PUBLICATIONS

This essay presents the case for a better US business tax regime. First, we provide an overview of the business tax base in the United States and describe how business activity is taxed, with…

The outlook for federal debt represents a significant economic challenge for the United States. Economic developments and policy changes over the past two decades have materially raised the level of current and projected debt, but the primary factors behind…

US births have fallen steadily since 2007 and the total fertility rate is now well below replacement level fertility—the rate at which the population replaces itself from one generation to the next. Our analysis suggests that this…

Immigration has long been celebrated as an engine of America’s economic growth and cultural vibrancy, even as the changes it brings often cause concern among the populace. An estimated 13.7 percent of those living in the United States today…

In this paper Clemens and Veuger analyze pandemic-era federal fiscal assistance to state and local governments and draw lessons for the design of stabilization policy. They start by explaining why the federal government plays a key role in…

The share of the US population age 65 and older is rising dramatically. In the year 2000, 12 percent of the population was over age 65; by 2050 that share will be 22 percent. Much of that aging…

The COVID-19 pandemic plunged the US economy into recession, challenged the survival of millions of businesses, and threatened the economic security of American households. The recession officially lasted only two months, ending in April 2020, but looming economic challenges…

After suffering the worst economic shock since the Great Depression last year, the American economy is recovering in fits and starts. While many businesses are reopening their doors and thriving, others are struggling with tenuous demand, supply constraints, and…

The COVID-19 pandemic triggered an economic shock unparalleled in severity and breadth across the US economy since at least the Great Depression. The spring of 2020 saw unprecedented business closures and revenue declines. The government response was swift and…