The rate of incarceration has increased dramatically in the US since 1980. We explore the implications of this increased incarceration on national poverty measurement using micro data for the period 1979-1997. We make use of an as-yet unexplored data set on prisoner earnings, in conjunction with...

How do firms adjust prices in the marketplace? Do they tend to adjust prices infrequently in response to changes in market conditions? If so, why? These remain key questions in macroeconomics, particularly for central banks that work to keep inflation low and stable. The authors use the Bank of...

The persistent downward-sloping term structure of relative yield spreads of U.S. taxable and tax-exempt bonds has been a puzzle in economics and finance. Since the late 1980s, a number of researchers have found this quot;anomalyquot; and analyzed this phenomenon from various vantage points such...

A generalized Lorenz (GL) curve differs from a Lorenz curve in that the former is a rescaled version of the latter. A GL curve represents the relationship between the average income computed from a cumulative percentage of the population and the corresponding cumulative percentage. GL dominance...