How much can demographic changes account for trends in the U.S. economy? This paper shows that a heterogeneous-agent, overlapping-generations model with historical demographic flows can generate several features of the U.S. economy over the past several decades, including a secular decline in economic growth, a rise in savings relative to GDP, a corresponding decline in real interest rates, and, in part, changes in wealth inequality.
Texas is the source of about one-quarter of all energy-related carbon dioxide (CO2) emissions in the US industrial sector and about one-eighth of all CO2 emissions from the US power generation sector, with a significant proportion of emissions in both sectors located near the gulf coast. As such, Texas has the opportunity to capture significant economies of scale in carbon capture.
Kenneth B. Medlock III, Keily MillerJanuary 27, 2021
The authors explore the history of the resource curse and provide summarize the working paper series titled “The Role of Foreign Direct Investment in Resource-Rich Regions.”
Kenneth B. Medlock III, Keily MillerFebruary 24, 2020
Given that policymakers will eventually need to decide how to resolve the social security program’s projected shortfall, this paper presents a simulation-based approach to evaluating the conventional alternatives of adjustments to benefits or taxes.
Since the progressivity of the sales tax is difficult to directly measure, this paper introduces an indirect approach combining simulated household income with realizations of consumption behavior from survey data.
In an economy with heterogeneous firms and heterogeneous consumers, the authors describe a general equilibrium where firm equity is priced by a supply and demand process. With a model robust to arbitrary, nonlinear tax functions, they investigate the efficiency of replacing the current U.S. tax regime with a policy of no corporate taxes and taxation of capital distributions to the household at progressive personal income tax rates.
