Martin Neil Baily

Labor market performance, competition, and inflation; Unemployment, unsatisfied demand for labor, and compensation growth, 1956-80; Inflation, flexible exchange rates and the natural - of unemployment; Feedback between monetary policy, labor market activity, and wage inflation, 1955-78.

Workers, Jobs, and Inflation

Clifford M. Winston

For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents Include: Articles SANJA BHAGAT, ANDREI SHILEIFER, and ROBERT W. VISHNY Hostile Takeovers in the 1980: The return to Corporate Specialization BRONWYN H. HALL The Impact of Corporate Restructuring on Industrial Research and Development MICHAEL L. KATZ and JANUSZ A. ORDOVER R&D Cooperation and Competition OLIVER HART and JEAN TIROLE Vertical Integration and Market Foreclosure MICHAEL SALINGER The Concentration-Margins Relationship Reconsidered PAUL M. ROMER Capital, Labor, and Productivity MARTIN NEIL BAILY and CHARLE L. SCHILTZE The Productivity of Capital in a Period of Slower Growth

Macroeconomics

Peter C. Reiss

For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues.Contents include:ArticlesProduct and Stock Market Responses to Automotive Product Liability Verdicts by Steven Garber and John AdamsThe Distribution of the Insurance Market Effects of Tort Liability by Patricia H. Born and W. Kip ViscusiThe Link between Liability Reforms and Productivity: Some Empirical Evidence by Thomas J. Campbell, Daniel P. Kessler, and George B. ShepherdWhat Drives Venture Capital Fundraising by Paul A. Gompers and Josh LernerCapital's Contribution to Productivity and the Nature of Competition by Axel Börsch-SupanExtending the East Asian Miracle: Microeconomic Evidence from Korea by Martin Neil Baily and Eric ZitzewitzThe Tobacco Deal by Jeremy Bulow and Paul Klemperer

Brookings Papers on Economic Activity

The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a copublication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider postcrisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

New Perspectives on the Financial Crisis

Across the Great Divide

John B. Taylor

The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a co-publication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

Robert E. Litan

Senior Fellow and Director Bgi Martin Neil Baily

Gary T. Burtless

For nearly two decades the U.S. economy has been plagued by two disturbing economic trends: the slowdown in the growth rates of productivity and average real wages and the increase in wage and income inequality. The federal budget is in chronic deficit. Imports have far exceeded exports for more than a decade. American competitiveness has been a source of concern for even longer. Many Americans worry that foreigners are buying up U.S. companies, that the economy is losing its manufacturing base, and that the gap between rich and poor is widening.In this book three of the nation's most noted economists look at the primary reasons for these trends and assess which of the many suggestions for change in policy - whether for increased tax incentives for investment, education reform, or accelerated research and development - are likely to work and which may not work and could even hinder economic development.The author's discuss a variety of issues connected with deindustrialization and diminished competitiveness, distinguishing between problems that would be of real concern and those that should not. They evaluate explanations for slow growth in aggregate productivity in the United States and its relation to slower growth in other industrialized countries. They discuss the performance of the various sectors of the U.S. economy and systematically examine the evidence for and against the major proposals for correcting the adverse trends in productivity and inequity.Growth With Equity clearly explains how the country can accomplish the challenge of accelerating growth and narrowing the gap that separates the rich from the poor. While recognizing that some of their recommendations may be politically painful, the authors stress the importance of adopting a purposeful, long-range policy to encourage growth, ensure equity, and reduce the government's equity.

Martin Neil Baily

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