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Public Policy Brief No. 62December 10, 2000
Is There a Skills Crisis?
AbstractDespite seven years of economic growth a large gap exists in the wages earned by workers at the top of the earnings scale and those at the bottom. The leading…more
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Working Paper No. 319December 01, 2000
Compensatory Inter Vivos Gifts
AbstractEmpirical studies of intergenerational transfers usually find that bequests are equally divided among heirs while inter vivos gifts tend to be compensatory. Using the 1992 and 1994 waves of the…more
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Working Paper No. 318December 01, 2000
Origins of the GATT
AbstractFiftieth-anniversary explanations for the efficacy of the GATT imply that the institution’s longevity is testimony to the free trade principles upon which it is based. In this light, the predominantly…more
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Public Policy Brief No. 61November 09, 2000
Whither the Welfare State?
AbstractThe idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers…more
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Working Paper No. 316November 01, 2000
Harrod versus Thirlwall
AbstractThis paper contrasts the different approaches to export-led growth used by Harrod and Thirlwall. It argues that, unlike Thirlwall’s model, Harrod emphasized the importance of both demand- and supply-sides in…more
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Working Paper No. 317November 01, 2000
Productivity in Manufacturing and the Length of the Working Day
AbstractData from the manuscript census of manufacturing are used to estimate the effects of the length of the working day on output and wages. We find that the elasticity of…more
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Working Paper No. 315October 01, 2000
Crowding In or Crowding Out?
AbstractThis paper investigates the effects of budget deficits within a classical-Harrodian framework in a closed economy. In this framework, growth and cycles are endogenous, underutilized capacity is a recurrent phenomenon,…more
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Working Paper No. 314September 01, 2000
Asset Ownership across Generations
AbstractThis paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the…more
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Working Paper No. 313September 01, 2000
CRA Grade Inflation
AbstractCommunity Reinvestment Act of 1977 (CRA) ratings and performance evaluations are the only bank and thrift exam findings disclosed by financial institution regulators. Inflation of CRA ratings has been alleged…more
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Working Paper No. 312August 01, 2000
Demographic Outcomes of Ethnic Intermarriage in American History
AbstractThis paper presents a new approach to measuring the extent of intermarriage among Americans of different ethnic origins. Using Census Bureau microdata and CPS data, measurements of the rates of…more
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Working Paper No. 311August 01, 2000
Racial Wealth Disparities
AbstractA vast literature in economics has examined the economic progress of African Americans during this century. Most of these studies have focused on income–or on even narrower measures of economic…more
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Working Paper No. 310August 01, 2000
Race and the Value of Owner-occupied Housing, 1940–1990
AbstractThe racial gap in the value of owner-occupied housing has narrowed substantially since 1940, but this narrowing has not been even over time or across space. The 1970s stand out…more
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Working Paper No. 309August 01, 2000
Profits
AbstractProfits are the incentive for production and therefore employment in almost all of the world’s economies; they also may represent exploitation of workers and consumers. Jerome Levy, using a complex…more
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Working Paper No. 308August 01, 2000
Discontinuities in the Distribution of Great Wealth
AbstractNational surveys of household economics and well-being in the United States usually focus on income. In those income surveys with supplemental wealth modules, the very rich are underrepresented if not…more
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Working Paper No. 306July 01, 2000
Household Savings in Germany
AbstractThis paper describes how German households save and how their saving behavior is linked to public policy, notably pension policy. The analysis is based on a synthetic panel of four…more
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Working Paper No. 305July 01, 2000
Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?
AbstractThe euro was expected to become a substitute for the American dollar as an international currency. However, compromises made during its creation make it a less than perfect substitute in…more
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Policy Note No. 7July 01, 2000
Why Does the Fed Want Slower Growth?
AbstractThe Fed has raised interest rates six times in the past year to slow the economy, in the belief that unemployment is too low. There is scant evidence, however, that…more
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Working Paper No. 304July 01, 2000
Family Structure, Race, and Wealth Ownership
AbstractResearchers have documented racial inequalities in wealth ownership and have offered a variety of explanations to account for these differences. One potentially important contributing factor that has received little attention…more
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Working Paper No. 307July 01, 2000
An Examination of Changes in the Distribution of Wealth from 1989 to 1998
AbstractThis paper considers the distribution of wealth in the period from 1989 to 1998 as an indicator of the economic condition of households. It examines changes in the distribution of…more
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Public Policy Brief No. 60June 08, 2000
A Dual Mandate for the Federal Reserve
AbstractThe Federal Reserve currently has two legislated goals—price stability and full employment—but a debate continues about making price stability the Fed’s primary and overriding goal. Evidence from the recent history…more
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Policy Note No. 6June 01, 2000
Drowning in Debt
AbstractThe economic expansion in the United States has been driven to an unusual extent by falling personal saving and rising borrowing by the private sector. If this process goes into…more
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Working Paper No. 303June 01, 2000
“It” Happened, but Not Again
AbstractThis paper asks two questions: First, can we explain Japan’s ongoing financial crisis by means of an institutional analysis similar to the one Hyman P. Minsky applied to the American…more
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Working Paper No. 302June 01, 2000
Kaleckian Models of Growth in a Stock-flow Monetary Framework
AbstractThis paper presents a simple growth model grounded in a stock-flow monetary accounting framework. The framework ensures that all stocks and all flows are accounted for and that the real…more
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Policy Note No. 5May 01, 2000
Can the Expansion Be Sustained?
AbstractHyman P. Minsky’s insights into the relationship between profits, economic growth, and the public and private financial balances are particularly relevant to today’s conditions. How can a Minskyan view be…more
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