R. Glenn Hubbard - Research



	The documents listed below comprise a small portion of Professor Hubbard's body of work. Whenever possible, we will add to this list. All files are in pdf format unless otherwise indicated. If you do not have Adobe Acrobat Reader (which is required for pdf files), you may download it, free of charge, by following the link below. Publications (Available through JSTOR. Visitor or visitor's network host/institution must be JSTOR subscriber in order to access these papers. For general information, please visit JSTOR via this link): The Best Business Education Ever, BizEd, Volume VI, Issue 5: 2007. [Article] An Action Plan for US Capital Markets, International Finance 10:1 (2007): 91-99. [Article] Making Markets Work (with J.F. Cogan and D.P. Kessler), Health Affairs 24 (November/December 2005): 1447-1457. [Article] Precautionary Savings and the Governance of Nonprofit Organizations (with R. Fisman), Journal of Public Economics 89 (2005): 2231-2243. [Article] Economic Effects of the 2003 Partial Integration Proposal in the United States, International Tax and Public Finance 12 (2005): 97-108. [Article] Pay without Performance: a Market Equilibrium Critique, The Journal of Corporation Law (Summer 2005): 717-720. [Article] Federal Government Debt and Interest Rates (with E. Engen), in M. Gertler and K. Rogoff, NBER Macroeconomics Annual 2004, Cambridge: MIT Press, 2005. [Article] The Economist as Public Intellectual, Journal of Economic Education 35 (Fall 2004): 391-394. [Article] Entrepreneurship and Household Saving (with W.M. Gentry), Advances in Economic Analysis and Policy 4 (2004). [Article] Huh? A Surprising Success!, The International Economy 18 (Spring 2004): 28-31, 70-71. [Article] Tax Policy and International Competitiveness, Taxes-The Tax Magazine (March 2004): 233-241. [Article] How Capital Markets Enhance Economic Performance and Facilitate Job Creation (with W.C. Dudley), New York: Goldman Sachs Global Markets Institute, 2004. [Article] The Effects of Progressive Income Taxation on Job Turnover (with W.M. Gentry), Journal of Public Economics 88 (2004): 2301-2322. [Article] Taxing Multinationals (with M. Devereux), International Taxation and Public Finance 10 (August 2003): 469- 487. [Article] Do Budget Deficits Affect Long-Term Interest Rates? (with P. Peterson; L. Kudlow; and B. Frank) The International Economy 17 (Summer 2003): 20-27. [Article] 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. [Article] Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks (with K. Kuttner and D. Palia), Journal of Business 75 (October 2002): 559- 581. [Article] 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 2002):109-127. [Article] 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. [Article] The Growth of Institutional Stock Ownership: A Promise Unfulfilled (with F.R. Edwards), Journal of Applied Corporate Finance 13 (Fall 2000): 92-104. [Article] Financing Constraints and Corporate Investment: Response to Kaplan and Zingales, Quarterly Journal of Economics 115 (May 2000): 695-705. [Article] Telecommunications, the Internet, and the Cost of Capital, in Ingo Vogelsang and Benjamin Compaine, eds., The Internet Upheaval, Cambridge: MIT Press, 2000. [Article] If Alan Greenspan had bitten the bullet... (with K. Hassett) The American Enterprise 10 (November/December 1999): 72-73. [Article] A Reexamination of the Conglomerate Merger Wave in the 1960s (with D. Palia), Journal of Finance 54 (June 1999): 1131-1152. [Article] Federal Deposit Insurance: Economic Efficiency or Politics? (with N. Economides and D. Palia), Regulation 22 (1999): 15-17. [Article] 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. [Article] 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. [Article] 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. [Article] The Magic Mountain: Is There a Budget Surplus? (with K.A. Hassett), Washington, D.C.: American Enterprise Institute, 1999. [Article] Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance (with Charles P. Himmelberg and Darius Palia) Journal of Financial Economics 53 (1999): 353-384. [Article] "Are Investment Incentives Blunted by Changes in Prices of Capital Goods?: International Evidence" (with K.A. Hassett), International Finance 1 (October 1998): 103-125. [Article] Capital-Market Imperfections and Investment, Journal of Economic Literature 36 (March 1998): 193-225. [Article] 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. [Article] Market for Corporate Control (with D. Palia), in P. Newman, ed., The New Palgrave Dictionary of Economics and the Law, London: Macmillan, 1998. [Article] Medical School Financing and Research: Problems and Policy Options, Washington, D.C.: American Enterprise Institute, 1998. [Article] 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. [Article] Taxing Ourselves: A Citizen's Guide to the Great Debate Over Tax Reform, Journal of Economic Literature 35 (June 1997): 801-802. [Article] How Different Are Income and Consumption Taxes?, American Economic Review 87 (May 1997): 138-142. [Article] Tax Policy and Investment (with K.A. Hassett), in A.J. Auerbach, ed., Fiscal Policy: Lessons from Economic Research, Cambridge: MIT Press, 1997. [Article] 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. [Article] Assessing the Effectiveness of Saving Incentives (with J. Skinner), Journal of Economic Perspectives 10 (Fall 1996): 73-90. [Article] Tax Reforms and Investment: A Cross-Country Comparison (with J.G. Cummins and K.A. Hassett), Journal of Public Economics 62 (1996): 237-273. [Article] 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. [Article] Internal Finance and Firm-Level Investment (with A. Kashyap and T. Whited), Journal of Money, Credit, and Banking 27 (August 1995): 683-701. [Article] Is There a 'Credit Channel' for Monetary Policy?, Federal Reserve Bank of St. Louis Review 77 (May/June 1995): 63-77. [Article] Precautionary Saving and Social Insurance (with J. Skinner and S. Zeldes), Journal of Political Economy 105 (April 1995): 360-399. [Article] Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms (with D. Palia), RAND Journal of Economics 26 (Winter 1995): 782-792. [Article] 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. [Article] Distributional Tables and Tax Policy, in David F. Bradford, ed., Distributional Analysis of Tax Policy, Washington, D.C.: AEI Press, 1995. [Article] Introduction, in M. Feldstein, J.R. Hines, and R.G. Hubbard, eds., Effects of Taxation on Multinational Corporations, Chicago: University of Chicago Press, 1995. [Article] Executive Pay and Performance: Evidence from the U.S. Banking Industry (with D. Palia), Journal of Financial Economics 39 (1995): 105-130. [Artcle] Have Tax Reforms Affected 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. [Article] 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. [Article] 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. [Article] Introduction, in M. Feldstein, J.R. Hines, and R.G. Hubbard, eds., Taxing Multinational Corporations, Chicago: University of Chicago Press, 1995. [Article] 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. [Article] Investment Under Uncertainty: Keeping One's Options Open, Journal of Economic Literature 32 (December 1994): 1794-1807. [Article] 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. [Article] Expanding the Life-Cycle Model: Precautionary Saving and Public Policy (with J. Skinner and S. Zeldes), American Economic Review 84 (May 1994): 174-179. [Article] 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. [Article] The Use of 'Distribution Tables' in the Tax Policy Process, National Tax Journal 46 (December 1993): 527-537. [Article] Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Comment (with D. Kamerschen and J. Park), The Review of Economics and Statistics, Vol. 75, No. 4 (November 1993): 732-734. [Article] Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Reply (in Notes), (with Ian Domowitz and Bruce C. Petersen), The Review of Economics and Statistics, Vol. 75, No. 4 (November 1993): 734-735. [Citation/Abstract] [Article] Corporate Tax Integration: A View From the Treasury Department, The Journal of Economic Perspectives, Vol. 7, No. 1 (Winter, 1993), pp. 115-132. [Citation/Abstract ] [Article ] Corporate Financial Policy, Taxation, and Macroeconomic Risk (with M. Gertler), RAND Journal of Economics, 24 (Summer 1993): 286-303. [Article] 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. [Article] The President's 1992 Health Care White Paper: An Economic Perspective, National Tax Journal 45 (September 1992): 347-356. [Article] Household Income Changes Over Time: Some Basic Questions and Facts, Tax Notes (August 24, 1992). [Article] Internal Net Worth and the Investment Process: An Application to U.S. Agriculture (with Anil K. Kashyap) The Journal of Political Economy, Vol. 100, No. 3. (Jun., 1992), pp. 506-534. [Citation/Abstract] [Article] Long-Term Contracting and Multiple-Price Systems (with R. Weiner), Journal of Business 65 (April 1992): 177-198. [Article] 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. [Article] Introduction, in R.G. Hubbard, ed., Financial Markets and Financial Crises, Chicago: University of Chicago Press, 1991. [Article] Debt Renegotiation, Institutional Investor 24 (June 1990). [Article] Firm Heterogeneity, Internal Finance, and 'Credit Rationing' (with Charles W. Calomiris) The Economic Journal, Vol. 100, No. 399. (Mar., 1990), pp. 90-104. [Article] 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. [Article] 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. [Article] 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. [Article] 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. [Article] 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. [Article] Price Flexibility, Credit Availability, and Economic Fluctuations: Evidence from the United States, 1894-1909 (with Charles W. Calomiris) The Quarterly Journal of Economics, Vol. 104, No. 3. (Aug., 1989), pp. 429-452. [Citation / Abstract ] [Article] Contracting and Price Adjustment in Commodity Markets: Evidence from Copper and Oil (with Robert J. Weiner) The Review of Economics and Statistics, Vol. 71, No. 1 (Feb., 1989), pp. 80-89. [Citation/Abstract] [Article] Financial Factors in Business Fluctuations (with M. Gertler), in Federal Reserve Bank of Kansas City, Financial Market Volatility--Causes, Consequences, and Policy Responses, 1989. [Article] Investment, Financing Decisions, and Tax Policy (in Tax Policy and Investment: A Reconsideration (with Steven Fazzari and Bruce Petersen) The American Economic Review, Vol. 78, No. 2, Papers and Proceedings of the One-Hundredth Annual Meeting of the American Economic Association. (May., 1988), pp. 200-205. [Article] Market Structure and Cyclical Fluctuations in U.S. Manufacturing (with Ian Domowitz and Bruce C. Petersen) The Review of Economics and Statistics, Vol. 70, No. 1 (Feb., 1988), pp. 55-66. [Citation/Abstract] [Article] 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. [Article] Social Security and Individual Welfare: Precautionary Saving, Borrowing Constraints, and the Payroll Tax (with Kenneth L. Judd) The American Economic Review, Vol. 77, No. 4 (Sep., 1987), pp. 630-646. [Citation/Abstract] [Article] Oligopoly Supergames: Some Empirical Evidence on Prices and Margins (in Profitability Differences) (with Ian Domowitz and Bruce C. Petersen), Journal of Industrial Economics, Vol. 35, No. 4, The Empirical Renaissance in Industrial Economics. (Jun., 1987), pp. 379-398. [Citation/Abstract ] [Article] 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. [Article] Comment on James M. Poterba, "Tax Policy and Corporate Saving," Brookings Papers on Economic Activity, 1987:2. [Article] Finite Lifetimes, Borrowing Constraints, and Short-Run Fiscal Policy (with K. Judd), Working Paper No. 2158, National Bureau of Economic Research, 1987. [Article] 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. [Article] Regulation and Long-Term Contracting in U.S. Natural Gas Markets (with Robert J. Weiner), Journal of Industrial Economics, Vol. 35, No. 1 (Sep., 1986), pp. 71-79. [Citation/Abstract ] [Article] The Intertemporal Stability of the Concentration-Margins Relationship (with Ian Domowitz and Bruce C. Petersen), Journal of Industrial Economics, Vol. 35, No. 1. (Sep., 1986), pp. 13-34. [Citation/Abstract] [Article] 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. [Article] Pension Wealth and Individual Saving: Some New Evidence. Journal of Money, Credit and Banking, Vol. 18, No. 2. (May., 1986), pp. 167-178. [Article] 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. [Article] The Farm Debt Crisis and Public Policy (with C. Calomiris and J. Stock), Brookings Papers on Economic Activity, 1986:2: 441-479. [Article] Supply Shocks and Price Adjustment in the World Oil Market. The Quarterly Journal of Economics, Vol. 101, No. 1 (Feb., 1986), pp. 85-102. [Citation/Abstract] [Article ] Oil Supply Shocks and International Policy Coordination (with R. Weiner), European Economic Review 30 (February 1986): 91-106. [Article] Comment on Robert E. Hall, "Market Structure and Macro Fluctuations," Brookings Papers on Economic Activity, 1986:2. [Article] Liquidity Constraints, Fiscal Policy, and Consumption (with K. Judd), Brookings Papers on Economic Activity, 1986:1: 1-50. [Article] 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. [Article] 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. [Article] 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. [Article] Social Security, Liquidity Constraints, and Pre-Retirement Consumption, Southern Economic Journal 51 (October 1985): 471-484. [Article] Modeling Oil Price Fluctuations and International Stockpile Coordination (with R. Weiner), Journal of Policy Modeling 7 (Summer 1985): 339-359. [Article] Comment on Alan S. Blinder and Angus Deaton, "The Time-Series Consumption Function Revisited," Brookings Papers on Economic Activity, 1985:2. [Article] Personal Taxation, Pension Wealth, and Portfolio Composition. The Review of Economics and Statistics, Vol. 67, No. 1. (Feb., 1985), pp. 53-60. [Citation/Abstract] [Article] 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. [Article] 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. [Article] Industry Margins and the Business Cycle: Some New Microeconomic Evidence (with I. Domowitz and B.C. Petersen), Economics Letters 19 (1985): 73-77. [Article] Managing the Strategic Petroleum Reserve: Energy Policy in a Market Setting (with R. Weiner), Annual Review of Energy 10 (1985): 339-359. [Article] Do IRAs and Keoghs Increase Saving? National Tax Journal 37 (March 1984): 43-54. [Article] When the Oil Spigot is Suddenly Turned Off: Some Further Thoughts (with R. Weiner), Journal of Policy Analysis and Management 2 (Winter 1983). [Article] The 'Sub-Trigger' Crisis: An Economic Analysis of Flexible Stock Policies (with R. Weiner), Energy Economics 5 (July 1983): 178-189. [Article] 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. [Article] 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. [Article] 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. [Article] 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. [Article] Other Published Work Business, Knowledge, and Global Growth, Capitalism and Society, 1 (2006). [Article] Tax Policy and Entrepreneurial Entry (with William M. Gentry), American Economic Review 90 (May 2000) [Article] (The AER version cited here is abridged; the article linked here (revised August 29, 2000) is a longer version of the paper.) Introduction, in R.G. Hubbard, ed., Asymmetric Information, Corporate Finance, and Investment, Chicago: University of Chicago Press, 1990. [Reprint] Institutional Investors and Corporate Behavior (with Gile R. Downes, Jr. and Ehud Houminer). AEI Press, 1999. (reprinted with permission from the American Enterprise Institute) [Article] Working Papers and Presentations (Available for review only. Please do not cite without permission.) Success Taxes, Entrepreneurship, and Innovation (with W.M. Gentry), Working Paper, NBER, June 2004. Evaluating Liquidity Risk Management at Fannie Mae, Working Paper, Columbia University, November 2003. Investor Protection, Ownership, and Investement (with Charles Himmelberg and Inessa Love) Working Paper, Columbia University, June 2000. Capital-Market Imperfections, Investment, and the Monetary Transmission Mechanism (prepared for presentation at Bundesbank, Frankfurt, Germany) May 2000. Noncontractible Quality and Organization Form in the U.S. Hospital Industry, (with Kevin Hassett) Working Paper, Columbia University, April 2000. Supporting Documents: Tables Figure 1: Market Penetration of Not-for-Profit Hospitals, 1985-1995 Figure 2: Market Penetration of Government Hospitals, 1985-1995 Figure 3: Market Penetration of For-Profit Hostpitals, 1985-1995 Figure 4: Not-for-Profit-to-For-Profit Hospital Conversions, 1985-1995 Incentive Pay and the Market for CEOs: An Analysis of Pay-for-Performance Sensitivity, (with Charles Himmelberg), Working Paper, Columbia University, March 2000. Writings on Public Policy Nondestructive Creation: Entrepreneurship and Management Research in the Study of Growth, Journal of Policy Modeling,30(4), (July/August 2008). [Article] The U.S. Current Account Deficit and Public Policy, Journal of Policy Modeling, 28 (2006): 665-671. [Article] Competition and Shareholder Fees in the Mutual Fund Industry: Evidence and Implications for Policy, (with John Coates). [Article]