Contemporary Economic Policy articles from October 1996

Contemporary Economic Policy archives from October 1996

New estimates of the U.S. economy's potential growth rate.
October 1, 1996... I. INTRODUCTION According to standard textbook aggregate supply and demand models, keeping inflation stable at full employment requires real GDP growth to match closely the long-run GDP growth potential. If the GDP grows faster than potential,...

Effects of personal income tax on income distribution: example from Bulgaria.
October 1, 1996... I. INTRODUCTION Under the previous centrally planned system in Bulgaria, taxes were but one - and perhaps not the main - instrument of massive redistribution. Indeed, non-market pricing and extensive explicit and implicit subsidies were...

Politics and length of time to bank failure: 1986-1990.
October 1, 1996... I. INTRODUCTION The 1980s and early 1990s mark a period of financial distress unparalleled in U.S. history since the Great Depression. From 1980-1992, 4,695 federally insured institutions with assets of $665 billion failed and were resolved at...

Unification of China's foreign exchange rates.
October 1, 1996... I. INTRODUCTION On January 1, 1994, China took a major step toward currency convertibility by unifying its official and swap market exchange rates. A national foreign exchange market centered around banks replaced the system of trading foreign...

Competitive need limits and the U.S. generalized system of preference.
October 1, 1996... I. INTRODUCTION Under the Generalized System of Preferences (GSP) developed countries offer preferential tariff treatment to imports from developing countries. The GSP's stated purpose is to stimulate industrialization of developing countries...

Consequences of minimum wage indexing.
October 1, 1996... I. INTRODUCTION Since the Fair Labor Standards Act passed in 1938, the United States has legislated a minimum wage rate. The initial minimum wage was $.25 per hour and covered approximately 43% of non-supervisory wage and salary workers. By...

Recent trends in part-time employment.
October 1, 1996... I. INTRODUCTION Contemporary accounts paint a bleak picture of the recent labor market. The diminishing importance of the manufacturing sector and widespread corporate restructuring in virtually all industries have contributed to a sense of...

Private property rights and crises in world fisheries: turning the tide?
October 1, 1996... I. INTRODUCTION The world's fisheries face the crises of dwindling stocks, overcapitalization, and disputes over jurisdiction. The catch has fallen in all but of two of the world's 15 major fishing regions (FAO, 1994), yet in the past two...

Climate change and overlapping generations.
October 1, 1996... I. INTRODUCTION The role of discounting in evaluating policies with short-run costs and long-run benefits is a central issue in the economics of climate change. Cline (1992) uses a real discount rate of 1.5 percent/year to establish that...

Binge drinking in college: the impact of price, availability, and alcohol control policies.
October 1, 1996... I. INTRODUCTION The past two decades have seen significant progress in reducing the use and abuse of alcoholic beverages, particularly among youths and young adults. For example, heavy drinking occasions among high school seniors fell by 14%...