This Report is about Reforming pensions in China, Chile and elsewhere.

This bold, imaginative book advances an entirely new theory of voters’ behavior.The starting point for this theory is that individuals are endowed with a set of beliefs, ora worldview, and derive psychological benefits from acting in accordance with these beliefs.However, the beliefs of most...

Central bank policymakers are not primarilyrandom number generators.1 Reading boththe financial press and the work of academics,however, one might get the opposite impression.Reporters (and the readers of their stories) seem toattach considerable importance to each Federal OpenMarket Committee...

[...]This article provides a systematic evaluation of severalproposed measures of U.S. core inflation: the popular ex foodand energy series, an ex energy series, a weighted median series,and an exponentially smoothed series. To inform the currentdebate on this issue, we adopt a general framework...

[...]What explains New York’s ongoing ability to dominateAmerica’s urban landscape? In this paper, we explore theeconomic history of the city and argue that three themesemerge. First, New York’s emergence as the nation’s premier port was not the result of happenstance followed by...

[...]This paper builds primarily on research on agglomerationeconomies. Much of the empirical work on agglomeration hassought to estimate the effect on productivity of anestablishment’s local environment. The estimation hassometimes involved direct estimates of productivity(Henderson 2003) and...

[...]This paper empirically examines the spatial and temporalresponses of the New York City economy to a large, butspatially concentrated, exogenous shock to its capital stock:the terrorist attacks of September 11, 2001. Our focus on thecity’s response allows us to draw inferences about how...

[...]This paper documents the impact of recent changes inimmigration settlement patterns on the skill endowment ofimmigrants in the New York metropolitan area. The empiricalanalysis uses the available U.S. census microdata between 1970and 2000 to examine two related questions that inevitably lie...

[...]This paper examines the operation of the U.S. labor marketin the 2001 recovery. Because the United States is in the middleof the recovery, ours is a real-time analysis; thus, someconclusions could change if the recovery stalls or employmentgrows suddenly. For instance, since August 2003,...

[...]This study assesses what actually happened—that is,whether well-paid jobs have been disappearing in Canada inrecent years.[...]