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Conference Paper
Policy implications of demographic change: panel discussion: the economic impact of demographic change: a case for more immigration
By 2025, the world's population will have grown by another 1.8 billion or so, bringing it to roughly 8 billion. Ninety-five percent of the increment will be in what today are called developing countries; only 5 percent will be in the rich industrialized countries. Indeed, birth rates have fallen below the replacement rate (about 2.1 children per female of childbearing age) in all the rich countries, as well as in Slavic Europe, Russia, and China. The birth rate is down to 1.35 in Japan and to an extraordinary low of 1.2 in Italy. Demographic inertia will lead to continued population increase ...
Journal Article
U.S. monetary policy in an integrating world: 1960 to 2000
This article examines the impact of global developments on the practice of U.S. monetary policy, broadly defined to include regulatory and lender-of-last-resort functions as well as open market, discount, and intervention activity, over the past forty years. It is part of a paper presented at the forty-fifth economic conference of the Federal Reserve Bank of Boston. The authors briefly review a few familiar facts establishing the increased openness of the U.S. economy, and go on to explore episodes when external events beyond those included in the domestic outlook-events like significant ...
Conference Paper
Exchange rate choices
Conference Paper
Understanding global imbalances
Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference between national savings and domestic investment. Are we all saving enough to provide adequate retirement income for rapidly ageing populations ? especially Americans, whose household savings seems to have disappeared altogether in 2005? And are the countries with large external deficits ? notably the United States ? mortgaging the income of future ...
Conference Paper
U.S. monetary policy in an integrating world: 1960 to 2000
Journal Article
Competition & opportunity
Conference Paper
The U.S. payments deficit and the strong dollar: policy options
Conference Paper
The United States as an open economy
Conference Paper
To coordinate or not to coordinate?
Conference Paper
Commentary: currency convertibility in Eastern Europe