Associate Director, Trachtenberg School of Public Policy and Public Administration / Professor of Economics, Public Policy and Public Administration, and International Affairs
|Address:||Media and Public Affairs Building
805 21st St. NW
Washington, DC, 20052
Areas of Expertise
Economics and public policy
Tax and fiscal analysis
Economics of nonprofit organizations
Professor Cordes is Director of the School of Public Policy and Public Administration and Professor of Economics, Public Policy and Public Administration, and International Affairs. He received his Ph.D. in economics from the University of Wisconsin, Madison in 1977, and joined The George Washington University faculty in 1975. His academic specialization in economics is in the area of public economics and policy analysis.
Dr. Cordes was a Brookings Economic Policy fellow in the Office of Tax Policy in the U.S. Department of the Treasury in 1980-81, and served as a senior economist on the Treasury's Tax Reform project in 1984. From 1989 to 1991 he was Deputy Assistant Director for Tax Analysis at the Congressional Budget Office. He was a Visiting Fellow at the Urban Institute in 1998-1999, and is currently an Associate Scholar in the Center on Nonprofits and Philanthropy at the Urban Institute. He also serves on the Research Advisory Council of the National Consortium on Nonprofit Enterprise. He has been a consultant to the Washington, DC Tax Revision Commission, the RAND Corporation, and numerous government agencies including the Congressional Budget Office, Internal Revenue Service Office of Research, the U.S. Treasury Department, National Institute of Standards and Technology, and the National Research Council.
Prof. Cordes is the co-editor of Nonprofits and Business (Urban Institute Press), and Encyclopedia of Taxation and Policy, (Urban Institute Press, 2nd edition 2005), and Democracy, Social Values and Public Policy (Greenwood-Praeger, 1998). He has authored or co-authored over 40 articles in scholarly journals such as American Economic Review, Journal of Policy Analysis and Management, Policy Studies Review, National Tax Journal, Journal of Public Economics, Journal of Law and Economics, Journal of Urban Economics, Journal of Finance, Journal of Real Estate Finance and Economics, and Nonprofit and Voluntary Sector Quarterly. He has also contributed over 20 chapters to books and edited volumes. He is presently engaged in co-editing a volume on the causes and policy implications of increasing convergence between nonprofit organizations and for-profit businesses, and a volume comparing the evolution and challenges facing welfare state institutions in Europe and the United States.
Prof. Cordes is a member of the Policy Council of the Association of Public Policy Analysis and Management, and also serves as a member of the editorial board of the Eastern Economic Journal and The International Review of Public Administration, and referees for numerous academic journals. His current research focuses on the economics of nonprofit organizations, comparative analysis of welfare state institutions, U.S. tax policy, and the application of benefit cost analysis to evaluating the economic effects of public policies intended to mitigate risks natural hazards and terrorist attacks.
PhD, Economics, University of Wisconsin, Madison
MS, Economics, University of Wisconsin, Madison
BA, Economics, Stanford University
Nonprofits and Business (co-editor with C. Eugene Steuerle), Urban Institute Press (in press).
Democracy, Social Values and Public Policy (co-editor with Milton Carrow and Paul Churchill), Greenwood-Praeger, 1998.
Encyclopedia of Taxation (co-editor with Robert Ebel and Jane Gravelle), Urban Institute Press, for the National Tax Association, (2nd Edition), 2005.
"Government Behavior in Response to Compensation Requirements," Journal of Public Economics, February 1979, (with B.A. Weisbrod).
"An Economic Analysis of the Impact of a Trade Regulation Rule on the Cost and Availability of Consumer Credit," Journal of Consumer Credit Management, Feb. 1979, (with C.M. Aho, J.R. Barth, and A.M. Yezer).
"Compensation Through Relocation Assistance," Land Economics, November 1979.
"Optimal Disclosure With and Without SEC Regulation, "Quarterly Review of Economics and Business, Spring 1980, (with J.R. Barth).
"Substitutability, Complementarity, and the Impact of Government Spending on Economic Activity," Journal of Economics and Business, Spring 1980, (with J.R. Barth).
"The Efficient Markets Model and the Capital Asset Pricing Model: An Interpretive Essay," Revista Internazionale di Scienze Economiche E Commerciali, November 1980,(with J.R.Barth).
"The Relative Efficiency of Taxes and Standards," Public Finance, No. 3, 1980.
"Tax Policy Toward Distressed Firms," Proceedings of the National Tax Association-National Tax Institute of America, 1980.
"Nontraditional Criteria for Investing Pension Assets: An Economic Appraisal," The Journal of Labor Research, (with J.R. Barth), Fall 1981.
"Redlining in Housing Markets: Mortgages and Minorities in the U.S.,"The Journal of Social and Political Studies, (with J.R. Barth and A.M. Yezer), 1981.
"Estimating the Tax Value of Incremental Deductions and Rate Reductions,"Proceedings of the American Statistical Association, 1981, (with S.M. Sheffrin).
"The Tax Advantage to Debt Finance," Proceedings of the National Tax Association-National Tax Institute of America, 1981, (with S.M. Sheffrin).
"Taxation and the Sectoral Allocation of Capital in the U.S.,"National Tax Journal, December 1981, (with S.M. Sheffrin).
"Supply-Side Economics: Political Claims Vs. Economic Reality," West Georgia College Studies in the Social Sciences, June 1982, (with J.R. Barth).
"Alternate Rationales for Severance Pay Compensation Under Airline Deregulation," Public Choice, Spring 1983, (with R.S. Goldfarb).
"Estimating the Tax Advantage of Debt Finance," Journal of Finance, March 1983, (with S.M. Sheffrin).
"FHA Mortgage Insurance and High Risk Mortgage Lending: Some Lessons for Policy," Housing Finance Review, April 1983, (with J.R. Barth and A.M. Yezer).
"An Analysis of Information Restrictions on the Lending Decisions of Financial Institutions," Economic Inquiry, September 1983 (with J.R. Barth and A.M. Yezer).
"When Government Programs Create Inequities: A Guide to Compensation Policies," Journal of Policy Analysis and Management, 1985 (with B.A. Weisbrod).
"Tax Shelter Activity: Lessons from Twenty Years of Evidence," National Tax Journal, Sept. 1985 (with Harvey Galper).
"The Relative Efficiency of Private and Public Transfers," Public Choice, 1986 (with R.S. Goldfarb and H.S. Watson).
"The Benefits and Costs of Legal Restrictions on Personal Loan Markets" Journal of Law and Economics, Oct.1986, (with J. R. Barth and A. M. Yezer).
"Employee Characteristics and Firm Size: Are There Systematic Empirical Relationships?" Applied Economics, May 1987 (with J. R. Barth and S. Haber).
"The Effects of Tax Reform on High Technology Firms," National Tax Journal, Sept. 1987 (with H. S. Watson and J. S. Hauger).
"The Effects of Tax Reform on Budget Tax, and Social Policymaking," Proceedings of the 80th Annual Conference of the National Tax Association-Tax Institute of America, 1988 (with C. Eugene Steuerle).
"Tax Incentives and R&D Spending: A Review of the Evidence,"Research Policy, 1989.
"Resolving the Thrift Industry Crisis: A Public Finance Perspective," National Tax Journal, 1989, (with Martin Sullivan).
"Raising Revenue by Taxing Activities with Social Costs," National Tax Journal, September 1990, (with Eric Nicholson and Frank Sammartino).
"IRAs and National Saving," National Tax Journal, September 1990 (with Len Burman and Larry Ozanne).
"Socioeconomic Perspectives on Household Saving Behavior," Journal of Behavioral Economics, (now Journal of Socio-Economics) Winter 1990.
"Consumption vs. Income Taxes: What are the Comparative Advantages?" Proceedings of the 83rd Annual Conference of the National Tax Association--Tax Institute of America, 1990 (with Jon Hakken and Rosemarie Nielsen).
"Cutting Capital Gains Taxes," Journal of Economic Perspectives, Winter 1991 (with Gerald Auten).
"Academic Rhetoric in the Policy Arena: The Case of Capital Gains Taxation," Eastern Economic Journal, Dec. 1993.
"State-Level Welfare Spending in a Pressure Group Model of Income Redistribution," 1995 Proceedings of the National Tax Association.
“The Value of Public Art as Public Culture,” (with Robert Goldfarb), in Arjo Klamer, ed. The Value of Culture: On the Relationship Between Economics and Arts, Amsterdam University Press, 1996.
"Federal Tax Incentives and Financing for the Reusable Launch Vehicle" (with H. Hertzfeld), Space Policy, 1998.
"Reconciling Normative and Positive Theories of Government," American Economic Review, May 1998.
"In Harms Way: Effects of Coastal Shore Protection Projects on Induced Economic Development," (with A. Yezer), Land Economics, March 1998.
"Differential Taxation of the Nonprofit Sector and the Commercialization of Nonprofit Revenues," (with Burton A. Weisbrod), Journal of Policy Analysis and Management, Winter 1998.
"School Choice in California: Who Chooses Private Schools?" (with R. Buddin, and S. Kirby), Journal of Urban Economics, Vol. 44, 1998, pp. 110-134.
"Washington D.C. Human Service Providers in an Era of Donor Choice," (with J. Henig and E. Twombly), Nonprofit and Voluntary Sector Quarterly, June 1999.
"The Tangled Web of Taxing Talk: Telecommunication Taxes in the New Millennium," National Tax Journal, September 2000.
"To the Water's Edge, And Beyond: Effects of Shore Protection Projects on Beachfront Real Estate," Journal of Real Estate Economics and Finance, (with A. Yezer and D. Gatzlaff), 2001, vol. 22, Issue 2-3, pp. 287-302.
“Nonprofit Human Service Providers in an Era of Privatization: Toward a Theory of Economic and Political Response (with J. Henig and E. Twombly), Policy Studies Review (now Review of Policy Research), Vol. 18, Issue 4, pp. 91-111, 2001.
“Enterprise Zones and Property Values: What We Know (Or Maybe Don’t), Proceedings of the National Tax Association-National Tax Institute of America, Fall 2002 (with N. A. Gardner), pp. 279-287.
“Decreasing the “Bad” for Mixed Public Goods and Bads: The Case of Public Sculpture,” Eastern Economic Journal, forthcoming.
CHAPTERS IN BOOKS
"Methods of Allocating Funds to Alleviate Teenage Unemployment Problems," in Conference Report on Youth Unemployment: Its Measurement and Meaning, (Washington, D.C.: Government Printing Office, 1978), (with R.S. Goldfarb).
"Financial Institution Regulation, Redlining, and Mortgage Markets," The Regulation of Financial Institutions, Boston: Federal Reserve Bank of Boston, 1980), (with J.R. Barth and A.M. Yezer).
"Federal Government Attempts to Influence the Allocation of Mortgage Credit: FHA Mortgage Insurance and Government Regulation," The Economics of Federal Credit Activity, (Washington, D.C.: The Congressional Budget Office, 1981), (with J.R. Barth and A.M. Yezer).
"Tax Policies for Encouraging Innovation: A Survey, Technology in Society, No. 3, 1981. Also in Taxation, Technology, and the U.S. Economy, Landau and Hannay, eds., (New York: Pergamon Press), 1981.
"Economic Determinants and Implications of the Size and Allocation of Pension Fund Capital," in Final Report of the President's Commission on Pension Policy, 1981.
"Compensating When The Government Harms," in What Role for Government? R. Zeckhauser and D. Leebaert, eds., (Durham: Duke University Press), 1983, (With J.R. Barth and R.S. Goldfarb).
"The Impact of Recent Changes in Tax Policy on Innovation and R&D," (with J.R. Barth and G. Tassey), in Bozeman and Link, eds., Strategic Management of Industrial R&D: Interdisciplinary Perspectives, Lexington Books (D.C. Heath), 1984.
"A Survey of Research Findings on the R&D Tax Credit," in Kenneth Brown, ed., The R&D Tax Credit, Issues in Tax Policy and Industrial Innovation, American Enterprise Institute, Washington, D.C. 1984.
"Compensating Displaced Workers: What, How Much, How?" in Chinloy and Stromsdorfer, eds., Labor Market Adjustments in the Pacific Basin, Kluwer Nijhof, 1987.
"The Impact of Tax Policy on the Creation of New Technical Knowledge: An Assessment of the Evidence," in Richard Cyert and David Mowrey eds., The Effects of Technological Change on Employment and Economic Growth, Ballinger Publishing Co., 1988.
"Financing Industry/Government Cooperation in Industrial Research," in Albert Link and Gregory Tassey, eds., Cooperative Research: A New Strategy for Competitiveness. Martinus Nijhof, 1989, (with H.S. Watson).
"State Environmental Taxes and Fees: An Overview," in T. Pogue, ed., State Taxation of Business, Praeger Publishers, 1992. (reprinted in State Tax Notes.)
"Capital Gains," in D. Henderson, ed., The Fortune Encyclopedia of Economics, Warner Books, 1993.
"Thinking About School Vouchers: Theory, Evidence, and Rhetoric," (with S. Kirby, and R. Buddin), in J.M. Pogodzinski, ed. Readings in Public Policy, Basil Blackwell, 1995.
"The Yoke of Prior Commitments: How Yesterday's Decisions Affect Today's Budget and Fiscal Options," in C. Eugene Steuerle and Masahiro Kawai, eds., The New World Fiscal Order, Urban Institute Press, 1996.
"Eliciting Voluntary Contributions for the Public Good Through State Income Tax Checkoff Programs," (with C. Williams), in Astrid Merget, et. al., ed. Nonprofit Organizations as Public Actors, Jossey-Bass Publishing, 1996.
"The Theory and Practice of Tax Incidence Analysis," (with Harry Watson), in Fred Thompson, ed., Handbook of Public Finance, Marcel Dekker, 1997.
"Business Franchise and Insurance Taxes in the DC Tax System," in R. Ebel, ed., Taxing Fairly and Simply, District of Columbia Tax Revision Commission, 1998.
“Nonprofit Human Service Providers in an Era of Privatization: Organizational Adaptation to Changing Environments in Three Policy Areas: (with J. Henig, and E. Twombly), in R. Hula and C. Jackson-Elmore, eds., Nonprofits in Urban America, Quorum, 2000.
"Corrective Taxes, Fees, and Permit Trading," in L. Salamon, ed., Tools of Government: A Guide to the New Governance, Oxford University press, 2002, pp. 255-82.
“What is the Property-Tax Exemption Worth?” (with M. Ganz and T. Pollak) in E. Brody, ed., Property Tax Exemption for Nonprofits: Mapping the Battlefield, Urban Institute Press, 2002, pp. 81-112.
“Fundraising Costs,” (with Patrick Rooney), in Dennis Young, ed. Effective Economic Decision-Making by Nonprofit Organizations,” The Foundation Center), 2003
“Dimensions of Nonprofit Entrepreneurship: An Exploratory Essay,” (with C. E. Steuerle, and E. Twombly), in D. Holtz-Eakin and H. Rosen, ed., Public Policy and the Economics of Entrepreneurship, MIT Press, 2004, pp. 115-151.
“The Partially Subsidized Muse: Estimating the Value and Incidence of Public Support Received by Nonprofit Arts Organizations,” in Amy Schwartz, ed. City Taxes, City Spending: Essays in Honor of Dick Netzer, Edward Elgar, 2004, pp. 198-240.
“Institutional Philanthropy,” (with Richard Sansing) in D. Young, ed. Financing Nonprofits: Putting Theory into Practice, Alta Mira Press, 2006.
“The Tax Treatment of Nonprofit Organizations: a Two-Edged Sword?” (with E. Brody), in E. Boris and C. E. Steuerle, eds., Nonprofits and Government: Collaboration and Conflict, 2nd edition, Urban Institute Press, 2006.
The Impact of Taxation and Financial Regulatory Policy on Innovation, (Washington D.C.: National Academy of Sciences, 1980).
Evaluating the Impact of Securities Regulation on Venture Capital Markets, (Washington, D.C.: U.S. Department of Commerce), June 1980, (with J.R. Barth and G. Tassey).
"Industrial Impacts of the 1981 Business Tax Cuts," Economic Review, Federal Reserve Bank of Atlanta, May 1982, (with J.R. Barth).
A Primer on Privatization Retirement Project, Occasional Paper #3, (with C.E. Steuerle) Urban Institute, Nov. 1999.
Extending the Charitable Deduction to Nonitemizers, with John O'Hare and C. Eugene Steuerle," Policy Brief #7, Center on Nonprofits and Philanthropy, Urban Institute, May 2000.
The Cost of Giving: How Do Changes in Tax Deductions Affect Charitable Contributions? Report of the Urban Institute-Kennedy School Hauser Center Seminar on Emerging Issues in Philanthropy, March 2001.
The Unrelated Business Income Tax: All Bark and No Bite? (with E. Brody) Report of the Urban Institute-Kennedy School Hauser Center Seminar on Emerging Issues in Philanthropy, March 2001.
River Basins and Coastal Systems Planning Within the U.S. Army Corps of Engineers (co-author). Report of the Panel on River Basin and Coastal Systems Planning. National Academy of Engineering, 2004
RESEARCH SUPERVISED AT THE CONGRESSIONAL BUDGET OFFICE
"The Distribution of Benefits from a Reduction in the Tax Rate on Capital Gains."
"The IRA Proposals Contained in S.1682: Effects on Long-Term Revenues and on Incentives for Saving."
"The IRA Plus Proposal Contained in S.1771: Effects on Long-Term Revenues and on Incentives for Saving."
"The Budgetary and Distributional Effects of S. 2016." (Senator Moynihan's proposal to reduce payroll taxes)
Staff Working Papers
"Do Capital Gains Reductions Encourage Economic Growth?", August 1990.
CBO Published Studies
Federal Taxation of Tobacco, Alcoholic Beverages, and Motor Fuels, August 1990.
Indexing Capital Gains, August 1990.
Capital Gains Taxes in the Short Run, August 1991.
Effects of Adopting a Value Added Tax, March 1992.
The Growth of Federal User Charges, October 1993.
"The Impact of Including Closing Costs in the Finance Charge for Second Mortgages," for the Indiana Center on Law and Poverty, Fall 1974.
"Financial Analysis of State Supplementation of SSI," for the Indiana Center on Law and Poverty, Spring 1975.
"Fiscal Impact of Introducing AFDC-UP in Indiana," for the Indiana Center on Law and Poverty, Spring 1975.
"Who's Who Among the Poor in Indiana: Preliminary Concepts and Definitions," for the Indiana Center on Law and Poverty, Summer 1975.
Federal Trade Commission Proposals for Credit Contract Regulation and the Availability of Consumer Credit, (Washington, D.C.: Bureau of Social Science Research), 1976, (with C.M. Aho, J.R. Barth, and A.M. Yezer).
“Regulation A, Rule 144 and Rule 146," for the Experimental Technologies Incentive Program, U.S. Department of Commerce, Summer 1977.
"Securities Regulation and the Venture Capital Market," for the Experimental Technologies Incentive Program, U.S. Department of Commerce, Fall 1977.
"An Economic Analysis of the Impact of Refund Policies on the Health Spa Industry," for the Federal Trade Commission, Fall 1977.
"Securities and Exchange Commission Regulations and the Securities Prices: A Review of Some Empirical Tests and Results," for the Experimental Technologies Incentives Program, U.S. Department of Commerce, 1978.
"Benefits and Costs of Securities Regulation: A Conceptual Framework," for the Experimental Technologies Incentives Program, U.S. Department of Commerce, Summer 1978.
"Employee Characteristics and Firm Size: Are There Any Systematic Empirical Relationships?", Small Business Administration, 1984 (with J.R. Barth and S. Haber).
"Capital Markets, Government Regulation, Tax Policy and the Financing of Medical Device Innovations," Office of Technology Assessment, U.S. Congress, 1984, (with J.R. Barth).
"Comparative Tax Treatment of Innovative Activities in the U. S., Japan and West Germany," prepared for the National Science Foundation (with Harry S. Watson and Scott Hauger), Oct. 1986.
"Cooperative Industry-NBS Funding of the Development of Infratechnologies: A Conceptual Framework Suggested by the Recent Public Goods Literature," Prepared for the National Bureau of Standards, Aug. 1986.
"The Impact of Tax Policy on the Creation of New Technical Knowledge: An Assessment of Evidence," prepared for the Panel on Technology and Employment Policy, National Academy of Sciences, Feb. 1987.
"Benefits and Cost of Implementing a Wind Lidar System," National Weather Service, 1995.
"A Survey of High-Technology Firms," Small Business Administration, 1999.
RESEARCH IN PROGRESS
Application of Benefit-Cost Analysis to Evaluating Homeland Security Measures
Application of Benefit-Cost Analysis to Outcome Evaluation in the Nonprofit Sector
Flood Insurance, Erosion and Coastal Development. with A. Yezer and A. Asidurian
Nonprofits and business (with C.E. Steuerle, Urban Institute).
Comparative analysis of welfare state institutions (with C. Toft, University of Kassel, Germany)
Brookings Economic Policy Fellow, 1980-1981
Distinguished Teaching Assistant, University of Wisconsin-Madison, 1973
Ford Foundation Fellowship, 1972-1973
NSF Traineeship (University of Wisconsin Award), 1971-1972
PPPA 6005 Public Budgeting, Revenue, and Expenditure Analysis
PPPA 6014 Economics in Policy Analysis
PPPA 6015 Benefit-Cost Analysis