Three unique features of the contemporary period of globalization stand out in contrast with the epoch of integration early in the 20th century: the rise of manufacturing capacity in less-developed countries; the expansion in cross-border financial trading; and the fact that integration is...

Levine and Zervos (1998) presented cross-country econometric evidence showing that, in a sample of 47 countries, stock market liquidity contributed a significant positive influence to GDP growth between 1976-93. We show that the Levine-Zervos results are not robust to alternative specifications...

In early 2007, there were approximately 140 living wage ordinances in place throughout the United States. Communities around the country frequently debate new proposals of this sort. Additionally, as a result of ballot initiatives, twenty-nine states and the District of Columbia, representing...

This paper provides some empirical evidence on issues raised by the global antisweatshop movement. We first consider the relationship between wage and employment growth, finding no consistent trade-off between them. We then measure the share of labor costs in the production of garments in the...

In John King, ed., The Edward Elgar Companion to Post-Keynesian Economics

In February 2002, New Orleans endorsed with a 63 percent majority a ballot initiative to establish a citywide minimum wage one dollar above the federal minimum. We surveyed New Orleans businesses in 1999 to estimate this proposal’s costs. We present the main results from this survey. We then...

This paper examines the viability of security transaction excise taxes (STETs) as one policy tool for promoting a more stable financial environment, specifically with respect to the U.S. economy. Contrary to a large recent critical literature, we show that a STET can be designed without creating...