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Journal Article
White-and-blue-collar jobs in the recent recession and recovery: who's singing the blues?
An investigation of the 1990-91 recession's impact on blue- versus white-collar workers, showing that although blue-collar workers bore the brunt of the downturn, white-collar employment growth was unusually slow by historical standards.
Journal Article
School reform, school size, and student achievement
An estimation of the effect of school size on student achievement, with the results suggesting that market-based school reform could enhance student performance if the reform reduced school size.
Journal Article
A comparison of risk-based capital and risk-based deposit insurance
A comparison of alternative bank regulatory proposals for controlling the level of bank risk, using a model based on six FDIC variables for predicting bank failure or loss.
Journal Article
The causes and consequences of structural changes in U.S. labor markets: a review
An overview of the proceedings of the October 1989 Federal Reserve Bank of Cleveland conference on the causes and consequences of structural changes in U.S. labor markets.
Journal Article
Risk in large-dollar transfer systems
An examination of the concept of settlement risk, a description of the large-dollar payment system in the U.S., and an explanation of the increased concern about settlement risk.
Journal Article
Inflation, unemployment, and poverty revisited
An examination of the impact of inflation and unemployment on poverty, using a poverty rate based on goods and services consumed, rather than on income. The findings suggest that inflation may harm the poor more than was previously thought.
Journal Article
The changing nature of regional wage differentials from 1975 to 1983
An estimate of wage differentials between the East North Central region and two Southern regions in 1975 and 1983, and a discussion of the changing nature of the differentials over that period.
Journal Article
Stochastic interest rates in the aggregate life cycle of permanent income cum rational expectations model
An estimation of a life cycle cum rational expectations model that allows for uncertain future interest rates. The results show that the model is strongly rejected using post World War II U.S. data.
Journal Article
Monetary policy and self-fulfilling expectations: the danger of forecasts
What rule should a central bank interested in inflation stability follow? Because monetary policy tends to work with lags, it is tempting to use inflation forecasts to generate policy advice. This article, however, suggests that the use of forecasts to drive policy is potentially destabilizing. The problem with forecast-based policy is that the economy becomes vulnerable to what economists term ?sunspot? fluctuations. These welfare-reducing fluctuations can be avoided by using a policy that puts greater weight on past, realized inflation rates rather than forecasted, future rates.
Journal Article
Central-bank intervention: recent literature, continuing controversy
A review of recent literature on central-bank intervention in exchange markets, finding some qualified support for the power of intervention to influence market expectations, but finding little evidence to support the interventionist policy the G-3 countries have conducted in recent years.