• Publications
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Learning About Bernanke
The new Federal Reserve chairman, Ben Bernanke, has inherited a hot seat. This economist analyzes four of his key speeches in recent years to try to explain his theoretical view of fiscal andExpand
Taxes in a Life Cycle Growth Model with Bequests and Inheritances
In a recent paper, Lawrence Summers (1981) analyzes alternative taxes in a life cycle growth model. This paper extends his analysis to include bequests and inheritances. This inclusion is worthExpand
Conversion to a Consumption Tax: The Transition in a Life-Cycle Growth Model
  • L. Seidman
  • Economics
  • Journal of Political Economy
  • 1 April 1984
This paper examines the transitional losses that may follow conversion from an income tax to a consumption tax, even when conversion eventually raises steady-state lifetime welfare. Two recentExpand
A Progressive Consumption Tax
The USA Tax: A Progressive Consumption Tax
"The progressive consumption tax is one of the most important ideas in tax policy in a very long time. Larry Seidman's book is an excellent exposition. Whether you are sympathetic or not, it deservesExpand
Math--time capital matters: A cross-country analysis
Abstract We compute and compare the rate of accumulation of one component of educational capital — “math-time capital” — through eighth grade in a sample of countries that includes Japan and the US,Expand
This paper addresses the question: What would be the impact on the saving rate and capital intensity (the capital-labor ratio) of the economy, and on individual welfare, of a pre-announced, gradualExpand
Overcoming the zero interest-rate bound: A quantitative prescription (Revision of Working Paper No. 2006-14)
Using a macroeconometric model we provide a quantitative estimate of the cash transfer or tax cut that would achieve recovery from a severe recession when the central bank is unable to achieve fullExpand
Complements and Substitutes: The Importance of Minding p's and q's*
"Complements" and "substitutes" are old concepts in economics. Yet only recently have Hicks [11] and Sato and Koizumi [13] shown that it is essential to distinguish between "q " complements andExpand
The Quantitative Consequences of Raising the U.S. Saving Rate
The authors investigate the consequences of a permanent unphased increase in the U.S. gross saving rate. They find that "the sacrifice time"--the time that elapses until consumption surpasses theExpand