Harvard Kennedy School’s Linda Bilmes explains what happens when the gears of the federal government grind to a halt, and the dysfunction that drives these crises.

Making America's deficits great again

The new tax legislation pushed through by Donald Trump and congressional Republicans is virtually certain to raise the budget deficit and, in turn, the current-account deficit. Whatever the resemblance to the Reagan-era tax cuts of 1981-1983, it's not morning in America, Jeffrey Frankel writes.

Recent paper

From Richard Zeckhauser

America's National Parks encompass some of the country’s most iconic sights, from the Statue of Liberty to the Rocky Mountains to the giant sequoias of Yosemite. But how much are they really worth to us? If it came down to it, how much would we be willing to pay to preserve them in their current state? Senior Lecturer Linda Bilmes and a small army of Kennedy School students have made it their business to answer those questions.