Listing 1 - 3 of 3 |
Sort by
|
Choose an application
In 1910, 12 percent of American 14-17 year olds were enrolled in high school; by 1930, enrollment had increased to 50 percent; enrollment in Britain was 12 percent in 1950. This paper argues that by increasing the skill premium, the massive inflows of European unskilled immigrants at the turn of the twentieth century engendered America's sharp rise in human capital investment. The increased enrollments raised the supply of schools, leading to continued schooling investment. Cross section evidence and a VAR analysis of the time series data support the hypothesized role of immigration in generating the high school movement.
Labor --- Public Finance --- Emigration and Immigration --- Demography --- International Migration --- Economic Growth of Open Economies --- Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income and Wealth: U.S. --- Canada: 1913 --- -Education: General --- Professional Labor Markets --- Occupational Licensing --- National Government Expenditures and Related Policies: General --- Demographic Economics: General --- Education --- Migration, immigration & emigration --- Labour --- income economics --- Public finance & taxation --- Population & demography --- Migration --- Skilled labor --- Expenditure --- Unskilled labor --- Population and demographics --- Emigration and immigration --- Labor market --- Expenditures, Public --- Population --- United States
Choose an application
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at low asset-market participation rates, the interest rate elasticity of output (the slope of the IS curve) becomes positive - that is, "non-Keynesian." Remarkably, in that case, a passive monetary policy rule ensures equilibrium determinacy and maximizes welfare. Consequently, we argue that the policy of the Federal Reserve System in the pre-Volcker era, often associated with a passive monetary policy rule, was closer to optimal than conventional wisdom suggests and may thus have remained unchanged at a fundamental level thereafter. We provide institutional and empirical evidence for our hypothesis, in the latter case using Bayesian estimation techniques, and show that our model is able to explain most features of the "Great Inflation.".
Electronic books. -- local. --- Inflation (Finance). --- Monetary policy. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Natural rate of unemployment --- Banks and Banking --- Finance: General --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Business Fluctuations --- Cycles --- Financial Markets and the Macroeconomy --- Monetary Policy --- Central Banks and Their Policies --- Studies of Particular Policy Episodes --- Economic History: Macroeconomics --- Growth and Fluctuations: U.S. --- Canada: 1913 --- -Economic History: Financial Markets and Institutions: U.S. --- General Financial Markets: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- Interest Rates: Determination, Term Structure, and Effects --- Securities markets --- Consumption --- Hyperinflation --- Real interest rates --- Financial markets --- Prices --- National accounts --- Financial services --- Capital market --- Economics --- Interest rates --- United States
Choose an application
We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.
Public welfare --- Accounting --- Investments: General --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income and Wealth: U.S. --- Canada: 1913 --- -Public Administration --- Public Sector Accounting and Audits --- Public Enterprises --- Public-Private Enterprises --- Social Security and Public Pensions --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Financial reporting, financial statements --- Civil service & public sector --- Pensions --- Investment & securities --- Economic & financial crises & disasters --- Public finance & taxation --- Financial statements --- Public sector --- Pension spending --- Securities --- Global financial crisis of 2008-2009 --- Public financial management (PFM) --- Expenditure --- Economic sectors --- Financial institutions --- Public debt --- Finance, Public --- Financial instruments --- Global Financial Crisis, 2008-2009 --- Debts, Public --- United States
Listing 1 - 3 of 3 |
Sort by
|