech
The national and regional economic outlook
Remarks at Fordham University's Gabelli School of Business, Bronx, New York.
Working Paper
Assessing the productivity of public capital with a locational equilibrium model
This paper employs Roback's locational-equilibrium model of public-goods pricing, cross-sectional data from the Census of Population and Housing, and SMSA-level estimates of public capital stocks in order to examine the productive contribution of public capital. I find that public capital has a small positive impact on private output.
Journal Article
The sovereign wealth funds of nations
Journal Article
Policy update : Betting on the future to finance the present
Working Paper
Two equivalence theorems for government finance
This paper studies the effects of a path change in government debt composition and aggregate transfers on allocations and prices. It is shown that the effects are zero under some agent-specific transfer scheme even when markets are incomplete. If markets are complete, then the effects are zero under any transfer scheme that leaves each agent's lifetime resource unchanged if and only if agents are always collectively compensated for next period's return change. The infinite-horizon framework used has an arbitrary number of assets with arbitrary returns and an arbitrary mixture of finitely and ...
Monograph
New avenues for public policy.