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  1. Regulatory Consultation in the United States [Download]

    Title: Regulatory Consultation in the United States
    Author: Dudley, Susan E.
    Description: This paper provides an overview of the U.S. regulatory process to facilitate discussion of stakeholder consultation at the joint Bertelsmann Stiftung and George Washington University Regulatory Studies Center workshop on December 1, 2010. U.S. procedures for developing regulations derive from the U.S. Constitution and the 1946 Administrative Procedure Act (APA). While more recent laws and executive orders provide for additional analytical requirements, review, and consultation, the APA has guided the regulatory process and the role for the public for almost 65 years. This paper summarizes the Constitutional framework and the APA requirements, and then reviews the stages of rulemaking and the role for public consultation at each stage.
    Keywords: Regulation , Working Paper , Public Consultation, Public Policy, Regulatory Studies
    Date Uploaded: 12/14/2017
  2. (Mis)Applications of Behavioral Economics to Regulation: The Importance of Public Choice Architecture [Download]

    Title: (Mis)Applications of Behavioral Economics to Regulation: The Importance of Public Choice Architecture
    Author: Smith, Adam C.
    Description: In this paper, I evaluate the recent promotion of libertarian paternalism as a viable means of coordinating market activities. In doing so, I challenge the notion that “anti-antipaternalism” logically follows from the findings in behavioral economics. For behavioral economic policy to be effective, advocates must show how policy will be rendered effectively through public institutions. I argue that the central dilemma of the field of behavioral law and economics is that it lacks analysis of the public choice architecture within which the improvement of private choice architecture would take place. Without an accompanying theory of the public institutions by which behavioral economic policy will be implemented, the promotion of these types of policy prescriptions is premature.
    Keywords: Regulation , Working Paper, Public Policy, Regulatory Studies, Behavioral Economics
    Date Uploaded: 12/14/2017
  3. Regulation, Jobs, and Economic Growth: An Empirical Analysis [Download]

    Title: Regulation, Jobs, and Economic Growth: An Empirical Analysis
    Author: Sinclair, Tara M.
    Description: Claims about government regulation and its detrimental effects on job creation and economic growth are currently receiving substantial attention in the public sphere. Yet, conclusive evidence demonstrating this link between regulatory activity and macroeconomic indicators remains elusive. This paper seeks to empirically examine these linkages, using the onbudget costs of regulation over time as a proxy for federal regulatory activity. Our analysis finds that the macroeconomic effects of regulatory agency budgets as a whole as well as of subcategories of regulatory spending are indistinguishable from no effect based on the data and statistical methods available. This finding is generally robust throughout our sensitivity analysis. We explore possible explanations for this finding, as well as why our results differ from other studies on the same subject. This report highlights throughout the numerous challenges associated with both accurately measuring regulatory activity and obtaining valid estimates of its effects on the macroeconomy. It also offers recommendations moving forward on how to keep the public conversation about regulation constructive and evidence-based.
    Keywords: Regulation , Working Paper, Public Interest, Public Policy, Regulatory Studies, Job Growth, Economic Growth
    Date Uploaded: 12/14/2017
  4. Improving Causal Inferences in Risk Analysis [Download]

    Title: Improving Causal Inferences in Risk Analysis
    Author: Cox, Tony
    Description: Recent headlines and scientific articles projecting significant human health benefits from changes in exposures too often depend on unvalidated subjective expert judgments and modeling assumptions, especially about the causal interpretation of statistical associations. Some of these assessments are demonstrably biased toward false positives and inflated effects estimates. More objective, data-driven methods of causal analysis are available to risk analysts. These can help to reduce bias and increase the credibility and realism of health effects risk assessments and causal claims.
    Keywords: Regulation , Working Paper, Risk Analysis, Public Policy, Regulatory Studies, Causal Inferences
    Date Uploaded: 12/14/2017
  5. Bank Disclosure and Incentives [Download]

    Title: Bank Disclosure and Incentives
    Author: Ray, Korok
    Description: In this working paper, Korok Ray proposes a microeconomic model of a bank that acts as a financial intermediary engaging in maturity transformation, borrowing short-term debt from a market of investors to fund a long term loan to a firm. The bank installs a manager who exerts costly effort to reduce the credit risk of the loan portfolio. Disclosing this credit risk to the market increases the manager’s incentives for risk management. The market rewards the manager’s early efforts to manage risk with a lower future cost of debt. When paid on bank equity, the manager is induced to better manage risk. Disclosure therefore helps resolve the moral hazard problem inside banks.
    Keywords: Regulation , Working Paper, Public Interest, Public Policy, Regulatory Studies, Banking
    Date Uploaded: 12/14/2017
  6. Improving Regulatory Accountability: Lessons from the Past and Prospects for the Future [Download]

    Title: Improving Regulatory Accountability: Lessons from the Past and Prospects for the Future
    Author: Dudley, Susan E.
    Description: This article examines efforts by the three branches of federal government to oversee regulatory policy and procedures. It begins with a review of efforts over the last century to establish appropriate checks and balances on regulations issued by the executive branch, and then evaluates current regulatory reforms that would hold the executive branch, the legislative branch, and the judicial branch more accountable for regulations and their outcomes.
    Keywords: Regulation , Working Paper, Public Interest, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  7. Regulatory Science and Policy: A Case Study of the National Ambient Air Quality Standards [Download]

    Title: Regulatory Science and Policy: A Case Study of the National Ambient Air Quality Standards
    Author: Dudley, Susan E.
    Description: When it comes to environmental regulation, no one is immune to the temptation to put a spin on science to advance a policy goal. While the media will decry the politicization of science – when political decision-makers attempt to distort what scientific studies conclude, problems also arise when scientists and others attempt to exert influence on policy decisions by selectively presenting, or even distorting, scientific findings (scientization of policy). This paper focuses on the scientization of policy, and defines and examines two contributors: the “positive-normative fallacy” (not acknowledging that science alone is insufficient to resolve normative policy questions) and “hidden policy judgments” (not acknowledging the policy judgments inherent in assessments of risk). It examines the process by which the Environmental Protection Agency sets National Ambient Air Quality Standards (NAAQS) under the Clean Air Act to illustrate some of the perverse incentives involved in developing regulations, and offers possible mechanisms to improve those incentives and resulting policy.
    Keywords: Regulation , Working Paper, Environmental Policy, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  8. Regulatory Reforms to Enhance Competition: Recommendations for Implementing Executive Order 13725 [Download]

    Title: Regulatory Reforms to Enhance Competition: Recommendations for Implementing Executive Order 13725
    Author: Miller, Sofie E.
    Description: Since the formation of the U.S. federal regulatory system, regulations have had a significant influence on marketplace competition. Regulations often seek to improve competition by restraining monopolies; others tend to reduce competition by establishing one-size-fits-all standards for consumer products or acting as nontariff barriers limiting competition from foreign trade partners. Recognizing the importance of this relationship, on April 15th President Barack Obama signed an Executive Order instructing federal agencies to identify and address barriers to competition. This Executive Order provides agencies with a valuable opportunity to reevaluate existing rules that create barriers to competition.
    Keywords: Regulation , Working Paper, Politics, Public Policy, Regulatory Policy
    Date Uploaded: 12/12/2017
  9. How Declining Budgets at U.S. Regulatory Agencies Could Improve Performance [Download]

    Title: How Declining Budgets at U.S. Regulatory Agencies Could Improve Performance
    Author: Peacock, Marcus
    Description: Although spending on U.S. regulatory programs has doubled in the last 20 years, that trend is unlikely to last. How these programs manage budget cuts will determine whether downsizing harms or helps regulatory performance. Leaders of regulatory agencies must avoid satisfying tighter budgets with temporary “mindless austerity” measures that anger workers. Instead managers should use scarcity to find, with workers, “frugal innovations” that can significantly and permanently improve program value.
    Keywords: Regulation , Working Paper, Economic Analysis, Politics, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/05/2017
  10. Congressional Review Act Fact Sheet [Download]

    Title: Congressional Review Act Fact Sheet
    Author: Pérez, Daniel R.
    Description: Congress enacted the Congressional Review Act (CRA) on March 29, 1996 as part of the Small Business Regulatory Enforcement Fairness Act (SBREFA) in an effort to increase its oversight of federal agency rulemaking. The CRA includes several parliamentary mechanisms, explained below, that enable Congress to disapprove a final rule issued by a federal agency.
    Keywords: Regulation , Working Paper, Politics, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/05/2017