Brookings Papers on Economic Activity

Articles from Fall

Editors' Summary
THE BROOKINGS PANEL on Economic Activity held its seventy-second conference in Washington, D.C., on September 6 and 7, 2001. This issue of Brookings Papers on Economic Activity includes the papers and discussions presented at the conference. The first...
From Reunification to Economic Integration: Productivity and the Labor Market in Eastern Germany
IT IS DIFFICULT TO FIND A MORE dramatic episode of economic dislocation in peacetime during the twentieth century than that associated with the reunification of Germany. It is a sad irony of history that the plucky East Germans who toppled the dictatorship...
The Consumption Risk of the Stock Market
OVER THE PAST century in the United States, the average annual return on the stock market has exceeded that on short-term government bonds by 6 percentage points. The natural economic explanation for the premium on equity is the greater risks associated...
The Great Recession: Lessons for Macroeconomic Policy from Japan
SINCE THE PERSISTENCE OF Japan's economic stagnation first became apparent, the Japanese government has been offered a flood of advice from macroeconomic policy analysis. Much of this advice emanated from the official sector, most prominently from...
Why Doesn't the United States Have a European-Style Welfare State?
EUROPEAN GOVERNMENTS REDISTRIBUTE income among their citizens on a much larger scale than does the U.S. government. European social programs are more generous and reach a larger share of citizens. European tax systems are more progressive. European...

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