1 1975 Q2 2009 ~ 30 5 20 + 0 4 8 12 16 20 24 28 32 36 40 Quarters After Trough Data as of 03 2016. Source: Investment Strategy Group, Datastream, National Bureau of Economic Research. Exhibit 4: Change in US Household Leverage Following Recessions A large reduction in household debt served as a drag on the pace of this recovery.

Andreoni, J., Rao, J. M., & Trachtman, H. (2011). Avoiding the ask: A field experiment on altruism, empathy, and charitable giving. Technical report, National Bureau of Economic Research. Axelrod, R. M. (1984). The evolution of cooperation. New York: Basic Books. Axelrod, R., & Hamilton, W. D. (1981). The evolution of cooperation. S

USA Inc. | Summary Productivity gains and increased employment each contributed roughly half of the long-term GDP growth between 1970 and 2009, per the National Bureau of Economic Research. Since the 1960s, as more resources have gone to entitlements and interest payments, USA Inc. has scaled back its investment in technology R&D and in

t repatriated earnings should be spent on capital investment, R&D, M&A, and other pro-growth uses such as hiring, this was not ultimately the result: the National Bureau of Economic Research (NBER} estimates? that $0.92 of every $1.00 brought back was used to return cash to shareholders ($0.79 for buybacks and $0.15 for dividends)’, and t

n," May 2009 (32) Deming, David, and Susan Dynarski, "Into College, Out of Poverty? Policies to Increase the Postsecondary Attainment of the Poor," National Bureau of Economic Research, Cambridge, MA, 2009 (33) Hamilton Project-Brookings, 2013 (34) Goldin and Katz, 2009 (35) Goldin and Katz, 2009 (36) Goldin and Katz, 2009, Raja

utive Officer, Sprint Corporation Dianne Feinstein, Member of United States Senate; former Mayor of San Francisco Martin S. Feldstein, President, National Bureau of Economic Research, http://www.biblebelievers.org.au/weektc.htm 12/7/2005 07/26/17 Page 55 of 151 Public Records Request No.: 17-295 Trilateral Commission Members