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.

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.

Leading U.S. immigration experts, public policy scholars and political figures debate issues and solutions to crucial questions surrounding comprehensive immigration reform.

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The failure of the U.S. Congress to deal…

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Unauthorized immigration and the status…

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To what extent and in which contexts is…

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What is the relationship between…

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This policy report will examine how the…

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This paper seeks to explain the apparent…

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For more than two decades, the U.S…