Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
How Economists Could Help Inform Economic and Budget Analysis Used by the US Congress
Journal of Economic Perspectives
vol. 38,
no. 2, Spring 2024
(pp. 3–24)
(Complimentary)
Abstract
The US Congress uses economic and budgetary projections, cost estimates for proposed legislation, and other analyses provided by the Congressional Budget Office (CBO) as part of its legislative process. CBO makes assessments based on an understanding of federal programs and revenue sources, reading the relevant research literature, analysis of data, and consultation with outside experts—and often relies on economic research. This article begins with a discussion of the role of the Congressional Budget Office and then discusses how economists could conduct research that would help inform the Congress by improving the quality of the analysis and parameter estimates that CBO uses. It gives overall context and specific examples in seven areas: credit and insurance, energy and the environment, health, labor, macroeconomics, national security, and taxes and transfers.Citation
Staff of the Congressional Budget Office. 2024. "How Economists Could Help Inform Economic and Budget Analysis Used by the US Congress." Journal of Economic Perspectives 38 (2): 3–24. DOI: 10.1257/jep.38.2.3Additional Materials
JEL Classification
- A11 Role of Economics; Role of Economists; Market for Economists
- D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- H20 Taxation, Subsidies, and Revenue: General
- H50 National Government Expenditures and Related Policies: General
- H61 National Budget; Budget Systems