Par Sylvie Vacheret, Specialiste Economie des Etats-Unis - Extraits 






Antonella Tutino 

Consumers Respond More to Negative News than Positive Info

Federal Reserve Bank of Dallas - Economic Letter – May 2018 – 4 pages


“Consumers, forced to navigate a constant stream of economic information, are often challenged to sort through details and respond to new material… Experiments suggest that people react more forcefully to negative income shocks than to positive ones. Size also matters: Reaction to small shocks is slower relative to the response to big shocks.”


Gizem Kosar, Wilbert van der Klaauw, Olivier Armantier, and John Conlon

Mixed Impacts of the Federal Tax Reform on Consumer Expectations

Federal Reserve Bank of New York - Liberty Street Economics – May 23, 208



“Our bloggers examine whether the Tax Cuts and Jobs Act of 2017 shifted individuals’ expectations about their financial situation and the macroeconomic outlook. Using novel data from a special module of the New York Fed’s Survey of Consumer Expectations, they also show that households have already started to adjust their behavior in line with their expectations.”




Chad Stone, Danilo Trisi, Arloc Sherman, and Roderick Taylor

A Guide to Statistics on Historical Trends in Income Inequality

Center on Budget and Policy Priorities – Report - updated May 15, 2018 – 23 pages


“This guide consists of four sections.  The first describes the commonly used sources and statistics on income and discusses their relative strengths and limitations in understanding trends in income and inequality.  The second provides an overview of the trends revealed in those key data sources.  The third and fourth sections supply additional information on wealth, which complements the income data as a measure of how the most well-off Americans are doing, and poverty, which measures how the least well-off Americans are doing.”



An Overview of Homelessness in America

House Committee on Financial Services – Hearing - May 17, 2018 


“The Housing and Insurance Subcommittee will examine the state of homelessness in America, including current efforts to combat homelessness as well as any innovative solutions that Congress should consider to eradicate homelessness.”




Grant A. Driessen

The Federal Budget: Overview and Issues for FY2019 and Beyond

Congressional Research Service – Report - May 21, 2018 – 28 pages


“Trends resulting from current federal fiscal policies are generally thought by economists to be unsustainable in the long term. Projections suggest that achieving a sustainable long-term trajectory for the federal budget would require deficit reduction. Reductions in deficits could be accomplished through revenue increases, spending reductions, or some combination of the two.”


Benjamin H. Harris and Adam Looney 

The Tax Cuts and Jobs Act Was A Missed Opportunity to Establish A Sustainable Tax Code

Brookings – Paper – May 24, 2018 - 29 pages


“The Tax Cuts and Jobs Act of 2017 (TCJA) leaves many promises of tax reform unfulfilled. The bill’s cost sets revenues far below projected spending levels, and puts deficits and debt on an unsustainable trajectory. Many provisions are temporary and expire, require clarification in regulation, or may not survive court challenges from our trading partners—creating uncertainty for individuals and businesses and punting hard choices to future policymakers. While the bill provides temporary economic stimulus, it delivers only a meager boost to long-term economic growth, and even less for Americans’ future living standards. And it fails to achieve other goals of tax reform by making the tax system more complicated and more difficult to administer, while creating new opportunities for avoidance or noncompliance.”


Jason DeBacker, Roy Kasher

Effective Tax Rates on Business Investment Under the Tax Cuts and Jobs Act

AEI Economic Perspectives – May 22, 2018 – 7 pages


“An important objective of Public Law 115-97, commonly called the Tax Cuts and Jobs Act, was a reduction in the tax burden on investment. We compute marginal effective tax rates under 2017 law and under the Tax Cuts and Jobs Act and find significantly lower marginal effective tax rates under the new law. In addition, the Tax Cuts and Jobs Act narrows disparities in the tax treatment of investment across asset types, organizational form, and type of financing. Finally, we find that the act sharply reduced effective average tax rates as well as marginal effective tax rates.”


Tax Reform and Small Businesses: Growing Our Economy and Creating Jobs

House Ways and Means Committee - Hearing - May 16 & 23, 2018



Witness List:

Larry Gray, Owner, Alfermann Gray & Co. CPAs, LLC

Michael Baach, President and Chief Executive Officer, Philpott Solutions Group

John Horne, Owner and President, Anna Maria Oyster Bars

Philip Homan, President and Chief Executive Officer, LORAM Maintenance of Way, Inc.

John Arensmeyer, Founder and Chief Executive Officer, Small Business Majority…..


Aparna Mathur and Kartikeya Singh

The Impact of Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income

AEI Economics Working Paper Series – May 2018 – 33 pages


This paper analyzes the impact of two new international tax provisions, global intangible low-taxed income and foreign-derived intangible income, passed under the Tax Cuts and Jobs Act, on US multinational corporations’ location of new capital. We analyze whether these rules help retain internationally mobile rents within the US tax base and the associated economic activity within the United States. Our analysis suggests that for a wide range of investment profiles (characterized in terms of scale and expected above-normal returns) for intangible capital, a US multinational company can do better by locating a new investment in the United States. 


Jane G. Gravelle, Donald J. Marples

Issues in International Corporate Taxation: The 2017 Revision (P.L. 115-97)

Congressional Research Service – Report - May 1, 2018 – 45 pages


“One of the major motivations for the 2017 tax revision (P.L. 115-97) was concern about the international tax system. Issues associated with these rules involved the allocation of investment between the United States and other countries, the loss of revenue due to the artificial shifting of profit out of the United States by multinational firms (both U.S. and foreign), the penalties for repatriating income earned by foreign subsidiaries that led to the accumulation of deferred earnings abroad, and inversions (U.S. firms shifting their headquarters to other countries for tax reasons). In addition to lowering the corporate tax rate from 35% to 21% and providing some other benefits for domestic investment (such as temporary expensing of equipment), the 2017 tax bill also substantially changed the international tax regime.”




John C. Williams

The Future Fortunes of R-star: Are They Really Rising?

FRB San Francisco - Economic Letter - May 21, 2018 – 6 pages


“In the current economic environment, it’s important to distinguish between the strong economic conditions and the key longer-run drivers underpinning interest rates. Three factors—demographics, productivity growth, and the demand for safe assets—all point to the natural rate of interest, known as r-star, remaining low for quite some time. The following is adapted from a speech by the president and CEO of the Federal Reserve Bank of San Francisco to the Economic Club of Minnesota in Minneapolis on May 15.”


Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak, and Patrick Shultz

How Futures Trading Changed Bitcoin Prices

FRB San Francisco - Economic Letter - May 7, 2018 – 5 pages


“From Bitcoin’s inception in 2009 through mid-2017, its price remained under $4,000. In the second half of 2017, it climbed dramatically to nearly $20,000, but descended rapidly starting in mid-December. The peak price coincided with the introduction of bitcoin futures trading on the Chicago Mercantile Exchange. The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence. Rather, it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”


Vivien Lee and David Wessel

Digital Currencies: Five Big Implications for Central Banks

Brookings – Up Front - May 21, 2018


“The widely noted rise of bitcoin and other digital currencies could have profound impacts on financial systems and on the practices of the central banks.  Will paper currency finally become obsolete? Will bitcoin and its siblings replace the dollar or the euro or the yen? Should central banks issue their own e-currencies? What opportunities do digital currencies present? What risks?”




Linda S. Goldberg and April Meehl

Have the Biggest U.S. Banks Become Less Complex?

FRB New York - Liberty Street Economics 


“Although the organizational, business, and geographic complexity of the largest U.S. bank holding companies (BHCs) has declined somewhat since the global financial crisis, these institutions remain highly complex. Our bloggers’ findings underscore the importance of regulatory frameworks that continue to focus on limiting the risk of failure of these BHCs and on improving resolution mechanisms for dealing with these institutions in the event of failure.”


Cybersecurity: Risks to the Financial Services Industry and Its Preparedness

Senate Committee on Banking, Housing, and Urban Affairs - Hearing – May 24, 2018


“The witnesses will be Mr. Bill Nelson, President and CEO, FS-ISAC; Mr. J. Michael Daniel, President and CEO, Cyber Threat Alliance; Mr. Phil Venables, Managing Director and Head of Operational Risk Management and Analysis, Goldman Sachs; Mr. Carl A Kessler III, Senior Vice President and Chief Information Officer, First Mutual Holding Company; and Mr. Bob Sydow, Principal, Americas Cyber Leader, Ernst & Young LLP.”




Ten Years of Conservatorship:  The Status of the Housing Finance System.”  

Senate Committee on Banking, Housing, and Urban Affairs - Hearing – May 23, 2018


“We have not forgotten about housing finance reform, which remains one of my top priorities as Chairman.  Fannie Mae and Freddie Mac have now been in conservatorship for close to ten years. You appeared before this Committee a year ago, and we talked about the importance of finding a permanent solution for our housing finance system.” 

The witness will be: The Honorable Melvin L. Watt, Director, Federal Housing Finance Agency.




The State of Small Business in America: An Update from the U.S. Small Business Administration

Senate Small Business Committee – Heating - May 15, 2018


Witness: Linda E. McMahon, Administrator, U.S. Small Business Administration



2017 Small Business Credit Survey: Report on Employer Firms

Fed Small Business – Report – May 2018


“The twelve Federal Reserve Banks issued the 2017 Small Business Credit Survey: Report on Employer Firms, which examines the results of an annual survey of small business owners nationwide. The report focuses on small employer firms, businesses that have between 1–499 full- or part-time employees. It builds on the Reserve Banks’ new website FedSmallBusiness.org, which serves as a hub for small business research, analysis, and thought leadership.”


How NAFTA Affects US Retail

A.T. Kearney – Report – May 2018 – 15 pages


What happens when the North American Free Trade Agreement (NAFTA) is renegotiated? A.T. Kearney, in partnership with the Food Marketing Institute, the National Retail Federation, and the Retail Industry Leaders Association, looks at the answers for US retailers and consumers. “Thanks to NAFTA, $182 billion-worth of products crosses the borders between Canada, the United States, and Mexico. Losing NAFTA would have a huge impact on retailers. If reinstated, tariffs would cost consumers $5.3 billion annually, and retailers’ bottom lines would drop by $15.8 billion each year.”




Robert Atkinson

Shaping Structural Change in an Era of New Technology

Essay for Policy Network – Essay - April 25, 2018


“An idea has spread that we are in a technology-driven 4th industrial revolution, more transformative than any change in human history, and that it will lead to massive job losses and unemployment. But the “4th industrialists” are wrong. This next wave of innovation will be modest, but progressive, particularly by enabling an uptick in productivity that, with the right policies, will lift incomes for workers around the world. It’s time to deflate the growing techno-panic before policymakers adopt progress-killing ideas like taxing robots and implementing universal basic income.”


Darrell M. West

Brookings Survey Finds Worries Over AI Impact on Jobs and Personal Privacy, Concern U.S. Will Fall Behind China

Brookings Tech Tank - May 21, 2018


“To examine attitudes towards AI, researchers at the Brookings Institution undertook an online national survey of 1,535 adult Internet users between May 9 and May 11, 2018.”




Juliet Schor

The Platform Economy

Essay for Policy Network – Essay - May 17, 2018


“What exactly is this sector? Broadly, it represents a set of platforms that use algorithms to match buyers and sellers in a range of goods and labour services. There are both consumer and business-oriented platforms. Amazon’s Mechanical Turk and Upwork are examples of the latter. This paper is concerned with the consumer-facing firms – in areas such as lodging, errands and tasks, durable goods rental and transportation.”


Lawrence Mishel

How Much Do Uber Drivers Actually Get Paid?

Economic Policy Institute – Report – May 15, 2018 – 29 pages


“Lawrence Mishel analyzes Uber driver compensation and looks at the scale of Uber relative to the overall economy to get a sense of how important the “gig economy” really is. Mishel estimates that, after accounting for Uber’s commissions and fees, vehicle expenses, and a modest benefits package, Uber drivers earn the equivalent of $9.21 in hourly wages. He also finds that, after accounting for the fact that most Uber drivers drive part time and for only part of the year, Uber drivers add up to just 90,521 full-time, full-year equivalent workers, or 0.07 percent of overall national full-time, full-year equivalent employment. Given that Uber is roughly two-thirds of the gig economy, this means that gig work accounts for 0.1 percent of national employment.” 




Angele A. Gilroy

The Net Neutrality Debate: Access to Broadband Networks

Congressional Research Service – Report - May 11, 2018 – 28 pages


“As congressional policymakers continue to debate telecommunications reform, a major discussion point revolves around what approach should be taken to ensure unfettered access to the internet. The move to place restrictions on the owners of the networks that compose and provide access to the internet, to ensure equal access and nondiscriminatory treatment, is referred to as “net neutrality.” While there is no single accepted definition of “net neutrality, «most agree that any such definition should include the general principles that owners of the networks that compose and provide access to the internet should not control how consumers lawfully use that network, and they should not be able to discriminate against content provider access to that network.”


Internet of Things Legislation

House Subcommittee on Digital Commerce and Consumer Protection – Hearing – May 22, 2018


“The following issues may be examined at the hearing:

•What Federal agencies are currently doing, including with respect to regulations, policy recommendations and community engagement, on IoT issues. 

•What efforts can be taken to promote interagency collaboration to ensure Federal agencies are not inconsistent or duplicative on IoT-related issues. 

•What regulatory barriers exist to the continued development of IoT devices and how the Federal government can promote IoT adoption. 

•What IoT applications currently exist and how future IoT integration will help create jobs and improve individuals’ lives.”



Cambridge Analytica and the Future of Data Privacy

Senate Committee on the Judiciary – Hearing – May 16, 2018


“Our tech companies have access to some of our most sensitive data. Are these companies doing 

enough to properly disclose their data polices and protect user date? Many of the services offered by these tech companies provide huge benefits to consumers at little to no cost. Are consumers blissfully unaware or are they making informed choices with respect to how their data is collected and used? In 2015, the U.S. consumer technology sector directly provided 4.7 million jobs and generated $1.9 trillion in output, $435 billion in labor income, and $192 billion in tax payments. How do we ensure the proper amount of regulation to protect consumers without damaging an industry that has been vital to our economy?”




Adie Tomer 

Can People Afford American Infrastructure?

Brookings – The Avenue - May 9, 2018


“Research shows that the poorest 20 percent of Americans spend nearly 60 percent of their income on essential living expenses like electricity and water, highlighting a critical need for policymakers to address inclusive, affordable infrastructure.”


Ranjitha Shivaram and Adie Tomer

Do Our Infrastructure Systems Put People at Risk?

Brookings – The Avenue - May 10, 2018


“Rather than structural engineering, risk is heightened through the way the country plans and designs infrastructure systems. In some cases, it’s design features or regulations that minimize perceptions of potential harm. In others, people may recognize risk factors but may not be able to afford or have access to safer alternatives. Yet in all these cases, the infrastructure and services available leave communities susceptible to continued physical dangers and economic costs.”


Bill Canis

Issues in Autonomous Vehicle Deployment

Congressional Research Service – Report - May 17, 2018 – 20 pages


“The federal government and the states share motor vehicle regulation, with the federal government responsible for vehicle safety and states for driver-related aspects such as licensing and registration.”


The Impact of Autonomous Vehicles on the Future of Insurance

House Committee on Financial Services – Hearing - May 23, 2018 


The Housing and Insurance Subcommittee will examine the development of the autonomous vehicle and its effect on insurance.  Witnesses will discuss how insurance companies assess the evolving technologies of auto manufacturers  and  technology companies  and  thus  how  the  role,  price  and  provision  of insurance  might  change  as autonomous  vehicles  become  more prevalent.”




Rachel F. Fefer, Shayerah Ilias Akhtar, Wayne M. Morrison

Digital Trade and U.S. Trade Policy

Congressional Research Service – Report - May 11, 2018 – 41 pages


“Growing faster than international trade or financial flows, the volume of global data flows grew 45-foldfrom 2005 to 2014. Congress has an important role to play in shaping global digital trade policy, from oversight of agencies charged with regulating cross-border data flows to shaping and considering legislation implementing new trade rules and disciplines through trade negotiations. Congress also works with the executive branch to identify the right balance between digital trade and other policy objectives, including privacy and national security.”


Mary E. Lovely and Yang Liang

Trump Tariffs Primarily Hit Multinational Supply Chains, Harm US Technology Competitiveness

Peterson Institute – Policy Brief – May 2018 – 10 pages


“The Trump administration's Section 301 tariffs are an ineffective response to US concerns about China's high-technology aspirations. These tariffs disadvantage American producers and harm US allies operating in East Asia while failing to penalize Chinese domestic firms that may have misappropriated US and other advanced economies' technologies.”


Modernizing Development Finance

Senate Committee on Foreign Relations – Hearing - May 10, 2018



Ray Washburne, President and CEO, Overseas Private Investment Corporation 

Daniel Runde, William A. Schreyer Chair and Director, Project on Prosperity and Development, Center for Strategic and International Studies

George Ingram, Senior Fellow, Global Economy and Development, Brookings Institution


A Multilateral and Strategic Response to International Predatory Economic Practices

Senate Committee on Foreign Relations – Hearing - May 9, 2018



Matthew Goodman, Simon Chair in Political Economy, Center for Strategic and International Studies

Michael Wessel, Commissioner, United States-China Economic and Security Commission

Kimberly Glas, Executive Director, The BlueGreen Alliance

Robert Atkinson, President, Information Technology and Innovation Foundation




Thilo Hanemann, Daniel H. Rosen and Cassie Gao

Two-Way Street: US-China Direct Investment Trends - 2018 Update

Rhodium Group and National Committee on US-China Relations – Report - April 2018 – 44 pages


“There is no question that, where appropriate, policy makers in the United States should consider national security when evaluating potential investments. Still, it is critically important that the United States remains an open market for investment. Over 150,000 American jobs are now supported by Chinese investment. By the same token, it is in China’s interest to encourage investment abroad and further open its borders, and to create a policy environment that makes this possible.  To date, even as hundreds of thousands Chinese receive paychecks from U.S. companies, numerous sectors in China remain closed or restricted to foreign investment.”


Martin Chorzempa 

How China Leapfrogged Ahead of the United States in the Fintech Race

Peterson Institute – Blog - April 26, 2018 


“While Americans remain wedded to plastic for cashless transactions, a large majority of Chinese feel confident using their mobile phones to make payments. The success of financial technology innovations in China ironically stems in part from a lack of credit cards that spurred growing Chinese Internet firms to develop their own online payment systems in the early 2000s.”


Owen E. Herrnstadt

Eliminating the Forced Transfer of Technology and Production to China Is Critical

Economic Policy Institute – Blog - Posted April 24, 2018


“The Trump administration’s report on 301 and its initial announcement concerning proposed tariffs on certain Chinese aerospace products is a start. But, in order for these actions to be effective, they must also be combined with a comprehensive strategy that includes multilateral efforts to stop China from pitting one country’s aerospace industry against another’s. If this multilateral action is not achieved, China will continue to keep forcing western aerospace companies to transfer technology and production to them.”




The 2018 U.S. Energy and Employment Report

National Association of State Energy Officials – Report – May 2018 – 100 pages


“The 2018 U.S. Energy and Employment Report (USEER) finds that the Traditional Energy and Energy Efficiency sectors today employ approximately 6.5 million Americans. These sectors increased in 2017 by about 2 percent, adding 133,000 net new jobs, roughly 7% of all those created in the country. The USEER analyzes four sectors of the U.S. economy. The first two of those sectors make up the Traditional Energy sector: • Electric Power Generation and Fuels Production; • Transmission, Distribution and Storage; • Energy Efficiency; • Motor Vehicles.”


Geopolitics of U.S. Oil and Gas Competitiveness

House Committee on Foreign Affairs – Hearing – May 22, 2018


“This hearing will examine the global implications of increased U.S. oil and gas competitiveness and how it could be utilized to strengthen American foreign policy.”


Michael Fosco and Thomas Klitgaard

Recycling Oil Revenue

FRB New York – Liberty Street Economics - May 14, 2018


“Almost half the U.S. merchandise trade deficit was tied to petroleum ten years ago. Oil prices were above $100 a barrel, the economy was doing well enough that oil consumption was growing despite high oil prices, and domestic oil production was falling. The U.S. petroleum trade balance has since narrowed substantially from $400 billion in 2008 to under $65 billion in 2017 as a result of lower oil prices, higher domestic production, and a prolonged period of flat-to-falling petroleum consumption. Going forward, the changes in domestic production and consumption have significantly moderated the impact of oil prices on the petroleum trade deficit. That is, changes in oil prices are increasingly redirecting income between domestic consumers and producers rather than between U.S. consumers and foreign oil producers.”


Mark Holt

Civilian Nuclear Waste Disposal

Congressional Research Service – Report - May 9, 2018 – 47 pages


“Management of civilian radioactive waste has posed difficult issues for Congress since the beginning of the nuclear power industry in the 1950s. Federal policy is based on the premise that nuclear waste can be disposed of safely, but proposed storage and disposal facilities have frequently been challenged on safety, health, and environmental grounds. Although civilian radioactive waste encompasses a wide range of materials, most of the current debate focuses on highly radioactive spent fuel from nuclear power plants. The United States currently has no disposal facility for spent nuclear fuel.”


Examining the State of Electric Transmission Infrastructure: Investment, Planning, Construction, and Alternatives

House Subcommittee on Energy – Hearing - May 10, 2018


This hearing will review the activities of he electric transmission sector, including challenges associated with the planning and construction of new transmission lines, the effect of existing federal laws and regulations, and the consideration of non-transmission alternatives and technologies.”