Brookings Papers on Economic Activity

Articles from Fall

Aggregate Demand and Long-Run Unemployment
WHAT DETERMINES the unemployment rate? In answering this question, mainstream economics draws a sharp distinction between the short run and the long run. According to the conventional view, short-run movements in unemployment are strongly influenced...
Editors' Summary
THE BROOKINGS PANEL on Economic Activity held its sixty-eighth conference in Washington, D.C., on September 2 and 3, 1999. This issue of Brookings Papers on Economic Activity includes the papers, reports, and discussions presented at that conference....
Evidence on the High-Income Laffer Curve from Six Decades of Tax Reform
IN THE 1980S, federal income tax policy took center stage in the political arena. An influential group of "supply-side" economists argued that high marginal tax rates were severely reducing the incentives of people to work, and that cutting tax rates,...
Financial Crises in the 1890s and the 1990s: Must History Repeat?
THE 1990S HAVE seen three large international financial crises shake the world economy: the collapse of western Europe's Exchange Rate Mechanism (ERM) in the fall of 1992, the collapse of the Mexican peso in the winter of 1994-95, and the East Asian...
Stability, Asymmetry, and Discontinuity: The Launch of European Monetary Union
ALTHOUGH STILL LESS than one year old as this volume goes to press, European Economic and Monetary Union (EMU) is already under trial, charged with at least three offenses. The first is false advertising: Europeans, it is claimed, did not get the strong,...
The Adequacy of Household Saving
DURING THE PAST half century, retirement income security in the United States has been based on a combination of social security, employer-sponsored pensions, and households' own saving. Social security was intended to provide a retirement income base....
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