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Working Paper No. 249The American Wage Structure, 1920–1947
August 01, 1998 This paper uses industrial wage data and a systematic if unconventional selection of methods to examine changes in the inter-industry structure of wages between 1920 and 1947. We first sort...more Publication -
Working Paper No. 248
Can Expenditure Cuts Eliminate a Budget Deficit?
August 01, 1998 Australian governments since the late 1970s have attempted to eliminate the fiscal deficit through reductions in expenditure. These efforts have failed. With each successive business cycle the federal government’s budget...more Publication -
Working Paper No. 247
“Inability to Be Self-Reliant” As an Indicator of US Poverty
August 01, 1998 The official poverty measure is based on the premise that all families should have sufficient income from either their own efforts or government support to boost them above a family-size-specific...more Publication -
Working Paper No. 246
Derivatives and Global Capital Flows
August 01, 1998 Four factors in the current financial crisis in Asia have surprised observers. First, although capital flows in Asia appeared stable, the crisis was precipitated by the reversal of the very...more Publication -
Public Policy Brief No. 41Side Effects of Progress
July 03, 1998 Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic...more Publication -
Working Paper No. 241
Optimal Financing by Money and Taxes of Productive and Unproductive Government Spending
July 01, 1998 This paper contains an investigation of the effects of different means of financing government spending on economic growth, inflation, and welfare. In this setting, two different types of government spending...more Publication -
Working Paper No. 240
The Place of Cultural Explanations and Historical Specificity in Discussions of Modes of Incorporation and Segmented Assimilation
July 01, 1998 In this new working paper, Senior Scholar Joel Perlmann discusses cultural, structural, and contextual explanations of segmented assimilation among the children of immigrants. In it he addresses a number of...more Publication -
Working Paper No. 239
An Ethical Framework for Cost-Effective Medicine
July 01, 1998 HMO medicine has been effective in controlling once-runaway health care costs. But it sets up inevitable conflict between patient care and the financial well-being of the health plan and of...more Publication -
Working Paper No. 245
Reciprocity and the Guaranteed Income
July 01, 1998 This paper argues that a guaranteed income is not only consistent with the principle of reciprocity but is required for reciprocity. This conclusion follows from a three-part argument. First, if...more Publication -
Working Paper No. 244
Can Taxes and Bonds Finance Government Spending?
July 01, 1998 This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a...more Publication -
Working Paper No. 243
State Type and Congressional Voting on the Minimum Wage
July 01, 1998 How members of Congress vote on increases in the minimum wage is a function of several factors, most notably party affiliation and constituent interest. But also among those factors is...more Publication -
Working Paper No. 242
Money and Credit in a Keynesian Model of Income Determination
July 01, 1998 This paper formally integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model...more Publication -
Policy Note No. 7Goldilocks and the Three Bears
July 01, 1998 Unlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis, global deflation and excess capacity (or insufficient...more Publication -
Policy Note No. 6
What to Do with the Surplus
June 01, 1998 Neither Congress nor the president is on the right track. Rather than protecting the surplus, we should be increasing spending and cutting taxes to contain the looming world recession. Publication -
Working Paper No. 238
The Macroeconomics of Industrial Strategy
June 01, 1998 This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasize the role of the output and investment activities...more Publication -
Public Policy Brief No. 40
Overcoming America’s Infrastructure Deficit
May 02, 1998 Condemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects...more Publication -
Public Policy Brief No. 39
The Unmeasured Labor Force
May 01, 1998 Is the current labor market as tight as official statistics would seem to indicate? If incumbent workers increase their hours of work, it is irrelevant to the unemployment rate, but...more Publication -
Policy Note No. 5
The Fed Should Lower Interest Rates More
May 01, 1998 Some analysts have argued against monetary ease, fearing that it might fuel a speculative boom. Alas, given the recent substantial “market correction,” this objection may safely be put away. Publication -
Working Paper No. 237
Speed of Technical Progress and Length of the Average Interjob Period
May 01, 1998 The mean duration of unemployment approximately doubled in the United States between the early 1950s and the mid-1990s, with most of the increase occurring since the early 1970s. Using a...more Publication -
Working Paper No. 236
An Important Inconsistency at the Heart of the Standard Macroeconomic Model
May 01, 1998 The standard neoclassical model is the foundation of most mainstream macroeconomics. Its basic structure dominates the analyis of macroeconomic phenomena, the teaching of the subject, and even the formation of...more Publication -
Working Paper No. 235
East Asia Is Not Mexico
May 01, 1998 What was different about the collapse of the Asian emerging markets in 1997? The free fall of the Mexican peso and the collapse of the Mexican Bolsa produced a “Tequila...more Publication -
Working Paper No. 233
Public Capital and Economic Growth
April 01, 1998 Empirical research largely suggests that there is a positive role for public capital and a negative role for taxation and debt, and the effectiveness of public capital depends critically on...more Publication -
Working Paper No. 232
The Asian Disease
April 01, 1998 The Asian crisis is a textbook case of the “financial instability hypothesis” first expressed in 1966 by the late Hyman P. Minsky. Minsky’s “hypothesis” was proposed to explain instability in...more Publication -
Working Paper No. 231
The Hierarchy of Money
April 01, 1998 This paper attempts to bring together several of Hyman P. Minsky’s insights in order to suggest a relationship between the state’s ability to tax and the money of the economy....more Publication