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Working Paper No. 318Origins of the GATT
December 01, 2000 Fiftieth-anniversary explanations for the efficacy of the GATT imply that the institution’s longevity is testimony to the free trade principles upon which it is based. In this light, the predominantly...more Publication -
Public Policy Brief No. 61Whither the Welfare State?
November 09, 2000 The idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers...more Publication -
Working Paper No. 317
Productivity in Manufacturing and the Length of the Working Day
November 01, 2000 Data from the manuscript census of manufacturing are used to estimate the effects of the length of the working day on output and wages. We find that the elasticity of...more Publication -
Working Paper No. 316
Harrod versus Thirlwall
November 01, 2000 This paper contrasts the different approaches to export-led growth used by Harrod and Thirlwall. It argues that, unlike Thirlwall’s model, Harrod emphasized the importance of both demand- and supply-sides in...more Publication -
Working Paper No. 315
Crowding In or Crowding Out?
October 01, 2000 This paper investigates the effects of budget deficits within a classical-Harrodian framework in a closed economy. In this framework, growth and cycles are endogenous, underutilized capacity is a recurrent phenomenon,...more Publication -
Working Paper No. 313
CRA Grade Inflation
September 01, 2000 Community Reinvestment Act of 1977 (CRA) ratings and performance evaluations are the only bank and thrift exam findings disclosed by financial institution regulators. Inflation of CRA ratings has been alleged...more Publication -
Working Paper No. 314
Asset Ownership across Generations
September 01, 2000 This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the...more Publication -
Working Paper No. 312
Demographic Outcomes of Ethnic Intermarriage in American History
August 01, 2000 This paper presents a new approach to measuring the extent of intermarriage among Americans of different ethnic origins. Using Census Bureau microdata and CPS data, measurements of the rates of...more Publication -
Working Paper No. 311
Racial Wealth Disparities
August 01, 2000 A vast literature in economics has examined the economic progress of African Americans during this century. Most of these studies have focused on income–or on even narrower measures of economic...more Publication -
Working Paper No. 310
Race and the Value of Owner-occupied Housing, 1940–1990
August 01, 2000 The racial gap in the value of owner-occupied housing has narrowed substantially since 1940, but this narrowing has not been even over time or across space. The 1970s stand out...more Publication -
Working Paper No. 309
Profits
August 01, 2000 Profits are the incentive for production and therefore employment in almost all of the world’s economies; they also may represent exploitation of workers and consumers. Jerome Levy, using a complex...more Publication -
Working Paper No. 308
Discontinuities in the Distribution of Great Wealth
August 01, 2000 National surveys of household economics and well-being in the United States usually focus on income. In those income surveys with supplemental wealth modules, the very rich are underrepresented if not...more Publication -
Working Paper No. 305
Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?
July 01, 2000 The 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 Publication -
Working Paper No. 304
Family Structure, Race, and Wealth Ownership
July 01, 2000 Researchers 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 Publication -
Working Paper No. 307
An Examination of Changes in the Distribution of Wealth from 1989 to 1998
July 01, 2000 This 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 Publication -
Policy Note No. 7Why Does the Fed Want Slower Growth?
July 01, 2000 The Fed has raised interest rates six times in the past year to slow the economy, in the belief that unemployment is too low. There is scant evidence, however, that...more Publication -
Working Paper No. 306
Household Savings in Germany
July 01, 2000 This 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 Publication -
Public Policy Brief No. 60
A Dual Mandate for the Federal Reserve
June 08, 2000 The 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 Publication -
Working Paper No. 303
“It” Happened, but Not Again
June 01, 2000 This 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 Publication -
Working Paper No. 302
Kaleckian Models of Growth in a Stock-flow Monetary Framework
June 01, 2000 This 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 Publication -
Policy Note No. 6
Drowning in Debt
June 01, 2000 The 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 Publication -
Policy Note No. 5
Can the Expansion Be Sustained?
May 01, 2000 Hyman 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 Publication -
Working Paper No. 301
Trends in Direct Measures of Job Skill Requirements
May 01, 2000 It 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 Publication -
Working Paper No. 300
Recent Trends in Wealth Ownership, 1983–1998
May 01, 2000 Using 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 Publication