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  Report No. 4

  Report December 2001

  The United States is in the early stages of a recession that could be as deep and intractable as any since the Second World War, with serious consequences for the rest of the world. In his editorial for this issue of the Report, Distinguished Scholar Wynne Godley argues that the situation can be remedied, but […]
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  Public Policy Brief Highlight No. 67

  The Economic Consequences of German Unification

  Although the costs associated with moving an antiquated socialist economy toward its capitalist counterpart was anticipated to be significant, German industrial efficiency was expected to quickly overcome any challenges. Things turned out rather differently. Conventional wisdom blamed poor economic performance on unification. The government and the Bundesbank therefore put in place fiscal and monetary policies […]
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  Public Policy Brief Highlight No. 66

  Racial Wealth Disparities

  Despite decades of policies aimed at improving the economic position of African Americans in terms of relative income and earnings, they remain substantially behind whites. The research presented in this brief indicates that the wealth gap is even more staggering. Following families over time in order to understand racial differences in the sources and patterns […]
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  Working Paper No. 341

  Israeli Attitudes about Inter Vivos Transfers

  Using data from the 1994–95 Survey of Families in Israel—which includes 1,607 urban Jewish respondents interviewed on topics relating to work behavior, household income, wealth, assistance received from parents and given to children, and views about financial responsibilities between parents and children—the authors examined attitudes in Israel about intergenerational assistance and the effects of these […]
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  Public Policy Brief No. 67

  The Economic Consequences of German Unification

  Although the costs associated with moving an antiquated socialist economy toward its capitalist counterpart was anticipated to be significant, German industrial efficiency was expected to quickly overcome any challenges. Things turned out rather differently. Conventional wisdom blamed poor economic performance on unification. The government and the Bundesbank therefore put in place fiscal and monetary policies […]
• 

  Public Policy Brief No. 66

  Racial Wealth Disparities

  Despite decades of policies aimed at improving the economic position of African Americans in terms of relative income and earnings, they remain substantially behind whites. The research presented in this brief indicates that the wealth gap is even more staggering. Following families over time in order to understand racial differences in the sources and patterns […]
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  Working Paper No. 340

  Incentives in HMOs

  We studied the effect of physician incentives in an HMO network. Physician incentives are controversial because they may induce doctors to make treatment decisions that differ from those they would choose in the absence of incentives. We set out a theoretical framework for assessing the degree to which incentive contracts do, in fact, induce physicians […]
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  Working Paper No. 339

  Uncertainty, Conventional Behavior, and Economic Sociology

  This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes’s observations on the effects of uncertainty and conventional behavior on the stock market; the analysis consists of a comparison of the social ontologies of the French Intersubjectivist […]
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  Policy Notes No. 10

  Are We All Keynesians (Again)?

  It is now widely recognized that economists and policymakers alike had been living a 30-year fantasy. The best government is not that which governs least. The best economy is not that which is abandoned to the invisible fist of the unconstrained market. Our national and individual security is not best left to the fate of […]
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  Strategic Analysis

  The Developing US Recession and Guidelines for Policy

  The United States should now be prepared for one of the deepest and most intractable recessions of the post–World War II period, with no natural process of recovery in prospect unless a large and complex reorientation of policy occurs both here and in the rest of the world. The grounds for reaching this somber conclusion […]
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  Working Paper No. 338

  The Monetary Policies of the European Central Bank and the Euro’s (Mal)performance

  The stability-oriented macroeconomic framework established in the Maastricht and Amsterdam Treaties on European Union (TEU), especially the unparalleled status of independence and peculiar mandate of the European Central Bank (ECB), were promised to virtually guarantee price stability and a “strong” euro. Actual developments have shattered these hopes in a rather drastic way. Despite the dismal […]
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  Policy Notes No. 9

  Hard Times, Easy Money?

  The tools of countercyclical monetary policy have been brought fully to bear on a potentially severe recession. This note argues, however, that such a policy is less effective in times such as these—that is, when uncertainty is especially high—and so is likely to be particularly ineffective in combating the current economic slowdown.