Summary Summer 1997

Among the activities summarized in this issue are a series of three papers in which Visiting Scholar David A. Aschauer estimates static and dynamic effects of public capital investment on output and employment growth.

Contents: New Working Papers: Real Estate and the Capital Gains Debate * Do States Optimize? Public Capital and Economic Growth * Output and Employment Effects of Public Capital * Dynamic Output and Employment Effects of Public Capital * Social Security: The Challenge of Financing the Baby Boom’s Retirement * The Second Generation and the Children of the Native Born: Comparisons and Refinements * Gender Wage Differentials, Affirmative Action, and Employment Growth on the Industry Level * No Easy Answers: Comparative Labor Market Problems in the United States versus Europe * The Working Poor: Lousy Jobs or Lazy Workers? * “Multiracials,” Racial Classification, and American Intermarriage—The Public’s Interest * Disinflationary Monetary Policy and the Distribution of Income * The Impact of Declining Union Membership on Voter Participation among Democrats * Conferences: Promoting Employment and Economic Growth * Developments in the Financial System: National and International Perspectives * Institute News: New Book by Resident Scholar Oren M. Levin-Waldman