Journal Article
Social Security and Medicare: no free lunch
Viard, Alan D.; Saving, Jason L. (2005-01)
Southwest Economy , Issue Jan , Pages 1, 8-12

Journal Article
Pay-as-you-go Social Security and the aging of America: an economic analysis
Viard, Alan D. (2002)
Because it is a mature pay-as-you-go retirement system, Social Security provides current and future workers with below-market returns. These workers bear the burden of the unfunded liability arising from windfall gains to past retirees. Alan D. Viard uses these principles to examine the effects of three demographic developments: the low birthrate since the baby boom ended in 1965, the impending retirement of the baby boomers, and the downward trend in old-age mortality. The low birthrate reduces Social Securitys long-run rate of return as the unfunded liability is spread across fewer workers. ...
Economic and Financial Policy Review

Journal Article
The federal budget: what a difference a year makes
Viard, Alan D. (2002-01)
Southwest Economy , Issue Jan , Pages 1, 6-10

Journal Article
The new budget outlook: policymakers respond to the surplus
Viard, Alan D. (1999-04)
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
Social Security restructuring: tough decisions ahead
Viard, Alan D.; Saving, Jason L. (2003-09)
Southwest Economy , Issue Sep , Pages 13-17

Working Paper
Legal fee restrictions, moral hazard, and attorney profits
Viard, Alan D.; Santore, Rudy (1999)
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

Journal Article
The second great migration: economic and policy implications
Viard, Alan D.; Orrenius, Pia M. (2000-05)
Southwest Economy , Issue May , Pages 1-8

Journal Article
The transition to consumption taxation, Part 2: the impact on existing financial assets
Viard, Alan D. (2001-04)
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

Conference Paper
The welfare gain from the introduction of indexed bonds
Viard, Alan D. (1993)
Proceedings

Working Paper
Are income taxes destined to rise? the fiscal imbalance and future tax policy
Viard, Alan D.; Saving, Jason L. (2015-01-01)
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