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For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents include: Articles GEORGE A. AKERLOF, ANDREW K. ROSE, JANET L. YELLEN, and HELGA HESSENIUS East Germany in from the Cold: The Economic Aftermath of Currency Union ROBERT J. BARRO and XAVIER SALA-I-MARTIN Convergence across States and Regions BARRY BOSWORTH, GARY BURTLESS, and JOHN SABELHAUS The Decline in Saving: Some Microeconomic Evidence ALLEN B. FRANKEL and JOHN D. MONTGOMERY Financial Structure: An International Perspective Report ROBERT Z. LAWRENCE Efficient or Exclusionist? The Import Behavior of Japanese Corporate Groups
For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues.Contents include:Articles“Product and Stock Market Responses to Automotive Product Liability Verdicts” by Steven Garber and John Adams“The Distribution of the Insurance Market Effects of Tort Liability” by Patricia H. Born and W. Kip Viscusi“The Link between Liability Reforms and Productivity: Some Empirical Evidence” by Thomas J. Campbell, Daniel P. Kessler, and George B. Shepherd“What Drives Venture Capital Fundraising” by Paul A. Gompers and Josh Lerner“Capital's Contribution to Productivity and the Nature of Competition” by Axel Börsch-Supan“Extending the East Asian Miracle: Microeconomic Evidence from Korea” by Martin Neil Baily and Eric Zitzewitz“The Tobacco Deal” by Jeremy Bulow and Paul Klemperer
Published twice a year, BPEA offers authoritative, in-depth research on economic development for economists, government officials, and members of the financial and business communities. For nearly thirty years, BPEA has been an indispensable source for scholars and policymakers seeking objective analysis of major macroeconomic issues. " Social Security Reform and National Saving in an Era of Budget Surpluses" by Douglas W. Elmendorf and Jeffrey B. Liebman " E-Capital: The Link between the Stock Market and the Labor Market in the 1990s" by Robert E. Hall " Real Estate and the Macroeconomy" by Karl E. Case " The Economic Consequences of Disappearing Government Debt" by Vincent Reinhart and Brian Sack " Financial Market Implications of the Federal Debt Paydown" by Michael J. Fleming " Tax Smoothing Implications of the Federal Debt Paydown" by George J. Hall and Stefan Krieger
As the average age of the population continues to rise in industrialized nations, the fiscal impacts of aging demand ever-closer attention. Closing the Deficit examines one oft-discussed approach to the issue—encouraging people to work longer than they now do. Workers would spend more years paying taxes and fewer years drawing pension and health benefits. But how much difference to spending and revenues would longer working lives make? What steps could be taken to make longer working lives attractive? And what would happen to older Americans not in a position to prolong their work lives? Leading scholars examine these issues in Closing the Deficit, edited by Brookings economists Gary Burtless and Henry Aaron.
Contents include: - Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox Betsey Stevenson and JustinWolfers (University of Pennsylvania) -Trade and Wages, Reconsidered Paul Krugman (Princeton University) -The Economics of Place-Making Policies Edward Glaeser and Joshua Gottlieb (Harvard University)
The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of scholars who address different types of capital flows—bank lending, bonds, direct foreign investment—and the implications they hold for economic performance. With its particular focus on the Asian financial crises, this work presents a new model for policy makers everywhere in thinking about the role of private capital flows.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.