[...]In the time that I have been at Health andHuman Services, one of the things I have learned is thatthe public health profession has quite a lot to teach policymakers.That is something many New Yorkers learnedearlier this decade when Dr. Margaret Hamburg was NewYork City’s health...

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

Many papers have shown that U.S. earnings inequalityincreased substantially from about 1980 to around 1996.1Recent and careful studies agree that a basic explanationfor increased earnings inequality is the rising returns tohuman capital resulting from new technology. These risingreturns have...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

For the past twenty years, Asia has been regarded as aneconomic success story. The recent economic turmoil in theregion, however, has prompted a reevaluation of the longtermsustainability of the dynamic economic performance.Undoubtedly, lessons will be drawn from the Asian experience—lessons...

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...

[...]In this article, we shed light on the globalizationof international production and trade by demonstratingthe increasingly important role vertical specializationplays in international trade. We use case studies andinput-output tables to calculate the level and growth...

Private equity funds and hedge funds are both alternative asset classes that are continuouslygrowing in importance. Although they have different focuses, they share some characteristics.First of all, both have or allegedly have a significant impact on the economy as well as thefinancial system...