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Vol. 3
  • Off‐​Balance‐​Sheet Federal Liabilities
    Much attention has been given to the recent growth of the U.S. federal debt. This paper examines the growth of federal liabilities that are not included in the official debt numbers. Those numbers take the form of implicit or explicit government guarantees and commitments.
  • Liberty for More: Finance and Educational Opportunities
    U.S. banking reforms—which reduced interest rates—boosted college enrollment rates among able students from middle‐​class families. We define “able” students as those with learning aptitude scores in the top two‐​thirds of the U.S. population.
  • Foreign Scientists and Engineers and Economic Growth
    Attracting highly educated immigrants—especially scientists and engineers—is a potentially effective economic growth–promoting strategy. This paper evaluates the contribution of foreign‐​born scientists and engineers to the wage and employment growth of native‐​born workers.
  • Evaluating Policies to Prevent Another Crisis: An Economist’s View
    I consider four policies created to address the financial crisis: (a) the ability‐​to‐​repay requirement in mortgage underwriting, (b) reform of rating agency compensation, (c) risk retention in securitization, and (d) mandatory loan renegotiation.
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