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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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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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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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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 Notes 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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Working Paper No. 301May 01, 2000
Trends in Direct Measures of Job Skill Requirements
AbstractIt is commonly assumed that jobs in the United Sates require ever greater levels of skill and, more strongly, that this trend is accelerating as a result of the diffusion…more
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Working Paper No. 300May 01, 2000
Recent Trends in Wealth Ownership, 1983–1998
AbstractUsing data from the Survey of Consumer Finances, I find that wealth inequality continued to rise in the United States after 1989, though at a reduced rate. The share of…more
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Policy Notes 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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Policy Notes No. 4April 01, 2000
Health Care Finance in Need of Rethinking
AbstractHospitals have been squeezed by the Balanced Budget Act; the uninsured population is still on the rise; and long-term care is paid for largely by welfare grants. The nation’s flawed…more
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Working Paper No. 299March 01, 2000
The Public Commodities Problem
AbstractThe decision about how much to spend on a public program depends on the answers to two questions: Should the government pursue the goal of this program? Given that the…more
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Working Paper No. 298March 01, 2000
Krugman on the Liquidity Trap
AbstractPaul Krugman has argued that Japan is in a liquidity trap and that it can recover only if the central bank there follows a policy of “credible inflation.” This paper…more
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Working Paper No. 297March 01, 2000
What’s Behind the Recent Rise in Profitability?
AbstractProfitability in the United States has been rising since the early 1980s and by 1997 was at its highest level since its postwar peak in the mid 1960s, and the…more
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Working Paper No. 296March 01, 2000
An Alternative Stability Pact for the European Union
AbstractThis paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a “single market” within the EU….more
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Policy Notes No. 3March 01, 2000
Welfare College Students
AbstractThe rules and regulations that were developed to reduce welfare rolls through immediate employment discourage the achievement of economic independence through the pursuit of higher education.
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Policy Notes No. 2February 05, 2000
Is the New Economy Rewriting the Rules?
AbstractFull employment without inflation can continue—with the right leadership, prudent policy changes to manage the dangers, and cooperation from all branches of the government.
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Public Policy Brief No. 59February 03, 2000
Financing Long-Term Care
AbstractThe nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of…more
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Working Paper No. 295February 01, 2000
Is There a Skills Crisis?
AbstractMany economists and other social scientists and policy makers believe that the growth in inequality in the last two decades reflects mostly an imbalance between the demand for and the…more
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Working Paper No. 294February 01, 2000
The Brazilian Crisis
AbstractThis paper argues that the Brazilian crisis differs from the standard Minsky crisis in that it is Brazil’s government that is engaging in Ponzi financing while private sector balance sheets…more
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Policy Notes No. 1January 01, 2000
Explaining the US Trade Deficit
AbstractConventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the…more
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Strategic AnalysisJanuary 01, 2000
Interim Report
AbstractIf the United States’ balance of trade does not improve, the country could eventually find itself in a “debt trap,” the author says. The aim of this paper, the second…more
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Public Policy Brief No. 58December 10, 1999
A New Approach to Tax-Exempt Bonds
AbstractThe current system of tax-exempt bond financing is inefficient and inequitable because a large portion of the federal subsidy provided by the tax exemption does not reach state and local…more
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