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Journal Article
The capitalization and portfolio risk of insurance companies
Kopcke, Richard W. (1992-07)
The strategies of financial intermediaries in the United States presumed a stability of interest rates that began to break down in the late 1960s. Not only did rising interest rates during the past two decades tend to depress the value of the assets of all intermediaries, they also fostered competition among intermediaries as all sought new opportunities for profit. In order to cope, many financial institutions assumed new bets by "reaching" for riskier assets offering higher yields or by operating with less capital per dollar of assets. To varying degrees, many insurance companies have ...
New England Economic Review , Issue Jul , Pages 43-57

Journal Article
Are we investing too little?
Browne, Lynn E.; Hellerstein, Rebecca (1997-11)
One of the most disappointing features of U.S. economic performance over the past 20 years has been the slowing of growth in productivity and, as a result, in real incomes. For many, the explanation can be found in the low U.S. saving rate. Since the mid 1980s, national saving has averaged just over 15 percent of GDP, compared to more than 20 percent during the 1970s. Thus, one plausible explanation for slow productivity growth, at least in recent years, could be that our low saving rate is constraining investment and thereby depriving the nation of both the tools and the technologies that ...
New England Economic Review , Issue Nov , Pages 29-50

Journal Article
Risk-adjusted performance of mutual funds
Simons, Katerina (1998-09)
Mutual funds are now the preferred way for individual investors and many institutions to participate in capital markets, and their popularity has increased demand for evaluations of fund performance. Many business publications now rank mutual funds according to their performance, and information services exist specifically for this purpose. There is no general agreement, however, about how best to measure and compare fund performance and on what information funds should disclose to investors. ; Risk and performance measurement is an active area for academic research and continues to be of ...
New England Economic Review , Issue Sep , Pages 33-48

Journal Article
Discouraged and other marginally attached workers: evidence on their role in the labor market
Kodrzycki, Yolanda (2000-05)
The combination of very low unemployment rates and somewhat limited wage and salary pressures has called into question our ability to measure labor market tightness. One issue is the extent to which labor availability is understated, given the existence of people who are not actively looking for work but express interest in working. This note examines the evidence on discouraged and other marginally attached workers. ; The author concludes that the number of discouraged and other marginally attached workers is extremely low, and their inclusion in an expanded measure of unemployment is ...
New England Economic Review , Issue May , Pages 35-40

Journal Article
How erratic is money growth?
Kopcke, Richard W. (1986-05)
New England Economic Review , Issue May , Pages 3-20

Journal Article
Taxation of capital income in a global economy: an overview
Munnell, Alicia H. (1992-09)
Taxation of income from capital is difficult in todays global economy, where financial markets are international, investments flow freely over national borders, and multinational corporations abound. Yet fairness and equity require that capital income be taxed. ; This article reviews the options for achieving improved harmonization of taxation within the European Community (EC). A formula apportionment system, such as exists in the United States, could help EC countries curb tax avoidance by corporations that shift income away from subsidiaries in high-tax areas. The author also considers the ...
New England Economic Review , Issue Sep , Pages 33-52

Journal Article
Devolution: the new federalism, an overview
Tannenwald, Robert (1998-05)
In recent years, a growing number of scholars and policymakers have concluded that the federal government has become too large and powerful, intruding into affairs better handled by states and municipalities. Based on this premise, they have argued for a reduction in federal aid, the conversion of matching grants to block grants, greater flexibility for states in implementing federally funded programs, and curtailment of federal mandates. Their program is popularly referred to as devolution, the devolving of federal responsibilities to lower levels of government. The controversy that ...
New England Economic Review , Issue May , Pages 1-12

Journal Article
Why do banks syndicate loans?
Simons, Katerina (1993-01)
Loan syndication, where a group of banks makes a loan jointly to a single borrower, offers several benefits. Syndication allows banks to diversify, expanding their lending to broader geographic areas and industries. Second, syndication allows banks that are constrained by their capital-asset ratios to participate in loans to larger borrowers. ; Despite these benefits, loan syndication could pose additional risks for the banking system, if the originating or lead banks withhold information about the borrower from participating banks, misleading them into making loans that are riskier than they ...
New England Economic Review , Issue Jan , Pages 45-52

Journal Article
The evolution of retail EFT networks
Ferguson, R. Edward; Felgran, Steven D. (1986-07)
New England Economic Review , Issue Jul , Pages 42-56

Journal Article
The changing level and mix of federal aid to state and local governments
Tannenwald, Robert (1989-05)
New England Economic Review , Issue May , Pages 41-55

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