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@techreport{NBERw19177,
 title = "The Policy Elasticity",
 author = "Hendren, Nathaniel",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "19177",
 year = "2013",
 month = "June",
 doi = {10.3386/w19177},
 URL = "http://www.nber.org/papers/w19177",
 abstract = {This paper illustrates how one can use causal effects of a policy change to measure its welfare impact without decomposing them into income and substitution effects. Often, a single causal effect suffices: the impact on government revenue. Because these responses vary with the policy in question, I term them policy elasticities, to distinguish them from Hicksian and Marshallian elasticities. The model also formally justifies a simple benefit-cost ratio for non-budget neutral policies. Using existing causal estimates, I apply the framework to five policy changes: top income tax rate, EITC generosity, food stamps, job training, and housing vouchers.},
}