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The ^AOxford Handbook of Women and the Economy
The transformation of women's lives over the past century is among the most significant and far-reaching of social and economic phenomena, affecting not only women but also their partners, children, and indeed nearly every person on the planet. This Handbook provides an invaluable and wide-ranging summary of the economics literature on women and the many changes that have occurred in their economic lives. It focuses on women in both developed and developing economies and includes chapters on marriage and fertility, the labor market, and current policy issues.
The Economics of Race in the United States
Brendan O’Flaherty brings the tools of economic analysis—incentives, equilibrium, optimization—to bear on racial issues. From health care, housing, and education, to employment, wealth, and crime, he shows how racial differences powerfully determine American lives, and how progress in one area is often constrained by diminishing returns in another.
The Dynamics of Opportunity in America
Across the country, our children are beginning life from very different starting points. Some have aspirations and believe they can be achieved. For too many others, aspirations are tempered, if not dashed, by the sobering realities of everyday life. These different starting points place children on distinctly different trajectories of growth and development, ultimately leading to vastly different adult outcomes. How did we get to a place where circumstances of birth have become so determinative? And what must we do, within communities and across our country, to better equalize opportunity for more Americans – both young and old? The editors of this volume contend that if, as a nation, we ...
Controlling Crime
Criminal justice expenditures have more than doubled since the 1980s, dramatically increasing costs to the public. With state and local revenue shortfalls resulting from the recent recession, the question of whether crime control can be accomplished either with fewer resources or by investing those resources in areas other than the criminal justice system is all the more relevant. Controlling Crime considers alternative ways to reduce crime that do not sacrifice public safety. Among the topics considered here are criminal justice system reform, social policy, and government policies affecting alcohol abuse, drugs, and private crime prevention. Particular attention is paid to the respective roles of both the private sector and government agencies. Through a broad conceptual framework and a careful review of the relevant literature, this volume provides insight into the important trends and patterns of some of the interventions that may be effective in reducing crime.
Poverty and Discrimination
Many ideas about poverty and discrimination are nothing more than politically driven assertions unsupported by evidence. And even politically neutral studies that do try to assess evidence are often simply unreliable. In Poverty and Discrimination, economist Kevin Lang cuts through the vast literature on poverty and discrimination to determine what we actually know and how we know it. Using rigorous statistical analysis and economic thinking to judge what the best research is and which theories match the evidence, this book clears the ground for students, social scientists, and policymakers who want to understand--and help reduce--poverty and discrimination. It evaluates how well antipoverty...
Foiling the Hegemons
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Measuring the Reaction of Monetary Policy to the Stock Market
Movements in the stock market can have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy. However, little is known about the magnitude of the Federal Reserve's reaction to the stock market. One reason is that it is difficult to estimate the policy reaction because of the simultaneous response of equity prices to interest rate changes. This paper uses an identification technique based on the heteroskedasticity of stock market returns to identify the reaction of monetary policy to the stock market. The results indicate that monetary policy reacts significantly to stock market movements, with a 5% rise (fall) in the S & P 500 index increasing the likelihood of a 25 basis point tightening (easing) by about a half. This reaction is roughly of the magnitude that would be expected from estimates of the impact of stock market movements on aggregate demand. Thus, it appears that the Federal Reserve systematically responds to stock price movements only to the extent warranted by their impact on the macroeconomy.
Annual Report
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Mortality, Inequality and Race in American Cities and States
A number of studies have found that mortality rates are positively correlated with income inequality across the cities and states of the US. We argue that this correlation is confounded by the effects of racial composition. Across states and MSAs, the fraction of the population that is black is positively correlated with average white incomes, and negatively correlated with average black incomes. Between-group income inequality is therefore higher where the fraction black is higher, as is income inequality in general. Conditional on the fraction black, neither city nor state mortality rates are correlated with income inequality. Mortality rates are higher where the fraction black is higher, not only because of the mechanical effect of higher black mortality rates and lower black incomes, but because white mortality rates are higher in places where the fraction black is higher. This result is present within census regions, and for all age groups and both sexes (except for boys aged 1 9). It is robust to conditioning on income, education, and (in the MSA results) on state fixed effects, and cannot plausibly be attributed to variations in the local provision of health care.
