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Sherwin Rosen A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics National Bureau of Economic Research (NBER) (Ed.) Periodical Part NBER Reporter Online, Volume 1980 NBER Reporter Online Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: National Bureau of Economic Research (NBER) (Ed.) (1980) : NBER Reporter Online, Volume 1980, NBER Reporter Online, National Bureau of Economic Research (NBER), Cambridge, MA This Version is available at: http://hdl.handle.net/10419/62106 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. SUMMER 1980 Program Report Capital Formation Martin Feldstein Although the low rate of investment in the United States has attracted widespread attention to the problem of capital formation, there has been relatively little careful empirical study of this subject. As a result, crucial issues of public policy are being debated without an adequate factual base. Government programs are adopted without understanding, or in many cases without even consider­ ing, the major impact that they will have on capital for­ mation. Long-range corporate planning is also hampered by insufficient information on the forces that areshaping the future rate and direction of capital formation. Be­ cause of the central importance of this subject to the fu­ ture of the American economy, the National Bureau of Economic Research has undertaken a special study of capital formation. NBER has a long tradition of empirical research on phasizes the impact on capital formation of existing pub­ this subject. Simon Kuznets's studies of capital for­ lic policies and tries to develop the type of information mation, carried out under NBER sponsorship in the 1940s that will be useful for long-range analysis by government and 1950s, were cited when Kuznets was awarded the and the private sector. Of course, in keeping with NBER 1971 Nobel Prize in economics. The flow-of-funds ac­ tradition, the studies do not make specific policy recom­ counts, now produced by the Federal Reserve System mendations but focus instead on developing quantitative and widely used to study the sources and uses of finan­ information that others can use. cial capital, were originally developed at NBER. Many During the first two years of the special study, NBER other important NBER studies of capital formation could researchers have prepared sixty individual papers de­ be mentioned, but the decades since those studies were scribing research on capital formation. In this report, I done have seen substantial changes in the American cannot hope to summarize the conclusions of this large economy, a vast growth of new data sources, and impor­ number of projects on the wide variety of subjects that tant developments in the methods of empirical economic fall within the scope of the capital formation study. My analysis. It seemed clear to us that the time had arrived more modest aim is to provide a brief overview of the for a major new program of research on capital formation. seven major parts of the study and a list of the research­ The Special Study of Capital Formation began in mid- ers and papers associated with each part. The interested 1978 with an initial five-year planning horizon. I am serv­ reader can consult previous issues of the Reporter for ing as general research director and coordinator for this summaries of the individual papers; more general dis­ study. The scope of the work cuts across the Bureau's cussions of some of this work may be found in the Pro­ basic program structure and includes research on taxa­ gram Report and Research Summaries articles of the tion, financial markets, international issues, monetary Reporter. A list of the Working Papers prepared for each economics, and other topics. Much of the research' em- of the seven sections appears in an appendix to this article. The National Bureau of Economic Research is a private, nonprofit Taxation research organization founded in 1920 and devoted to objective quan­ titative analysis of the American economy. Its officers and board of Much of the current public discussion about capital directors are: formation focuses on the role of taxation. This has been a particularly active part of the Bureau's capital forma­ Chairman-Jam~ J. O'Leary tion study. Research has examined how taxes affect the Vice Chairman-Eli Shapiro Treasurer-Charles A. Walworth supply of saving from different sources and the demand President and Chief Executive Officer-Martin Feldstein for investment of different kinds. Several studies have Vice President-Charles E. McLure, Jr. given particular attention to the interaction between in­ Director of Finance and Administration-Sam Parker flation and existing tax rules. The NBER research asso­ ciates and faculty research fellows who have contributed to this work are Alan Auerbach, Alan Blinder, Michael DIRECTORS AT LARGE Boskin, David Bradford, Martin Feldstein, Don Fullerton, Moses Abramovitz Geoffrey H. Moore Roger Gordon, Patric Hendershott, Mervyn King, Charles Arthur F. Burns Michael H. Moskow McLure, John Shoven, Joel Slemrod,snd Lawrence George T. Conklin, Jr. James J. O'Leary Summers. Morton Ehrlich Peter G. Peterson Solomon Fabricant Robert V. Roosa Martin Feldstein Richard N. Rosett Private Pensions and Social Security Edward L. Ginzton Bert Seidman David L. Grove Eli Shapiro The rapid growth of both private pensions and social Walter W. Heller Stephen Stamas security has been one of the most significant factors in­ Walter E. Hoadley Lazare Teper fluencing the nature of capital formation in the past thirty Roy E. Moor Donald S. Wasserman years. The impact of this development on the aggregate supply of capital and on its form deserves more careful DIRECTORS BY UNIVERSITY APPOINTMENT analysis. Our analysis of these issues has convinced us that this topic deserves a major study in its own right, Gardner Ackley, Michigan and the Bureau has now launched a study under John G. L. Bach, Stanford Charles H. Berry, PrInceton Shoven's direction. The new study of public and private Otto Eckstein, Harvard pensions will examine their effect on total capital forma­ Walter D. Fisher, Northwestern tion, on capital markets, on corporate financial deci­ John H. Kareken, Minnesota sions, and on labor markets. Within the current capital J. C. LaForce, California, Los Angeles formation study, research on social security and private . Almarin Phillips, PennsylvanIa James L. Pierce, California, Berkeley pensions has been done by Zvi Bodie, Jeremy Bulow, Lloyd G. Reynolds, Yale Martin Feldstein, Benjamin Friedman, and Laurence Robert M. Solow, Massachusetts Institute of Technology Kotlikoff. Robert R. Sterling, Rice Henri Theil, Chicago William S. Vickrey, ColumbIa Fiscal and Monetary Policy Burton A. Weisbrod, Wisconsin The dramatic government deficits and abnormally high nominal interest rates in recent years have called attention to the potential effects on capital formation of DIRECTORS BY APPOINTMENT OF OTHER ORGANIZATIONS fiscal and monetary policy. Bureau research studies Eugene A. Birnbaum, American Management Associations have been examining the effects of government deficits Carl F. Christ, American Economic Association and analyzing the way in which high nominal interest Stephan F. Kaliski, Canadian Economics Association rates influence investment and financing decisions. Franklin A. Lindsay, Committee for Economic Development Robert Barro, Martin Feldstein, and Benjamin Friedman Paul W. McCracken, American Statistical Association Albert G. Matamoros, National Association of Business Economists have completed studies of the impact of fiscal and mon­ Douglass C. North, Economic History Association etary policies on capital formation. Rudolph A. Oswald, American Federation of Labor and Congress of Industrial Organizations G. Edward Schuh, American Agricultural Economics Association International Capital Flows James C. Van Horne, American Finance Association We believe that it is particularly important to recognize. Charles A. Walworth, American Institute of Certified Public the role of international capital flows. Overseas invest­ Accountants ment by U.S. firms and portfolio investors is of growing importance. Foreign investment in the United States is Contributions to the National Bureau are tax deductible. Inquiries concerning contributions may be addressed to Lawrence B. McFaddin, still relatively small
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