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  Working Paper No. 365

  Is There an American Way of Aging?

  This study examines income dynamics during individuals’ first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or are they similar to those of the elderly in Germany? and (2) What is the role of Social Security in shaping these economic experiences? The […]
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  Working Paper No. 364

  “New Consensus,” New Keynesianism, and the Economics of the “Third Way”

  In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third way” is much diminished since the early days of the Blair government in the UK and the Schroeder government in Germany. We argue that the […]
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  Working Paper No. 363

  Does the Stock of Money Have Any Causal Significance?

  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, but operates as a mere residual in the economic process. The absence of the stock of money in many current debates over monetary policy has […]
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  Report No. 4

  Report December 2002

  An overview of the Institute’s recent conference “Economic Mobility in America and Other Advanced Countries” leads off this issue of the Report. The conference encompassed sessions on a range of issues, from the effect of education on intergenerational mobility to the persistence of hardship over the life cycle. Contents: Conference: “Economic Mobility in America and […]
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  Book Series

  The New Race Question: How the Census Counts Multiracial Individuals

  The change in the way the federal government asked for information about race in the 2000 Census marked an important turning point in the way Americans measure race. By allowing respondents to choose more than one racial category for the first time, the Census Bureau challenged strongly held beliefs about the nature and definition of […]
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  Public Policy Brief Highlight No. 70

  Physician Incentives In Managed Care Organizations

  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 the process by which health maintenance organizations (HMOs) assemble physician networks and the role these networks play in the competition for customers. The authors find […]
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  Public Policy Brief Highlight No. 69

  Should Banks Be “Narrowed”?

  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 as a solution to otherwise intractable problems of imperfect information, risk, and even moral hazard. The system’s characteristic coupling of liquid liabilities with illiquid assets—seen […]
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  Public Policy Brief No. 70

  Physician Incentives In Managed Care Organizations

  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 the process by which health maintenance organizations (HMOs) assemble physician networks and the role these networks play in the competition for customers. The authors find […]
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  Public Policy Brief No. 69

  Should Banks Be “Narrowed”?

  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 as a solution to otherwise intractable problems of imperfect information, risk, and even moral hazard. The system’s characteristic coupling of liquid liabilities with illiquid assets—seen […]
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  Working Paper No. 362

  Financial Policies and the Aggregate Productivity of the Capital Stock

  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 14 countries. We estimate the effects of these policies on the aggregate productivity of the capital stock, controlling for the effects of inputs and financial […]
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  Working Paper No. 361

  Credibility of EMS Interest Rate Policies

  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 (EMS) during the period 1979 to 1998. The five countries examined for this purpose are Austria, Belgium, France, Italy, and the Netherlands. The major innovation […]
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  Strategic Analysis

  Is Personal Debt Sustainable?

  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, it seemed that the growing burden of the household sector’s debt was counterbalanced by a spectacular rise in the relative value of its financial assets, […]