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AN NBER PUBLICATION ISSUE: No. 3, September 2002

The Reporter Summer 2002

A free quarterly publication featuring program updates, several summaries of affiliates' research, and news about the NBER
Author(s): Claudia Goldin
The NBER's Program on the Development of the American Economy (DAE) investigates long-run economic development and growth, with specific attention to the United States. The DAE's broad mandate means that its members work on subjects studied in all the other NBER programs combined, for example public finance, health, aging, trade, and productivity. The research of DAE members spans the full three centuries of American economic history and, for those studying comparative...

Research Summaries

Author(s): Andrew Metrick
A mutual-fund manager earns annualized returns of 20 percent per year for a five-year period. Over the same period, the stock market as a whole earns 10 percent per year. Was this manager smart, or just lucky? Some companies engage in a lot of merger activity. Other companies do not. A researcher finds that the former group performs less well than the latter group in the stock market. Is this difference related to the merger activity, or does it simply reflect underlying...
Author(s): Joel Slemrod
All tax systems have three aspects. First, they change relative prices, and thus influence and often distort the allocation of resources in the economy. Second, they are instrumental in assigning the burden of government programs among citizens. Finally, they are vast administrative bureaucracies involved in collecting and enforcing the remittance of tax monies. These three aspects loosely correspond to the three classic criteria for evaluating tax systems: efficiency,...


    Bernanke Nominated to Federal Reserve Board NBER Research Associate Ben S. Bernanke, Director of the NBER's Program on Monetary Economics, has been nominated by the President to a seat on the Federal Reserve Board of Governors. Bernanke, the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and the chair of the economics department at Princeton University, has also been a member of the NBER's Business Cycle Dating Committee (BCDC). NBER...


    The following volume may be ordered directly from the MIT Press, MIT Press c/o Triliteral, 100 Maple Ridge Drive, Cumberland, R.I.; or, by phone to 401-658-4226 or 1-800-405-1619; or, by email to Tax Policy and the Economy, Volume 16 Tax Policy and the Economy, Volume 16, edited by James M. Poterba, is now available from the MIT Press. This volume presents papers delivered at an anual NBER conference in Washington, D.C. The topics are timely...

Meetings and Conferences, Summer 2002


  • Article
    Public Economics The NBER's Program on Public Economics, directed by James M. Poterba of MIT, met in Cambridge on April 5. The following papers were discussed: William M. Gentry, NBER and Columbia University, and David M. Schizer, Columbia University Law School, "Frictions and Tax-Motivated Hedging: An Empirical Exploration of Publicly-Traded Exchangeable Debt" Discussant: Mihir A. Desai, NBER and Harvard University Susan Dynarski, NBER and Harvard University, "...

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