1,721,008 research outputs found
Globalization, Offshoring, and Economic Convergence: A Synthesis Dwight Jaffee
No full textThis paper discusses the impact that globalization in general and offshoring in particular have on US employment and income. Most recent discussions of offshoring (defined here as the transfer of existing jobs to foreign locations) in the press and by politicians have focused on lost US employment. Economists, in contrast, generally believe that labor markets will adjust and create new jobs to replace the lost ones. The first part of this paper documents the empirical evidence that the US economy generally has replaced the jobs that have been lost to technological change and offshoring activity. Stipulating that lost jobs will be replaced, the key question then concerns the quality of the jobs, specifically the wage rates, that will apply in a globalized world. The question must be posed carefully, however, since different meanings of globalization may lead to very different answers for the possible convergence of incomes. Finally, the paper considers whether national economic policy can influence the outcome, as an application of the New Trade Theory, with comparative advantage an endogenous variable. For presentation at the Conference Understanding Global Outsourcing, Stern School of Business, December 10, 2004 * I would like to thank my current UC Berkeley colleagues, Ashok Bardhan and Cynthia Kroll, and a colleague of years past William Baumol, for helpful discussions in the context of this paper. Responsibility for errors and views, of course, remains my own. 1
The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market
Get PDFThis paper analyzes options for reforming the U.S. housing finance system in view of the failure of Fannie Mae and Freddie Mac as government sponsored enterprises (GSEs). The options considered include GSE reform, a range of possible new governmental mortgage guarantee plans, and greater reliance on private mortgage markets. The analysis also considers the likely consequences of adopting alternative roles for government in the U.S. housing and mortgage markets. We start by reviewing the history of the GSEs and their contributions to the operation of U.S. housing and mortgage markets, including the actions that led to their failure in conjunction with the recent mortgage market crisis. The reform options we consider include those proposed in a 2011 U.S. Treasury White Paper, plans for new government mortgage guarantees from various researchers and organizations, and the evidence from Western European countries for the efficacy of private mortgages markets.
Comment on Edlin and Jaffee: Show Me the General Theory
No full textAaron Edlin and Dwight Jaffee point to a problem straight out of Keynes, according to Dirk Ehnts, so why not look to Keynes for the answer?
Investment Banking Regulation After Bear Stearns
No full textThe Bear Stearns bailout created an implicit guarantee that will create a great deal of moral hazard unless we smartly regulate investment banks in a way that doesn't destroy their value; so say Dwight Jaffee and Mark Perlow.
Show Me The Money
No full textAaron Edlin and Dwight Jaffee wonder: where has all the money and credit gone? Bank reserves at the Fed are monumental, and they suggest a tax on excess reserves.
What To Do about Fannie and Freddie?
No full textEdward Glaeser and Dwight Jaffee argue that Freddie Mac and Fannie Mae are actively pursuing great risk at taxpayer expense and private profit: the cure is a tax on their 6 billion a year.
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Should Governments Provide Catastrophe Insurance?
No full textThomas Russell and Dwight Jaffee argue that private markets should be able to insure against catastrophes like Hurricane Katrina or 9/11, but if government must, then it should follow the same actuarially based pricing and reserving rules that would be followed by a competitive private market.
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