This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research

Volume Title: National Saving and Economic Performance

Volume Author/Editor: B. Douglas Bernheim and John B. Shoven, editors

Volume Publisher: University of Chicago Press

Volume ISBN: 0-226-04404-1

Volume URL: http://www.nber.org/books/bern91-2

Conference Date: January 6-7, 1989

Publication Date: January 1991

Chapter Title: List of Contributors, Indices

Chapter Author: B. Douglas Bernheim, John B. Shoven

Chapter URL: http://www.nber.org/chapters/c5997

Chapter pages in book: (p. 377 - 386) Contributors

Alan J. Auerbach Susan M. Collins Department of Economics Department of Economics McNeil Building, Room 160 Littauer M-7 University of Pennsylvania Harvard University 3718 Locust Walk Cambridge, MA 02138 Philadelphia, PA 19104-6297 James Davies Philipe Bacchetta Department of Economics ESADE Social Science Centre Avda. de Pedralbes 60-62 University of Western Ontario 08034 Barcelona London, Ontario N6A 5C2 Spain Canada Angus S. Deaton Robert J. Barro Woodrow Wilson School Department of Economics 221 Bentheim Hall Littauer Center 120 Princeton University Harvard University Princeton, NJ 08544-1013 Cambridge, MA 02138 Rudiger Dombusch B. Douglas Bemheim Department of Economics Department of Economics Room E52-357 210 Fisher Hall Massachusetts Institute of Technology Princeton University Cambridge, MA 02139 Princeton, NJ 08544-1021 Martin Feldstein David F. Bradford President and Chief Executive Officer Woodrow Wilson School National Bureau of Economic Research Princeton University 1050 Massachusetts Avenue Princeton, NJ 08544-1013 Cambridge, MA 02138-5398

Christopher D. Carroll Jeffrey A. Frankel Federal Reserve Board of Governors Department of Economics R and S Division, EA Section Evans Hall 28th and C Streets, NW University of California Washington, DC 20007 Berkeley, CA 94720

377 378 Contributors

Robert E. Hall John B. Shoven Hoover Institution Department of Economics Stanford University Encina Hall Stanford, CA 94305-6010 Stanford University Stanford, CA 94305-6072 Kevin Hassett Graduate School of Business Uris Hall Joel Slemrod Columbia University Director, Office of Tax Policy Research New York, NY 10027 School of Business Administration University of Michigan Anne 0. Krueger Ann Arbor, MI 48109-1234 Department of Economics 227 Social Science Building Joseph E. Stiglitz Duke University Department of Economics Durham, NC 27706 Encina Hall Stanford University N. Gregory Mankiw Stanford. CA 93405-6072 National Bureau of Economic Research 1050 Massachusetts Avenue Cambridge, MA 02138-5398 Lawrence H. Summers Department of Economics Maurice Obstfeld Littaeur Center 229 Department of Economics Harvard University Littauer Center M-7 Cambridge, MA 02138 Harvard University Cambridge, MA 02138 James Tobin James M. Poterba Cowles Foundation for Research in Department of Economics Economics Room E52-350 Department of Economics Massachusetts Institute of Technology P.O. Box 2125, Yale Station Cambridge, MA 02 139 New Haven, CT 06520-2 125

Sherwin Rosen Steven F. Venti Department of Economics Department of Economics University of Chicago Rockefeller Center 1126 East 59th Street Chicago, IL 60637 Dartmouth College Hanover, NH 03755 Michael Rothschild Office of the Divisional Dean John Whalley Social Sciences Department of Economics Mail Code 4-064 Social Science Centre University of California at San Diego University of Western Ontario La Jolla, CA 92093 London, Ontario N6A 5C2 Canada John Karl Scholz Department of Economics Social Science Building David A. Wise University of Wisconsin National Bureau of Economic Research 1 180 Observatory Drive 1050 Massachusetts Avenue Madison, Wisconsin 53706 Cambridge, MA 02138-5398 Author Index

Abraham, Jesse, 75, 78 Bradford, David F., 22, 39111, 40nn15,22 Adler, Michael, 238 Brainard, William C., 35 Ando, Albert, 40n6,52, 318, 337 Breeden, Douglas T., 40115 Argy, Victor, 256n33 Brinner, Roger, 75,78 Artis, Michael, 256n30 Brown, Murray, 401111, 126n18 Aschauer, D. A,, 293 Browning, Martin, 192n7, 1931114, 338 Auerbach, Alan J., 15, 21, 35, Burbidge, J., 192117, 1931114 40nn22,23,52,68nn3,6,69nn17,21, 94nn1,2, 131-32, 163, 171, 175, 180 Caddy, Vern, 139, 143-44 Avery, Robert B., 68n1, 334, 340 Campbell, John, 18, 21, 40115, 68119, 80, 82- 83, 88, 308, 330 Bacchetta, Philippe, 2541115, 2551124 Caprio, Gerard, 219nl,230 Bagwell, Laurie, 54 Carmichael, L., 192n3 Ballard, Charles L., 138, 163 Carroll, Christopher, 21, 104 Barro, Robert J., 271,276,278-79, 314 Cass, D., 275 Bayoumi, Tamim, 230, 240 Chiang, C. L., 95n18 Bean, C. R., 96n30 Claassen, Emil, 256n34 Beaver, William H., 40n7 Coslett, S. R., 85-86 Becker, Gary S., 192nn2,3, 197, 278-81, Cripps, F., 220n2 285, 287, 322, 324 Cumby, R., 2551118 Ben-Porath, Y.,177, 192n6 Bhargava, A,, 90 Darby, Michael, 238-39 Bhatia, Kul B., 52, 94n3 David, Paul A,, 51 Blackorby, Charles, 1261118 Davies, James, 164, 169, 178-79, 186, Blades, Derek W., 18 192nn2,4, 193n14 Blinder, Alan, 40n6, 82,96n30, 100n1, 170 Deaton, Angus, 21,40nn5,6, 68119, 82, Boothe, P., 256n31 96n30, 100n1, 307, 316, 332, 338 Borooah, V K., 97n31 DeJong, David, 2551120 Boskin, Michael J., 15, 18, 21,40n20, 139, De Long, J. Bradford, 331 141, 148, 163, 166 Denison, EdwardF., 51, 78, 142, 148 Bovenberg, A. Lans, 2551122 Dohner, Robert, 361 Bowman, M. J., 189 Dooley, Michael, 219n1, 220111, 230, 245, Boyce, Richard, 126n18 256n28

379 380 Author Index

Dornbusch, Rudiger, 2551122 Hammer, Jeffrey, 350, 371n2 Driffill, E. J., 163, 169, 183, 187-88 Hansen, L., 79 Drobny, A., 92 Harberger, Arnold C., 163 Harris, Robert S., 58, 69x114 Eisner, Robert, 15,26,40n20 Harrison, Glenn W., 132, 134, 140, 157111, Elliehausen, Gregory E., 68111 159 Engel, Charles, 2551122 Hashimoto, Manisori, 192n3 Engle, R. F., 89, 91, 96n27 Hassett, Kevin, 52, 68nn3,6, 69nn17,21 Hatsopoulos, George, 256n39 Fane, George, 51 Hayashi, Fumio, 53,96n24, 371n2 Federal Reserve System Board of Governors, Heckman, James, 173, 178-79, 193nn16,18 18,339 Heien, Dale, 1261118 Feenberg, Daniel, 104, 113, 124, Hendershott, Patric, 52, 69n19.94n3 126nn12,15 Heston, A,, 281-82, 285, 299, 352 Feldstein, Martin, 51-52, 78, 143, 214, Hicks, J. R., 15, 29 219n1, 227,230, 246,254n15, 2551124, Hines, James R., Jr., 40n23 256n39, 263-64 Horioka, Charles, 214, 227, 263-64 Fieleke, Norman, 230, 256n28 Howard, David, 219111, 230 Financial Accounting Standards Board, 25 Howrey, E. Philip, 51 Flavin, M. A,, 80 Hoyt, S., 92 Foster, George, 40n10 Hubbard, R. Glenn, 192n7 Frankel, Jeffrey, 202, 219nn1.2, 230-32, Huber, Alan M., 40n20 234, 253nn6,8,10,13,255n23, Hulten, Charles R., 27, 401112 256nn25,28,32,34, 257nn44,48, 264113, Hymans, Saul H., 51 268116 Franks, Julian R., 58, 691114 Ingersoll, Jonathan E., 40115 Frenkel, Jacob, 238, 245 Institute for Fiscal Studies, 39nl Friedman, Milton, 306, 335 Intal, Ponciano, 361 Frishkoff, Patricia, 25,40nn8,9 Irish, Margaret, 338 Froot, Kenneth, 2551123, 257n44 Isard, P., 245 Fry, Maxwell, 361, 365 Fullerton, Don, 131-32, 138, 163 Jaffe, D. M., 95n19 Jenkins, Glenn P., 56 Gastil, R. D., 284 Jones, Richard, 132, 157111 Ghez, Gilbert, 322, 324 Jorgenson, Dale W., 191 Ghosh, Atish R., 2551124 Judd, K. L., 192n7 Giavazzi, Francesco, 245-46, 256n34 Jun, Joosung, 143 Gibson, Charles H., 25,40nn8,9 Godley, W., 220n2 Kehoe, Timothy, 135 Goldfeld, Steven, 85 Kendrick, John, 189-90 Goldsmith, Raymond W., 15 Kennickell, Arthur B., 318, 334, 337, 340 Goulder, Lawrence H., 161 Kimbell, Larry J., 132, 134, 140, 157111 Graham, J. W., 189-90 King, Mervyn A,, 55, 163 Granger, C. W. J., 89 Kletzer, Kenneth, 25.51122 Greenwald, B., 45 Koopmans, Tjalling, 275 Grossman, S. J., 79 Koraczyk, Robert, 238 Kormendi, Roger, 284, 300111 Haley, W. J., 178, 193nn16,lS Kotlikoff, Laurence J., 40n24, 131-32, 163, Hall, Robert E., 21,40n6, 52, 68n5,79, 82, 169, 175, 180, 318 308, 330 Kravis, Irving B., 18 Hall, S. G., 92 Kroch, E., 189, 191 Hamilton, B., 164, 178-79, 186 Krugman, Paul, 234, 2551117, 256n39 Hamilton, J. D., 86 Kuhn, P., 193n12 381 Author Index

Landau, D., 300111 Pigott, Charles, 238 Lau, Lawrence J., 18 Pollak, Robert A,, 40n18 Lazear, E., 193n12 Popper, Helen, 246 Lee, L. F., 85-86 Poterba, James, 18, 21, 50, 52, 55, Leff, Nathaniel, 350 69nn13,17, 78, 82 Lehman, Bruce, 238 Prescott, Edward, 312 Leiderman, Leon, 2551124 Pnce, Robert, 214 Levich, Richard, 245 Levine, Sumner, 340 Quandt, Richard, 85 Lipsey, Robert E., 18 Lord, William, 192nl Lucas, Robert E., 27 1, 279-80 Ram, R., 350 Razin, Assaf, 2551124 MacArthur, Alan, 253n4, 256n25 Rebelo, S., 271, 279 McCarten, William James, 691113 Robinson, Marc S., 40n20 MacDonald, G. M., 192114 Roll, Richard, 238 MaCurdy, Thomas, 143 Romer, Paul M., 271, 273, 287, 314 Malinvaud, Edmond, 50 Rose, Andrew, 240 Mankiw, N. Gregory, 68119, 80, 82-83, 88, Rosen, Harvey S., 163, 169, 183, 187-88 308, 330 Rosen, Sherwin, 199 Mason, Andrew, 350-5 1, 361, 365 Roubini, Nouriel, 214,230, 2551124 Mathieson, Donald, 219111, 230, 256n28 Ruggles, Nancy, 15 Mayer, Colin, 58, 691114 Ruggles, Richard, 15 Meguire, P. G., 284, 300nl Russell, R. Robert, 1261118 Mehra, Rajnish, 312 Ryan, Stephen, 40n7 Merton, Robert C., 40115 Metzler, Lloyd, 264-65 Sachs, Jeffrey, 214, 219nl Miller, Merton M., 77 St.-Hilaire, F., 169, 192n2 Mincer, Jacob, 179, 191, 1931118 Samuelson, Paul A., 47 Mishkin, Frederic, 231,238, 2561138 Sargan, J. D., 90 Modigliani, Franco, 40116, 51-52, 77, 305, Sato, Kazuo, 1261118 318 Savin, N. E., 2551120 Mroz, Thomas A,, 143 Scadding, John L., 5 1 Muller, Patrice, 214 Schultz, T. W., 189 Murphy, K. M., 279, 358, 371115 Scully, G. W., 284 Murphy, Robert, 219111, 222, 230 Shannon, J. H., 132, 135, 155, 159 Sharpe, D. R., 97n31 Nankervis, John, 2551120 Shefrin, Hersh M., 50 Neftci, S. N., 85 Shell, Karl, 45 Newey, Whitney, 54 Shiller, Robert, 79 Shleifer, Andrei, 35, 358, 371115 Shoven, John B., 15, 35, 54, 131-32, 138, Obstfeld, Maurice, 21, 205, 209-10, 230, 161, 163, 179 253nn5,6, 254nn7,9, 25511111 8.24, 263 Sidrauski, Miguel, 45 Otani, Ichiro, 256n32 Singleton, K., 79 Sjoblom, K., 189, 191 Pachon, A,, 191 Skinner, Jonathan, 104, 113, 124, Pagan, Adrian R., 132, 135, 155, 159 126nn12,15, 163, 171, 175 Pagano, Marco, 245-46, 256n34 Solow, Robert, 275 Peek, Joe, 15, 52, 69n19,94n3 Spence, A. M., 166 Penati, Alessandro, 219n1, 230 Statman, Meier, 50 Phillips, P. C. B., 94115 Stiglitz, Joseph, 401116, 45-46 Pieper, Paul, 26 Sturm, Peter, 18 382 Author Index

Summers, Lawrence H., 18, 21, 35, 39n4, Vishny, Robert, 358, 371115 40nn17,18, 55, 104, 113, 131-32, 142, von Furstenberg, George M., 51.94n3 148, 163-64, 169, 171, 173, 175, 177- 79, 181, 183, 188, 194n20, 204-5, 211, Webb, R. H., 189-90 219111, 222,230, 253n4, 256nn28.39, Weiss, Laurence, 35, 45, 170 318, 331 Weiss, Y. M., 179 Summers, Robert, 281-82, 285, 299, 352 West, Kenneth, 40n6, 54 Sweeney, Richard, 238 Westphal, L., 230 Whalley, John 131-32, 138, 161, 163-64, Tamura, R., 279 178-79, 183 Taylor, Mark, 256nn30,38 Whiteman, Charles, 255n20 Tesar, Linda, 255n24 Wigle, Randall, 132, 157nn1,2 Tice, Helen Stone, 18 Williamson, Jeffrey, 371114 Tobin, James, 230 Willis, R. J., 179 Tomes, N., 191112 Wise, David A,, 103-4, 116, 119, 126nn8,10,14-16, 127nn20,23 U.S. Congress House of Representatives, 75 Working, Holbrook, 80 U.S. Department of Commerce, Bureau of World Bank, 349, 371nn1,3 Economic Analysis, 16.40n13 Wright, C., 163 U.S. Department of the Treasury, 192n5 Wykoff, Frank C., 27,40n10 Wyplosz, Charles, 256n34 Venti, Steven F., 103, 119, 126nn8,10,14,15, 127nn20,23 Yohn, Frederick 0..Jr., 40n19 Vinod, H. D., 132 Yoo, B. S., 91, 96n27 Subject Index

Ando-Modigliani life-cycle consumption Constant relative risk aversion (CRRA) utility function, 52, 71-73 function, 164, 175, 177 Auerbach-Kotlikoff-Skinner (AKS) model, Consumer Expenditure Surveys (CES) data, 171 103, 105-13 Consumption: from assets, 88-93; capital gains impact on, 63-64; correlation with Ballad-Fullerton-Shoven-Whalley(BFSW) corporate cash flow, 5 1-55,7 1-72; cor- model, 138-41; parameters for, 141-46; relation with corporate wealth, 93, 100- sensitivity analysis in, 148-55 101; correlation with dividend taxation, 58-62, 64; correlation with realized cap- ital gain, 63-64; determinants of, 23- Capital gains, 63-64 24; dividend taxation impact on, 58-62, Capital markets, 9-10 71-72; effect of income changes on, 84- Capital mobility, international, 202-3; crowd- 88; liquidity constraints in estimating, ing out potential of, 263-69; effect on 329-35; using adequate theory of, 46 investment and savings rate, 227-28; Corporate veil: analysis to determine exis- equalized real interest rates definition tence of, 79-84; definition and percep- for, 235-40; Feldstein-Horioka defini- tions of, 49-50, 68111;piercing of, 76, tion of perfect, 228-35; uncovered inter- 88-93 est parity definition of, 240-52 CRRA. See Constant relative risk aversion CES. See Consumer Expenditure Surveys (CRRA) utility function (CES) data CSSA. See Systematic sensitivity analysis CES-LES utility structure. See Constant elas- Current account balance, 203-4 ticity of substitution/linear expenditure system Data estimates (tax discrimination variables), Computational general equilibrium (CGE) 55-57 models: applications for, 161-62; meth- Data sources: for consumption behaviodin- odology for, 133-34; Pagan-Shannon ap- come growth relationship, 337-41; for proach, 135-36, 138; Shoven-Whalley corporate veil analysis, 82, 85, 90, 93- versions of, 132-33 94; for dividends and corporate veil, 57- Constant elasticity of substitutionilinear ex- 58; for government expenditures, 299; penditure system, 139, 141-46. See also for retirement account analysis, 105-13; Ballad-Fullerton-Shoven-Whalley for saving behavior in developing coun- (BFSW) model tries, 370-71

383 384 Subject Index

Diamond growth model, 344-46 Market value: data evaluation for time series Driffill-Rosen (DR) model, 163-64, 169-71 of, 29-34; as measure of saving, 22-24, 27-29,45-46 Economic growth, steady-state model, 278- Monte Carlo simulation, 159-60 80 National income and product account (NIPA), Factor price revision rule, 140 16-17; values, 26-27, 29-36, 39,47 Feldstein-Horioka (FH)study, 201 Net national product, 16-17 Net worth as measure of saving, 24-26 Government policy: effect on saving and eco- NIPA. See National income and product ac- nomic growth, of, 271-78; fiscal policy count of, 204-5 Growth rates for ten developing countries, Pagan-Shannon model, 132-38 352-53 Perfect-substitution theory, 129-30 Population growth, steady-state growth Human capital: analysis for formation of, model. 278-81 171-87, 197-200; defined, 165-66; esti- mates of stock value of, 190-92; in Ramsey model. See Infinite-horizon consumer steady-state growth model, 278-80; when incorporated into analysis, 166-68 model Romer growth model, 346-47 Income: distribution of, 353, 355; effect on consumption of changes in, 84-88; dif- Saving: corporate, as segment of private sav- ferent concepts of, 45; growth of, 329- ing, 75; determinants of, 349-50; effect 35 of corporate financial policy on, 58-62; Individual retirement accounts (IRAs): de- household, 105-13, 140; IRA incentive scription from data of, 105; estimates of for, 113-17; measures of, 24-29,45- substitution for, 117-24; incentive effects 47; perfect-substitution theory in analysis of, 113-17; saving patterns for house- of, 129-30; performance in U.S., 36-39 holds with, 105-13 Saving rates: consequences of low, 1-2; do- Infinite-horizon consumer model (Ramsey mestic, 201-4, 218-20, 227; for Korean model), 308-10 households, 366-69; for OECD coun- Information: dependence of asset valuation tries, 214-18; policy in U.S. to stimu- on, 28; effect on IRA contribution of in- late, 2; for ten developing countries, complete, 113-14; as form of human 353-61 capital investment, 192n4 SCF. See Survey of Consumer Finances Interest rates: country differentials for, 240- (SCF) data 52; lack of correlation with growth, 347 Shanz-Haig-Simons (SHS) concept of in- Investment, domestic: effect of population come, 16, 22 growth on, 278; effect of trade policy on, SIPP. See Survey of Income and Program Par- 203-4, 218-20, 227; relation to budget ticipation (SIPP) data deficit, 219; relation to saving rate, 201- SSA. See Systematic sensitivity analysis 2 Survey of Consumer Finances (SCF) data, Investment, OECD countries, 214-18 103, 105-13 Survey of Income and Program Participation Kotlikoff-Summers (KS) model, 163-64, (SIPP) data, 104-5, 117-20, 124 169-71, 174-75 Systematic sensitivity analysis (SSA): altema- tive to, 137-38; conditional (CSSA) and Life-cycle growth model, 171-87 unconditional (USSA), 135-36 Life-cycle model, 361-66 Life-cycle simulation, 17 1 Taxation of consumption, 133-46 Linear expenditure system, 129 Taxation of dividends, 58-62, 71-72 385 Subject Index

Tax discrimination variables, 55-57 USSA. See Systematic sensitivity analysis Tax Reform Act of 1986: disincentives to save of, 2; effect on corporate incen- Wealth: components of personal, 106-8; con- tives, 75; effect on IRA contributions, cept in defining savings, 15-16; concepts 113-14 of, 22-27; definition of human, 167-68; Trade policy, 203-4 using measures of, 45-47 This Page Intentionally Left Blank