Economic Report of the President Together With the Annual Report of the Council of Economic Advisers February 2018

Economic Report of the President Together With the Annual Report of the Council of Economic Advisers February 2018
Title:
Economic Report of the President Together With the Annual Report of the Council of Economic Advisers February 2018
Format:
Paperback
USA Price: 
Stock:
In stock
GPO Stock Number:
040-000-00796-2
ISBN:
9780160944888
Description

The purpose of the Annual Report of the Council of Economic Advisers is to provide the public and the economic policy community with a detailed account of the performance of the U.S. economy in the preceding year and with an analysis of the Administration’s domestic and international economic policy priorities for the years ahead. In this Report, is a review the salient policy developments of 2017 and preview policy aims for the coming years, in the context of the Administration’s unified agenda to expand our economy and the economic prosperity of all Americans. 

 

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Table of Contents

Chapter 1:

Taxes and Growth ......................................... 31

U.S. Taxation in Historical and International Perspective................. 34

Costs of Taxation in the United States ................................ 36

The Excess Burden of Taxation................................... 39

The Compliance Costs of Taxation ................................ 41

Tax Incidence .................................................... 42

The Incidence of the Corporate Income Tax......................... 45

The Incidence of the Mortgage Interest and State and Local Tax Deductions ............................................... 49

Evidence on Taxes and Growth...................................... 54

Effects on the Cost of Capital .................................... 57

Effects on Net Capital Outflows .................................. 59

Effects on Profit Shifting ........................................ 63

Effects of Crowding Out ........................................ 64

Estimating the Growth Effects of Tax Reform .......................... 67

Conclusion ...................................................... 70

Chapter 2:

Deregulation That Frees the Economy ....................... 73

Theories of Efficient and Inefficient Regulation and Deregulation.......... 75

Regulatory Benefits ........................................... 76

Regulatory Costs.............................................. 78

The Impact of Regulation .......................................... 81

Measurement ................................................ 81

Aggregate Growth............................................. 84

Business Dynamics ............................................ 87

Productivity.................................................. 88

Employment ................................................. 91

Labor Mobility ................................................ 92

The Trump Administration’s Initiatives ............................... 94

Conclusion ..................................................... 101

Chapter 3:

Labor Market Policies to Sustain the Middle Class ............ 103

Trends in GDP and GDP per Capita across the Business Cycles ........... 110

Median Income Trends across Business Cycles ........................ 114

Six Measures of Median Income ................................. 115

Decomposing Median Income Changes by Employment and Earnings . . 123

Measures of Employment and Earnings Using Aggregate Data ........... 125

Addressing America’s Employment Challenge......................... 127

Labor Force Participation among the Older Population ................. 131

Policy Options to Promote Participation among Older Americans ........ 136

Labor Force Participation among Teenagers and Young Adults........... 137

Policy Options to Promote Participation among Teenagers and Young Adults.................................................... 143

Labor Force Participation among Prime-Age Adults .................... 144

Demand-Side Factors ......................................... 145

Supply-Side Factors .......................................... 147

Government Transfers ........................................ 150

Physical and Mental Health .................................... 151

Geographic Immobility ........................................ 152

Alternative Uses of Time ....................................... 153

Policy Options to Promote Participation among Prime-Age Workers ...... 153

Conclusion ..................................................... 155

Appendix....................................................... 156

Chapter 4:

Infrastructure Investment to Boost Productivity ............. 159

U.S. Infrastructure’s Growing Problem of Excess Demand ............... 164

How Increasing the Supply of Infrastructure Supports Economic Growth . . 166

Recent Trends ............................................... 167

Evidence for the Growth Effects of Public Capital ................... 170

Funding and Financing Needed Infrastructure ........................ 176

Fiscal Roles for Federal, State, and Local Governments .............. 177

Funding Infrastructure Investment .............................. 177

Financing Infrastructure Investment ............................. 192

How Core Infrastructure Ensures a Competitive Economy ............... 205

The Energy Sector ........................................... 206

Modernizing America’s Waterways .............................. 211

Conclusion ..................................................... 216

Chapter 5:

Enhancing U.S. Trade in a Global Economy .................. 219

The Economics of Trade .......................................... 222

U.S. Trade in the World Economy ................................ 222

Assessing the Gains from Trade ................................. 224

U.S. Trade Balances in Perspective .............................. 228

Services Trade............................................... 231

Dividing the Pie: Defining Fair Trade between Countries ................ 233

Trade Barriers............................................... 236

Tariff Overhangs ............................................ 238

Responses to Unfair—and Not-So-Unfair—Trade Practices............ 240

Nontariff Measures ........................................... 242

Nontariff Barriers to Automobile Trade ........................... 246

Nontariff Barriers to Agricultural Trade ........................... 248

Defining the Rules of the Game for Trade ......................... 250

Domestic Gains and Losses from Trade .............................. 254

Domestic Gains .............................................. 254

Domestic Losses ............................................. 255

Manufacturing Job Losses ..................................... 255

Trade Opportunities for the United States............................ 263

U.S. Agricultural Trade ........................................ 265

U.S. Energy Dominance Relies on Trade .......................... 270

Updating American Trade Policy ................................... 277

Conclusion ..................................................... 277

Chapter 6:

Innovative Policies to Improve All Americans’ Health ......... 279

Healthcare Insurance and Spending, and the ACA ..................... 282

The Impact of the ACA and Health Insurance on Health .............. 283

Why the ACA Expansions May Have Limited Health Effects ............ 285

The ACA’s Impact on Spending.................................. 287

Improving People’s Health by Limiting the Effects of Unhealthy Behavior . . 291

Improving Health by Combating the Opioid Epidemic ............... 292

Obesity .................................................... 297

Smoking ................................................... 298

Policy to Address Health Behaviors .............................. 300

Improving People’s Health through More Access to Medical Innovations ... 302

Encouraging Innovation, and Making It Affordable ..................... 306

Why Americans Pay High Prices for Biopharmaceutical Products, and How to Lower Them....................................... 308

Cutting High Prices Resulting from Price Manipulation .............. 312

Enhancing Price Competition in the Pharmacy Benefit Manager Market. 313

Raising Innovation Incentives and Decreasing Free-Riding to Reduce the Price of Better Health ..................................... 314

The Government’s Role in Reducing Prices and Stimulating Innovation . 320

Conclusion ..................................................... 320

Chapter 7:

Fighting Cybersecurity Threats to the Growing Economy...... 323

Malicious Cyber Activities and Cyber Threat Actors..................... 327

The Costs of Adverse Cyber Events Incurred by Firms................... 331

Estimating the Costs of Adverse Cyber Events for Firms .............. 332

The Distribution of Adverse Cyber Events across Sectors ............. 344

Externalities from Weak Cybersecurity and Underinvestment in Cyber Protection...................................................... 346

Spillover Effects to Economically Linked Firms ..................... 347

Attacks through the Weakest Link in the Supply Chain ............... 347

Using Cyber Vulnerabilities to Usurp Resources and Launch Attacks on Other Firms ................................................. 350

Economy-wide Spillover Effects from Firms with Critical Infrastructure Assets ..................................................... 351

Common Vulnerabilities .......................................... 351

Software ................................................... 352

Firmware................................................... 353

Hardware .................................................. 354

Cloud Computing ............................................ 354

The Problem of Insufficient Data ................................... 355

Dark Cyber Debt................................................. 356

Cyber Insurance ................................................. 359

The Costs of Malicious Cyber Activity for the U.S. Economy .............. 362

Devastating Cyberattack Scenarios ................................. 365

The Financial Sector ......................................... 366

The Power Grid .............................................. 367

The Rise of Quantum Computing and the Need for Better Encryption ..... 368

Approaches to Reducing Cyber Risk ................................. 369

Public Sector Efforts .......................................... 369

Private Sector Efforts ......................................... 377

Conclusion ..................................................... 384

Chapter 8:

The Year in Review and the Years Ahead .................... 387

Output......................................................... 392

Consumer Spending .......................................... 393

Investment ................................................. 397

Government Purchases........................................ 404

Net Exports ................................................. 405

The Labor Market................................................ 411

Policy Developments ............................................. 415

Fiscal Policy ................................................ 415

Monetary Policy ............................................. 417

Productivity .................................................... 419

Wage and Price Inflation .......................................... 422

The Financial and Oil Markets ...................................... 425

Equity Markets .............................................. 426

Interest Rates and Credit Spreads ............................... 427

Oil Prices and Production ...................................... 430

The Global Macroeconomic Situation ............................... 431

Developments in 2017......................................... 431

The Global Productivity Slowdown .............................. 434

Advanced Economies’ Sluggish Increase in Wage Inflation............ 435

Too-Low Price Inflation in Advanced Economies .................... 436

Financial Vulnerability in Emerging Market Economies .............. 437

The Outlook .................................................... 439

GDP Growth during the Next Three Years.......................... 443

GDP Growth over the Longer Term............................... 444

Upside and Downside Forecast Risks ............................. 447

Conclusion ..................................................... 448

References ........................................................ 449

Audience

Social scientists, federal government operatives, social and economic activisits, political candidates, all Americans with a concern for governmental practices, economists, high school and university instructors and professors, political scientists.

Product Details

Availability Details:
In Stock
USA Price:
$60.00
International Price:
$84.00
Publisher:
Executive Office of the President,Council of Economic Advisers
Year/Pages:
2018: 566 p.
Key Phrases:
  • Economic Conditions
  • Economic Forecasting
  • Economic Policy
Weight:
2
Quantity Price:
Discount
Cover:
Paper
Unit of Issue (US):
1
Unit of Issue (Non-US):
1
Item available Date:
02/22/2018
Last Status Update:
08/10/2018
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