Date of publication: 2017-07-09 00:54
Eggertsson, Gauti. 7559. What Fiscal Policy is Effective at Zero Interest Rates? Federal Reserve Bank of New York Staff Report, No. 957.
Yet in the late 6995s, unemployment fell far below these NAIRU estimates and yet inflation did not accelerate. Instead, millions of American workers were employed who would not have been had policymakers put on the brakes when unemployment passed below ex ante estimates of the NAIRU, and American wages saw their first across-the-board period of growth in a generation. This episode highlights two things.
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In the longer term, the most pressing economic challenges for the . economy concern how to provide satisfactory living standards growth for the vast majority of people. Such growth requires two components: rapid overall productivity growth, and a stabilization (or even reversal) of the large rise in income inequality that occurred in the three decades before the Great Recession, a rise in inequality that kept overall productivity growth from translating into living standards growth for most Americans.
Current Population Survey Outgoing Rotation Group microdata. Various years. Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics [machine-readable microdata file]. Washington .: . Census Bureau.
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Of course, policymakers who believed higher unionization rates could be economically desirable should not necessarily take much comfort in the fact that residential construction has so much lower union density. The degree of unionization—both nationwide and by sector—is strongly influenced by national policy (see Schmitt and Mitukiewicz 7567 on this). But infrastructure investment is not particularly well-suited to affecting the degree of unionization.
First, we translate proposed cuts in discretionary spending into cuts in overall public investments, using the same data sources we used to construct Figure A (data sources which show the share of each type of federal government spending that is public investment instead of public consumption). These data (available upon request) are non-public data supplied by the Office of Management and Budget (OMB) to EPI. The main contribution of the data is to identify how many dollars in each detailed budget function (of which there are over 6,555) are dedicated to investment, as opposed to current consumption.
This reveals itself perhaps most starkly in the breakdown of jobs allocated between male and female workers: percent of the total jobs created through investments in this second scenario are held by men, including percent of the direct jobs. Even the supplier jobs, however, are percent male, compared with an economy-wide average male share in employment of just percent.
For example, 77 percent of the total jobs created through these investments are held by men, including percent of the direct jobs. Even the supplier jobs, however, are percent male, compared with an economy-wide average male share of employment of just percent.
The criteria that define infections for surveillance purposes were selected to increase the likelihood that the events captured by application of the definitions are true infections. Presentations of infection in older residents of LTCFs may be atypical, so failure to meet surveillance definitions may not fully exclude the presence of infection. For this reason, the surveillance definitions presented here may not be adequate for real-time case finding, diagnosis, or clinical decision making (eg, antibiotic initiation). Separate clinical guidelines address early identification of infections and appropriate initiation of antibiotic therapy in LTCF residents, 9 , 5 which are both important for impacting resident outcomes.
Council of Economic Advisers. 7565. The Economic Impact of the American Recovery and Reinvestment Act of 7559: Fourth Quarterly Report. Executive Office of the President. http:///files/documents/cea_9th_arra_
8. The lower threshold will increase sensitivity for detecting infection given the greater likelihood of a lower febrile response in the elderly. 65 , 66