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Liebman, Jeffrey B.

Overview
Works: 33 works in 205 publications in 1 language and 3,751 library holdings
Genres: Conference proceedings 
Roles: Editor, Honoree
Classifications: HD7125, 368.4300973
Publication Timeline
Key
Publications about Jeffrey B Liebman
Publications by Jeffrey B Liebman
Most widely held works by Jeffrey B Liebman
Social security policy in a changing environment by Jeffrey Brown( file )
10 editions published in 2009 in English and held by 1,379 libraries worldwide
This volume analyzes the changing economic and demographic environment in which social insurance programmes benefiting elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security programme and potential reform options
The distributional aspects of social security and social security reform by Martin S Feldstein( file )
11 editions published between 2002 and 2007 in English and held by 1,268 libraries worldwide
Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security
Moving to opportunity in Boston : early results of a randomized mobility experiment by Lawrence F Katz( Book )
14 editions published between 2000 and 2001 in English and held by 104 libraries worldwide
Abstract: This paper examines the short-run impacts of a change in residential neighborhood on the well-being of low-income families, using evidence from the Moving To Opportunity (MTO) program in which eligibility for a housing voucher was determined by random lottery. Applicants in high poverty public housing projects were assigned by lottery to one of three groups: Experimental offered mobility counseling and a voucher valid only in a low-poverty Census tract; Section 8 Comparison offered a geographically unrestricted voucher; or Control offered no new assistance, but continued eligibility for public housing. Our quantitative analyses of program impacts at the Boston site of MTO uses data on 540 families approximately two years after program enrollment. 48 percent of the Experimental group and 62 percent of the Section 8 Comparison group moved through the MTO program. Households in both treatment groups experienced improvements in multiple measures of well-being relative to the Control group including increased safety, improved health among household heads, and fewer behavior problems among boys. There were no significant short-run impacts of either MTO treatment on employment, earnings, or welfare receipt. Experimental group children were less likely to be personally victimized by crime, to be injured, or to experience an asthma attack
Labor supply response to the earned income tax credit by Nada Eissa( Book )
12 editions published between 1995 and 1996 in English and held by 96 libraries worldwide
Abstract: In a series of major expansions starting in 1987, the earned income tax credit (EITC) has become a central part of the federal government's anti-poverty strategy. In this paper, we examine the impact of the Tax Reform Act of 1986 (TRA86), which included an expansion of the EITC, on labor force participation and hours of work. The expansion of the credit affected an easily identifiable group, single women with children, but is predicted to have had no effect on another group, single women without children. Other features of TRA86, such as the increase in the value of dependent exemptions and the large increase in the standard deduction for head of household filers, are predicted by economic theory to have reinforced the impact of the EITC on the relative labor supply outcomes of single women with and without children. We therefore compare the change in labor supply of single women with children to the change in labor supply of single women without children. We find that between 1984-1986 and 1988-1989 single women with children increased their labor force participation by 1.4 percentage points (from a base of 73.1 percent) relative to single women without children. We explore a number of possible explanations for this finding and conclude that the 1987 expansion of the EITC and the other provisions of TRA86 are the most likely explanations. We find no effect of the EITC expansion on the hours of work of single women with children who were already in the labor force. Compared to other elements of the welfare system, the EITC appears to produce little distortion of work incentives
Are CEOs really paid like bureaucrats? by Brian J Hall( Book )
15 editions published between 1997 and 1998 in English and held by 95 libraries worldwide
Abstract: A common view of CEO compensation is that there is essentially no correlation between firm performance and CEO pay. This calls into question an important component of effective corporate governance. This zero correlation' belief is based on the widely cited result that CEO wealth rises by only $3.25 for every $1,000 increase in firm value (Jensen and Murphy, 1990b) and findings that the elasticity of CEO salary and bonus with respect to firm market value is only 0.1. We use a new 15-year panel data set of CEOs in the largest U.S. firms and focus on a broad measure of compensation' that includes changes in the value of CEO holdings of stock and stock options. We find very large pay to performance sensitivity. For example, for a moderate change in firm performance (moving from a median stock price performance to a 70th percentile performance), the compensation of the median CEO in our sample increases by more than 50 percent, which represents an increase in CEO wealth of $1.8 million. We estimate a median elasticity of CEO compensation with respect to firm value of 3.9 for 1994. This value is about 30 times larger than previous elasticity estimates that ignore the effects of changes in the value of stock stock option holdings. We also document that both the level of CEO compensation and th sensitivity of CEO compensation to firm performance have grown dramatically over the past 15 years. In our sample, the direct compensation (salary and bonus plus stock option grants) of the mean (median) CEO increased by 209 percent (136 percent) from 1980 to 1994. Because of the large increase in stock option awards and in the value of stock holdings in the past 15 years, measures of CEO pay-to-performance sensitivity increased during the period by factors of 2 to nearly 7
The distributional effects of an investment-based social security system by Martin S Feldstein( Book )
17 editions published between 1999 and 2002 in English and held by 95 libraries worldwide
Abstract: In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of low-paid workers or of surviving spouses relative to what they would get from Social Security, and might therefore increase the extent of poverty among the aged. Our analysis in this paper shows that this is generally not the case, even in plans that make no special effort to maintain or increase redistribution. Our principal finding is that virtually all of the demographic groups that we examine would receive higher average benefits under a mixed system with an investment-based component than the benefits that they would receive under current Social Security rules. There would also be a smaller share of individuals with benefits below the poverty line even though the total cost of funding the mixed system -- a three percent saving contribution rather than a six percent rise in the tax rate -- is substantially lower than that of funding the pay-as-you-go system. Our individual-level data permit us to go beyond comparing group means to analyze the full distribution of the benefits that individuals would receive under the two different systems. These comparisons show that the overwhelming majority of individuals would have higher benefits with the investment-based system than with the pure pay-as-you-go system. The relatively small number of individuals who would receive less from the investment-based system is further reduced when the effects of the Supplementary Security Income program is taken into account. These basic conclusions remain true even if the future rate of return in the investment-based component of the mixed system is substantially less than past experience implies
The taxation of executive compensation by Brian J Hall( Book )
11 editions published in 2000 in English and held by 90 libraries worldwide
Over the past 20 years, there has been a dramatic increase in the share of executive compensation paid through stock options. In this paper, we examine the extent to which tax policy has influenced the composition of executive compensation, and discuss the implications of rising stock-based pay for tax policy. We begin by describing the tax rules for executive pay in detail and analyzing how changes in various tax rates affect the tax advantages of stock options relative to salary and bonus. Our empirical analysis leads to three conclusions. First, there is little evidence that tax changes have played a major role int the dramatic explosion in executive stock option pay since 1980. Although the tax advantage of options has approximately dounbled since the early advantage of options has approximately doubled since the early 1980s options currently have only a slight tax advantage relative to cash - approximately $4 per $100 of pre-tax compensation to the executive. A more convincing story for the dramatic explosion in stock options involves changes in corporate governance and the market for corporate control. For example, there is a strong correlation between the fraction of shares held by large institutional investors and the fraction of ececutive pay in the form of stock options, a result that holds both longitudinally and cross-sectionally. Second, we find evidence that the million dollar rule (which limited the corporate deductibility of non-performance-related executive compensateion to $1 million) led firms to adjust the composition of their pay away from salary and toward "performance related pay, " although our estimates suggest that substitution was minor. We find no evience that the regulation decreased the level of total compensation. Third, we examine whether there is evidence for significant shifting of the timing of option exercieses in response to changes in tax rates. After replicating the Goolsbee (1999) result regardin tax-shifting with our data for the 1993 tax reform, we shoat no such shifting occurred in either of the two tax reforms of the 1980s. Moreover, we find evidence that much of the unusually large level of option exercises in 1992 was the result of the rising stock market rather than the change in marginal tax rates
Redistribution in the current U.S. Social Security system by Jeffrey B Liebman( Book )
14 editions published between 2001 and 2002 in English and held by 86 libraries worldwide
Abstract: Because its benefit formula replaces a greater fraction of the lifetime earnings of lower earners than of higher earnings, Social Security is generally thought to be progressive, providing However, much of the intra-cohort redistribution in the U.S. Social Security system is related to factors other than lifetime income. Social Security transfers income from people with low life expectancies to people with high life expectancies, from single workers and from married couples with substantial earnings by the secondary earner to married one-earner couples, and from people who work for more than 35 years to those who concentrate their earnings in 35 or fewer years. This paper studies the redistribution accomplished in the retirement portion of the current U.S. Social Security system using a microsimulation model built around a match of the 1990 and 1991 Surveys of Income and Program Participation to Social Security administrative earnings and benefit records. The model simulates the distribution of internal rates of returns, net transfers, and lifetime net tax rates from Social Security that would have been received by members of the 1925 to 1929 birth cohorts if they had lived under current Social Security rules for their entire lives. The paper finds that annual income-related transfers from Social Security are only 5 to 9 percent of Social Security benefits paid, or $19 to $34 billion, at 2001 aggregate benefits levels, when taxes and benefits are discounted at the cohort rate of return of 1.29 percent. At higher discount rates, Social Security appears to be more redistributive by some measures, and less redistributive by others. Because much of the redistribution that occurs through Social Security is not related to income, the range of transfers received at a given level of lifetime income is quite wide. For example, 19 percent of individuals in the top lifetime income quintile receive net transfers that are greater than the average transfer for people in the lowest lifetime income quintile
Social security pension reform in China by Martin S Feldstein( Book )
13 editions published between 2001 and 2002 in English and Undetermined and held by 84 libraries worldwide
Abstract: This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the paper discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of consumption, the optimal level of benefits in such plans, and the emprical research on the effects of pay-as-you-go pension systems on labor supply and saving. The second part of the paper discusses the transition to investment-based systems, analyzing the effect on the present value of consumption of such a transition and considering such issues as the distributional effects and risk associated with such systems
Fiscal policy and Social Security policy during the 1990s by Douglas W Elmendorf( Book )
11 editions published in 2001 in English and held by 83 libraries worldwide
Abstract: This paper reviews the course of fiscal policy and Social Security policy during the 1990s. The 1990s witnessed two fundamental changes in U.S. fiscal policy: a dramatic improvement in the current and projected budget balance, and a shift to a new political consensus in favor of balancing the budget excluding Social Security rather than the unified budget. The dramatic improvement in the budget outlook stemmed both from favorable developments in the economic environment and from deliberate policy actions that reduced budget deficits and later did not spend down the surpluses. In contrast, the 1990s did not witness significant changes in Social Security policy, although alternative visions of Social Security reform received tremendous analytic and popular attention. The 1994-1996 Advisory Council on Social Security presented three reform plans that placed important emphasis on additional prefunding. Each involved some form of investment in equities either centrally, through the trust fund, or in a decentralized manner, through individual accounts. Late in the decade, with the emergence of on-budget surpluses, the possibility of general revenue contributions to the Social Security system came under serious consideration. In the end, President Clinton decided to pursue Social Security reform based on general revenue contributions to the trust fund and centralized investment in equities rather than creating individual accounts, but his proposal was not adopted
The middle class parent penalty : child benefits in the U.S. tax code by David T Ellwood( Book )
12 editions published in 2000 in English and held by 83 libraries worldwide
Abstract: Low-income families with children receive large tax benefits from the Earned Income Tax Credit, while high income taxpayers receive large tax benefits from dependent exemptions (whose value is greater to those in higher tax brackets). In contrast, middle-income parents receive substantially smaller tax benefits associated with children. This U-shaped pattern of benefits by income, which we call the middle-class parent penalty,' not only raises issues of fairness; it also generates marginal tax rates and marriage penalties for moderate income families that are as high or higher than those facing more well-to-do taxpayers. This paper documents how the tax benefits of children vary with income, and illustrates their impact on marginal tax rates and marriage penalties. It then examines five options for reducing or eliminating the middle-class parent penalty and the high marginal tax rates and marriage penalties it produces
Experimental analysis of neighborhood effects by Jeffrey R Kling( Book )
9 editions published in 2005 in English and held by 67 libraries worldwide
"Families, primarily female-headed minority households with children, living in high-poverty public housing projects in five U.S. cities were offered housing vouchers by lottery in the Moving to Opportunity program. Four to seven years after random assignment, families offered vouchers lived in safer neighborhoods that had lower poverty rates than those of the control group not offered vouchers. We find no significant overall effects of this intervention on adult economic self-sufficiency or physical health. Mental health benefits of the voucher offers for adults and for female youth were substantial. Beneficial effects for female youth on education, risky behavior, and physical health were offset by adverse effects for male youth. For outcomes exhibiting significant treatment effects, we find, using variation in treatment intensity across voucher types and cities, that the relationship between neighborhood poverty rate and outcomes is approximately linear"--National Bureau of Economic Research web site
Simple humans, complex insurance, subtle subsidies by Jeffrey B Liebman( file )
7 editions published in 2008 in English and held by 39 libraries worldwide
The behavioral revolution in economics has demonstrated that human beings often have difficulty making wise choices. The most widely chronicled difficulties arise for decisions made under conditions of uncertainty, those whose consequences unfold over significant amounts of time, and decisions made in complex environments. Unfortunately, these are precisely the elements involved when individuals choose a health insurance policy, or decide whether to consume health care services. In this paper, we argue that traditional economic models of insurance are woefully insufficient for analyzing the tradeoffs inherent when giving consumers responsibility for making health care choices. We show that behavioral economics provides a stronger normative justification for many features of our existing health care policy than do the models of traditional economics. We then demonstrate that policy analyses of the wide range of subsidies that permeate the health care system change substantially when viewed from the behavioral perspective. In closing, we discuss how recent policy trends can be fruitfully assessed using a behavioral lens
Would people behave differently if they better understood Social Security? evidence from a field experiment by Jeffrey B Liebman( file )
6 editions published in 2011 in English and held by 38 libraries worldwide
This paper presents the results of a field experiment in which a sample of older workers was randomized between a treatment group that was given information about key Social Security provisions and a control group that was not. The experiment was designed to examine whether it is possible to affect individual behavior using a relatively inexpensive informational intervention about the provisions of a public program and to explore the mechanisms underlying the behavior change. We find that our relatively mild intervention (sending an informational brochure and an invitation to a web-tutorial) increased labor force participation one year later by 4 percentage points relative to the control group mean of 74 percent and that this effect is driven by a 7.2 percentage point increase among female subjects. The information intervention increased the perceived returns to working longer, especially among female respondents, which suggests that the behavioral response can be attributed at least in part to updated information about Social Security
Labor supply responses to marginal social security benefits evidence from discontinuities by Jeffrey B Liebman( file )
7 editions published in 2008 in English and held by 37 libraries worldwide
A key question for Social Security reform is whether workers currently perceive the link on the margin between the Social Security taxes they pay and the Social Security benefits they will receive. We estimate the effects of the marginal Social Security benefits that accrue with additional earnings on three measures of labor supply: retirement, hours, and labor earnings. We develop a new approach to identifying these incentive effects by exploiting five provisions in the Social Security benefit rules that generate discontinuities in marginal benefits or non-linearities in marginal benefits that converge to discontinuities as uncertainty about the future is resolved. We find clear evidence that individuals approaching retirement (age 52 and older) respond to the Social Security tax-benefit link on the extensive margin of their labor supply decisions: we estimate that a 10 percent increase in the net-of-tax share reduces the two-year retirement hazard by a statistically significant 2.1 percentage points from a base rate of 15 percent. The evidence with regards to labor supply responses on the intensive margin is more mixed: we estimate that the elasticity of hours with respect to the net-of-tax share is 0.41 and statistically significant, but we do not find a statistically significant earnings elasticity
The decline, rebound, and further rise in SNAP enrollment disentangling business cycle fluctuations and policy changes by Peter Ganong( file )
2 editions published in 2013 in English and held by 29 libraries worldwide
Approximately 1-in-7 people and 1-in-4 children received benefits from the US Supplemental Nutrition Assistance Program (SNAP) in July 2011, both all-time highs. We analyze changes in SNAP take-up over the past two decades. From 1994 to 2001, coincident with welfare reform, take-up fell from 75% to 54% of eligible people. The take-up rate then rebounded, and, following several policy changes to improve program access, stabilized at 69% in 2007. Finally, take-up and enrollment rose dramatically in the Great Recession, with take-up reaching 87% in 2011. We find that changes in local unemployment can explain at least two-thirds of the increase in enrollment from 2007 to 2011. Increased state adoption of relaxed income and asset thresholds and temporary changes in program rules for childless adults explain 18% of the increase. Total SNAP spending today is 6% higher than it would be without these increases in eligibility. The recession-era increase in benefit levels is also likely to have increased enrollment
Do expiring budgets lead to wasteful year-end spending? evidence from federal procurement by Jeffrey B Liebman( file )
2 editions published in 2013 in English and held by 28 libraries worldwide
Many organizations have budgets that expire at the end of the fiscal year. Faced with uncertainty over future spending demands, these organizations have an incentive to build up a rainy day fund over the first part of the year. If demand does not materialize, they must rush to spend these resources on low quality projects at the end of the year. We test these predictions using data on procurement spending by the U.S. federal government. Using contract-level data on a near-universe of federal contracts, we document that spending in the last week of the year is 4.9 times higher than the rest-of-the-year weekly average. Using a newly available dataset that tracks the quality of $130 billion in information technology (I.T.) projects, we show that quality scores for year-end projects are 2.2 to 5.6 times more likely to be below the central value. Allowing agencies to roll over unused funding into the subsequent year can improve efficiency. We calibrate a dynamic model of spending and show that allowing rollover leads to welfare gains of up to 13 percent, and that intermediate policies can achieve a large portion of these gains. We document that the one federal agency that has the ability to roll over unused funding for I.T. projects does not exhibit a year-end spike in spending or drop-off in quality in this category of spending
Lessons about tax-benefit integration from the US Earned Income Tax Credit experience by Jeffrey B Liebman( Book )
2 editions published between 1997 and 1998 in English and held by 13 libraries worldwide
Saving incentives for low- and middle-income families : evidence from a field experiment with H&R Block by Esther Duflo( Book )
4 editions published in 2005 in English and held by 7 libraries worldwide
This paper analyzes the effects of a large randomized field experiment carried out with H&R Block, offering matching incentives for IRA contributions at the time of tax preparation. About 14,000 H&R Block clients, across 60 offices in predominantly low- and middle-income neighborhoods in St. Louis, were randomly offered a 20 percent match on IRA contributions, a 50 percent match, or no match (the control group). The evaluation generates two main findings. First, higher match rates significantly raise IRA participation and contributions. Take-up rates were 3 percent for the control group, 8 percent in the 20 percent match group, and 14 percent in the 50 percent match group. Average IRA contributions (including non-contributors, excluding the match) for the 20 percent and 50 percent match groups were 4 and 7 times higher than in the control group, respectively. Second, several additional findings are inconsistent with the full information, rational-saver model. In particular, we find much more modest effects on take-up and amounts contributed from the existing Saver's Credit, which provides an effective match for retirement saving contributions through the tax code; we suspect that the differences may reflect the complexity of the Saver's Credit as enacted, and the way in which its effective match is presented. Taken together, our results suggest that the combination of a clear and understandable match for saving, easily accessible savings vehicles, the opportunity to use part of an income tax refund to save, and professional assistance could generate a significant increase in contributions to retirement accounts, including among middle- and low-income households
Experimental analysis of neighborhood effects on youth by Jeffrey R Kling( Book )
4 editions published in 2004 in English and held by 5 libraries worldwide
 
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Liebman, Jeffrey
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