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Journal Article
Recent real income and wage trends in the United States

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

Education, political instability, and growth

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

Defined contribution plans: the role of income, age and match rates

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

The supply side consequences of U.S. fiscal policy in the 1980s

Research Paper , Paper 9129

Intertemporal substitution in import consumption

Research Paper , Paper 8815

Does centralized collective bargaining lead to wage restraint? The case of Israel

Research Paper , Paper 8916

Endogenous productivity and development accounting

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

The permanent income hypothesis revisited

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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anonymous 16 items

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Income 253 items

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