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Working Paper No. 89Profits for Economists
There is no single best estimate of profits because different purposes require measures. For example, profits in national income should be different than profits in financial statements. But given these differences, there are certain economic standards that should apply to all profit measures. These standards are described and then used to evaluate the appropriateness of […] -
Working Paper No. 88
Limits of Prudential Supervision
Bank supervision typically receives little if any attention when banks are operating without difficulty. But when banks fail in large numbers, or large banks fail, and the system itself is threatened, supervision becomes a focal point for criticism and reform (see, for example, Conference Report, 1998, Title I, IX; Pecchioli, 1987, pp. 11 ff.; and […] -
Working Paper No. 87
The Psychology of Risk
Risk is commonly defined in negative terms-the probability of suffering a loss or factors and actions involving uncertain dangers or hazards. On the other hand, the term risk as used in the social sciences relies on simply the degree of uncertainty: It merely addresses how much variance exists among the possible outcomes associated with a […] -
Working Paper No. 86
The Origins of Money and the Development of the Modern Financial System
The origins of money and banking are explained in nearly every introduction money and banking course, but Wray proposes an alternative approach that emerges from a comparative analysis of economic institutions. Orthodox theory suggests that barter replaced self-sufficiency and increased efficiency by fostering specialization- subsequently, establishing some object as a medium of exchange permits greater […] -
Public Policy Brief No. 4Public Infrastructure Investment: A Bridge to Productivity Growth?
This brief presents contrasting views on the effects of public infrastructure investment on private sector productivity. David Alan Aschauer states that the slower rate of productivity growth since the early 1970s—coupled with an aging population, the declining proportion of workers to the total population, and other demographic factors—poses a dilemma for policymakers interested in strengthening […] -
Working Paper No. 85
The Relationship between Public and Private Investment
The relationship between government spending and aggregates such as output, employment, and prices has been the subject of many theoretical and empirical studies. Recently, however, interest has shifted to government spending on the provision of public capital (measured as fixed, nonresidential government capital) and various indicators of economic performance. Hence, government spending is now recognized […] -
Working Paper No. 84
Migration of Talent
In this paper, Rao tackles the reasons behind the increasing number and share of foreign students enrolled in Ph.D. economics programs in the U.S. The conventional argument of comparative advantage in U.S. graduate economics education fails to stand up under closer scrutiny. In addition to not explaining the actual and relative decline of American students […] -
Public Policy Brief No. 3
Community Development Banking
This brief proposes that the establishment of a nationwide system of community development banks (CDBs) would advance the capital development of the economy. The proposal is based on the notion that a critical function of the financial system is not being adequately performed by existing institutions for low-income citizens, inner-city minorities, and entrepreneurs who seek […] -
Public Policy Brief No. 3
Τραπεζικό σύστημα κοινοτικής ανάπτυξης
Το κείμενο προτείνει την εγκαθίδρυση ενός εθνικού συστήματος τραπεζών κοινοτικής ανάπτυξης για την προώθηση της κεφαλαιακής ανάπτυξης της οικονομίας. Η πρόταση βασίζεται στην άποψη ότι η υπάρχουσα χρηματοπιστωτική δομή είναι ιδιαίτερα αδύναμη όσον αφορά την εξυπηρέτηση ατόμων με χαμηλό εισόδημα, μειονότητες σε υποβαθμισμένες περιοχές του κέντρου και της πόλης, και μικρές και νεοσύστατες επιχειρήσεις. Οι […] -
Working Paper No. 83
Community Development Banks
The Clinton/Gore proposal for the creation of a network of 100 community development banks (CDBs) to revitalize communities is bold, and will contribute to the success of the U.S. economy. Banks are essential institutions in any community, and the establishment of a bank is often a prerequisite for the investment process. For this reason, the […] -
Working Paper No. 82
Job Quality and Labor Market Segmentation in the 1980s
The authors examine the effects of employment restructuring in the 1980s on white, black, and Hispanic men and women within a labor market segmentation framework. Cluster analysis is used to determine whether jobs can be grouped into a small number of relatively homogeneous clusters on the basis of differences in job quality. With data centered […] -
Book SeriesFinancial Conditions and Macroeconomic Performance
This collection of papers on financial instability and its impact on macroeconomic performance honors Hyman P. Minsky and his lifelong work. The papers consider the clear and disturbing sequence of events described in Minsky’s definitive analysis: boom, government intervention to prevent debt contraction, new boom that causes progressive buildup of new debt and eventually leaves […]