Obama's Mixed Messages

President Obama's message on health care reform is even more inconsistent than Mr. Bush's on Social Security, and his opponents know it.

The Fed Can Lead on Financial Supervision

We need fewer regulators, not more.

Banks Need Fewer Carrots and More Sticks

Insolvent institutions should be taken over by the Federal Deposit Insurance Corporation.

From Awful to Merely Bad: Reviewing the Bank Rescue Options

Purchasing "toxic" assets is no easy solution.

Low-Interest Mortgages Are the Answer

If we can stop the decline in home prices, we can stop the crisis.

Blanket Deposit Insurance Is a Bad Idea

Now is no time to further distort the market.

The Dismal Questions

What questions should John McCain and Barack Obama answer at the second presidential debate?

First, Let's Stabilize Home Prices

Economic instability has spread beyond housing, but housing is the place to fix it.

Let's Get the Bank Rescue Right

Bold action can be designed with lower costs to taxpayers, while accomplishing the goals Treasury Secretary Henry Paulson has laid out.

What the Candidates Can Do

While the presidential candidates' policy positions are evolving, it isreasonable to hope that they can agree on key steps to create a firebreak for our financial crisis.

Bagehot and the Bankers

The bankruptcy of Lehman Brothers and the takover of Merrill Lynch by Bank of Americaoffer important lessons for policymakers.

The Effect of Medicare Coverage for the Disabled on the Market for Private Insurance

Subsidizing individuals with high expected health costs is an effective way to increase the private insurance coverage of other high-cost individuals.

We Cannot Tax Our Way out of the Entitlement Crisis

Barack Obama's Social Security tax increase would do little to address the funding shortfall.

We Can't Tax Our Way out of the Entitlement Crisis

Barack Obama's Social Security tax increase would do little to address the funding shortfall.

We're Asking Too Much of the Fed

The expansion of the Fed's lending has been extraordinary in scale and scope, but it is not the best response to the present credit crunch.

The Coming Tax Bomb

The current tax plan will expire in 2010 andmay lead to a drastic increase in taxes.

Supreme Court Amicus Brief in Davis v. Kentucky Department of Revenue

Amicus brief on the Writ of Certiorari to the Court of Appeals of Kentucky.

Bringing the Market to Health Care

Mitt Romney's health careproposals, which rely on free markets and federalism, will go a long way to fixing ournation'shealth carewoes.

The Corporate Tax Myth

Businesses don't pay taxes. People pay taxes. And the evidence suggests the corporate tax hits wage earners hard.

The Corporate Tax Myth

Businesses don't pay taxes. People pay taxes. And the evidence suggests the corporate tax hits wage earners hard.

Why Africa Needs a Marshall Plan

Only the implementation ofa Marshall Plan with an eye toward business development can bring sub-Saharan Africa out of economic futility.

Capitalism against Climate Change

The NCEP recommendation for a new emissions-trading program aptly balances the need for environmental policy action with a mechanism for prudent economic risk management.

Evaluating Effects of Tax Preferences on Health Care Spending and Federal Revenues

The consequences for health spending and federal revenues of an above-the-line deduction for out-of-pocket health spending can be specified as a function of behavioral parameters.

Action Plan for Capital Markets

The chairmen of the Committee on Capital Markets Regulation summarize their recent findings.

Innovate or Die Classes Are Nurturing Tomorrow's Entrepreneurs

The belief that those with an eye toward entrepreneurial careers can't and don't benefit from an MBA education should be refuted.

Is the U.S. Losing Ground?

Cost-benefit analysis of regulatory change may provide insights that could enhance the efficiency of our markets and strengthen investor protection at the same time.

Offshoring Can Benefit Workers of All Skill Levels

The offshoring debate of the past few years has obscured some basic insights from economics and about economic policy in a globalising world.

Competition and Shareholder Fees in the Mutual Fund Industry

Does price competition exist in the mutual fund industry? If so, is it too weak to prevent anticompetitive pricing by investment advisors to retail investors?

Do Not Undervalue the Impact of Business Education

Business is such a humdrum word for such a revolutionary idea applying scientific management and critical thought to everyday economic and social activities.

Hidden Treasury

Reflectingon the economy's performance and its productivity muse--and on concerns about the economic outlook.

Not a Panacea...

President Bush proposed to gradually change the way U.S. health care is purchased and offered an opportunity to rein in the rising costs of care.

Health Care, Heal Thyself

One of the biggest threats to the nation's future prosperity is the continuing explosion in our nation's health-care costs.

Keep Government Out

The view thatin the health care debateworkers get the short end of the free-market stickresults frommisunderstandingbasic economics.

Triple Jeopardy

In its report released yesterday, the President's Advisory Panel on Federal Tax Reform proposed two answers to the problems of the present federal income tax code.

How to Fix the Pension Mess

Large deficits faced by the PBGC are a political challenge that Washington will be forced to fix.

Keep Your Eyes on Japan

Special characteristics that make Japan so attractive to investors: a positive business climate, rule of law, advanced infrastructure, a highly skilled workforce, and affluent consumers.

A Post-Hurricane Action Plan Should Focus on People

The first step must be guiding principles. We owe those harmed by the tragedy and the taxpayers who share the financial burden nothing less.

Nondestructive Creation

Successfully seizing business opportunities can raise living standards and employment: that is the secret of an entrepreneurial economy.

Market Comrades

While China recently announced that it will adopt a more flexible currency valuation, its long-term economic growth depends largely upon promoting more efficient saving and investment.

Happy 70th, Social Security

On August 14, Social Security turns seventy.This milestone birthday offers an opportunity for reflecting on how better to accomplish goals we hold dear.

Market Comrades

The Bush administration needs to develop a comprehensive economic policy toward China.

CAFTA: A Win-Win Case

U.S. business should supportCAFTA and free trade. Congress must address the tough competitive challenges facing American business by tackling corporate tax andtortreforms.

A Paradox of Interest

Herb Stein was right that "if something cannot go on forever it will stop." The United Statescannot continue indefinitely to absorb larger and larger volumes of global excess saving.

Tax Reform's Key? Stop Hammering Investors.

My plan for fundamental change would tax all income only once.

Magic Capital Ride

The world economy's imbalances are not simply the fault of U.S. policy, but serious discussion of the way forward must begin in Washington. And it must begin soon.

A Free-Market Cure for Japan's Chronic Cold

Reform would allow people all over Japanto gain from faster productivity growth and higher incomes. And the global economy would benefit as well.

Social Security: Beware of Hasty Compromises

It is possible to improve Social Security contributions to economic well-being by introducing personal accounts and decreasing the relative importance of traditional benefits.

A Fiscal Plan with Global Benefits

The fiscal reforms proposed byPresident Bush offer a clear step towards raising U.S. saving and reducing imbalances.

Social Security

Failing to boost Social Security's ability to meet the retirement needs of millions of Americans would be an insult to what Social Security has already achieved.

A Gold Medal for the Fed's Inflation Fighters

The Federal Reserve, wisely insulated from the political process, has provided the greatest and most competent leadership in reducing taxes on investment.

Brilliant Deduction

The authors propose a simple change to tax law that would cut unproductive health spending, reduce the number of uninsured, and promote greater tax fairness.

China Should Show Some Trust in Capital Markets

China would benefit from moving faster to modernize its financial system. Well functioning capital markets play an important role in lifting economic growth and spurring job creation.

The Second-Term Economy

A recentU.S.employment report is a cause for cheer, but a deeper satisfaction comes from admiration of the U.S. economy's growth machine.

China Should Trust in Capital Markets

A critical factor in China's long-term economic growth is the development of its capital markets, which if organized could foster greater productivity, increased wages, and employment growth.

The Second-Term Economy

To promote economic prosperity, the federal government should pursue multilateral trade agreements, control discretionary spending, and offer citizens savings incentives.

A Prescription for Health-Care Reform

Health Savings Accounts contrast to the vision offered by John F. Kerry. The Kerry plan would spend $1 trillion overten years, expanding government's role in health care.

Let's Talk Taxes

In this election year, with domestic discussion centered on taxes and jobs, it is useful to take stock of what we know about taxes and hours worked, entrepreneurship, and jobs.

Let's Put the "Litigation Tax" on Trial

Tort costs should be counted as a tax that hits more than companies.

The Social Security and Medicare Morass

To prevent entitlement programs from overwhelming the federal budget and sapping our economy, we must encourage individual savings and reduce benefits for the wealthy.

The Social Security and Medicare Morass

Entitlement reform--and encouraging more private saving--are essential.

Bush Savings Incentives

Attacking Drug-makers Is No Cure

It is easy to blame high health care costs on pharmaceutical companies, allowing politicians to ignore the more pressing need to improve markets for health care.

Federal Government Debt and Interest Rates

This working paper reconsiders and adds to empirical evidence on the effect of federal government debt and interest rates.

Healthy, Wealthy, and Wise

After innovations in medical procedures, technologies, and pharmaceuticals, the quality of American medical care is the envy of the world, yetit is in deep trouble.

Huh?

First came the bursting of the Clinton bubble, then 9/11, then the accounting scandals, and all the other shocks to the system. Who would have predicted such a vigorous U.S. recovery?

Mr. Kerry's Math

Senator John Kerry has been reluctant to offer details about his spending and tax plans for fear of alienating voters as the campaign for election 2004heats up.

Outsourcing Is Good for America

Studies of multinational companies suggest that outsourcing not only raises the value of brands but boosts the wealth of shareholders and promotes high-wage administrative jobs at home.

Court Ruling Slams Consumers

The standard economic view is that unbundled element-based competition is certainly desirable and enhances greatly the performance of our economy.

Piggy-Bank Nation

The administration's proposals for new and improved saving incentives make good sense for simplification.

Options Pricing and Accounting Practice

The establishment of new accounting rules for expensing options would likely do more harm than good.

The Contradictions at the Heart of Rubinomics

Review of In an Uncertain World: Tough Choices from Wall Street to Washington, by Robert E. Rubin and Jacob Weisberg.

Currency Kabuki

A commitment to low but positive inflation by the Bank of Japanwould enhance the cyclical recovery under way in Japan and improve the chance of better long-term growth prospects.

Don't Blame the Yuan

Fashioning Chinese currency revaluation as one risks both unwelcome international consequences and failure to take helpful steps at home.

A Fairer Tax Deal for All America's Companies

Corporate tax reform, which is gaining momentum in Congress, should focus on improving the competitiveness of U.S. firms operating abroad.

A Fairer Tax Deal for All America's Companies

The Crane-Rangel approach is the sort of special interest tax policy that breeds cynicism about the tax code and promotes the interests of lobbyists over economic growth.

How to Deflate Overblown Fears of Deflation

Calming the present fears over deflation--probably exaggerated--requires a greater emphasis on clear communication from the Fed.

Deficits Aren't Wonderful, but the Interest Rate Argument Can Be Easily Overstated

Analysis Deficit

President Bush's tax cut was designed to provide short-term growth insurance and enhance long-term growth; does it deliver?

It's Dynamic!

Now that the Congressional Budget Office's dynamic scoring operation is up, the Joint Tax Committee should be required to borrow the apparatus developed by the CBO and begin providing detailed scores of important tax bills.

Tax Policy and Business Investment

Where Do We Put the Surplus?

If the U.S. government starts accumulating big surpluses, where should it put the money?

Investment-Cash Flow Sensitivities Are Useful

If Alan Greenspan Had Bitten the Bullet

Covers Social Security issues

Federal Deposit Insurance

Are Investment Incentives Blunted by Changes in Prices of Capital Goods?

Capital-Market Imperfections and Investment

The Flat Tax

A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments

Internal Finance and Investment

The sensitivity of investment spending to internal funds for firms with high marginal surtax rates appears mainly to reflect information-related capital-market frictions.

Firm Heterogeneity, Internal Finance, and Credit Rationing

Assessing the extent to which agents or firms face capital-market imperfections and quantity restrictions on credit is crucial for measuring the cost of capital for investment.

International Adjustment under the Classic Gold Standard

Recent studies of the classical gold standard have revived interest in the process by which macroeconomic shocks were transmitted internationally during the pre-World War I period.

Growing in Debt

U.S. farms, and with them agricultural lending institutions, are currently experiencing their most severe stress since the 1930s.

Price Flexibility, Credit Rationing, and Economic Fluctuations

The reawakening of interest in links between price flexibility and fluctuations in economic activity calls for a reconsideration of models of price and quantity adjustment.