The NBER Reporter 2017 Number 2: Books

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Social Security Programs

and Retirement around the World:

The Capacity to Work at Older Ages

Edited by
David A. Wise
The University of Chicago Press, 2017

     In recent years, the retirement age for public pensions has increased across many countries, and additional increases are in progress or under discussion in many more. The seventh stage of an ongoing research project studying the relationship between social security programs and labor force participation, Social Security Programs and Retirement around the World: The Capacity to Work at Older Ages explores people's capacity to work beyond the current retirement age. It brings together an international team of scholars from 12 countries — Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, the United Kingdom, and the United States — to analyze this issue. Contributors find that many individuals have substantial capacity to work at older ages. They also consider how policymakers might divide gains in life expectancy between years of work and retirement, as well as the main impediments to longer work life. They consider factors that influence the demand for older workers, as well as the evolution of health and disability status, which may affect labor supply from the older population.

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Tax Policy and the Economy,

Volume 31

Edited by Robert A. Moffitt
The University of Chicago Press, 2017

     The papers in Tax Policy and the Economy, Volume 31 are directly related to important and often long-standing issues, such as how transfer programs affect tax rates and behavior. In the first paper, Alan Auerbach, Laurence Kotlikoff, Darryl Koehler, and Manni Yu take a lifetime perspective on the marginal tax rates facing older individuals and families arising from a comprehensive set of sources. In the second, Gizem Kosar and Robert A. Moffitt provide new estimates of the cumulative marginal tax rates facing low-income families over the period 1997–-2007. In the third, Emmanuel Saez presents evidence on the elasticity of taxable income with respect to tax rates, drawing on data from the 2013 federal income tax reform. In the fourth paper, Conor Clarke and Wojciech Kopczuk survey the treatment of business income taxation in the United States since the 1950s, providing new data on how business income and its taxation have evolved over time. In the fifth, Louis Kaplow argues that the reduction in statutory tax rates from base-broadening may not reduce effective marginal tax rates on households.

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NBER Macroeconomics Annual 2016,

Volume 31

Edited by Martin Eichenbaum
and Jonathan Parker
The University of Chicago Press, 2017

     The NBER Macroeconomics Annual features a collection of theoretical and empirical studies on central issues in con-temporary macroeconomics. Pierre-Olivier Gourinchas, Thomas Philippon, and Dimitri Vayanos analyze the causes of the Greek crisis of 2010 and the policy efforts that ensued. Next, Olivier Blanchard, Christopher J. Erceg, and Jesper Lindé demonstrate that under plausible modeling assumptions, fiscal expansion by the core euro area economies would likely have a substantial positive effect on the GDP of nations on the periphery of the euro area, provided the European Central Bank holds policy rates low. Òscar Jordà, Moritz Schularick, and Alan M. Taylor introduce a new set of stylized facts about economic growth and financial ratios, and a new macro-financial database for the study of historical financial booms and busts. Jeffrey R. Campbell, Jonas D. M. Fisher, Alejandro Justiniano, and Leonardo Melosi study the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate and conclude that forward guidance did not lead to macroeconomic expansion until late 2011, when the Fed introduced "calendar-based" communications. Fernando Alvarez, Francesco Lippi, and Juan Passadore explore the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. Paul Beaudry, Dana Galizia, and Franck Portier consider the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. Finally, Lawrence Summers discusses the decline in the rate of global economic growth, and causes and implications of the relatively low cumulative rate of U.S. per capita income growth since the onset of the Great Recession in December 2007.

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