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The Columbia Encyclopedia, Sixth Edition articles from March 2008
With over 51,000 entries The Columbia Encyclopedia (Sixth Edition) is an authoritative and exhaustive reference guide. Each entry is thorough and clear, the result of over 200 editors and academic advisors striving for depth and accuracy in the oldest, most venerable English language encyclopedia in the world.
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The Columbia Encyclopedia, Sixth Edition archives from March 2008
Editors' summary.
March 22, 2008... THE BROOKINGS PANEL ON ECONOMIC ACTIVITY held its eighty-fifth conference in Washington, D.C., on April 10 and 11, 2008. For this conference---our first as editors of the journal--we selected papers on a range of topics central to...
Economic growth and subjective well-being: reassessing the Easterlin paradox.
March 22, 2008... ABSTRACT The "Easterlin paradox" suggests that there is no link between a society's economic development and its average level of happiness. We reassess this paradox, analyzing multiple rich datasets spanning many decades. Using recent data on...
Economic growth and happiness.(Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox)(Survey)
March 22, 2008... The last two sections have shown that wealthier societies have greater subjective well-being than poorer societies and that, to a similar degree, wealthier members of a society are happier than their poorer counterparts. This then leads to our...
Comments and discussion.(Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox)
March 22, 2008... COMMENT BY GARY S. BECKER AND LUIS RAYO In this paper Betsey Stevenson and Justin Wolfers provide convincing evidence that self-reported happiness and measures of life satisfaction rise with income, not only at a moment in time within a...
Trade and wages, reconsidered.
March 22, 2008... ABSTRACT Standard economic analysis predicts that increased U.S. trade with unskilled labor-abundant countries should reduce the relative wages of U.S. unskilled labor, but empirical studies in the 1990s found only a modest effect. Has the...
The economics of place-making policies.
March 22, 2008... ABSTRACT Should the national government undertake policies aimed at strengthening the economies of particular localities or regions? Agglomeration economies and human capital spillovers suggest that such policies could enhance welfare. However,...
U.S. housing policies as place-making policies.(The Economics of Place-Making Policies)
March 22, 2008... As in the case of transportation policy, one could have a housing policy without any particular spatial objective. It is not necessary for the cabinet secretary who oversees housing to also supervise urban development. Indeed, the earliest...
Comments and discussion.(The Economics of Place-Making Policies)
March 22, 2008... COMMENT BY ROBERT E. HALL The issues addressed in this paper by Edward Glaeser and Joshua Gottlieb will be coming into focus in the United States in the rest of this century as the country adapts to rising energy prices, including the...
Macroeconomic crises since 1870.(Report)
March 22, 2008... ABSTRACT We build on Angus Maddison's data by assembling international time series from before 1914 on real per capita personal consumer expenditure, C, and by improving the GDP data. We have full annual data on C for twenty-four countries and...
Simulating the Lucas-tree model.(Macroeconomic Crises since 1870)
March 22, 2008... We now simulate the Lucas-tree model by viewing the Euler condition in equation 4 as applying to a representative agent at the country level. That is, we neglect the implications of imperfect markets and heterogeneous individuals within...
Comments and discussion.(Macroeconomic Crises since 1870)
March 22, 2008... COMMENT By OLIVIER J. BLANCHARD Even if one is not deeply interested in the equity premium puzzle, this paper by Robert Barro and Jose Ursua will prove extremely useful. Understanding the economic implications of disasters, whether natural or...
When does policy reform work? The case of Central Bank independence.(Report)
March 22, 2008... ABSTRACT Questions of the effectiveness of economic policy reform are inseparable from the political economy factors responsible for distortionary policies in the first place. Distortionary policies are more likely to be adopted where...
Central bank independence and inflation.(When Does Policy Reform Work? The Case of Central Bank Independence)(Report)
March 22, 2008... One of the most studied types of policy reform is the introduction of CBI. Theoretical work in the early 1980s argued that when unanticipated changes in monetary policy can reduce the rate of unemployment, the government will be unable to...
Comments and discussion.(When Does Policy Reform Work? The Case of Central Bank Independence)
March 22, 2008... COMMENT BY ALBERTO ALESINA This paper by Daron Acemoglu and his coauthors addresses an important topic. In general terms, the question is when and how policy reforms are successful or unsuccessful. More specifically, the paper focuses on...
Earning from history? Financial markets and the approach of world wars.(Company overview)
March 22, 2008... ABSTRACT Are world financial markets paying due heed to geopolitical risk? Despite unchallenged U.S. military supremacy, the financial consequences of a terrorist nuclear strike, or war in the Middle East or the Taiwan Strait--or some totally...
Comments and Discussion.(Earning from History? Financial Markets and the Approach of World Wars)
March 22, 2008... COMMENT BY BARRY EICHENGREEN In this paper Niall Ferguson presents us with an interesting paradox. Despite the fact that the United States has been fighting an expensive war on terror in Iraq, Afghanistan, and other countries, and despite an...