Douglas W. Elmendorf

Nov 5, 2024 | brookings.edu | Janice Eberly |Wendy Edelberg |Douglas W. Elmendorf |R. Glenn Hubbard

When Congress considers legislation, nonpartisan agencies provide estimates of the law’s potential economic effects to policymakers, a process known as “scoring.” In recent decades, analysts at the Congressional Budget Office and Joint Committee on Taxation have developed models that incorporate complex feedback effects, going beyond conventional scoring techniques.

Sep 26, 2024 | aei.org | R. Glenn Hubbard |Douglas W. Elmendorf |Heidi Williams

AbstractBy design, official budget estimates for legislative proposals generally exclude the proposals’ likely effects on levels of labor, capital, productivity, and other economic outcomes, as well as any feedback effects from changes in those outcomes to the federal budget.