Education

Ph.D., University of Pennsylvania, 1984

M.A., University of Pennsylvania, 1978

B.A., Radcliffe College, Harvard University, Cum Laude, National Merit Scholar, 1974

Work Experience

Federal Reserve Bank of Boston

Vice President and Director, New England Public Policy Center, 2010-
Senior Economist and Policy Advisor, 2005-2010
Assistant Vice President and Economist, 1998-2004
Senior Economist, 1994-1997
Economist, 1986-1994
Visiting Scholar, 1985-1986

Ministry of Finance, Poland

Senior Advisor, 1991-1992 (on leave of absence from Federal Reserve Bank of Boston, under the auspices of the U.S. Treasury, Central and Eastern Europe Tax Advisory Program)

American Enterprise Institute for Public Policy Research, Washington, D.C.

Visiting Scholar, 1985-1986

Amherst College

Assistant Professor of Economics, 1982-1986

Boston University, School of Management

Adjunct Instructor, 1980-1982

National Bureau of Economic Research

Research Assistant, 1980-1982

U.S. Congressional Budget Office

Associate Analyst, 1979
Assistant Analyst, 1978
Summer Intern, 1977

Data Resources, Inc.

Economist, 1976
Research Economist, 1974-1975

Publications

Refereed journal articles

“New Approaches to Ranking Economics Journals,” with Pingkang Yu. Contributions to Economic Analysis & Policy, Berkeley Economic Press, vol. 5, issue 1, article 24 (2006).
Previously issued as FRB Boston Series working paper no. 05-12.

“Capital Gains Tax Rates and Stock Market Volume.” National Tax Journal. (December 1990).

“The Marginal Excess Burden of Different Capital Tax Instruments,” with Don Fullerton. Review of Economics and Statistics. (August 1989).

“A Disaggregate Equilibrium Model of the Tax Distortions Among Assets, Sectors, and Industries,” with Don Fullerton. International Economic Review. (May 1989).

“A General Equilibrium Evaluation of Corporate Income Tax Reform.” Economic Inquiry. (October 1987).

“Long-Run Effects of the Accelerated Cost Recovery System,” with Don Fullerton. Review of Economics and Statistics. (August 1985).

Other journal articles

“Discussion of 'Do Americans Move for Lower Taxes? TRA1986 as a Natural Experiment' by Wang and Hsieh,” in Proceedings of the Annual Conference of the National Tax Association—2006, 2007.

“College Completion Gaps Between Blacks and Whites: What Accounts for Regional Differences.” New England Economic Review (2004 Issue).

“Top-Heavy Job Loss,” with Nelson Gerew. Regional Review vol. 14, no. 2 (Quarter 2/3, 2004).

“Focus on the Region: Defense Windfall for New England?” with Pingkang David Yu. Regional Review vol. 13, no. 3 (Quarter 3, 2003).

“Issues in Economics: Retaining College Graduates in the Workforce: How Well is New England Doing?” Regional Review vol. 11, no. 2 (Quarter 2, 2001).

“Migration of Recent College Graduates: Evidence from the National Longitudinal Survey of Youth.” New England Economic Review (January/February 2001).

“Discouraged and Other Marginally Attached Workers: Evidence on Their Role in the Labor Market.” New England Economic Review (May/June 2000).

“New England’s Educational Advantage: Past Successes and Future Prospects.” New England Economic Review (January/February 2000).

“Geographic Shifts in Higher Education.” New England Economic Review (July/August 1999).

“The Effects of Employer-Provided Severance Benefits on Reemployment Outcomes.” New England Economic Review (November/December 1998).

“Issues in Economics: New England Continues to Grow but More Slowly Than the Nation.” Regional Review vol. 8, no. 4 (Quarter 4, 1998).

“Fiscal Pressures and the Privatization of Local Services.” New England Economic Review (January/February 1998).

“Training Programs for Displaced Workers: What Do They Accomplish?” New England Economic Review (May/June 1997).

“The Effects of State and Local Public Policies on Economic Development: An Overview,” with Katharine L. Bradbury and Robert Tannenwald. New England Economic Review (March/April 1997).

“Laid-Off Workers in a Time of Structural Change.” New England Economic Review (July/August 1996).

“Spatial and Labor Market Contributions to Earnings Inequality: An Overview,” with Katharine L. Bradbury and Christopher J. Mayer. New England Economic Review (May/June 1996).

“Labor Markets and Earnings Inequality: A Status Report.” New England Economic Review (May/June 1996).

“The Costs of Defense-Related Layoffs in New England.” New England Economic Review (March/April 1995).

“Indexes of Economic Indicators: What Can They Tell Us about the New England Economy?” with Alan Clayton-Matthews and Daniel Swaine. New England Economic Review (November/December 1994).

“Tax Issues Arising from Privatization in the Formerly Socialist Countries,” with Eric M. Zolt, Law and Policy in International Business. vol. 25, no. 2 (Winter 1994).

“Perspective on Economic Transitions.” Regional Review vol. 4, no. 3 (Summer 1994).

“Privatization of Local Public Services: Lessons for New England.” New England Economic Review (May/June 1994).

“The Composition of Business Investment: Has Tax Policy Mattered?” Proceedings of the Annual Conference of the National Tax Association - 1992, 1993.

“Tax Reform in Newly Emerging Market Economies.” New England Economic Review (November/December 1993).

“What Past Recoveries Say about the Outlook for New England,” with Katharine L. Bradbury. New England Economic Review. (September/October 1992).

“Capital Costs, Industrial Mix, and the Composition of Business Investment,” with Jeffrey B. Liebman. New England Economic Review (January/February 1992).

“Retrospective of the 1980s," with others. New England Economic Indicators (August 1990).

“Defense Cutbacks and the New England Economy.” New England Economic Review (July/August 1990).

“Is Leverage a Tax Dodge - Or Not?” New England Economic Review (March/April 1990).

“Base Broadening: The Forgotten Option for Deficit Reduction.” Proceedings of the Annual Conference of the National Tax Association - 1988, 1989.

“Capital Gains Rates and Revenues.” New England Economic Review (January/February 1989). Japanese translation in Securities Research, Japan Securities Research Institute.

“The Emergence of the Venture Capital Industry.” New England Economic Review (July/August 1989).

“Financial Intermediaries under Value-Added Taxation.” New England Economic Review (July/August 1988).

“Regulating New England's Supply of Electricity: Goals, Incentives, and Payoffs,” with Richard W. Kopcke, George J. Houlihan, and Natalie J. Inman New England Economic Indicators (Fourth Quarter 1987, issued April 1988).

“Further Base Broadening: A Possible Source of Tax Revenues?” New England Economic Review (March/April 1988).

“Planning for New England's Electricity Requirements,” with Richard W. Kopcke, George J. Houlihan, and Natalie J. Inman. New England Economic Review (January/February 1988).

“Discussion of 'Tax Reform Act of 1986 and the Equity of the Nation's Retirement System' by David Halperin.” Proceedings of the Annual Conference of the National Tax Association - 1987, 1988.

“The Taxation of Banks: Particular Privileges or Objectionable Burdens?” New England Economic Review (May/June 1987).

“Lessons from Federal Reform of Business Taxes.” New England Economic Review (November/December 1986).

“Does Reducing Inflation Lower the Cost of Capital?” Proceedings of the Annual Conference of the National Tax Association - 1984, 1985.

Books and book chapters

Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective, co-editor with Jeff Fuhrer, Jane Sneddon Little, and Giovanni P. Olivie, MIT Press 2009.

"The Phillips Curve in Historical Context" with Jeff Fuhrer, Jane Sneddon Little and Giovanni P. Olivei in Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective, MIT Press 2009.

State and Local Government Statistics at a Crossroads, National Research Council, (member of authoring panel). The National Academies Press, 2007.

Education in the 21st Century: Meeting the Challenges of a Changing World, editor. Proceedings from the Federal Reserve Bank of Boston Conference Series no. 47, 2002.

“Overview—Education in the 21st Century: Meeting the Challenges of a Changing World” in Education in the 21st Century: Meeting the Challenges of a Changing World. Proceedings from the Federal Reserve Bank of Boston Conference Series no. 47, 2002. Preliminary version published in New England Economic Review, Fourth Quarter 2002.

“Educational Attainment as a Constraint on Economic Growth and Social Progress” in Education in the 21st Century: Meeting the Challenges of a Changing World. Proceedings from the Federal Reserve Bank of Boston Conference Series no. 47, 2002.

“Commentary on Thomas J. Nechyba, 'Replacing Capital Taxes with Land Taxes: Efficiency and Distributional Implications with an Application to the United States Economy'” in Land Value Taxation: Can It and Will It Work Today?, Dick Netzer, ed. Lincoln Institute, 1998.

“Estimating VAT Revenues from Tax Reform in Transition Economies,” in Tax Modelling for Economies in Transition. Paul Bernd Spahn and Mark Pearson, eds. Hampshire, England: Macmillan, 1997.

“Applications of General Equilibrium Models to the 1986 Tax Reform Act in the United States.” De Economist (Spring 1991) and in Applied General Equilibrium Modelling, Henk Don, Theo van de Klundert, and Jarig van Sinderen, eds. Kluwer Academic Publishers, 1991.

“Capital Gains Taxation and the Cost of Capital for Mature and Emerging Corporations,” in The U.S. Savings Challenge: Policy Options for Productivity and Growth, Charles E. Walker, Mark A. Bloomfield, and Margo Thorning, eds. Westview Press, 1990.

“A Second Word About Taxing Affluence” in Tax Policy in the Twenty-First Century, Herbert Stein, ed. John Wiley and Sons, 1988.

“The Impact of Fundamental Tax Reform on the Allocation of Resources,” with Don Fullerton, in The Effects of Taxation on Capital Accumulation, Martin Feldstein, ed. University of Chicago Press, 1987. Summarized in Taxes and Capital Formation, Martin Feldstein, ed. University of Chicago Press, 1987.

“Investment Allocation and Growth Under the Tax Reform Act of 1986,” with Don Fullerton and James Mackie, in Compendium of Tax Research 1987. U.S. Treasury Department, 1987.

“A Comparison of Methodologies in Empirical General Equilibrium Models of Taxation,” with Don Fullerton and John B. Shoven, in Applied General Equilibrium Analysis, Herbert E. Scarf and John B. Shoven, eds. Cambridge University Press, 1984.

“Incentive Effects of Taxes on Income from Capital: Alternative Policies in the 1980s,” with Don Fullerton, in The Legacy of Reaganomics: Prospects for Long-Term Growth, Charles R. Hulten and Isabel V. Sawhill, eds. The Urban Institute, 1984.

“Tax Reform: An Item for Any Industrial Policy Agenda” in The Industrial Policy Debate, Chalmers Johnson, ed. Institute for Contemporary Studies Press, 1984.

“Construction of Industry-Specific Data,” Appendix to Don Fullerton and Roger H. Gordon, in “A Reexamination of Tax Distortions in General Equilibrium Models,” Martin Feldstein, ed. Behavioral Simulation Methods in Tax Policy Analysis, University of Chicago Press, 1983.

“President Ford's Package for Energy and Stimulus,” with Otto Eckstein and Eric Herr, in Parameters and Policies in the U.S. Economy, Otto Eckstein, ed. North-Holland, 1976

Working papers and other unpublished papers

"Jobs in Springfield and Its Neighborhoods: Understanding the Causes of Low Resident Employment," co-author Ana Patricia Muñoz, with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, Richard Walker, and Bo Zhao. FRB Boston Public Policy Discussion Papers Series, paper no. 09-11 (2009).

"Reinvigorating Springfield's Economy: Lessons from Resurgent Cities," co-author Ana Patricia Munoz, with Lynn Browne, DeAnna Green, Marques Benton, Prabal Chakrabarti, David Plasse, Richard Walker and Bo Zhao. FRB Boston Public Policy Discussion Papers Series, paper no. 09-6 (2009).

“Massachusetts Employment Growth 1996-2006: Effects of Industry Performance and Industry Composition,” with Katharine L. Bradbury, FRB Boston Public Policy Briefs Series, paper no. 07-1 (2007).

“Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement.” FRB Boston Series, paper no. 07-2 (2007).

“Using State and Metropolitan Area House Price Cycles to Interpret the U.S. Housing Market,” with Nelson Gerew. FRB Boston Series, brief no. 06-1 (2006).

Book reviews

Review of The Boston Renaissance: Race, Space, and Economic Change in American Metropolis by Barry Bluestone and Mary Huff Stevenson. Journal of Economic Literature. vol. XXXIX (December 2001).

Review of World Tax Reform: Case Studies of Developed and Developing Countries, edited by Michael J. Boskin and Charles E. McLure. Journal of Economic Literature. vol. XXIX (September 1991).

Testimony

“Massachusetts Economy,” for the Revenue Hearings before the Massachusetts House and Senate Ways and Means Committees (annually, Fiscal Years 1998-2005, and Fiscal Years 2008-2011).

“Massachusetts Fiscal Issues,” Hearings before the Massachusetts Senate Committee on Long Term Debt and Capital Expenditures (May 6, 2003).

“Defense Cutbacks and the New England Economy,” Hearings before the Committee on Small Business, U.S. Senate, 102 Cong., 1 sess. (February 15, 1991).

Other material

“Restructuring Public Education: Small Steps in the Right Direction?” with Cathy E. Minehan, in Federal Reserve Bank of Boston 2002 Annual Report.

“Retraining and the New England Labor Market,” Connection. vol. XII, no. 1 (Spring 1997).

“Corporate Taxation in Massachusetts: How Level is the Playing Field?” Massachusetts Special Commission on Business Tax Policy Working Paper (1993).

“Income Support and Social Services Programs,” in Massachusetts in the 1990s: The Role of State Government. FRB Boston Research Report no. 72. (November 1990).

“Government Employment and Compensation” in Massachusetts in the 1990s: The Role of State Government. FRB Boston Research Report no. 72. (November 1990).

Should Massachusetts Adopt Unitary Taxation? A Background Study. Twelfth Interim Report of the Massachusetts Special Commission on Tax Reform. (April 8, 1987).

The Massachusetts Corporations Excise Tax: Issues and Options. Eleventh Interim Report of the Massachusetts Special Commission on Tax Reform. (April 2, 1987).

 

Public Service

"Toward a More Prosperous Springfield: A Federal Reserve Bank of Boston Initiative," Senior Contributor, 2008-

The National Academies, Committee on National Statistics, Panel on Research and Development Priorities for the U.S. Census Bureau's State and Local Government Statistics Program, Member, 2006-2007; Follow-on Advisor, 2009-

Federal Reserve System Committee for Applied Microeconomics, Member 2006-

Massachusetts Benchmarks, Co-Editor, 2006 - , Editorial Board Member, 1997-

Massachusetts Pipeline Fund Metrics Project, Advisor, 2006

American Economic Association Summer Training Program and Pipeline Conference, Federal Reserve Bank of Boston Liaison, 2005-

Bentley College/Mass High Tech New England Tech Stock Index Advisory Committee, Member, 2003

Mass Insight Education Keep the Promise Research Advisory Committee, Member, 2002-2005

U.S. Bureau of Labor Statistics Business Research Advisory Committee, Member, 2002-2007

New England Study Group Seminar Series, Federal Reserve Bank of Boston, Co-Organizer, 2001-

Mass High Tech Pulse of Technology Advisory Committee, Member, 2001- 2004

New England Board of Higher Education, New England Public Policy Collaborative Steering Committee, Member, 1999-2000

Commonwealth of Massachusetts Labor Market Information Advisory Subcommittee, Member, 1999-2003

Massachusetts Technology Collaborative Index of the Innovation Economy Advisory Committee, Member, 1997-

New England Economic Project

Director, 1993-2002
President, 1997-1998, 1999
Chair of Forecast Committee, 1993-1996
Member of Quality Review Committee, 1993-2002

South Weymouth Naval Air Station

Planning Committee Member, 1995-1998
Local Redevelopment Authority Subcommittee, Chair, 1997-1998

Massachusetts Special Commission on Business Tax Policy, Consultant, 1993

National Tax Association, Federal Taxation and Finance Committee

Chairperson, 1990-1991
Vice Chairperson, 1988-1990

Massachusetts Institute of Technology Energy Laboratory, The New England Project: Analyzing Regional Electricity Alternatives, Advisory Board Member, 1989-1991

Massachusetts Special Commission on Tax Reform, Consultant, 1986-1987

Reviewer: MassINC, National Science Foundation; University of Massachusetts Economic Project

Referee: American Economic Review; Economic Inquiry; International Economic Review; Journal of Public Economics; Journal of Regional Science; National Tax Journal; Regional Studies; Review of Economics and Statistics; and others.