Professor of Economics
EC 761, Fall 2008
SELECTED BOOKS AND ARTICLES
The Intergenerational Conflict – Après le Deluge
Les Rencontres Économiques d’Aix‐en‐Provence, July 4, 2009.
Back to Basics (with John C. Goodman)
The New Republic, May 14, 2009.
A Banking System We Can Trust (with Edward Leamer)
Forbes.com, April 23, 2009.
Run on Banks Persistent Risk Without LPB
Bloomberg.com, April 16, 2009.
Solving Our Nation’s Financial Crisis with Limited Purpose Banking
(with John C. Goodman) April 15, 2009.
Scrap the Summers-Geithner Plan
Boston Globe, April 7, 2009.
The Geithner-Summers Plan Is Worse Than You Think (with Jeffrey Sachs)
The Financial Times Economists’ Forum, April 5, 2009.
Limited Purpose Banking (with Christophe Chamley)
The American Interest Online, April 1, 2009.
The True Cost of Social Security
(with Alex W. Blocker and Stephen A. Ross) March 2009.
Limited Purpose Banking (with Scott Burns)
The Dallas Morning News, March 15, 2009.
Limited Purpose Banking: Putting An End to Financial Crises (with Christophe Chamley)
The Economists’ Forum January 27, 2009.
Finally, System-Risk Insurance (with Perry Mehrling)
The Financial Times, Economists’ Forum, November 24, 2008.
Economic War Calls for Full Plan of Battle
Bloomberg.com, November 13, 2008.
Social Security for the Young (with Scott Burns)
The Dallas Morning News, November 2, 2008.
Why Arent Developed Countries Saving?
(with Loretti I. Dobrescu and Alberto F. Motta) November 2008.
Dynamic Globalization and Its Potentially Alarming
Prospects for Low-Wage Workers
(with Hans Fehr and Sabine Jokisch) November 2008.
Recapitalising the Banks is not Enough (with Perry Mehrling and Alistair Milne)
Financial Times.Com, October 26, 2008.
Clearing the Way for Low-Cost Biogenerics
The Boston Globe, October 26, 2008.
Running a National Sale
RGE Monitor, October 25, 2008.
Getting an Economic Grip (with Scott Burns)
The Dallas Morning News, October 19, 2008.
Disaster Insurance is the Answer (with Perry Mehrling)
Financial Times.Com, October 10, 2008.
No Depression This Time, Uncle Sam Has Got Our Back (with Perry Mehrling)
Washington Post, October 9, 2008.
Economists' Letter in Support of Financial Crisis Bill
September 30, 2008.
Is the U.S. Going Broke?
Forbes, September 28, 2008.
Prize for Being the Biggest Liar is: Taxpayers Foot the Bill! (with Scott Burns)
The Dallas Morning News, September 28, 2006.
The Right Financial Fix (with Perry Mehrling)
RGE Monitor, September 25, 2008.
Bagehot plus RFC: the Rright Financial Fix (with Perry Mehrling)
Financial Times.Com, September 25, 2008.
Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cylce Funds
(with Francisco J. Gomes an Luis M. Viceira)
The American Economic Review, May 2008.
The Emperor’s Dangerous Clothes
Economists' Voice, April 2008.
Insider Ratings Have Eroded Trust in Wall Street
Boston Globe, March 30, 2008.
Why Democrats Should Love the FairTax
The Boston Globe, February 24, 2008.
The FairTax and Middle Americans – A Case Study, January 20, 2008.
The Healthcare Fix -- NPR Interview on Hear and Now with Robin Young
Link to Interview.
To Roth or Not -- That is the Question
(with Ben Marx and David Rapson) January 2008.
Reform - the Triumph of Form over Substance?
Economists' Voice, January 2008.
Why the Fair Tax Will Work – Bartlett’s Unfair Attack on the FairTax
January, 9, 2008.
Optimal Life-Cycle Investing with Flexible Labor Supply: A
Welfare Analysis of Life-Cycle Funds
(with Francisco J. Gomes and Luis M. Viceira) December 2007.
Driving in LA with a Map of NY - Why Traditional Fiscal Accounting Is Content-Free
Address to the International Federation of Accountants World Accountancy Forum
December 4, 2007. Watch Address.
Economics’ Approach to Financial Planning
Journal of Financial Planning, November 8, 2007.
The Healthcare Fix, Universal Insurance for All Americans
The MIT Press, October 2007.
We are All Uninsured Now
The Boston Globe, August 28, 2007.
A 10-Point Plan for Universal Healthcare Coverage
The Jewish Daily Forward, August 8, 2007.
Simulating the Dynamic Macroeconomic and Microeconomic Effects of the Fairtax
(with Sabine Jokisch) April 2007.
Is the US Bankrupt?, March 2007.
Averting America's Bankruptcy with a New New Deal, March 2007.
Will China Eat Our Lunch or Take Us to Dinner? – Simulating the Transition Paths
of the U.S., EU, Japan, and China (with Hans Fehr and Sabine Jokisch) March 2007.
Paul Samuleson's Amazing Intergenerational Transfer, in Samuelsonian Economics
and the Twenty-First Century, Oxford University Press, 2006.
The Great Pension Swindle, The Boston Globe, October 22, 2006.
Drifting to Future Bankruptcy, The Philadelphia Inquirer, October 22, 2006.
Americans' Dependency on Social Security (with Ben Marx and Pietro Rizza), October 2006.
Average and Marginal Tax Rates under the FairTax
and the Current System of Federal Taxation (with David Rapson), October 2006.
Saving and Life Insurance Holdings at Boston University - A Unique Case Study,
(with B. Douglas Bernheim, Solange Berstein and Jagdeesh Gokhale), October 2006.
Sales under the FairTax Ė What Rate Works? (with Paul Bachman,
Alfonso Sanchez-Penalver, David G. Tuerck), September 2006.
It Pay, at the Margin, to Work and Save? --
Measuring Effective Marginal Taxes on Americansí Labor Supply and Savings
(with David Rapson), August 2006.
Excess Burden of Government Indecision
(with Francisco Gomes and Luis M. Viceira), July 24, 2006.
The Time to Plan is Now, Time Magazine, July 2, 2006.
On the General Relativity of Fiscal Language (with Jerry Green), June 2006.
Spending: What the Future Will Look Like
(with Christian Hagist), April 27, 2006 Tables
Advisers Miss Mark by Ignoring Dynamic Method
(with Scott Burns), The Dallas Morning News, April 25, 2006.
a Standard of Living (with Scott Burns),
The Dallas Morning News, April 23, 2006.
is the Price of Retiring Early?
(with Scott Burns), The Dallas Morning News, April 18, 2006.
Smoother Way to Save for Your Future
(with Scott Burns), The Boston Globe, April 16, 2006.
Benefit When We Take Risks
(with Scott Burns), The Dallas Morning News, April 11, 2006.
(with Scott Burns), The Dallas Morning News, April 9, 2006.
the President's Tax Reform Panel
Economists Voice, April 2006.
Real about Retirement
(with Scott Burns) The Dallas Morning News, April 2, 2006.
Going Broke? Comparing Healthcare Costs in Ten OECD Countries?
(with Christian Hagist) December 2005.
Grading the Presidentís Tax Reform Panelís Plan, November 12, 2005.
The New New Deal
(with Nail Ferguson) The New Republic, August 18, 2005.
Why Can't the World Bank Be More Like a Bank? (with James S. Henry)
The Wall Street Journal, June 1, 2005.
The Case for the 'FairTax
The Wall Street Journal, March 7, 2005.
The End of Social Security? Don't Reform It, Replace It
Op-Ed, Boston Globe, November 21, 2004.
On the Broadband Mess, Milken Review, First Quarter 2003.
Natural Monopoly and the Definition of “Impairment, January 2003.
Resolution for 2003: Real Telephone Competition in State
Chattanooga Times, January 12, 2003.
Japan Must Do
(with Alan Auerbach),
Nihon Keizai Shimbun (Japanese Business News), November 2002.
Role of Competition in Stimulating Telecom Investment
(with Kevin A. Hassett), October 2002.
Argentina Back to the Future
(with Juan Pablo Nicolini), LA Times, June 30, 2002.
It Pay to Work?
(with Jagadeesh Gokhale and Alexi Sluchynsky), November 2002.
Adequacy of Life Insurance
(with Jagadeesh Gokhale), June 2002.
(with Bruce Baker and Daniel Besendorfer), June 2002.
and Life Insurance Holdings at Boston University
(with B. Douglas Bernheim, Solange Berstein and Jagadeesh Gokhale), May 2002.
Transmission of Wealth Inequality
(with Jagadeesh Gokhale), The American Economic Review, May 2002.
People Compute? An Experimental Test of the Life Cycle Consumption Model
(with Stephen Johnson and William Samuelson), in Laurence J. Kotlikoff, Essays on Saving,
Bequests, Altruism, and Life-Cycle Planning, MIT Press, 2001.
the Economic and Conventional Approaches to Financial Planning
(with Jagadeesh Gokhale and Mark Warshawsky), in Laurence J. Kotlikoff,
Essays on Saving, Bequests, Altruism, and Life-Cycle Planning, MIT Press, 2001.
Gets Paid to Save?
(with Jagadeesh Gokhale), September 2001.
Saving in a 401(k) Raise Your Lifetime Taxes?
(with Jagadeesh Gokhale and Todd Neuman), May 2001.
a Way Out of America's Demographic Dilemma
(with Kent Smetters and Jan Walliser), April 2001.
Mismatch Between Life Insurance Holdings and Financial
Vulnerabilties: Evidence from the Health and Retirement Survey
(with B. Douglas Bernheim, Lorenzo Forni, and Jagadeesh Gokhale), Boston University, 2001.
for a Tax Hike
Boston University, 2001.
Simulating the Transmission of Wealth Inequality via Bequests
(with Jagadeesh Gokhale, James Sefton, and Martin Weale),
The Journal of Public Economics, 2001.
Simulating Fundamental Tax Reform in the U.S.
(with David Altig, Alan Auerbach, Kent Smetters, and Jan Walliser),
American Economic Review, 2001.
The Handbook of Public Economics, Second Edition,
(Alan J. Auerbach and Martin S. Feldstein, eds.), North Holland, 2001.
Baby Boomersí Mega-Inheritance óMyth or Reality?
(with Jagadeesh Gokhale), Federal Reserve Bank of Cleveland,
Economic Commentary, Oct 2000. (pdf)
Right and Wrong Ways to Reform Pensions in Russia
mimeo, Boston University, 2000.
Effects in a General Equilibrium Analysis of Social Security
plus tables and figures (with Kent Smetters and Jan Walliser), forthcoming in
The Distributional Effects of Social Security Reform, (Martin Feldstein, ed.),
University of Chicago Press, 2000.
Security's Treatment of Postwar Americans -- How Bad Can it Get
plus Appendix (with Jagadeesh Gokhale), The Distributional Effects of Social
Security Reform (Martin Feldstein, ed.) University of Chicago Press, 2000.
Degeneration of EMU
(with Niall Ferguson), Foreign Affairs, March/April 2000.
Bank's Approach and the Right Approach to Pension Reform
mimeo, August 1999.
Accounting Around the World
(edited with Alan Auerbach, and Willi Leibfritz), Chicago University Press, 1999.
Generational Accounting in the UK
(with Roberto Cardelli, and James Sefton), November 1998.
Social Security the Right Way
Testimony to the Committee on Ways and Means,
U.S. House of Representatives, June 3, 1998.
Altruism and Inter Vivos Transfers: Theory and Evidence
(with Joseph Altonji and Fumio Hayashi), The Journal of Political Economy, 1997.
Generational Accounting in General Equilibrium (with Hans Fehrs)
in FinancArchiv, Neue Folge, Band 53, Heft 1, 1996/1997.
Between and Within Families
(with Joseph Altonji and Fumio Hayashi), Econometrica, March 1996.
the Postwar Decline in U.S. Savings: a Cohort Analysis
(with Jagadeesh Gokhale and John Sabelhaus),
The Brookings Papers on Economic Activity, 1996.
and the Effectiveness of Fiscal Policy: New Tests Based
on Cohort Data, (with Andy Abel), in Savings and Bequests, 1994.
Generational Accounting: A Meaningful Way to Assess Generational Policy (with Alan
Auerbach and Jagadeesh Gokhale), The Journal of Economic Perspectives, Winter 1994.
Some Inefficiency Implications
of Generational Politics and Exchange
(with Robert W. Rosenthal), Economics and Politics, 1993.
From Deficit Delusion to the Fiscal Balance Rule - Looking for a Sensible Way to Measure
Fiscal Policy, The Journal of Economics, Seventh Supplement, 1993.
Estimating the Age-Productivity Profile Using Lifetime Earnings
(with Jagadeesh Gokhale), The Quarterly Journal of Economics, November 1992.
Generational Accounting, The Free Press, 1992.
the Extended Family Altruistically Linked?
(with Joe Altonji and Fumio Hayashi), The American Economic Review, 1992.
Differences in Taxes and Public Goods Distort Life
Cycle Location Choices (with Bernd Raffelheuschen), NBER Working Paper 1991.
A Strategic Altruism Model in Which Ricardian Equivalence Does Not Hold
(with Assaf Razin and Robert Rosenthal), The Economic Journal, December 1990.
What Determines Savings? MIT Press, 1989.
and Efficiency Costs of corporate Taxation when Corporate
and NonCorporate Firms Produce the Same Goods (with Jane G. Gravelle),
Journal of Political Economy, 1989.
as Assets: A Possible Solution to the Time Consistency Problem
(with Thorsten Persson and Lars Svensson), The American Economic Review, September 1988.
Consumption, Computation Mistakes, and Fiscal Policy
(with William Samuelson), American Economic Review, May 1988.
Dynamic Fiscal Policy (with Alan Auerbach), Cambridge University Press, 1987.
The A-K OLG
Model: Its Past, Present, and Future
Dynamic Fiscal Policy, 1987.
Tax Incidence (with Lawerence H. Summers), Handbook of Public Economics, Vol II, 1987.
The Effect of Annuity
Insurance on Savings and Equality
(with John Shoven and Avia Spivak), Journal of Labor Economics, 1986.
Public Debt and U.S. Saving:
A New Test of the Neutrality Hypothesis
(with Michael Boskin), Carnegie-Rochester Conference Series on Public Policy, Autumn 1985.
Looking for the News in the
(with Ariel Pakes), Annales d'Economie et de Statistique, January-March 1988.
Taxation and Savings: A Neoclassical
Journal of Economic Literature, 1984.
Investment Incentives Savings
Versus: The Size of the Bang for the Buck and the Potential
for Self-Financing Business Tax Cuts, (with Alan Auerbach), in The Economic Consequences
of Government Deficits, Laurence H. Meyer, ed., Kluwer Nijhoff Publishing, 1983.
Adequacy of Savings (with Avia Spivak and Laurence H. Summers)
The American Economic Review, 1982.
Family as an Incomplete Annuities Market (with Avia Spivak)
Journal of Political Economy, 1981.
Role of Intergeneration Transfers in Aggregate Capital Accumulation
(with Lawrence H. Summers), Journal of Political Economy, 1981.
Manumission of Slaves in New Orleans, 1827-1846
(with Anton J. Rupert), Southern Studies, 1980.
Secuity and Equilibrium Capital Intensity
The Quarterly Journal of Economics, May 1979.
the Theory of Social Security and Life Cycle Accumulation
The American Economic Review, 1979.
The Structure of Slave Prices in New Orleans, Economic Inquiry, 1979.
The Incidence of a Tax on Pure Rent: A New (?) Reason for an Old Answer
(with Guillermo Calvo and Carlos Alfredo Rodriguez), Journal of Political
The Old South's Stake
in the Inter-Regional Movement of the Slaves, 1850- 1860
(with Jose Pinera), The Journal of Economic History, June 1977.
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