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Book Series
Poverty and Prosperity in the USA in the Late Twentieth Century
The fact that levels of poverty and inequality showed an unprecedented rise in the 1980s in the United States despite a sustained expansion beginning in 1983 raises concerns about appropriate policy actions needed to offset these developments. The papers in this volume explore manifestations of this inequality, including unexpectedly high poverty rates, shrinkage of the […]
Public Policy Brief No. 10
Job-lock: An Impediment to Labor Mobility?
Recent survey results and anecdotal evidence appear to indicate that workers sometimes sacrifice job opportunities by remaining in their current position in order to retain health benefits. If “job-lock” is real, the nation pays an economic price in terms of a misallocation of workersamong productive opportunities, higher relocation and training costs for workers who have […]
Working Paper No. 101
Technological Change and the Demand for Skills in the 1980s
No further information available.
Working Paper No. 100
Avoiding a Future of Unemployment and Low Wages
No further information available.
Public Policy Brief No. 9
The Investment-Finance Link
The author of this brief offers evidence that policies aimed at stimulating private sector investment through interest rate reductions are, at best, misguided. He concludes that, while there may be benefits from policies aimed at increasing saving or lowering the budget deficit, a higher level of business investment is not one of them. Rather, because […]
Working Paper No. 99
Government Deficits, Liquidity Preference, and Schumpeterian Innovation
Wray asserts that rigorous analyses of the role played by innovation in economic development must acknowledge the contribution of Joseph Schumpeter. However, the author suggests that the current stagnation confronting most developed, capitalist economies "cannot be understood without synthesizing Schumpeter’s insights with those of Kalecki and Keynes." Hence, Schumpeter’s work alone is inadequate in explaining […]
Public Policy Brief No. 8
Financing Prosperity in the Next Century
The authors of this brief propose a series of reforms aimed at making bank regulations compatible with the changing financial system. They present evidence to support their contention that change in the market for financial services has reduced the importance of depositories as they have traditionally operated. A dramatic increase in nonbank competition has contributed […]
Working Paper No. 98
Investment and US Fiscal Policy in the 1990s
In this working paper, Steven Fazzari presents new empirical research that attempts to measure the relative strength of fiscal policy on investment through the cost of capital, firms’ financial circumstances, and sales growth. Fazzari argues against the crowding-out effect and claims that even if the connection between the national budget deficit and interest rates is […]
Working Paper No. 97
Is Health Insurance Crippling the Labor Market?
While discussion about health care encompasses a wide array of issues—inadequate access, the growing share of national resources devoted to health care, the incidence of cost-shifting from the uninsured to the insured, and differences in premium costs between seemingly similar insured individuals—growing significance has been placed on how aspects of the current system may create […]
Working Paper No. 96
Mortgage Default among Rural, Low Income Borrowers
In this working paper, Quercia, McCarthy, and Stegman use data obtained on 874 low income, rural borrowers participating in the Section 502 Home Ownership program administered by the Farmer’s Home Administration (FmHA), and apply two multivariate proportional hazard models in order to analyze default decisions among these borrowers over time. The authors cite two key […]
Public Policy Brief No. 7
Immigration Policy: A Tool of Labor Economics?
Vernon M. Briggs argues that, while mass immigration in the past was consistent with then-existing labor market needs, today it is incompatible with the nation’s economic development trends and labor force requirements. He concludes that it is important to shift the emphasis of the legal immigration admission system away from the politically popular family reunification […]
Working Paper No. 95
The Community Reinvestment Act, Lending Discrimination, and the Role of Community Development Banks
The Community Development Banks (CDBs) should not be seen as a substitute for the Community Reinvestment Act (CRA) or for other programs designed to revitalize lower income areas. Rather, they should be seen as a complement for existing programs and for other programs that will be proposed by the Clinton administration. As discussed above, the […]