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  Working Paper No. 192

  Social Security

  Some reform of Social Security is needed to keep the system solvent given the additional financial pressure that will be placed on it as the baby boom generation retires: the Social Security Administration estimates that payroll taxes will have to be increased 2.2 percent or benefits reduced by an equal amount to maintain financial balance […]
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  Working Paper No. 191

  Dynamic Output and Employment Effects of Public Capital

  Studies that have examined the effect of public spending on economic growth have reported esmates for the marginal product of public capital that are well in excess of, equal to, and less than the marginal product of private capital. Not only does this wide range of estimates call for further examination, but several questions about […]
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  Working Paper No. 190

  Output and Employment Effects of Public Capital

  Studies that have examined the effect of public spending on economic growth have reported esmates for the marginal product of public capital that are well in excess of, equal to, and less than the marginal product of private capital. Not only does this wide range of estimates call for further examination, but several questions about […]
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  Working Paper No. 189

  Do States Optimize?

  Studies that have examined the effect of public spending on economic growth have reported esmates for the marginal product of public capital that are well in excess of, equal to, and less than the marginal product of private capital. Not only does this wide range of estimates call for further examination, but several questions about […]
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  Working Paper No. 188

  No Easy Answers

  High unemployment rates and increasing terms of unemployment have persisted in western European countries for the past 20 years. These problems have been explained as resulting from inflexibility in the labor market created by such policies as protective labor market regulation and generous social assistance. The lower rates and shorter duration of unemployment in the […]
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  Press Release

  Collapse of Low-Skill Wages Caused by Changes in Labor Market Institutions, Not Workplace Technology

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  Working Paper No. 187

  Real Estate and the Capital Gains Debate

  The recent budget agreement contains a capital gains tax cut. The principal justification for reducing the capital gains tax rate relies on the efficiency-equity trade-off. The capital gains tax is designed to increase equity by taxing the wealthy, but advocates of rate reduction claim that the tax has the side effect of decreasing efficiency because […]
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  Working Paper No. 186

  Gender Wage Differentials, Affirmative Action, and Employment Growth on the Industry Level

  In their study of industry wage premia, Research Associates Judith Fields of Lehman College, City University of New York, and Edward N. Wolff of New York University find that gender wage differentials can be explained only in part by the distribution of women and men in different industries, and that other factors, such as discrimination, […]
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  Working Paper No. 185

  Disinflationary Monetary Policy and the Distribution of Income

  Some economists and others argue that, despite years of low inflation, a further decrease in the rate of price growth would be beneficial by reducing the dead-weight losses created by inflation-induced distortions. According to Research Associate Willem Thorbecke, of George Mason University, such arguments fail to consider the costs and benefits of changes in the […]
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  Public Policy Brief No. 29

  Institutional Failure and the American Worker

  David R. Howell argues that the collapse of low-skill wages in the United States cannot be explained by a skill mismatch resulting from a technology-driven decline in the demand for low-skill labor. He presents evidence refuting the prevailing belief that a substantial shift in demand away from low-skill work characterized the 1980s. Howell asserts that […]
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  Report No. 1

  Report February 1997

  With the discussion of the balanced budget amendment intensifying as it comes up for a vote again, the February Report highlights analysis of how the amendment might affect the future of the economy, including an editorial by President Dimitri B. Papadimitriou and an interview with Alan Blinder, former vice chairman of the Board of Governors […]
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  Working Paper No. 184

  The New Welfare

  During the summer of 1996, President Clinton signed what some consider to be the most sweeping welfare reform since the initial adoption of public assistance programs in 1935. Resident Scholar Oren Levin-Waldman compares the old and new welfare laws, assesses some of the possible effects of the new law, and provides policy prescriptions for how […]