NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Stan Veuger

American Enterprise Institute

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Institutional Affiliation: American Enterprise Institute

NBER Working Papers and Publications

June 2020Implications of the Covid-19 Pandemic for State Government Tax Revenues
with Jeffrey Clemens: w27426
We assess the Covid-19 pandemic’s implications for state government sales and income tax revenues. We estimate that the economic declines implied by recent forecasts from the Congressional Budget Office will lead to a shortfall of roughly $106 billion in states’ sales and income tax revenues for the 2021 fiscal year. This is equivalent to 0.5 percent of GDP and 11.5 percent of our pre-Covid sales and income tax projection. Additional tax shortfalls from the second quarter of 2020 may amount to roughly $42 billion. We discuss how these revenue declines fit into several pieces of the broader economic context. These include other revenues (e.g., university tuition and fees) that are also at risk, as well as assets (e.g., pension plan holdings) that are at risk. Further dimensions of context i...
August 2015Risks to the Returns to Medical Innovation: The Case of Myriad Genetics
with Jeffrey Clemens: w21469
We describe the broad range of uncertainties faced by the developers of medical technologies. Empirically, we estimate the asset market incidence of two realizations of uncertainties we classify as within-market policy risks. The events we analyze concern the intellectual property of Myriad Genetics, Inc., an American molecular diagnostics firm. In June 2013, the Supreme Court invalidated several of Myriad's intellectual property claims. Subsequently, the Center for Medicare and Medicaid Services (CMS) re-evaluated the reimbursements it pays for the services at issue in the Supreme Court's ruling. Each of these events moved Myriad's market capitalization by several hundred million dollars, or on the order of 20 percent. Myriad's exposure to the realization of these events reflected the c...

Published: Jeffrey Clemens & Stan Veuger, 2016. "RISKS TO THE RETURNS TO MEDICAL INNOVATION: THE CASE OF MYRIAD GENETICS," Contemporary Economic Policy, . citation courtesy of

 
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