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Short-run fiscal policy: welfare, redistribution, and aggregate effects in the short and long run
This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption. A temporary rebate is mostly saved and increases consumption marginally. Both policies improve the overall welfare of households, and the rebate policy especially benefits low-income households. In the long run, however, the debt accumulated to finance the stimulus and a higher tax to service the debt ...
Journal Article
From John Lindsay to Rudy Giuliani: the decline of the local safety net?
This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 4, "Economic inequality and local public services." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors contend that the future scope of city-based redistributive policies is limited. An important way in which policymakers work to reduce inequality is by redistributing income from the wealthy to the poor, channeling income tax revenue into spending on welfare and other services. The authors suggest, ...
Journal Article
North Texas income dip may reflect decline in education
Journal Article
Public health and the public agenda
This paper was presented as the distinguished address at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The author examines health issues, observing that infant mortality rates for African-Americans are twice as high as they are for white Americans; Chinese-Americans are four to five times more likely to suffer from liver cancer than other Americans; and Latinos and Native Americans develop diabetes at a rate twice and three times the U.S. average, ...
Working Paper
Foreign aid, illegal immigration, and host country welfare
This paper analyzes the effect of foreign aid on illegal immigration and host country welfare using a general equilibrium model. We show that foreign aid may worsen the recipient nation?s terms of trade. Furthermore, it may also raise illegal immigration, if the terms of trade effect on immigration flows dominates the other effects identified in our analysis. Empirical analysis of the effect of foreign aid on illegal immigration to the United States broadly supports the predictions of our theoretical model. Foreign aid worsens the recipient?s terms of trade. While the terms of trade effect ...
Journal Article
Do temporary jobs help low-skilled workers? : surprising data from Detroit
Because Detroit randomly assigns its welfare-to-work clients to different contractors ? some favoring temporary jobs, some not ? the researchers were able to uncover surprising data on whether temping helps the disadvantaged build careers.