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  Working Paper No. 175

  What Do Micro Data Reveal about the User Cost Elasticity?

  The responsiveness of business investment to user costs (interest rates, taxes, and depreciation rates) is important in determining the effect of fiscal policy and aggregate stabilization policy on the economy and for assessing the transmission mechanism of monetary policy to real economic variables. Although this responsiveness is central to the theoretical underpinnings of most economic […]
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  Working Paper No. 174

  The Second Generation and the Children of the Native-Born

  Recent discussion and some preliminary research have given a negative prognosis for children of immigrants. Senior Scholar Joel Perlmann and Roger Waldinger, professor of sociology at the University of California at Los Angeles, examine 1990 Census Public Use Samples (PUMS) to determine if conditions for the children of immigrants are as poor as indicated. They […]
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  Working Paper No. 173

  A Critique of Competing Plans for Radical Tax Restructuring

  At almost any time there exists a plan to alter the structure of taxation, and their number seems to increase during election years. Resident Scholar Neil Buchanan analyzes several recent tax proposals in terms of their effects on the budget deficit, on different groups of taxpayers, and on taxpaying households as a whole. Buchanan groups […]
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  Working Paper No. 172

  Selective Migration As a Basis for Upward Mobility?

  The upward mobility of Jews who migrated to the United States at the turn of the nineteenth century has been explained as a function of premigrational cultural characteristics (such as a tradition of learning) or premigrational structural attributes (skills in certain industries and occupations that could be applied in the new country). In this working […]
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  Report No. 5

  Report October 1996

  In this issue: a summary of a Debates-Debates program on the economics of aging, with Chairman S. Jay Levy; an examination of the "Wisconsin plan" for welfare reform; an analysis of the source of the collapse of wages for low-skill workers; and an interview with New York State Lieutenant Governor Betsy McCaughey Ross. Contents: Debates-Debates: […]
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  Press Release

  As a Measure of Inflation, the Consumer Price Index Fails the Test

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  Public Policy Brief No. 27

  Targeting Inflation

  The targets for monetary policy adopted by the Fed in recent years have not proven to be closely correlated with inflation, leading some theorists and policymakers to advocate the use of a price index, such as the consumer price index (CPI), as both the target and the goal of monetary policy. The authors of this […]
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  Book Series

  Stability in the Financial System

  The S&L crisis of the 1990s led many analysts to review the events that culminated in the banking crisis of the 1930s and the subsequent passage of the Emergency Banking Act, the Banking Act of 1933, the Banking Act of 1935, and other related legislation. The restructuring of the financial system accomplished by this legislation […]
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  Report No. 4

  Report August 1996

  Is the marketplace a social enemy? Is there a role for government intervention? Is downsizing good or bad? These were among the questions considered in a recent Firing Line debate taped at the Levy Institute. Also in this issue: Senator Bill Bradley talks about economic policy, race, aging, and the public’s disenchantment with government. Contents: […]
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  Press Release

  Rising Number of Long-Term Unemployed Shows Need to Reform Unemployment Insurance

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  Working Paper No. 171

  Rethinking Health Care Policy—The Case for Retargeting Tax Subsidies

  More than 40 million Americans currently have no access to health care for reasons of income. Moreover, plans enacted or discussed at the state level to cover the uninsured face problems of cost and quality of service as well as the question of who pays for such programs. To solve the problem of access, Senior […]
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  Public Policy Brief No. 26

  Making Unemployment Insurance Work

  What is needed to solve the problem of growing long-term unemployment is a two-tiered system that distinguishes between short-term and long-term unemployment. The system should continue to function as an insurance program for 26 weeks to allow workers to search for employment that represents the best match with their experience, skills, and credentials. The first […]