Stock Market Wealth and Consumption

By James M. Poterba

Journal of Economic Perspectives, Spring 2000

This paper explores the link between changes in the aggregate value of corporate stock and changes in consumer spending. It presents data on the distribution of corporate stock ownership based on the 1998 Survey of Consumer Finances. It also uses time-ser...

Economics in the Cyberclassroom

By Peter Navarro

Journal of Economic Perspectives, Spring 2000

The coming of the cyberclassroom may change almost everything we do in teaching economics. This article discusses the size and scope of the cybereconomics market; the range and mix of instructional technologies; course design, development, and content; cy...

Minority Groups in the Economics Profession

By Susan M. Collins

Journal of Economic Perspectives, Spring 2000

The primary objective of this paper is to provide information about minorities (blacks, Hispanics and Native Americans)in economics, at various stages in the education pipeline, and in the labor market. Despite sustained increases in the numbers and perce...

Keynesian Macroeconomics without the LM Curve

By David H. Romer

Journal of Economic Perspectives, Spring 2000

Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption t...

An Interview with Zvi Griliches

By Alan B. Krueger and Timothy Taylor

Journal of Economic Perspectives, Spring 2000

Alan Krueger and Timothy Taylor interviewed Zvi Griliches, Paul M. Warburg Professor of Economics at Harvard University, at his home near the Harvard campus on June 21, 1999. The interview touches on his harrowing journey from Lithuania to Chicago; year...

Policy Watch: The Repeal of Glass-Steagall and the Advent of Broad Banking

By James R. Barth, R. Dan Brumbaugh, and James A. Wilcox

Journal of Economic Perspectives, Spring 2000

Enactment of the Gramm-Leach-Bliley Act (GLBA) in November 1999 effectively repealed the long-standing prohibitions on the mixing of banking with securities or insurance businesses and thus permits "broad banking." We attribute repeal of these prohibition...

Classroom Games: Making Money

By Susan K. Laury and Charles A. Holt

Journal of Economic Perspectives, Spring 2000

Economics is often taught at a level of abstraction that can hinder some students from gaining basic intuition. However, lecture and textbook presentations can be complemented with classroom exercises in which students make decisions and interact. The app...

Data Watch: The U.S. National Income and Product Accounts

By Joel Popkin

Journal of Economic Perspectives, Spring 2000

GDP is arguably the most widely used economic statistic. It is part of the National Income and Product Accounts (NIPAs). The concepts, methods and source data for the NIPAs are described in this article. It contains citations to more detailed information ...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Spring 2000

Correspondence

By Richard Brooks, Susan Helper, Patrick Bolton, David S. Scharfstein, Andrew Kamarck, Peter R. Orszag, Coleman Bazelon, and Kent Smetters

Journal of Economic Perspectives, Spring 2000

Notes

Journal of Economic Perspectives, Spring 2000

Front Matter

Journal of Economic Perspectives, Spring 2000

The Political Economy of the Budget Surplus in the United States

[Symposium: Fiscal Policy]

By Alberto Alesina

Journal of Economic Perspectives, Summer 2000

Current surpluses in the U.S. have been achieved by a combination of a strong economy, low interest rates, and sharp cuts in defense spending. These surpluses follow a period (the 1980s) of rather exceptional budget deficit. This paper investigates the or...

Reassessing Discretionary Fiscal Policy

[Symposium: Fiscal Policy]

By John B. Taylor

Journal of Economic Perspectives, Summer 2000

Recent changes in policy research and in policy-making call for a reassessment of countercyclical fiscal policy. Such a reassessment indicates that countercyclical fiscal policy should focus on automatic stabilizers rather than discretionary actions. Mone...

The Significance of Federal Taxes as Automatic Stabilizers

[Symposium: Fiscal Policy]

By Alan J. Auerbach and Daniel R. Feenberg

Journal of Economic Perspectives, Summer 2000

Using the TAXSIM model for the period 1962-95, we consider the federal tax system's impact as an automatic stabilizer. Despite the many changes in the tax system, there has been relatively little change in its role as an automatic stabilizer. We estimate ...

Should America Save for Its Old Age? Fiscal Policy, Population Aging, and National Saving

[Symposium: Fiscal Policy]

By Douglas W. Elmendorf and Louise M. Sheiner

Journal of Economic Perspectives, Summer 2000

We examine whether the aging of the U.S. population adds force to traditional arguments for boosting national saving and conclude--perhaps surprisingly--that it may not. Aging boosts the demands on future resources, but it also changes the rate of return ...

The Sports Business as a Labor Market Laboratory

[Symposium: Sports Economics]

By Lawrence M. Kahn

Journal of Economic Perspectives, Summer 2000

With superior data on compensation and productivity, as well as the occurrence of abrupt, dramatic market structure and player allocation rules changes, sports labor markets offer an excellent setting in which to test economic hypotheses. This paper revie...

The Economics of Sports Facilities and Their Communities

[Symposium: Sports Economics]

By John J. Siegfried and Andrew Zimbalist

Journal of Economic Perspectives, Summer 2000

Since the 1950s, taxpayers have been the primary investors in stadia built for the use of privately-owned professional sports teams. Team owners have argued that sports facilities boost local economic activity; however, economic reasoning and empirical ev...

Economic Analysis of Social Interactions

By Charles F. Manski

Journal of Economic Perspectives, Summer 2000

Economics is broadening its scope from analysis of markets to study of general social interactions. Developments in game theory, the economics of the family, and endogenous growth theory have led the way. Economists have also performed new empirical resea...

Collective Action and the Evolution of Social Norms

By Elinor Ostrom

Journal of Economic Perspectives, Summer 2000

I assume multiple types of players--"rational egoists," as well as "conditional cooperators" and "willing punishers"--in models of nonmarket behavior. I use an indirect evolutionary approach to explain how multiple types of players could survive and flour...