Economic Policy Commons^™

Tax Reform In Nevada: Ideas For Creating A More Stable Revenue Structure, J. T. Creedon

Brookings Mountain West Publications

Recurring and fluctuating levels of economic activity known as the business cycle have a profound impact on state legislators trying to balance their finances. They result in higher unemployment, declines in revenues and a corresponding increase in the need for social welfare and public services. This makes state budgeting particularly complex during times of contraction when the state needs to do more with less. Nevada, with its limited tax base, biennial budget making, and overreliance on an industry that is highly volatile in response to economic fluctuations, experiences particularly dramatic upswings and shortfalls. Contractionary fiscal policies such as tax increases …

The Metropolitan Revolution And Unlv As A Carnegie-Tier 1 University, Robert E. Lang

Brookings Scholar Lecture Series

No abstract provided.

Can America Govern Itself?: Deficits, Debt, And Delay, Ron Haskins

Brookings Scholar Lecture Series

America has now been in the throes of a deficit and debt crisis for nearly a decade. Over the last three years, the federal government has tied itself in knots trying to reach a long-term solution. Any effective solution will involve tax increases and entitlement cuts. But both parties have been unwilling to openly bargain about either the tax increases or spending cuts they are willing to consider as part of a grand bargain. Why are both parties being so intransigent? What are the prospects for a grand bargain and what might it look like? What are the consequences if …

Can State And Local Revenue And Expenditure Enhance Economic Growth? A Cross-State Panel Study Of Fiscal Activity, Christopher Arthur Clarke

UNLV Theses, Dissertations, Professional Papers, and Capstones

The slow economic recovery since the 2008 financial crisis and Great Recession requires state and local governments to continue to make difficult decisions concerning which taxes to raise and which expenditures to decrease in order to maintain a balanced budget. As expenditures usually raise economic growth and taxes generally hinder it, seeking the optimum combination of tax structures and expenditure options is necessary to encourage prosperity in a state. In this paper I study the effects of various expenditures and revenue combinations on growth in state personal income from 1977-2010 for 49 states and the District of Columbia. I find …

Mountain Monitor-4th Quarter 2012, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

Indicators of economic recovery depicted continued progress in the major metropolitan areas of the Mountain West in the fourth quarter of 2012. The region’s employment recovery gained momentum, and solid home-price increases in the region contributed to the nation‘s broader housing recovery. Such inroads bode well for further advances in 2013. At the same time, the region’s output recovery slowed and unemployment refused to budge.

Immigrant Workers, Human Capital Investment And The Shape Of Immigration Reform, Audrey Singer

Brookings Scholar Lecture Series

President Obama's speech in Las Vegas last month kicked off Congressional debates on immigration policy. While border security and illegal immigration are still high profile and thorny issues, slow economic growth following the Great Recession has helped to shift the focus to how the United States can change policy to better suit economic needs. Where do immigrants fit into the labor force, how can they fit better, and what is the likely shape of future policy changes?

Mountain Monitor-3rd Quarter 2012, Mark Muro, Kenan Fikri

Mountain Monitor Quarterly

The major metropolitan areas of the Intermountain West finally put the housing bust behind them in the third quarter of 2012 and in most places made solid progress. House prices rose in all 10 major metropolitan markets in the months from June to September for the first time since the recession began. Likewise, output growth accelerated and the unemployment rate continued to fall. Unfortunately none of this prevented the region’s already feeble jobs recovery from slowing.

Clean Energy: The Economics Of Why And How, Adele C. Morris

Brookings Scholar Lecture Series

One rationale for large public investments in clean energy technology points to concerns that have not been addressed by other policies, most notably greenhouse gas emissions and energy security. Another inspiration for clean energy policy suggests that strategic government investments would increase domestic firms' market share of a growing industry and thus help domestic firms and workers. This lecture examines the economic case for clean energy policy in the United States and addresses the issues state and local governments confront in building a clean energy industry.

Putting Nevada In Perspective: State And Local Government Budgets In Recession And Recovery, Tracy M. Gordon

Brookings Scholar Lecture Series

Nevada, the state most affected by the Great Recession of 2008, faced one of the nation's worst state budget shortfalls in 2011. This presentation examines state budget drivers, including constitutional requirements, tax and spending limitations, federal statutes, demographics, and the resulting policy choices to evaluate how state-level decisions affect local jurisdictions that continue to cope with lower property values, foreclosures, and high unemployment. It will also discuss longer term challenges including rising health care costs and retiree pensions as well as issues surrounding implementation of the Affordable Care Act.

Mountain Monitor-2nd Quarter 2012, Mark Muro, Kenan Fikri

Mountain Monitor Quarterly

Data for the second quarter of 2012 reveal that the large metropolitan areas of the Mountain region were undergoing some of both the strongest and weakest economic recoveries in the nation—even as the pace of recovery across the region as a whole slackened. The result is a new geography. Crash-blasted Boise and Phoenix, along with Utah’s metropolitan areas, are now recovering relatively strongly while Colorado’s metropolitan areas and Albuquerque, Las Vegas, and Tucson struggle.

Analysis Of Bank Failure And Size Of Assets, Guancun Zhong

UNLV Theses, Dissertations, Professional Papers, and Capstones

The financial health of the banking industry is an important prerequisite for economic stability and growth. Bank failures in the United States have run in cycles largely associated with the collapse of economic bubbles. The number of bank failures has increased dramatically over the last thirty years (Halling and Hayden, 2007). In this thesis, we try to address the following two questions: 1) What is the relationship, if any, between a bank's asset size and its likelihood of failures? 2) How can we use statistical tools to predict the numbers of bank failures in the future? Various modeling techniques are …

Statistical Modeling Of A Vehicle Miles Traveled Fee For Nevada, Andrew Nordland, Alexander Paz

College of Engineering: Graduate Celebration Programs

Objective:

• Develop a model to estimate the effects of a change in road pricing for Nevada, specifically when adopting a Vehicle Miles Traveled (VMT) Fee to replace the current fuel tax

• Analyze the model with:

• Current State Fuel Tax

• Two ‘Revenue Neutral’ VMT Fees (Includes all State and Federal Taxes)

Halos, Alibis And Community Development: A Cross National Comparison Of How Governments Spend Revenue From Gambling, Lynn Gidluck

Occasional Papers

This paper provides a cross-national comparison of how governments around the world distribute revenues from state-directed gambling and how these choices have been justified by proponents and vilified by critics. Case studies where governments have popularized gambling expansion by “earmarking” revenues for particular good causes and where the state has collaborated with the voluntary sector to deliver programs from this revenue stream are examined. Lessons learned from challenges of various approaches are considered.

Where Are The Jobs? Employment Stagnation After The Great Recession, Gary Burtless

Brookings Scholar Lecture Series

The Great Recession of 2008-2009 was the worst economic downturn since the Great Depression. Unlike most other recessions in the post-war era, however, the recovery has brought back only a small fraction of the almost 9 million jobs lost in the downturn. Gary Burtless will explain the puzzling absence of an employment rebound in his talk. Why has the rebound been so slow? What can we do to speed it up?

What Is A Healthy Community?, Denise Tanata Ashby, Jennifer Pharr

Lincy Institute Reports and Briefs

The health of a community is dependent not only upon the genetics of its residents, but also upon the environment within which those individuals live. A person’s health is a product of their environment. As such, a healthy community is one in which all residents have access to a quality education, safe and healthy homes, adequate employment, transportation, physical activity, and nutrition, in addition to quality health care. Unhealthy communities lead to chronic disease, such as cancers, diabetes, and heart disease. The health of our communities is critical to the growth and development of our region. To build healthy communities …

Unify, Regionalize, Diversify: An Economic Development Agenda For Nevada, Mark Muro

Brookings Mountain West Publications

Nevada stands at a crossroads, yet it appears ready to remap its future.

Silver Staters sense that the current economic slump has not been just a temporary reversal but a challenge to the state’s traditional growth model—one that has revealed an economy over-dependent on consumption sectors, prone to booms and busts, and too little invested in innovation and economic diversification. And yet, for all that Nevadans have been early to recognize that the current slump will beget, in some places, innovation and renewal, and in other places erosion—and so requires action.

To that end, this report draws on an intense …

Beyond The Demographic Transition: The Case Of Japan, Mary Beth Horiai

UNLV Theses, Dissertations, Professional Papers, and Capstones

A combination of declining birthrates and increasing life expectancy in industrial countries has led to aging populations. In addition, more rapidly declining birth rates combined with only slowly increasing life spans has led to declining populations in some countries. These continuing demographic shifts are likely to be accompanied by economic, political and social changes. Japan is unique relative to other countries in four ways: 1) it has reached the condition of aging faster than any other industrialized country, 2) it has the highest life expectancy rate among major industrialized countries, 3) the proportion of elderly population (over 65) is the …

Booms And Busts: Russia And Its Oil, 1970 To 2011 And Beyond, Cliff Gaddy

Brookings Scholar Lecture Series

For 40 years Russia’s domestic economic and political development and its foreign policy ambitions have been driven by the varying fortunes of its oil and gas wealth. The story continues to play out today, with crucial global consequences. Russia remains the world’s largest producer of oil and gas. It holds the third largest foreign exchange reserves in the world. Understanding the role of Russia’s energy wealth is key to understanding what role the country may play in world energy security and geopolitics in the years ahead.

Mountain Monitor-4th Quarter 2010, Kenan Fikri, Jonathan Rothwell

Mountain Monitor Quarterly

The metros of the Intermountain West largely fell into two categories by the close of the fourth quarter of 2010 in December: those consolidating their gains from previous quarters on the way to recovery and those still struggling to turn around appreciably and reposition themselves for the next economy. Along those lines, three Intermountain West metros ranked in the top quintile of performers and three in the bottom at year’s end on a measure of overall performance that takes into account changes in employment levels, the unemployment rate, output (gross metropolitan product or GMP), and housing prices since the beginning …

The Silver Spark For Nevada, Walt Borland, James A. Croce, Richard Seline

Publications (E)

The SILVER Spark for Nevada: Sustainable Innovation Leading a Vital Economic Renaissance

Nevada. A State of stark contrasts, with historic booms and devastating busts experienced throughout its modern history. A State frequently forced to reinvent itself as ever-evolving circumstances have demanded. A State that has been driven to the edge time after time and, yet again and again, has managed to discover another way to prosper. A State that now finds itself in a precarious position as the “Great Recession” hit it harder than any other and has left it struggling to recover.

As you will conclude by reading The …

Economic Recovery In The Rocky Mountain West: Metro Trends And Bottom-Up Responses, Mark Muro

Brookings Scholar Lecture Series

No abstract provided.

Structurally Unbalanced: Cyclical And Structural Deficits In Arizona, Matthew Murray, Kristin Borns, Susan Clark-Johnson, Mark Muro, Jennifer Vey, Brookings Mountain West, Morrison Institute For Public Policy

Brookings Mountain West Publications

Though the Great Recession may be officially over, all is not well in Arizona. Three years after the collapse of a massive real estate “bubble,” the deepest economic downturn in memory exposed and exacerbated one of the nation’s most profound state fiscal crises, with disturbing implications for Arizona citizens and the state’s long-term economic health. This brief takes a careful look at the Grand Canyon State’s fiscal situation, examining both Arizona’s serious cyclical budget shortfall—the one resulting from a temporary collapse of revenue due to the recession—as well as the chronic, longer-term, and massive structural imbalances that have developed largely …

Structurally Unbalanced: Cyclical And Structural Deficits In California And The Intermountain West, Matthew Murray, Susan Clark-Johnson, Mark Muro, Jennifer Vey, Brookings Mountain West, Morrison Institute For Public Policy

Brookings Mountain West Publications

Though the Great Recession may be officially over, economic recovery is slow and tentative, particularly in California and much of the Intermountain West. Among other challenges, the protracted downturn in these states has exposed and aggravated a huge public-sector fiscal crisis—with disconcerting implications for citizens and states’ long-term economic health. This brief takes a careful look at the fiscal situation in Arizona, California, Colorado, and Nevada, examining both their serious cyclical budget shortfalls—those resulting from the recession and its aftermath—as well as the critical longer-term structural imbalances between revenues and expenditures that have developed in Arizona, California, and, to a …

The Housing Market 'Reset' And The Future Of American Housing Policy, Alan Mallach

Brookings Scholar Lecture Series

The foreclosure crisis and the collapse in housing prices that have engulfed much of the United States are fundamentally changing the ways in which the American housing market works, challenging many of the assumptions about the role of housing and the housing market that we have held for the past decades. In my lecture, I will discuss how and why those changes are taking place and how they vary across the United States and explore what they mean for American housing policy in the future, and how they are making us reconsider how we think about home ownership, rental housing, …

Conference Schedule, University Of Nevada, Las Vegas, Brookings Mountain West

The Political Demography and Geography of the Intermountain West Conference

The Intermountain West region, including Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah, is the new swing region in American politics. Many national observers and commentators have only a superficial understanding of the profound economic, political, and social changes that continue to reshape this region. Brookings Mountain West is pleased to offer a collection of contemporary research papers on recent demographic trends that alter this region and its politics. These studies, including a public opinion survey that explores attitudes on state and national politics, alternative energy, education, deficits, health care, immigration, and other topics illuminate the political landscape of this …

The Intermountain West Today: A Regional Survey, Ruy Teixeira, Karlyn Bowman

Brookings Mountain West Publications

What does it mean to live in the Intermountain West today? What issues are most and least important to the region’s residents? Do Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah have a collective identity or are state-level differences too great? Is there an identifiable Intermountain West personality? Today we will present the results of a unique survey that attempts to answer these questions.

Unlv / Brookings West: Intermountain West Region Regional Survey, University Of Nevada Las Vegas, Brookings Institute

Brookings Mountain West Publications

The 2010 Intermountain West Public Opinion Survey documents responses from 2,000 residents of the Intermountain West (Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah). Gerstein | Agne Strategic Communications conducted the survey from August 23 – September 1, 2010. A minimum of 250 respondents for each state are included in the results for this survey. Respondents included 1,700 landline interviews and 300 cell phone interviews. Gerstein | Agne Strategic Communications provides strategic planning, communications, project management, and research services to a wide range of non-profit organizations, Fortune 500 companies, and candidates for elected office.

The survey includes an extensive series …

Deficits And Disaster, Ron Haskins

Brookings Scholar Lecture Series

The nation’s deficit path is unsustainable. The public debt is likely to increase by $1 trillion per year until 2020, and then increase at an ever increasing rate after that. Far from helping the nation address its exploding deficit, the last two administrations and every congress since 2000 have taken actions that have intensified the problem. It is time for Americans to face the high probability that due most fundamentally to their continuing demand for high spending and low taxes, sometime in the next decade or so one or more catastrophes will strike America. This presentation will lay out the …

Envisioning Nevada’S Future: Goals & Strategies For Advancing Our Quality Of Life, Nevada Vision Stakeholder Group, Moody’S Analytics

Brookings Mountain West Publications

Nevada’s severe downturn has brought to light many of the long-term challenges facing the state. Not only is its economy subject to painful swings, but Nevada’s primary drivers— consumer services (primarily gaming, hospitality and housing) and resource extraction—will provide less support than they have in past business cycles. Less economic vitality will make it harder to offer Nevadans the quality of life they expect.

The importance of the economy to quality of life is equally clear—quality of life is a hollow promise without a healthy and supportive economy. Similarly, a proper fiscal structure—both in terms of spending and revenues—is critical …

Export West: How Mountain West Metros Can Lead National Export Growth And Boost Competitiveness, Mark Muro, Emilia Instrate, Jonathan Rothwell

Brookings Mountain West Publications

In the beginning of 2010, with U.S. output growth modest and job growth nonexistent, President Obama devoted a portion of his State of the Union Address to “fi xing the problems that are hampering our growth.” One of these problems, according to the president, was a lack of international export sales. The president linked an increase in exports to an increase in jobs, and pledged to double the nation’s exports over the next five years.2 Since then, export growth has emerged as a key tenet of numerous economic visions including those of the Metropolitan Policy Program at the Brookings Institution …