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Journal Article
Recent real income and wage trends in the United States
Kroch, Eugene (1991-07)
Some analysts have argued that broad measures of income growth for the 1980s misrepresented how well the typical worker or household fared during this period. This article examines trends in labor force participation and compensation to explain why real wages have not kept up with aggregate measures of real income.
Quarterly Review , Volume 16 , Issue Sum

Report
Education, political instability, and growth
Kahn, James A. (1997)
Empirical evidence suggests a positive association between income levels and growth rates on the one hand, and political stability and educational attainment on the other. This paper develops a simple finite--horizon overlapping growth model that in the absence of institutions for precommitment has a political equilibrium with inefficiently low growth, low educational attainment, and high returns to schooling. In the model, the laissez-faire growth rate is inefficient due to an intergenerational externality in the decision to accumulate knowledge. We then contrast the efficient growth rate ...
Research Paper , Paper 9737

Report
Defined contribution plans: the role of income, age and match rates
Bassett, William F. (1995)
The growth of defined contribution plans has sparked debate concerning their effectiveness as a vehicle for retirement saving. Using data from the May 1993 Employee Benefits Supplement to the Current Population Survey, this paper examines whether DC plans have expanded overall pension coverage and whether their effects on retirement saving are the same across different age and income groups. Not surprisingly, I find that contributions to and early withdrawals from DC plans are strongly affected by income and age. The paper then discusses whether employer match rates are useful tools for ...
Research Paper , Paper 9517

Report
The supply side consequences of U.S. fiscal policy in the 1980s
Akhtar, M. A.; Harris, Ethan S. (1991)
Research Paper , Paper 9129

Report
Permanent income, import prices, and the demand for imported consumer durables: a structural econometric investigation
Clarida, Richard H. (1993)
Research Paper , Paper 9304

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An empirical investigation of imperfect insurance and precautionary savings against idiosyncratic shocks
McCarthy, Jonathan (1992)
Research Paper , Paper 9219

Report
Intertemporal substitution in import consumption
Ceglowski, Janet (1988)
Research Paper , Paper 8815

Report
Does centralized collective bargaining lead to wage restraint? The case of Israel
Brauer, David A. (1989)
Research Paper , Paper 8916

Report
Endogenous productivity and development accounting
Armenter, Roc; Lahiri, Amartya (2006)
Cross-country data reveal that the per capita incomes of the richest countries exceed those of the poorest countries by a factor of thirty-five. We formalize a model with embodied technical change in which newer, more productive vintages of capital coexist with older, less productive vintages. A reduction in the cost of investment raises both the quantity and productivity of capital simultaneously. The model induces a simple relationship between the relative price of investment goods and per capita income. Using cross-country data on the prices of investment goods, we find that the model does ...
Staff Reports , Paper 258

Report
The permanent income hypothesis revisited
Christiano, Lawrence J.; Eichenbaum, Martin; Marshall, David A. (1990)
Measured aggregate U.S. consumption does not behave like a martingale. This paper develops and tests two variants of the permanent income model that are consistent with this fact. In both variants, we assume agents make decisions on a continuous time basis. According to the first variant, the martingale hypothesis holds in continuous time and serial persistence in measured consumption reflects only the effects of time aggregation. We investigate this variant using both structural and atheoretical econometric models. The evidence against these models is far from overwhelming. This suggests ...
Staff Report , Paper 129

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