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For
a PDF version, click here.
For a brief biography, click here.
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PERSONAL DATA
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Born:
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September 4, 1958, in Orlando, Florida.
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Marital Status:
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Married to Constance Pond Hubbard.
Two children, Robert Andrew Pond Hubbard
and William Charles Pond Hubbard.
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FIELDS OF SPECIALIZATION
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Public Economics, Corporate Finance and Financial
Institutions, Macroeconomics, Industrial Organization, Natural Resource
Economics, Public Policy.
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Ph.D., Economics, Harvard University, May 1983.
Dissertation: Three Essays on Government Debt and Asset Markets,
supervised by Benjamin M. Friedman, Jerry A. Hausman, and Martin S.
Feldstein.
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A.M., Economics, Harvard University, May 1981.
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B.A., B.S., Economics, University of Central Florida,
June 1979, summa cum laude.
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Fellow of the National Association of Business
Economists, 2005.
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William F. Butler Memorial Award, New York Association
of Business Economists Award, 2005.
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Michelle Akers Award for Distinguished Service,
University of Central Florida, 2001.
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Alumni Hall of Fame, University of Central Florida,
2000.
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Best Paper Award for Corporate Finance, Western Finance Association,
1998.
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Exceptional Service Award, U.S. Department of the
Treasury, 1992.
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Distinguished Alumnus Award, University of Central
Florida, 1991.
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John M. Olin Fellowship, National Bureau of Economic
Research, 1987-1988.
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Teaching Commendations, Graduate School of Business,
Columbia University.
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Northwestern University Associated Student Government
Teaching Awards, announced in 1985, 1986, and 1987.
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Graduate Distinctions: National Science Foundation Fellowship,
Alfred P. Sloan Foundation Fellowship.
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Undergraduate Distinctions: National Merit Scholarship,
National Society of Professional Engineers Award, Florida Society of
Professional Engineers Award, National Council of Teachers of English
Award, Omicron Delta Kappa, Financial Management Association Honor
Society.
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POSITIONS HELD
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2004-present
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Dean, Graduate School of Business, Columbia
University
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1994-present
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Russell L. Carson Professor of Economics and Finance, Graduate
School of Business, Columbia University
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1997-present
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Professor of Economics, Faculty of Arts and Sciences,
Columbia University
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2007-present
2003-present
1999-2004
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Panel of Economic Advisors, Federal Reserve Bank of New
York (also 1993-2001)
Visiting Scholar American Enterprise Institute (also
1995-2001)
Co-Director, Columbia Business School Entrepreneurship
Program
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2004-2005
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Viewpoint Columnist, Business Week
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2004-2006
2003-present
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Member, Panel of Economic Advisors, Congressional
Budget Office
Featured commentator, Nightly
Business Report
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2003-present
2001-2003
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Featured commentator, Marketplace
Chairman, President’s Council of Economic Advisers
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2001-2003
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Chairman, Economic Policy Committee, Organization for
Economic Cooperation and Development
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2001-2003
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Member, White House National Economic Council and
National Security Council
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2001-2003
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Member, President’s Council on Science and Technology
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1997-1998
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Visiting Professor of Business Administration, Harvard
Business School
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1995-present
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Visiting Scholar and Director of Tax Policy Program,
American Enterprise Institute
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1994-1997
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Senior Vice Dean, Graduate School of Business, Columbia University
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1994
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MCI Fellow, American Council for Capital Formation
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1994
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John M. Olin Visiting Professor, Center for the Study of
Economy and the State, University of Chicago
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1991-1993
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Deputy Assistant Secretary (Tax Analysis), U.S. Department
of the Treasury
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1988-present
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Professor of Finance and Economics, Graduate School of
Business, Columbia University
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1987-1988
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John M. Olin Fellow in residence at the National Bureau
of Economic Research
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1983-1988
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Assistant Professor of Economics, Northwestern
University, with half-time research appointment in the Center for Urban
Affairs and Policy Research
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1985
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Visiting Scholar, Center for Business and Government, John
F. Kennedy School of Government, Harvard University
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1981-1983
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Teaching Fellow (Department of Economics) and Resident
Tutor in Economics (Dunster House), Harvard University
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DIRECTORSHIPS AND BUSINESS ADVISORY POSITIONS
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2007-present
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Met Life; Information Services Group
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2006-present
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Capmark Financial Corporation
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2005-present
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Arcapita (Senior Advisor); Chart Venture Partners
(Advisor); Nomura Securities (Senior Advisor)
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2004-present
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ADP, Inc.; KKR Financial Corporation; BlackRock
Closed-End Funds; Duke Realty Corporation
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2003-present
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Ripplewood Holdings; ITU Ventures
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2004-2006
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Dex Media/R.H. Donnelley
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2000-2001
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Angel Society, LLC; Information Technology
University, LLC
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POSTS IN CHARITABLE ORGANIZATIONS
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2008-present
2006-present
2006-present
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Chairman, Economic Club of New York
Co-Chair, Committee on Capital Markets Regulation
Member, Board of Directors, Resources for the Future
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2004-present
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Trustee, Economic Club of New York
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2004-present
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Member, Advisory Board, National Center on Addiction
and Substance Abuse
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2003-present
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Member, Manhattan District Council Board, Boy Scouts
of America
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2004-2007
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Trustee, Fifth Avenue Presbyterian Church, New York
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PROFESSIONAL ACTIVITIES
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1987-present
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Research Associate, National Bureau of Economic Research
(Monetary Economics, Corporate Finance, Public Economics, Economic Fluctuations,
Industrial Organization)
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2007-present
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Life Member, Council on Foreign Relations
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2006-present
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Co-Chairman, Committee on Capital Markets Regulation
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2005-present
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Chairman, Panel of Academic Advisors, Alliance for
Competitive Taxation
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2003-present
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Chairman, Panel of Academic Advisors, International Tax
Policy Forum
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2003-present
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Member, Panel of Academic Advisors, Tax Foundation
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2003-present
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Member, Panel of Academic Advisors, American Council for
Capital Formation
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2003-present
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Member, Committee of Visitors, National Science
Foundation
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2000
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Panelist, Graduate Fellowship Selection Committee,
National Science Foundation
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1999-2001
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Director, Project on Nonprofit Organizations, National Bureau
of Economic Research
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1997-2001
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Member, COSSA-Liaison Committee, American Economic
Association
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1993-2001
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Board of Advisors, Institutional Investor Project,
School of Law, Columbia University
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1995-1999
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Member, Board of Academic Consultants, American Law
Institute
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1997
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Member, Grants Panel for Integrative Graduate Education
and Research Training Program, National Science Foundation
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1994-1996
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Member, Economics Grants Panel, National Science Foundation
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1993-1996
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Member, Federal Taxation and Finance Committee, National
Tax Association
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1990-1995
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Co-organized research program on International Aspects
of Taxation at the National Bureau of Economic Research, Cambridge,
Massachusetts
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1995
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Member, Program Committee, American Economic Association
Meeting
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1983-1987
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Faculty Research Fellow, National Bureau of Economic
Research
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1983-1986
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Adjunct Faculty Research Fellow, Energy and Environmental
Policy Center, John F. Kennedy School of Government, Harvard
University, Cambridge, Massachusetts
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1986, 1988, 1994
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Member of the Brookings Panel on Economic Activity
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1985, 1987
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Special guest of the Brookings Panel on Economic Activity
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1990-1991
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Organized research program on Environmental Economics
and Public Policy at the National Bureau of Economic Research,
Cambridge, Massachusetts
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1988-1990
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Co-organized research program on Dynamic Models of Firms
and Industries at the National Bureau of Economic Research, Cambridge,
Massachusetts
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1985-1989
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Organized research program and workshops on contracting
in financial markets at the Summer Institute, National Bureau of
Economic Research, Cambridge, Massachusetts
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1988
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Organized Economic Fluctuations program on Industrial
Economics and Macroeconomics, National Bureau of Economic Research,
Stanford, California
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1986-1988
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Organized research program and workshop on links between
macroeconomics and industrial organization at the Summer Institute,
National Bureau of Economic Research, Cambridge, Massachusetts
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1991
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Member, Program Committee, Econometric Society Winter
Meetings
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1982-1983
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Member, Energy Modeling Forum VII Study Group, Stanford
University, Stanford, California
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1981-present
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Consultant on research projects with private
corporations and government and international agencies, including the
Internal Revenue Service, Social Security Administration, U.S.
Department of Energy, U.S. Department of State, U.S. Department of
Treasury, and U.S. International Trade Commission; National Science
Foundation; The World Bank; Board of Governors of the Federal Reserve
System; Federal Reserve Bank of New York; Congressional Budget Office
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Member:
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American Economic Association, American Finance
Association, Association for Public Policy and Management, Econometric
Society, International Association of Energy Economists, National Tax
Association, the Royal Economic Society, and the Institute for
Management Science
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Referee:
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American Economic Review; Canadian Journal of Economics;
Columbia Journal of World Business; Econometrica; Economic Journal;
Energy Economics; Energy Journal; International Finance; International
Tax and Public Finance; Journal of Business; Journal of Business and
Economic Statistics; Journal of Economic History; Journal of Economic
Literature; Journal of Finance; Journal of Financial Economics; Journal
of Financial Intermediation; Journal of Financial and Quantitative
Analysis, Journal of Financial Services Research; Journal of Industrial
Economics; Journal of International Money and Finance; Journal of Law
and Economics; Journal of Macroeconomics; Journal of Money, Credit, and
Banking; Journal of Monetary Economics; Journal of Political Economy;
Journal of Public Economics; Journal of Regulatory Economics; Journal
of Small Business Finance; Management Science; National Tax Journal;
Quarterly Journal of Economics; Quarterly Review of Economics and
Finance; RAND Journal of Economics; Review of Economic Dynamics; Review
of Economic Studies; Review of Economics and Statistics; Review of
Financial Economics; Scandinavian Journal of Economics; Southern
Economic Journal; National Science Foundation; C.V. Starr Center for
Applied Economics (New York University); Addison-Wesley Publishing
Company; Ballinger Press; Cambridge University Press; Harvard Business
School Press; MIT Press; W.W. Norton; Oxford University Press
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Former Associate Editor:
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Federal Reserve Bank of New York Economic Policy Review;
International Finance; International Tax and Public Finance; Journal of
Industrial Economics; Journal of Macroeconomics; Journal of Small Business
Finance; National Tax Journal
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PUBLICATIONS AND PAPERS
Edited Volumes
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Transition
Costs of Fundamental Tax Reform (with K.A. Hassett),
Washington, DC: AEI Press, 2001.
Inequality
and Tax Policy (with K.A. Hassett), Washington, DC: AEI
Press, 2001.
Effects of Taxation on
Multinational Corporations (with
M. Feldstein and J.R. Hines), Chicago: University of Chicago Press,
1995.
Taxing Multinational Corporations (with M. Feldstein and J. R. Hines), Chicago:
University of Chicago Press, 1995.
Studies in International Taxation (with A. Giovannini and J.
B. Slemrod), Chicago: University of Chicago Press, 1993.
Financial Markets and Financial Crises, Chicago: University of
Chicago Press, 1991.
Asymmetric Information, Corporate Finance, and Investment,
Chicago: University of Chicago Press, 1990.
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Books
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Healthy, Wealthy, and Wise (with
J.F. Cogan and D.P. Kessler), Washington: AEI Press, 2005.
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Textbooks
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Principles of Economics (with A.P. O'Brien), Prentice-Hall,
forthcoming, 2006.
Money, the Financial System, and
the Economy, Reading:
Addison-Wesley Publishing Company, 1st ed., 1994; 2nd ed., 1997; 3rd
ed., 2000; 4th ed., 2002; 5th ed., 2004.
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Publications
Articles
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“Completion and Shareholder Fees in the Mutual Fund Industry:
Evidence and Implications for Policy” (with J. Coates), Journal of Corporation Law,
forthcoming.
“Evaluating Effects of Tax Preferences on Health Care Spending
and Federal Revenues” (with J.F. Cogan and D.P. Kessler), in J.M.
Poterba, ed., Tax Policy and the Economy, volume 21,
Cambridge: MIT Press, 2007.
“To Bundle or Not to Bundle:
Firms’ Choices Under Pure Building” (with A. Saha and J. Lee), International Journal of the
Economics of Business, forthcoming.
“Precautionary Savings and the
Governance of Nonprofit Organizations” (R. Fisman), Journal of
Public Economics, forthcoming.
“Business, Knowledge, and Global Growth”, Capitalism and Society, 1 (2006).
“Government Debt and Interest Rates” (with E.
Engen), in M. Gertler and K. Rogoff, NBER Macroeconomics Annual 2004, Cambridge: MIT Press, 2005.
“The Effects of Progressive Income Taxation on Job Turnover”
(with W.M. Gentry), Journal of Public Economics 88 (2004):
2301-2322.
“Taxing Multinationals” (with M. Devereux), International Taxation
and Public Finance, forthcoming.
“Entrepreneurship
and Household Saving” (with W.M. Gentry),
Advances in Economic Analysis and Policy, 4 (2004).
“The Effect of the Tax Reform Act of
1986 on the Location of Assets in Financial Services Firms” (with R.
Altshuler), Journal of Public Economics, 87 (January
2003):109-127.
“The Role of Nonprofit Endowments” (with R. Fisman), in E. Glaeser,
ed., The Governance of Not-For-Profit Organizations, Chicago:
University of Chicago Press, 2003.
“Are There Bank Effects in Borrowers’ Costs of Funds?: Evidence from
a Matched Sample of Borrowers and Banks” (with K.N. Kuttner and D.N.
Palia), Journal of Business, 75 (October 2002): 559-581.
“The Share Price Effects of Dividend Taxes and Tax Imputation
Credits” (with T.S. Harris and D. Kemsley), Journal of Public
Economics 79 (March 2001): 569-596.
“Tax Policy and Entrepreneurial Entry” (with W.M. Gentry), American
Economic Review 90 (May 2000): 283-287.
“Understanding the Determinants of
Managerial Ownership and the Link Between Ownership and Performance”
(with C.P. Himmelberg and D. Palia), Journal of Financial
Economics 53 (1999): 353-384.
“A Reexamination of the Conglomerate Merger Wave in the 1960s” (with
D. Palia), Journal of Finance 54 (June 1999): 1131-1152.
“Inflation and the User Cost of Capital: Does Inflation Still
Matter?” (with D. Cohen and K.A. Hassett), in M. Feldstein, ed., The
Costs and Benefits of Achieving Price Stability, Chicago:
University of Chicago Press, 1999.
“Are Investment Incentives Blunted by Changes in Prices of Capital
Goods?: International Evidence” (with K.A. Hassett), International
Finance 1 (October 1998): 103-125.
“Capital-Market Imperfections and Investment,” Journal of Economic
Literature 36 (March 1998): 193-225.
“Fundamental Tax Reform and Corporate Financial Policy” (with W.M.
Gentry), in J.M. Poterba, ed., TaxPolicy and the Economy,
volume 12, Cambridge: MIT Press, 1998.
“Distributional Implications of Introducing a Broad-Based Consumption
Tax” (with W.M. Gentry), in J.M. Poterba, ed., Tax Policy and the
Economy, volume 11, Cambridge: MIT Press, 1997.
“How Different Are Income and Consumption Taxes?,” American
Economic Review 87 (May 1997): 138-142.
“Tax Policy and Investment,” (with K.A. Hassett), in A.J. Auerbach,
ed., Fiscal Policy: Lessons from Economic Research, Cambridge:
MIT Press, 1997.
“Assessing the Effectiveness of Saving Incentives” (with J. Skinner),
Journal of Economic Perspectives 10 (Fall 1996): 73-90.
“The Political Economy of Branching Restrictions and Deposit
Insurance: A Model of Monopolistic Competition Among Small and Large
Banks" (with N. Economides and D. Palia), Journal of Law and
Economics 39 (October 1996): 667-704.
“Tax Reforms and Investment: A Cross-Country Comparison” (with J.G.
Cummins and K.A. Hassett), Journal of Public Economics 62
(1996): 237-273.
“Benefits of Control, Managerial Ownership, and the Stock Returns of
Acquiring Firms” (with D. Palia), RAND Journal of Economics 26
(Winter 1995): 782-792.
“Executive Pay and Performance: Evidence from the U.S. Banking
Industry” (with D. Palia), Journal of Financial Economics 39
(1995): 105-130.
"Tax Policy, Internal Finance, and Investment: Evidence from the
Undistributed Profits Tax of 1936-1937" (with C. Calomiris), Journal
of Business 68 (October 1995): 443-482.
"A Reconsideration of Investment Behavior Using Tax Reforms as
Natural Experiments" (with J.G. Cummins and K.A. Hassett), Brookings
Papers on Economic Activity (1994:2): 1-59.
"Precautionary Saving and Social Insurance" (with J.
Skinner and S. Zeldes), Journal of Political Economy 105
(April 1995): 360-399.
"Expanding the Life-Cycle Model: Precautionary Saving and Public
Policy" (with J. Skinner and S. Zeldes), American Economic
Review 84 (May 1994): 174-179.
"The Tax Sensitivity of Foreign Direct Investment: Evidence from
Firm-Level Panel Data" (with J. Cummins), in M. Feldstein, J.R.
Hines, and R.G. Hubbard, eds., Effects of Taxation on
Multinational Corporations, Chicago: University of Chicago Press,
1995.
"International Adjustment Under the Classical Gold Standard:
Evidence for the U.S. and Britain, 1879- 1914" (with C.
Calomiris), in T. Bauoumi, B. Eichengreen, and M. Taylor, eds., Modern
Perspectives on the Gold Standard, Cambridge: Cambridge
University Press, 1995.
"Internal Finance and Firm-Level Investment" (with A.
Kashyap and T. Whited), Journal of Money, Credit, and Banking 27
(August 1995): 683-701.
"Do Tax Reforms Affect Investment?" (with J.G. Cummins and
K.A. Hassett), in J.M. Poterba, ed., Tax Policy and the Economy,
vol. 9, Cambridge: MIT Press, 1995.
"The Importance of Precautionary Motives for Explaining
Individual and Aggregate Saving" (with J. Skinner and S.
Zeldes), Carnegie-Rochester Conference Series on Public Policy 40
(June 1994): 59-126.
"Corporate Financial Policy, Taxation, and Macroeconomic
Risk" (with M. Gertler), RAND Journal of Economics 24
(Summer 1993): 286-303.
"Internal Net Worth and the Investment Process: An Application
to U.S. Agriculture" (with A. Kashyap), Journal of Political
Economy 100 (June 1992): 506-534.
"Long-Term Contracting and Multiple-Price Systems" (with R.
Weiner), Journal of Business 65 (April 1992): 177-198.
"Efficient Contracting and Market Power: Evidence from the U.S.
Natural Gas Industry" (with R. Weiner), Journal of Law and
Economics 34 (April 1991): 25-67.
"Interest Rate Differentials, Credit Constraints, and Investment
Fluctuations" (with M. Gertler and A. Kashyap), in R.G. Hubbard,
ed., Financial Markets and Financial Crises, Chicago:
University of Chicago Press, 1991.
"Taxation, Corporate Capital Structure, and Financial
Distress" (with M. Gertler), in L.H. Summers, ed., Tax Policy
and the Economy, volume 4, Cambridge: MIT Press, 1990.
"Firm Heterogeneity, Internal Finance, and Credit
Rationing" (with C. Calomiris), Economic Journal 100
(March 1990): 90-104.
"Coming Home to America: Dividend Repatriations in U.S.
Multinationals" (with J. Hines), in A. Razin and J.B. Slemrod,
eds., Taxation in the Global Economy, Chicago: University of
Chicago Press, 1990.
"Price Flexibility, Credit Availability, and Economic
Fluctuations: Evidence from the U.S., 1894-1909" (with C.
Calomiris), Quarterly Journal of Economics 104 (August 1989):
429-452.
"Financial Factors in Business Fluctuations" (with M.
Gertler), in Federal Reserve Bank of Kansas City, Financial Market
Volatility--Causes, Consequences, and Policy Responses, 1989.
"Contracting and Price Adjustment in Commodity Markets: Evidence
from Copper and Oil" (with R. Weiner), Review of Economics
and Statistics 71 (February 1989): 80-89.
"Financing Constraints and Corporate Investment" (with S.
Fazzari and B.C. Petersen), Brookings Papers on Economic Activity,
1988:1: 141-195; Reprinted in Z.J. Acs, ed., Small Firms and
Economic Growth, Cheltenham, U.K.: Edward Elgar Publishing Ltd.,
1995.
"Investment, Financing Decisions, and Tax Policy" (with S.
Fazzari and B.C. Petersen), American Economic Review 78 (May
1988): 200-205.
"Market Structure and Cyclical Fluctuations in U.S.
Manufacturing" (with I. Domowitz and B.C. Petersen), Review
of Economics and Statistics 70 (February 1988): 55-66.
"Capital Market Imperfections and Tax Policy Analysis in the
Life-Cycle Model" (with K. Judd), Annales d' Economie et de
Statistique 9 (January-March 1988): 111-139.
"Social Security and Individual Welfare: Precautionary Saving,
Borrowing Constraints, and the Payroll Tax" (with K. Judd), American
Economic Review 77 (September 1987): 630-646.
"Oligopoly Supergames: Some Empirical Evidence on Prices and
Margins" (with I. Domowitz and B.C. Petersen), Journal of
Industrial Economics 36 (June 1987): 379-398.
"Uncertain Lifetimes, Pensions, and Individual Saving," in
Zvi Bodie, John B. Shoven, and David A. Wise (eds.), Issues in
Pension Economics, Chicago: University of Chicago Press, 1987,
pp. 175-205.
"The Farm Debt Crisis and Public
Policy" (with C. Calomiris and J. Stock), Brookings Papers on
Economic Activity, 1986:2: 441-479.
"Liquidity Constraints, Fiscal Policy, and Consumption"
(with K. Judd), Brookings Papers on Economic Activity, 1986:1:
1-50.
"The Intertemporal Stability of the Concentration-Margins
Relationship" (with I. Domowitz and B.C. Petersen), Journal
of Industrial Economics 35 (September 1986): 13-34.
"Pension Wealth and Individual Saving: Some New Evidence," Journal
of Money, Credit, and Banking 18 (May 1986): 167-178.
"Supply Shocks and Price Adjustment in the World Oil
Market," Quarterly Journal of Economics 101 (February
1986): 85-102.
"Regulation and Long-Term Contracts in U.S. Natural Gas
Markets" (with R. Weiner), Journal of Industrial Economics 35
(September 1986): 51-71.
"Business Cycles and the Relationship Between Concentration and Price-Cost
Margins" (with I. Domowitz and B.C. Petersen), RAND Journal
of Economics 17 (Spring 1986): 1-17.
"Inventory Optimization in the U.S. Petroleum Industry:
Empirical Analysis and Implications for Energy Emergency Policy"
(with R. Weiner), Management Science 32 (July 1986): 773-790.
"Social Security, Liquidity Constraints, and Pre-Retirement
Consumption," Southern Economic Journal 51 (October
1985): 471-484.
"Personal Taxation, Pension Wealth, and Portfolio
Composition," Review of Economics and Statistics 67
(February 1985): 53-60.
"Industry Margins and the Business Cycle: Some New Microeconomic
Evidence" (with I. Domowitz and B.C. Petersen), Economics
Letters 19 (1985): 73-77.
"Oil Supply Shocks and International Policy Coordination"
(with R. Weiner), European Economic Review 30 (February 1986):
91-106.
"Do IRAs and Keoghs Increase Saving?," National Tax
Journal 37 (March 1984): 43-54.
The Financial Impacts of Social
Security: A Study of Effects on Household Wealth Accumulation and
Allocation, in Monograph Series in Finance and Economics, New York University, 1983.
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Writings on Public Policy
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“The Best Business Education Ever”, BizEd, Volume VI, Issue 5:
2007
“An Action Plan for US Capital Markets”, International
Finance, 10:1 (2007): 91-99.
“Nondestructive
Creation,” strategy+business 27 (Summer 2007): 30-35.
“The
Productivity Riddle,” strategy+business 45 (Winter 2006):
28-33.
“Overview of the Japanese Deficit Question,”
(with Takatoshi Ito), “Tackling Japan’s Fiscal Challenges: Strategies
to Cope with High Public Debt and Population Ageing (International
Monetary Fund Book) Palgrave Macmillan (October 31,
2006).
“The U.S. Current Account Deficit
and Public Policy,” Journal of Policy Modeling 28, (2006):
665-671.
“Making Markets Work,” (with J.F. Cogan and D.P.
Kessler), Health Affairs 24 (November/December 2005):
1447-1457.
How Capital Markets Enhance Economic Performance
and Facilitate Job Creation (with W.C. Dudley), New York:
Goldman Sachs Global Markets Institute, 2004.
“Would
a Consumption Tax Favor the Rich?”
In A.J. Auerbach and K.A. Hassett, eds., Toward Fundamental
Tax Reform. Washington,
DC: AEI Press, 2005.
“The Economist as Public Intellectual,” Journal
of Economic Education 35 (Fall 2004): 391-394.
“Success Taxes, Entrepreneurship, and Innovation,”
(with W.M. Gentry), in Innovation and the Economy, volume 5,
forthcoming.
“Tax Policy and International
Competitiveness,” Taxes-The Tax Magazine (March
2004):233-241.
“Capital-Market Imperfections,
Investment, and the Monetary Transmission Mechanism,” in Heinz
Hermann, ed., Investing for the Future. Frankfurt: Deutsche
Bundesbank, 2001.
“The Growth of Institutional Stock Ownership: A Promise Unfulfilled,”
(with F.R. Edwards), Journal of Applied Corporate Finance 13
(Fall 2000): 92-104.
“Telecommunications, the Internet, and the Cost of Capital,” in Ingo
Vogelsang and Benjamin Compaine, eds., The Internet Upheaval,
Cambridge: MIT Press, 2000.
"Federal Deposit Insurance: Economic Efficiency or
Politics?" (with N. Economides and D. Palia), Regulation 22
(1999): 15-17.
Institutional Investors and Corporate Behavior (with G. R.
Downes, Jr. and E. Houminer), Washington, D.C., American Enterprise
Institute, 1999.
The Magic Mountain: Is There a Budget Surplus? (with K.A.
Hassett), Washington, D.C.: American Enterprise Institute, 1999.
Medical School Financing and Research: Problems and Policy Options,
Washington, D.C.: American Enterprise Institute, 1999.
“The Golden Goose: Understanding (and Taxing) the Saving of
Entrepreneurs,” in Gary D. Libecap, ed., Advances in the Study of
Entrepreneurship, Innovation, and Growth, volume 10, Greenwich:
JAI Press, 1998.
“U.S. Tax Policy and Multinational Corporations: Incentives,
Problems, and Directions for Reform,” in Dale W. Jorgenson and James
M. Poterba, eds., Borderline Case: International Tax Policy,
Corporate Research and Development, and Investment, Washington,
D.C.: National Research Council, 1998.
"Distributional Tables and Tax Policy," in David F.
Bradford, ed., Distributional Analysis of Tax Policy,
Washington, D.C.: AEI Press, 1995.
"Is There a 'Credit Channel' for Monetary Policy?," Federal
Reserve Bank of St. Louis Review 77 (May/June 1995): 63-77.
"U.S. Tax Policy and Foreign Direct Investment: Incentives,
Problems, and Reform," Tax Policy and Economic Growth, Washington,
DC: American Council for Capital Formation, 1995.
"The Use of 'Distribution Tables' in the Tax Policy
Process," National Tax Journal 46 (December 1993):
527-537.
"Securities Transactions Taxes: Tax Design, Revenue, and Policy
Considerations," Tax Notes (November 22, 1993): 985-1000.
"Corporate Tax Integration: A View from the Treasury
Department," Journal of Economic Perspectives (Winter
1993): 115-132; reprinted in P. Roberti, ed., Financial Markets
and Capital Income Taxation in a Global Economy, Amsterdam:
North-Holland, 1998.
"The President's 1992 Health Care White Paper: An Economic
Perspective," National Tax Journal 45 (September 1992):
347-356.
"Household Income Changes Over Time: Some Basic Questions and
Facts," Tax Notes (August 24, 1992).
"Household Income Mobility During the 1980s: A Statistical
Assessment Based on Tax Return Data" (with J. Nunns and W. Randolph),
Tax Notes (June 1, 1992).
"Debt Renegotiation," Institutional Investor 24
(June 1990).
"Petroleum Regulation and Public Policy" (with R. Weiner),
in Leonard Weiss and Michael Klass (eds.), Regulatory Reform: What
Actually Happened, Boston: Little, Brown, and Company, 1986.
"Natural Gas: The Regulatory Transition" (with R.
Braeutigam), in Leonard Weiss and Michael Klass (eds.), Regulatory
Reform: What Actually Happened, Boston: Little, Brown, and
Company, 1986.
"Natural Gas Contracting in Practice: Evidence from the United
States" (with R. Weiner), in Michael Hoel and Bruce Wolman
(eds.), Natural Gas Markets and Contracts, Contributions to
Economic Analysis Series, North-Holland, 1986.
"Contracting and Regulation Under Uncertainty: The Natural Gas Market"
(with R. Weiner), in John P. Weyant and Dorothy B. Sheffield (eds.), The
Energy Industries in Transition: 1985-2000, Boulder: Westview
Press, 1985.
"Oil and OECD Economies: Measuring Stockpile Coordination
Benefits" (with J. Marquez and R. Weiner), n Mark Baier (ed.), Energy
and Economy: Global Interdependencies, Bonn: Gesellschaft fur
Energiewissenschaft und Energiepolitik, 1985.
"Managing the Strategic Petroleum Reserve: Energy Policy in a
Market Setting" (with R. Weiner), Annual Review of Energy 10
(1985): 339-359.
"Modeling Oil Price Fluctuations and International Stockpile
Coordination" (with R. Weiner), Journal of Policy Modeling 7
(Summer 1985): 339-359.
"Crude Oil Trading and Price Stability" (with R. Weiner),
in William F. Thompson and David J. De Angelo (eds.), World Energy
Markets: Stability or Cyclical Change, Boulder: Westview Press,
1985.
"Energy Price Shocks, Inflation, and Economic Activity:
Simulation Results of the Hubbard-Fry Model", in Bert Hickman
and Hillard Huntington (eds.), Macroeconomic Impact of Oil Supply
Shocks: Report of the Energy Modeling Forum VII Project, 1985.
"Drawing Down the Strategic Petroleum Reserve: The case for
Selling Futures Contracts" (with S. Devarajan), in Alvin Alm and
Robert Weiner (eds.), Oil Shock: Policy Response and
Implementation, Cambridge: Ballinger Press, 1983.
"Government Stockpiles in a Multi-Country World: Coordination
versus Competition" (with R. Weiner), in Alvin Alm and Robert
Weiner (eds.), Oil Shock: Policy Response and Implementation,
Cambridge: Ballinger Press, 1983.
"The 'Sub-Trigger' Crisis: An Economic Analysis of Flexible
Stock Policies" (with R. Weiner), Energy Economics 5
(July 1983): 178-189.
"Temporary Tax Reductions as Responses to Oil Shocks," in
Alvin Alm and Robert Weiner (eds.), Oil Shock: Policy Response and
Implementation, Cambridge: Ballinger Press, 1983.
"Policy Analysis with Your Hands Tied: The Case of Disruption
Tariff Under Oil Price Controls," in Fred S. Roberts (ed.), Energy
Modeling IV: Planning for Energy Disruptions, Institute of Gas
Technology, 1982.
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Comments, Notes, and Reviews
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“Comment” on A.J. Auerbach, “The Choice Between
Income and Consumption Taxes: A Primer,” in A.J. Auerbach and D.N. Shaviro,
eds., Institutional Foundations
of Public Finance: Economic and Legal Perspectives, Cambridge:
Harvard University Press, 2008.
“Pay Without Performance: A Market Equilibrium
Critique,” Journal of
Corporation Law 30 (Summer 2005): 717-720.
“Financing
Constraints and Corporate Investment: Response to Kaplan and
Zingales,” Quarterly Journal of Economics 115 (May 2000):
695-705.
“Comment” on Charles Handlock, Joel Houston, and Michael Ryngaert,
“The Role of Managerial Incentives in Bank Acquisitions,” Journal
of Banking and Finance 23 (1999): 250-254.
“Comment” on D.H. Moss, “Courting Disaster?: The Transformation of
Federal Disaster Policy Since 1903,” in K.A. Froot, ed., The
Financing of Catastrophic Risk, Chicago: University of Chicago
Press, 1999.
“Market for Corporate Control” (with D. Palia), in P. Newman, ed., The
New Palgrave Dictionary of Economics and the Law, London:
Macmillan, 1998.
"Comment" on Joseph Peek and Eric Rosengren, “Do Monetary
Policy and Regulatory Policy Affect Bank Loans?” in Is Bank
Lending Important for the Transmission of Monetary Policy? Federal
Reserve Bank of Boston, Conference Series (Proceedings) 39 (1995):
47-79.
"Introduction," in M. Feldstein, J.R. Hines, and R.G.
Hubbard, eds., Effects of Taxation on Multinational Corporations,
Chicago: University of Chicago Press, 1995.
"Introduction," in M. Feldstein, J.R. Hines, and R.G.
Hubbard, eds., Taxing Multinational Corporations, Chicago:
University of Chicago Press, 1995.
"Investment Under Uncertainty: Keeping One's Options Open,"
Journal of Economic Literature 32(December 1994): 1794-1807.
"Introduction," in A. Giovannini, R.G. Hubbard, and J.
Slemrod, eds., Studies in International Taxation, Chicago:
University of Chicago Press, 1993.
"Comment" on G. Peter Wilson, "The Role of Taxes in
Location and Source Decisions," in A. Giovannini, R.G. Hubbard,
and J.B. Slemrod, eds., Studies in International Taxation,
Chicago: University of Chicago Press, 1993.
"Market Structure and Cyclical Fluctuations in U.S. Manufacturing:
Reply" (with I. Domowitz and B.C. Petersen), Review of
Economics and Statistics, 1993.
"Introduction," in R.G. Hubbard, ed., Financial Markets
and Financial Crises, Chicago: University of Chicago Press, 1991.
"Introduction," in R.G. Hubbard, ed., Asymmetric
Information, Corporate Finance, and Investment, Chicago:
University of Chicago Press, 1990.
"Comment" on Alberto Giovannini and James R. Hines, Jr.,
"Capital Flight and Tax Competition: Are There Viable Solutions
to Both Problems?," in A. Giovannini and C. Mayer, eds., European
Financial Integration, London: Centre for Economic Policy
Research, 1990.
"Comment" on Roger H. Gordon and Jeffrey K. MacKie-Mason,
"Effects of the Tax Reform Act of 1986 on Corporate Financial
Policy and Organizational Form," in J.B. Slemrod, ed., Do
Taxes Matter?: Economic Impacts of the Tax Reform Act of 1986,
Cambridge: MIT Press, 1990.
"Comment" on James M. Poterba, "Tax Policy and
Corporate Saving," Brookings Papers on Economic Activity,
1987:2.
"Comment" on Robert E. Hall, "Market Structure and
Macro Fluctuations," Brookings Papers on Economic Activity,
1986:2.
"Comment" on Alan S. Blinder and Angus Deaton, "The
Time-Series Consumption Function Revisited," Brookings Papers
on Economic Activity, 1985:2.
"Comment" on Benjamin S. Friedman and Mark Warshawsky,
"The Cost of Annuities: Implications for Saving Behavior and
Bequests," in Zvi Bodie, John Shoven, and David Wise (eds.), Pensions
in the U.S. Economy, Chicago: University of Chicago Press, 1987.
"Energy Security: Book Reviews," Energy Journal 4
(April 1983).
"When the Oil Spigot is Suddenly Turned Off: Some Further
Thoughts" (with R. Weiner), Journal of Policy Analysis and
Management 2 (Winter 1983).
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Submitted Papers and Working Papers
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“The Effect of Tax Preferences on Health Spending”
(with J.F. Cogan and D.P. Kessler), Mimeograph, Columbia University,
2007.
“Competition and Shareholder Fees in the Mutual
Fund Industry: Evidence and Implications for Policy” (with J.
Coates), Mimeograph, Columbia University, 2006.
"Tax Policy and Entry into
Entrepreneurship" (with W.M. Gentry), Mimeograph, Columbia
University, 2001.
“Tax Policy and Wage Growth” (with W. M. Gentry), Mimeograph,
Columbia University, 2001.
"Investor Protection, Ownership, and Investment" (with C.P.
Himmelberg and I. Love), Mimeograph, Columbia University, 2000.
"Incentive Pay and the Market for CEOs: An Analysis of
Pay-for-Performance Sensitivity" (with C.P. Himmelberg),
Mimeograph, Columbia University, 2001.
“Noncontractible Quality and Organizational Form in the U.S. Hospital
Industry,” (with K.A. Hassett), Mimeograph, Columbia University,
1999.
“Corporate Payouts and the Tax Price of Corporate Retentions:
Evidence from the Undistributed Profits Tax of 1936-37" (with P.
Reiss), Working Paper No. 3111, National Bureau of Economic Research,
September 1989.
"Market Structure, Durable Goods, and Cyclical Fluctuations in
Markups" (with I. Domowitz and B. Petersen), Mimeograph,
Northwestern University, 1987.
"Finite Lifetimes, Borrowing Constraints, and Short-Run Fiscal
Policy" (with K. Judd), Working Paper No. 2158, National Bureau
of Economic Research, 1987.
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GRANTS RECEIVED
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“Institutional Investors, Boards of Directors, and Corporate
Governance,” Korn/Ferry, 1997.
"An Economic Analysis of Saving Incentives," Securities
Industry Association, 1994, with Jonathan Skinner.
"Securities Transactions Taxes: Tax Design, Revenue, and Policy
Considerations," Catalyst Institute, 1993.
"Precautionary Saving in the U.S. Economy," Bradley
Foundation, 1989-1990, with Jonathan Skinner and Stephen Zeldes.
"Taxation, Corporate Leverage, and Financial Distress,"
Garn Institute for Finance, 1989-1990.
"Precautionary Saving in a Dynamic Model of Consumption and
Labor Supply," National Science Foundation (Economics Group
SES-8707997), 1987-1989, with Jonathan Skinner and Stephen Zeldes.
"Industrial Behavior and the Business Cycle: A Panel Data Study
of U.S. Manufacturing," National Science Foundation (Economics
Group SES-8420152), 1985-1987, with Ian Domowitz and Bruce Petersen.
"Efficient Contracting and Market Power: Evidence from the U.S.
Natural Gas Market," Transportation Center, Northwestern
University, Summer 1985.
"Constructing a Panel Data Base for Studies of U.S.
Manufacturing," University Research Grants Committee,
Northwestern University, 1985-1986.
"Economic Analysis of Multiple-Price Systems: Theory and
Application, "National Science Foundation (Regulatory Analysis
and Policy Group, SES-8408805), 1984-1985.
"Contracting and Price Adjustment in Product Markets,"
University Research Grants Committee, Northwestern University,
1983-1984.
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PAPERS PRESENTED
University Seminars
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Bard College, University of Bergamo, University of
California (Berkeley), University of California (Los Angeles),
Carleton, University of Chicago, Columbia, University of Dubuque,
Emory, University of Florida, George Washington, Georgetown, Harvard,
Hendrix College, University of Illinois, Indiana University, Johns
Hopkins, Laval, Lehigh, University College (London), University of
Kentucky, London School of Economics, MIT, University of Maryland,
Miami University, University of Michigan, University of Minnesota,
New York University, Northwestern, Oxford, University of
Pennsylvania, Princeton, Rice, University of Rochester, Stanford,
Syracuse, University of Texas, Tufts, University of Virginia,
University of Wisconsin (Madison), University of Wisconsin
(Milwaukee), Virginia Tech, and Yale.
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Conference Papers Presented
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American Council for Capital
Formation, Washington, DC, June 1994.
American Economic Association, San Diego January 2004; Atlanta,
January 2002; New Orleans, January 2001; Boston, January 2000; New
York, January 1999; New Orleans, January 1997; San Francisco, January
1996; Washington, D.C., January 1995; Boston, January 1994; Anaheim,
January 1993; Washington D.C., December 1990; Atlanta, December 1989;
New York, December 1988; Chicago, December 1987; New Orleans, December
1985; Dallas, December 1984.
American Enterprise Institute, Conference on Multinational
Corporations, 2004, 2003; Conference on Multinational Corporations
February 1999; Conference on Income Inequality, January 1999;
Conference on Transition Costs of Fundamental Tax Reform, November
1998; Conference Series on Social Insurance Reform, 1997-1998;
Conference Series on Fundamental Tax Reform, 1995-1998; Conference on
Distributional Analysis of Tax Policies, Washington, D.C., December
1993.
American Finance Association, New Orleans, January 2008; San Diego,
January 2004, Boston, January 2000; New York, January 1999; New
Orleans, January 1997.
Association of Environmental and Resource Economists, Dallas,
December 1984; San Francisco, December 1983.
Association of Public Policy Analysis and Management, New Orleans,
October 1984; Philadelphia, October 1983.
Bipartisan Commission on Entitlement and Tax Reform, Washington, DC,
June 1994.
Brookings Panel on Economic Activity, September 1994, April 1988,
September 1987, September 1986, April 1986, September 1985.
Centre for Economic Policy Research Conference on Capital Taxation
and European Integration, London, September 1989.
Conference on International Perspectives on the Macroeconomic and
Microeconomic Implications of Financing Constraints, Centre for
Economic Policy Research, Bergamo, Italy, October 1994.
Congressional Research Service Conference for New Members of
Congress, Williamsburg, January 1999.
Congressional Research Service Conference for Members of the Ways and
Means Committee, Baltimore, October 2001.
Deutsche Bundesbank Conference on Investing for the Future,
Frankfurt, Germany, May 2000.
Eastern Economic Association, Boston, March 1988; Boston, February
1983.
Econometric Society, New Orleans, January 1997; San Francisco,
January 1996; Washington, D.C., January 1995; New Orleans, January
1992; Washington, December 1990; Atlanta, December 1989; New York,
December 1988; Chicago, December 1987; New Orleans, December 1986;
New York, December 1985; Boston, August 1985; Madrid, September 1984;
San Francisco, December 1983; Pisa, August 1983.
Energy Modeling Forum, Stanford University, August 1983; February
1983; August 1982.
European Commission, Conference on Taxation of Financial Instruments,
Milan, June 1998.
European Institute for Japanese Studies, Tokyo, September 2002, March
2002.
Federal Reserve Bank of Boston, Annual Economic Conference, North
Falmouth, Massachusetts, June 1995.
Federal Reserve Bank of Kansas City Symposium on "Financial Market
Volatility--Causes, Consequences, and Policy Responses," Jackson
Hole, Wyoming, August 1988; Comment of Rogoff, August 2004.
Federal Reserve Bank of New York, Conference on Consolidation of the
Financial Services Industry, New York, March 1998.
Federal Reserve Bank of Philadelphia, Conference on Economic Policy,
Philadelphia, November 2007; November 2001.
Federal Reserve Bank of St. Louis,
Conference on Economic Policy, St. Louis, October 1994.
Harvard Law School U. S.-Japan Symposium, Washington, D. C.,
September 2002; Tokyo, December 2001.
Hoover Institution, Conference on Fundamental Tax Reform, December
1995.
The Institute of Gas Technology, Washington, DC, May 1982.
The Institute of Management Science/Operations Research Society of
America, Orlando, November 1983; Chicago, April 1983.
International Association of Energy Economists, Boston, November
1986; Philadelphia, December 1985; Bonn, June 1985; San Francisco,
November 1984; Washington, DC, June 1983; Denver, November 1982;
Cambridge (England), June 1982; Houston, November 1981.
International Conference on the Life Cycle Model, Paris, June 1986.
International Institute of Public Finance, Innsbruck, August 1984.
International Seminar on Public Economics, Amsterdam, April 1997.
National Academy of Sciences, February 1997.
National Association of Business Economists, Orlando, September 2003;
Washington, September 2002; New York, September 2001; Boston,
September 1996; Dallas, September 1992; New Orleans, October 1987.
National Bureau of Economic Research - IMEMO Conference on the
American Economy, Moscow, August 1989.
National Bureau of Economic Research Summer Institute, July-August
2003; July-August 2000; July-August 1999; July-August 1998; August
1997; July 1995; July 1994; July 1993; August 1992; July-August 1991;
July-August 1990; July-August 1989; July-August 1988; July-August
1987; July-August 1986; July 1985; July 1984; July 1983.
National Bureau of Economic Research Conference on Asymmetric
Information, Corporate Finance, and Investment, Cambridge, May 1989.
National Bureau of Economic Research Conference on Chinese Economic
Reform, Shanghai, China, July 2000.
National Bureau of Economic Research Conference on Financial Crises,
Key Biscayne, March 1990.
National Bureau of Economic Research Conference on Government
Expenditure Programs, Cambridge, November 1986.
National Bureau of Economic Research Conference on Indian Economic
Reform, Rajasthan, India, December 1999.
National Bureau of Economic Research
Conference on Innovation Policy, Washington, DC, April 2004, April
2003.
National Bureau of Economic Research Conference on International
Taxation, Washington, DC, April 1994; Cambridge, January 1994; New
York, September 1991; Nassau, Bahamas, February 1989.
National Bureau of Economic Research,
Macroeconomic Annual Conference, Cambridge, MA, April 2004.
National Bureau of Economic Research Conference on Macroeconomics and
Industrial Organization, Cambridge, July 1988; Cambridge, July 1987;
Cambridge, July 1986; Chicago, November 1985.
National Bureau of Economic Research Conference on Nonprofit
Organizations, Cheeca Lodge, January 2002; Cambridge, October 2001.
National Bureau of Economic Research Conference on Pensions,
Baltimore, March 1985; San Diego, April 1984.
National Bureau of Economic Research Conference on Productivity,
March 1988; March 1987.
National Bureau of Economic Research Conference on Public Economics,
Cambridge, April 1999, April 1994, April 1993, November 1991, April
1991, March 1988, November 1987, March 1987.
National Bureau of Economic Research Conference on Tax Policy and the
Economy, Washington, DC, October 2001, November 1998, November 1996,
November 1994, November 1991, November 1989.
National Bureau of Economic Research Trans-Atlantic Public Economics
Seminar, London, May 2002; Gerzensee, May 2000; Turin, May 1994.
Organization for Economic Cooperation and Development, Economic
Policy Committee Meeting, Paris, November 2002, April 2002, November
2001, April 2001.
National Tax Association/Tax Institute of America, Washington, DC,
June 2000; Atlanta, October 1999; Arlington, May 1992; Seattle,
October 1983.
Organization for Economic Cooperation and Development, Ministerial
Meeting, Paris, May 2002, May 2001.
Princeton Center for Economic Policy Conference, October 2000,
October 1995.
Sveriges Riksbank/Stockholm School of Economics Conference on Asset
Markets and Monetary Policy, Stockholm, Sweden, June 2000.
U.S. House of Representatives, Budget Committee, June 2001.
U.S. House of Representatives, Committee on Ways and Means,
Washington, DC, June 2005; June 1999; April 1997, June 1996, July
1992.
U.S. Joint Economic Committee, Washington, DC, February 2003, October
2002, October 2001, May 2001.
U. S. Senate Committee on Banking, Housing, and Urban Affairs,
Washington, DC, October 2001, May 2001.
U.S. Senate Committee on Budget, February 2003, September 2001.
U. S. Senate Committee on Commerce, Science, and Technology, July
2002.
U.S. Senate Committee on Finance, Washington, DC, February 2003,
February 2002, February 1997, January 1995, January 1992, December
1981.
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