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Auerbach, Alan J.

Works: 128 works in 780 publications in 2 languages and 7,683 library holdings
Genres: Conference proceedings 
Roles: Author, Editor
Classifications: HD2746.5, 338.830973
Publication Timeline
Publications about Alan J Auerbach
Publications by Alan J Auerbach
Most widely held works by Alan J Auerbach
Corporate takeovers : causes and consequences by Alan J Auerbach( Book )
29 editions published between 1988 and 2013 in English and held by 1,292 libraries worldwide
The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself
Mergers and acquisitions by Alan J Auerbach( Book )
19 editions published between 1988 and 2008 in English and held by 1,045 libraries worldwide
Do mergers lead to financial instability? How are shareholders' interests best served? How significant a role do taxes play? What are the implications for the structure and concentration of industry? Mergers and Acquisitions, prepared in an nontechnical format, answers these and other questions that have arisen from the takeover boom that began in the mid-1980s. "A significant piece of scholarship."Peter Fuhrman, Forbes. "Accessible to interested laypersons and policy makers. ... [A] thoroughly readable and informative book."Gregg A. Jarrell, Journal of Economic Literat
Public policy and the income distribution ( Book )
6 editions published in 2006 in English and held by 471 libraries worldwide
"Public Policy and the Income Distribution tackles many of the most difficult and intriguing questions about how government intervention - or lack thereof - has affected the incomes of everyday Americans. The twentieth century was remarkable in the extent to which advances in public policy helped improve the economic well being of Americans. Synthesizing existing knowledge on the effectiveness of public policy and contributing valuable new research, Public Policy and the Income Distribution examines public policy's successes, and points out the areas in which progress remains to be made."--BOOK JACKET
Institutional foundations of public finance : economic and legal perspectives ( Book )
7 editions published between 2008 and 2009 in English and held by 239 libraries worldwide
"The contents of this volume were originally presented at a conference entitled 'Key issues in public finance : a conference in honor of David Bradford,' which was held at NYU Law School on May 5, 2006"--Introduction
Generalized cash flow taxation by Alan J Auerbach( file )
10 editions published in 2001 in English and held by 119 libraries worldwide
We show that the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cash flow tax, having many of the attributes of the latter while still imposing a tax burden on marginal capital income. Like the traditional cash flow tax, this system may be integrated with a tax on labor income. We also show how such a tax can be supplemented with an optional accounting for a segregated subset of actively traded securities, subjected separately to mark-to-market taxation at the uniform capital income tax rate, to permit a fully graduated tax system applicable to labor income
The annuitization of Americans' resources : a cohort analysis by Alan J Auerbach( Book )
14 editions published between 1994 and 1995 in English and held by 104 libraries worldwide
Abstract: This paper constructs a unique cohort data set to study the changes since 1960 in the share of Americans' resources that are annuitized. Understanding these changes is important because the larger this share, the more cohorts are likely to consume and the less they are likely to bequeath. Hence, the degree of annuitization affects national saving as well as the transmission of inequality over time. Our findings are striking. Although the annuitized share of resources of younger Americans declined slightly between 1960 and 1990, it increased dramatically for older Americans. It doubled for older men and quadrupled for older women. Since the elderly have much higher mortality probabilities than do the young, their degree of annuitization is much more important for aggregate bequests and saving. According to our estimates, aggregate U.S. bequests would now be 66 percent larger had the post-1960 increase in annuitization not occurred. In addition, U.S. national saving would likely be substantially larger than is currently the case
Why have Corporate Tax Revenues Declined? Another Look by Alan J Auerbach( file )
19 editions published between 1986 and 2006 in 3 languages and held by 103 libraries worldwide
As a share of GDP, U.S. federal tax revenues from nonfinancial corporations have held relatively constant since the early 1980s, after falling precipitously during the late 1960s and the 1970s. But this relative constancy masks offsetting trends in the ratio of nonfinancial C corporation profits to GDP (declining) and the average tax rate on these profits (increasing). The average tax rate rose steadily between 1996 and 2003, an increase largely attributable to an unprecedented rise in the importance of tax losses. This rise casts some doubt on the importance of tax planning activities as a vehicle for reducing corporate taxes. So, too, does the relative stability of the rate of profit (relative to net assets), which might be expected to have declined had the understatement of profits for tax purposes been increasing
The case for open-market purchases in a liquidity trap by Alan J Auerbach( Book )
15 editions published between 2003 and 2004 in English and held by 95 libraries worldwide
Abstract: Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate, however, this same reasoning implies that open-market operations will be beneficial for stabilization as well even when the economy is expected to remain mired in a liquidity trap for some time. Thus, the microeconomic fiscal benefits of open-market operations in a liquidity trap go hand in hand with standard macroeconomic objectives. Motivated by Japan's recent economic experience, we use a dynamic general-equilibrium model to assess the welfare impact of open-market operations for an economy in Japan's predicament. We argue Japan can achieve a substantial welfare improvement through large open-market purchases of domestic government debt
Uncertainty and the design of long-run fiscal policy by Alan J Auerbach( Book )
12 editions published in 1999 in English and held by 95 libraries worldwide
Abstract: This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general, our analysis suggests not only that action should not be delayed, but further that action should actually be accelerated. The added realism of restrictions on the frequency of policy changes alters this result in two ways. The prospect of being unable to set policy in the future occasions even more precautionary saving today, if the government acts. However, the government may also choose not to set policy, and its inaction range is very asymmetric. Because the impact of its policies on the current elderly cannot be reversed in the future, the government is much more likely to choose inaction when fiscal tightening is called for. Thus, the optimal policy response over time might best be characterized by great caution in general, but punctuated by occasional periods of apparent irresponsibility
Generational accounting and immigration in the United States by Alan J Auerbach( Book )
10 editions published in 1999 in English and held by 95 libraries worldwide
Abstract: In recent years, the renewed strength of immigration to the United States has sparked a debate about the economic effects of immigration. A central issue in this debate has been the fiscal impact of immigrants. Most research in this area has adopted a static, cross-section approach in assessing the net impact of immigrants on the economy's fiscal position. However, a dynamic approach is important because of the age dependency of many government tax and expenditure programs, and necessary to take the descendents of immigrants into account. This paper reconsiders the fiscal impact of immigrants over time, using the technique of generational accounting. We may summarize our results with three findings: 1. Because new immigrants represent a larger fraction of future generations than of present ones, shifting the burden onto future generations also shifts it, relatively, onto new immigrants. Thus, if the entire fiscal imbalance currently estimated for the United States is placed on future generations, then the presence of new immigrants reduces the burden borne by natives. 2. When a policy of fiscal responsibility' is followed, whether there is a fiscal gain from immigration depends on the extent to which government purchases rise with the immigrant population. 3. The impact of immigration on fiscal balance is extremely small relative to the size of the overall imbalance itself. Thus, immigration should be viewed neither as a major source of the existing imbalance, nor as a potential solution to it
Capital gains taxation and tax avoidance : new evidence from panel data by Alan J Auerbach( Book )
12 editions published in 1998 in English and held by 94 libraries worldwide
Abstract: Previous theoretical analyses of the capital gains tax have suggested that investors have considerable opportunity to avoid the tax. Yet, past empirical work has found relatively little evidence of such activity. Using a previously unavailable panel data set with a very large sample of high-income individuals, this paper aims to bring the theory and evidence closer together by examining the behavior of individual taxpayers over time. Though confirming past findings that avoidance of tax on realized capital gains is not prevalent, we do observe that tax avoidance activity increased after the passage of the Tax Reform Act of 1986, and that high-income, high-wealth and more sophisticated taxpayers were most likely to avoid tax. However, the efficacy of tax avoidance strategies depends on being able to avoid tax for long periods, and we find that most tax avoidance is of relatively short duration. Thus, the effective tax rate on realized capital gains is very close to the statutory rate in all years and tax brackets
Taxation and corporate investment : the impact of the 1991 Swedish tax reform by Alan J Auerbach( Book )
14 editions published between 1995 and 1996 in English and held by 91 libraries worldwide
In 1990, the government of Sweden introduced a major tax reform to take effect in 1991. The Swedish system prior to the legislation was so complex that the size and magnitude of the likely effects of the reform on incentives to invest were unknown. In this paper, we draw on ödersten (1989) and Auerbach and Hassett (1992) and derive an expression for the user cost of capital that captures the essential features of the Swedish tax code both before and after the reform. We estimate the model for investment in equipment and find that the responsiveness of Swedish firms to the user cost is quite similar to that found for the U.S. Finally, we employ our model and estimates to assess the effects of the 1991 reform. We find that the impact of the reform on investment is likely to have been minor and had little to do with the contemporaneous sharp drop in investment
The significance of federal taxes as automatic stabilizers by Alan J Auerbach( Book )
11 editions published in 2000 in English and held by 90 libraries worldwide
Abstract: Using the TAXSIM model for the period 1962-95, we consider the federal tax system's impact as an automatic stabilizer. Despite the many changes in the tax system, there has been relatively little change in its role as an automatic stabilizer. We estimate that individual federal taxes offset perhaps as much as 8 percent of initial shocks to GDP. We also suggest that the progressive income tax may help to stabilize output via its effect on the supply of labor, an additional effect that may even be of similar magnitude to the more traditional path of stabilization through aggregate demand
Tax projections and the budget : lessons from the 1980s by Alan J Auerbach( Book )
13 editions published in 1995 in English and held by 90 libraries worldwide
Abstract: Some economists have argued that the disincentive effects of marginal tax rate increases in the 1980s caused revenue to rise by less than had been anticipated. To evaluate the hypothesis, this paper considers OMB revenue forecasts and forecast errors for the period 1982-93. If the revenue gains from tax increases, and the revenue losses from tax cuts, were overstated because of inadequate allowance for behavioral responses, then the forecast errors should be negatively related to the initial revenue estimates of the impact of policy changes. For excise taxes and corporate income taxes, the results suggest that the systematic overprediction of revenues during the period can be explained in part by an underestimate of behavioral responses to taxation
Quantifying the current U.S. fiscal imbalance by Alan J Auerbach( Book )
11 editions published in 1997 in English and held by 89 libraries worldwide
Abstract: This paper considers the magnitude of the U.S. fiscal imbalance, as measured by the permanent changes needed to stabilize the national debt as a share of GDP. At present, even after recent improvements in forecast deficits, this imbalance stands at 5.3 percent of GDP -- several times the magnitude of the current official deficit. The imbalance is due primarily to the growth of Medicare, Medicaid, and Social Security. Addressing an imbalance of this size will require significant policy changes. Even if current projected reductions in other government spending occur, and policies are adopted to eliminate the estimated OASDI imbalance and balance the federal budget in 2002, an additional and immediate reduction in the primary deficit of 2.7 percent of GDP will be required to establish a feasible fiscal policy. Waiting to adopt policy changes will increase the size of the required annual primary deficit reduction
Perspectives on the budget surplus by Alan J Auerbach( Book )
12 editions published in 2000 in English and held by 87 libraries worldwide
Abstract: This paper provides alternative measures of federal budget surpluses over 10-year and long-term horizons. Official baseline budget forecasts are based on a series of statutory requirements that may be at variance with reasonable expectation. More plausible notions of current policy toward discretionary spending, taxes and retirement trust funds imply that surpluses over the next 10 years will be substantially smaller than the baseline forecasts indicate. Properly accounting for long-term imbalances in social security and the rest of the budget implies that, under plausible definitions of current policy, the federal government faces a long-term shortfall
On the marginal source of investment funds by Alan J Auerbach( Book )
12 editions published in 2000 in English and held by 85 libraries worldwide
Abstract: Under the new view' of dividend taxation developed in Auerbach (1979), Bradford (1981) and King (1977) the marginal source of finance for new investment projects is retained earnings. In this case, the tax advantage of retentions precisely offsets the double taxation of subsequent dividends: taxes on dividends have no impact on the investment incentives of firms using retentions as a marginal source of funds and paying dividends with residual cash flows. We find evidence that dividends do respond to investment and cash flow for the nonfinancial corporate sector as a whole in a manner consistent with the new view. We also find that this dividend pattern is weaker for firms with better access to capital markets, as measured by bond rating and the number of analysts following them. Finally, we find that, although new share issues and repurchases respond to the same firm characteristics as dividends do, the pattern of these responses is consistent with a broader interpretation of the new view that preserves the main result of dividend-tax irrelevance with respect to the cost of capital
Capital gains realizations of the rich and sophisticated by Alan J Auerbach( Book )
12 editions published between 1999 and 2000 in English and held by 84 libraries worldwide
Abstract: This paper attempts to bring theoretical and empirical research on capital gains realization behavior closer together by considering whether investors who appear to engage more in strategic tax avoidance activity also respond differently to tax rates. We find that such investors exhibit significantly smaller responses to permanent tax rate changes than other investors. Put another way, a larger part of their response to capital gains tax rates reflects timing, consistent with their closer adherence to tax avoidance strategies emphasizing arbitrage based on tax rate differentials. This finding holds for two alternative specifications of realization behavior, one of which suggests larger permanent responses to capital gains tax rates than those of previous panel studies
Handbook of public economics ( file )
5 editions published in 2013 in English and held by 84 libraries worldwide
In the Handbook of Public Economics, vol. 5, top scholars provide context and order to new research about mechanisms that underlie both public finance theories and applications. These fundamental subjects follow the recent, steady movement away from rational decision-making and toward more personalized approaches to tax generation and expenditure, especially in terms of the use of psychological methods and financial incentives. Closely scrutinized subjects include new research in empirical (instead of theoretical) public finance, the methods for measuring taxes (both in revenue generation and expenditure), and the roles that taxes play in specific settings, such as emerging economies, urban settings, charitable giving, and among political entities (cities, counties, states, countries). Contributors look at both the "tax" and "expenditure" sides of public finance, emphasizing recent influences that psychology and philosophy have exerted in economics with articles on behavioral finance, charitable giving, and dynamic taxation. To a field enjoying rapid growth, their articles bring context and order, illuminating the mechanisms that underlie both public finance theories and applications. Editor Raj Chetty is the recipient of the 2013 John Bates Clark Medal from the American Economic Association. It focuses on new approaches to both revenue generation and expenditures in public finance. It presents coherent summaries of subjects in public economics that stretch from methodologies to applications. It makes details about public economics accessible to scholars in fields outside economics
The Bush tax cut and national saving by Alan J Auerbach( Book )
11 editions published in 2002 in English and held by 83 libraries worldwide
Abstract: Following through on pledges made during his election campaign, President Bush proposed and Congress passed a substantial tax cut in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). Much has been written about the size of the tax cut, its impact on the federal budget, its distributional consequences, and its short-run macroeconomic impact. There has been less focus on EGTRRA's incentive effects; one of the most important potential behavioral effects is on saving. To analyze the behavioral effects of the Bush tax cut on saving and other macroeconomic variables, I use the Auerbach-Kotlikoff (1987) model in conjunction with the NBER's TAXSIM model. An interesting by-product of this analysis is the 'dynamic scorin g' of the tax cut - the estimated feedback effects of behavior on revenue. By comparing the revenue losses generated by the model with those that would occur without any behavioral response, one can estimate how much of the static revenue loss would be recouped by expanded economic activity. The simulations suggest that dynamic scoring has a significant impact on estimated revenue losses, but that the tax cut's impact on national saving is still negative in the long run
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Alternative Names
Auerbach, A. 1951-
Auerbach, A J
Auerbach, A. J. 1951-
Auerbach, Alan
Auerbach, Alan 1951-
Auerbach, Alan Jeffrey 1951-
Ауэрбах, А.
English (252)
German (1)
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