Macroeconomists traditionally focus on the aggregate consequences of disinflationary monetary policy, not its distributional effects. This paper considers these distributional effects. The evidence indicates that contractionary monetary policy harms interest rate-sensitive industries by...

The enterprise where work sharing is carried out can achieve corresponding unemployment benefits. The efficiency wage theory considers that unemployment rate may increase productivity, But after the productivity reaches 100%, the productivity is still 100% when the unemployment rate arises...

Based on the theories of Development Power([18]-[20]) and Partial Distribution([21]-[24]), and combining with the actual economic development, this paper discusses the main ways how the Development Power (DP) is accumulated or released, establishes the analytic models of DP and the model of...

The U.S. economy has undergone major structural changes since 1950. First, there has been a gradual shift of employment from goods-producing industries to service-providing industries. Second, since the 1970s at least, the availability of new information-based technologies has made possible...

Little has been written about capital flows to sub-Saharan Africa (SSA), largely because of the flows' small size and data limitations. In this working paper, Louis Kasekende, executive director for policy and research at the Bank of Uganda; Damoni Kitabire, commissioner for the Macroeconomic...

In aggregation theory, index numbers are judged relative to their ability to track the exact aggregator functions nested within the economy's structure. Within the monetary sector, Barnett, Liu, and Jensen (1997) compared two statistical index numbers: the Divisia monetary aggregate and the...

The difficulties in achieving a consensus regarding the definition of the underclass cannot be minimized. The term was first coined by The New Yorker writer Ken Auletta (1982) who used it broadly to include individuals with "behavioral and income deficiencies." Other definitions have been...

The so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis, and one that required the first important intervention by the Federal Reserve Bank. In the midst of the robust postwar expansion, the Fed began to fear inflation and tightened monetary...

This paper addresses two broad questions. The first one relates to the economic rationale for the existence of the welfare state. To address this question, we review the marginalist arguments and then counterpose a historical and institutional analysis of the rise of the U.S. welfare state. The...