The alarm raised by the jump in subprime mortgage defaults has deflected attention away from a serious problem that afflicts many homeowners with subprime and prime mortgages alike: a significant share of all outstanding mortgages have adjustable interest rates, and the majority of these will...

Conventional economic wisdom holds that labor demand in the U.S. labor market has shifted over the past few decades against low-skilled workers, contributing to the plight of the working poor. This result, however, is sensitive to how we define unskilled workers. If they are defined in terms of...

This article uses unobserved components time series models to capture the underlying trends in the quarterly deciles of US hourly wages. Tests of stability and divergence are suggested as a means of assessing changes in inequality. The decrease in the wage gender gap is examined and the impact...