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Working Paper No. 363Does the Stock of Money Have Any Causal Significance?
December 01, 2002 Recent developments in macroeconomics, and in economic policy in general, have produced a “new consensus” economy-wide model. In this model, the stock of money does not play any causal role,...more Publication -
Public Policy Brief No. 70Physician Incentives In Managed Care Organizations
November 03, 2002 This brief considers the interaction between physician incentive systems and product market competition in the delivery of medical services via managed care organizations. At the center of the analysis is...more Publication -
Public Policy Brief No. 69
Should Banks Be “Narrowed”?
November 02, 2002 In this brief, Biagio Bossone of the International Monetary Fund evaluates narrow banking from the perspective of modern theories of financial intermediation. These theories portray the status quo banking system...more Publication -
Strategic AnalysisIs Personal Debt Sustainable?
November 01, 2002 The long economic expansion was fueled by an unprecedented rise in private expenditure relative to income, financed by a growing flow of net credit to the private. On the surface,...more Publication -
Working Paper No. 362
Financial Policies and the Aggregate Productivity of the Capital Stock
November 01, 2002 We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of...more Publication -
Working Paper No. 361
Credibility of EMS Interest Rate Policies
November 01, 2002 The primary objective of this paper is to use the Markov regime-switching modeling framework to study the credibility of monetary policy in five member countries of the European Monetary System...more Publication -
Working Paper No. 360
Financial Globalization
October 01, 2002 In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of...more Publication -
Working Paper No. 359
Is There a Trade-Off between Inflation Variability and Output-gap Variability in the EMU Countries?
October 01, 2002 This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period...more Publication -
Working Paper No. 358
Threshold Effects in the US Budget Deficit
October 01, 2002 This paper contributes to the debate on whether the United States’ large federal budget deficits are sustainable in the long run. The authors model the government deficit per capita as...more Publication -
Working Paper No. 357
The Euro, Public Expenditure, and Taxation
October 01, 2002 This paper explores the probable consequences for public expenditure in the United Kingdom if Britain were to join the euro. It focuses on the effects of sterling joining the euro...more Publication -
Working Paper No. 356
Asset Poverty in the United States, 1984–1999
October 01, 2002 Using PSID data for the years 1984 to 1999, we estimate the level and severity of asset poverty. Our results indicate that the share of asset-poor households remained almost the...more Publication -
Working Paper No. 355
Can Monetary Policy Affect the Real Economy?
October 01, 2002 Current monetary policy involves the manipulation of the central bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally...more Publication -
Working Paper No. 354
Should Banks Be Narrowed?
October 01, 2002 Over the past 70 years, a proposal to narrow the scope of banks has emerged more and more frequently in financial debates and research. Narrow banking would prevent deposit-issuing banks...more Publication -
Working Paper No. 352
Critical Realism and the Political Economy of the Euro
September 01, 2002 This paper is concerned with two issues. First, it discusses some of the main problems and inferences the methodological approach of critical realism raises for empirical work in economics, while...more Publication -
Working Paper No. 353
Managed Care, Physician Incentives, and Norms of Medical Practice
September 01, 2002 The incentive contracts that managed care organizations write with physicians have generated considerable controversy. Critics fear that if informational asymmetries inhibit patients from directly assessing the quality of care provided...more Publication -
Working Paper No. 351
Race, Ethnicity, and the Gender-poverty Gap
August 01, 2002 We use data from the Current Population Survey (CPS 1994-2001) to document the relationship between gender-specific demographic variations and the gender-poverty gap among eight racial/ethnic groups. We find that black...more Publication -
Public Policy Brief No. 68
Optimal CRA Reform
August 01, 2002 At issue in the debate over the renewal of the Community Reinvestment Act (CRA) of 1977 are the various yardsticks regulators use to judge whether individual institutions are meeting the...more Publication -
Working Paper No. 350
Polish and Italian Schooling Then, Mexican Schooling Now?
July 01, 2002 This paper relies on data from the census and the Current Population Survey (CPS) to compare levels of education attained by second-generation young people from important immigrant groups during the...more Publication -
Working Paper No. 349
State Policies and the Warranted Growth Rate
July 01, 2002 This paper raises questions about austerity policies by investigating the effects of the state’s tax and expenditure policies on the warranted growth rate. It proposes two mechanisms to raise the...more Publication -
Working Paper No. 348
Asset Prices, Liquidity Preference, and the Business Cycle
June 01, 2002 In his Treatise on Money, John Maynard Keynes relied on two different premises to argue that the interest rate need not rise with rising levels of expenditure. One of these...more Publication -
Working Paper No. 347
What Has Happened to Monetarism?
June 01, 2002 It is widely perceived that today’s conventional monetary wisdom, and the common practice of monetary policy based thereupon, is essentially “monetarist” by nature, if not by name. One objective of...more Publication -
Working Paper No. 346
CRA’s 25th Anniversary
June 01, 2002 This paper focuses on the past, present, and future rules and regulations implementing CRA as developed, applied, and enforced by the federal bank and thrift regulators. The past rules and...more Publication -
Working Paper No. 345
The “Third Way” and the Challenges to Economic and Monetary Union Macropolicies
May 01, 2002 In the United Kingdom the emergence of a “New Labour” has been closely associated with the development of the notion of the “third way.” Tony Blair, for example, stated that...more Publication -
Strategic Analysis
Strategic Prospects and Policies for the US Economy
April 01, 2002 Notwithstanding the great achievements of the American economy, the growth of aggregate demand during the past several years has been structured in a way that would eventually prove unsustainable. During...more Publication