Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...

Speech to the Center for the Study of Democracy 2006-2007 Economics of Governance Lecture, University of California, Irvine, November 6, 2006>

This paper empirically assesses the theory of interpersonal income comparison using individual level data on suicide deaths in the United States. We model suicide as a choice variable, conditional on exogenous risk factors, reflecting an individual's assessment of current and expected future...

We assess the importance of interpersonal income comparisons using data on suicide deaths. We examine whether suicide risk is related to others’ income, holding own income and other individual and environmental factors fixed. We estimate models of the suicide hazard using two independent data...

Using Current Population Survey data, we find that the gap between wages by black and white males declined during the 1990s at a rate of 0.59 percentage point per year. The reduction in occupational crowding appears to be most important in explaining this trend. Recent wage convergence was most...

This paper analyzes how political stability depends on economic factors. Fluctuations in groups' economic capacities and in their abilities to engage in rent-seeking or predatory behavior create periodic incentives for those groups to renege on their social obligations. A constitution remains in...

Objectives: This paper examines the relationship between various measures of SES and mortality for a representative sample of individuals. ; Methods: Data are from the Panel Study of Income Dynamics. Sample includes 3,734 individuals aged 45 and above who participated in the 1984 interview....

We study earnings mobility and instability using data from the Panel Study of Income Dynamics. Our main contribution is to update mobility and instability calculations to include data from the 1990s, although we also provide a number of tests of robustness across mobility and instability...

The trend toward increasing inequality in family income in the United States since the late 1960s is well documented. Among key possible explanations for this increase are rising dispersion in individual earnings, changes in female labor supply decisions, and changes in family composition and...