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Policy Notes No. 2February 20, 2006
The Fiscal Facts
AbstractToday’s federal budget deficits are a preoccupation of many American citizens and more than a few political leaders. Is the American government going bankrupt? Does our fiscal condition warrant radical…more
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Working Paper No. 443February 20, 2006
Personality and Earnings
AbstractThis paper studies personality as a potential explanation for wage differentials between apparently similar workers. This follows initial studies by Jencks (1979) that suggest that certain personality traits, such as…more
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Working Paper No. 442February 19, 2006
Government Effects on the Distribution of Income
AbstractThis paper is the overview chapter of an edited volume on “The Distributional Effects of Government Spending and Taxation.” The paper offers the author’s perspective on the government’s role as…more
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Working Paper No. 441February 18, 2006
Prolegomena to Realistic Monetary Macroeconomics
AbstractThis paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, markup pricing, et cetera) with a model of the…more
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Working Paper No. 440February 17, 2006
Parental Child Care in Single Parent, Cohabiting, and Married Couple Families
AbstractThis study uses time diary data from the 2003 American Time Use Survey and the United Kingdom Time Use Survey 2000 to examine the time that single, cohabiting, and married…more
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Working Paper No. 439February 16, 2006
Where Do They Find the Time?
AbstractParents who undertake paid work are obliged to spend time away from their children, and to use nonparental childcare. This has given rise to concern that children are missing out…more
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Public Policy Brief No. 83January 17, 2006
Reforming Deposit Insurance
AbstractThe Federal Deposit Insurance Corporation (FDIC) currently insures bank deposit balances up to $100,000. According to some observers, statutory protection creates moral hazard problems for insurers because it allows banks…more
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Policy Notes No. 1January 17, 2006
Credit Derivatives and Financial Fragility
AbstractOn September 15, the Federal Reserve convened 14 large credit derivatives–dealer banks to an unusual meeting. The last such meeting occurred on September 16, 1998, in secret. At that time,…more
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Working Paper No. 438January 17, 2006
Keynes’s Approach to Money
AbstractThis paper first examines two approaches to money adopted by John Maynard Keynes in his General Theory (GT). The first is the more familiar “supply and demand” equilibrium approach of…more
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Working Paper No. 437January 16, 2006
Enhancing Livelihood Security through the National Employment Guarantee Act
AbstractThe National Rural Employment Guarantee Act of 2005 is a major development in the history of poverty reduction strategies and rural development policies in India. Though the successful passage of…more
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Working Paper No. 436January 15, 2006
Importing Equality or Exporting Jobs?
AbstractThis study investigates the impact of increased import competition on gender wage and employment differentials in American manufacturing over the period from 1976 to 1993. Increased import competition is expected…more
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Working Paper No. 435January 14, 2006
Speculation, Liquidity Preference, and Monetary Circulation
AbstractThe sharp exchanges that Keynes had with some of his critics on the loanable funds theory made it harder to appreciate the degree to which his thought was continuous with…more
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Working Paper No. 434January 13, 2006
Time to Eat
AbstractEating requires the raw food materials that make up meals and also the time devoted to buying food, preparing meals and eating them, and cleaning up afterwards. Using time-diary and…more
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Strategic AnalysisJanuary 01, 2006
Are Housing Prices, Household Debt, and Growth Sustainable?
AbstractRising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates…more
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Working Paper No. 433December 04, 2005
All Types of Inequality Are Not Created Equal
AbstractEvidence of an increase in various forms of inequality since the 1970s has motivated research on its relationship to growth and development. The findings of that research are contradictory and…more
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Working Paper No. 432December 02, 2005
Job-Hopping in Silicon Valley
AbstractObservers of Silicon Valley’s computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates…more
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Book SeriesDecember 01, 2005
Italians Then, Mexicans Now
AbstractAccording to the American dream, hard work and a good education can lift people from poverty to success in the “land of opportunity.” The unskilled immigrants who came to the…more
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Working Paper No. 431November 23, 2005
Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the US
AbstractIn the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the…more
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Working Paper No. 430November 22, 2005
Are Long-run Price Stability and Short-run Output Stabilization All That Monetary Policy Can Aim For?
AbstractA central tenet of the so-called "new consensus" view in macroeconomics is that there is no long-run trade-off between inflation and unemployment. The main policy implication of this principle is…more
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Working Paper No. 429November 14, 2005
Bad for Euroland, Worse for Germany
AbstractThis paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the…more
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Policy Notes No. 6September 28, 2005
Social Security’s 70th Anniversary
AbstractSocial Security turned 70 on August 14, although no national celebration marked the occasion. Rather, our top policymakers in Washington continue to suggest that the system is “unsustainable.” While our…more
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Strategic AnalysisSeptember 06, 2005
The United States and Her Creditors
AbstractThe main arguments in this paper can be simply stated: 1) If output in the United States grows fast enough to keep unemployment constant between now and 2010, and if…more
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Working Paper No. 428August 25, 2005
Europe’s Quest for Monetary Stability
AbstractThis paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking…more
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Working Paper No. 427August 12, 2005
Liquidity Preference Theory Revisited
AbstractThis paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance…more
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