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28001 Hon. Doug Ose Hon. Jeff Miller Hon. Eleanor Holmes
December 20, 2001 EXTENSIONS OF REMARKS 28001 his business was inspiring. His family’s con- HONORING COPELAND AND WI- This year, the Authority completed six years tributions to the religious community in time NONA GRISWOLD ON THEIR 50TH that have brought the District of Columbia out and money are in the record books. WEDDING ANNIVERSARY of the worst financial crisis in a century. To Members of the community called on him cope with this crisis, Congress passed the when something was needed for those who HON. JEFF MILLER District of Columbia Financial Responsibility and Management Assistance Authority Act in were less fortunate. He was always there. He OF FLORIDA 1995. The city had followed several others— was generous to a fault and has set a stand- IN THE HOUSE OF REPRESENTATIVES Philadelphia, New York, and Cleveland among ard for all of us to follow. Thursday, December 20, 2001 them—to junk bond status indicating an inabil- In a Yom Kippur Sermon several years ago, Mr. MILLER of Florida. Mr. Speaker, it is ity to borrow, or insolvency. As with the cities Rabbi Joseph Weinberg, said: my distinct pleasure to announce to you and that preceded them, the District required a ‘‘Always we are commanded to seize the the other members of this distinguished body, ‘‘control board’’ or Authority in order to con- day, to create a life which will be remembered that on December 21, 2001, my in-laws, tinue to borrow the necessary money to func- as a blessing. Not how long, but how well did Copeland and Winona Griswold of Chumuckla, tion. -
Black Studies: a Political Perspective
BLACK STUDIES: A POLITICAL PERSPECTIVE Michael Thelwell The two things that we black folk need most is a lot of patience and a sense of irony. --Junebug Jabbo Jones, Pool Hall Address "Don't Let White Folks Run You Crazy," Jackson, Mississippi, October 2, 1964. Any attempt to discuss the question of what has come to be called "Black Studies," or "ethnic studies" as they say in California, that incubator of meaningless pop jargon, outside of a political perspective is futile. The demands on the part of black students and their activist mentors is a response to political realities in the black community. The considerations out of which these pressures come are clear, so clear in fact, that there should be no need for an essay of this kind were it not for the apparently limitless capacity for the debasement of language and the obscuring of issues demonstrated by the mass media of the society. It is true that in this enterprise, the media has enjoyed the cooperation, witting or otherwise, of any number of hastily discovered "spokesmen" for black studies whose "revolutionary" fervor and extravagant rhetoric is equalled only by their mysticism and anti-intellectualism. As if this outpouring of definition from the left which serves, more often than not, to obscure more than it illuminates were not enough, there is an attendant motion on the right flank of the black community which is equally uninformed, short-sighted and dogmatic. This faction, which includes such established Negro intellectuals as Andrew Brimmer of the Federal Reserve Board, Sir Arthur Lewis, the West Indian economist presently at Princeton, Kenneth Clarke who recently resigned from the Board of Trustees of Antioch College after they had yielded to student demands for a black residence hall, Prof. -
The Transformation of Economic Analysis at the Federal Reserve During the 1960S
The Transformation of Economic Analysis at the Federal Reserve during the 1960s by Juan Acosta and Beatrice Cherrier CHOPE Working Paper No. 2019-04 January 2019 The transformation of economic analysis at the Federal Reserve during the 1960s Juan Acosta (Université de Lille) and Beatrice Cherrier (CNRS-THEMA, University of Cergy Pontoise) November 2018 Abstract: In this paper, we build on data on Fed officials, oral history repositories, and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Federal Reserve. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision- making process and a process internal to the discipline whereby institutionalism was displaced by neoclassical theory and econometrics. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who paradoxically did not always held a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economic analysis. 1 I. -
Full Employment and Balanced Growth Act of 1978: Hearings
FULL EMPLOYMENT AND BALANCED GROWTH ACT OF 1978 HEARINGS BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE NINETY-FIFTH CONGRESS SECOND SESSION ON Amendment No. 1703 TO S. 50 TO ESTABLISH AND TRANSLATE INTO PRACTICAL REALITY THE RIGHT OF ALL ADULT AMERICANS ABLE, WILLING, AND SEEKING TO WORK TO FULL OPPORTUNITY FOR USEFUL PAID EMPLOYMENT AT FAIR RATES OF COMPENSATION; TO COMBINE FULL EMPLOYMENT, PRODUCTION, AND PURCHAS ING POWER GOALS WITH PROPER ATTENTION TO BALANCED GROWTH AND NATIONAL PRIORITIES; TO MANDATE SUCH NATIONAL ECONOMIC POLICIES AND PROGRAMS AS ARE NEC ESSARY TO ACHIEVE FULL EMPLOYMENT, PRODUCTION, AND PURCHASING POWER, TO RESTRAIN INFLATION; AND TO PROVIDE EXPLICIT MACHINERY FOR THE DEVELOPMENT AND IMPLEMENTATION OF SUCH ECONOMIC POLICIES AND PROGRAMS, AND FOR OTHER PURPOSES MAY 8, 9, AND 10, 1978 Printed for the use of the Committee on Banking, Housing, and Urban Affairs U.S. GOVERNMENT PRINTING OFFICE 30-464 O WASHINGTON : 1978 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS WILLIAM PROXMIREi, Wisconsin, Chairman JOHN SPARKMAN, Alabama EDWARD W. BROOKE, Massachusetts HARRISON A. WILLIAMS, J r ., New Jersey JOHN TOWER, Texas THOMAS J. McINTYRE, New Hampshire JAKE GARN, Utah ALAN CRANSTON, California H. JOHN HEINZ III, Pennsylvania ADLAI E. STEVENSON, Illinois RICHARD G. LUGAR, Indiana ROBERT MORGAN, North Carolina HARRISON SCHMITT, New Mexico DONALD W. RIEGLE, J r ., Michigan PAUL S. SARBANES, Maryland K e n n e t h A. M c L e a n , Staff Director J e r e m i a h S. -
Letter Reso 1..3
*LRB09613366GRL28072r* HR0539 LRB096 13366 GRL 28072 r 1 HOUSE RESOLUTION 2 WHEREAS, The members of the Illinois House of 3 Representatives are saddened to learn of the death of Marcus 4 Alexis; and 5 WHEREAS, Marcus Alexis was born on February 26, 1932 in 6 Brooklyn, New York to Joseph William and Eliza Jane Alexis; 7 undeterred by poor vision as a child, he excelled in the New 8 York public school system, earning the grades to attend 9 Brooklyn College; and 10 WHEREAS, After receiving his bachelor's degree from 11 Brooklyn College, Marcus Alexis embarked on a truly exceptional 12 academic and professional journey, earning his master's degree 13 in finance from Michigan State University in 1954 and his 14 doctorate in economics from the University of Minnesota in 15 1959; he also performed post-doctoral work at Harvard 16 University and the Massachusetts Institute of Technology; and 17 WHEREAS, Marcus Alexis was a nationally recognized 18 scholar; he was widely known for his expertise on urban 19 economics and public policy, particularly race and poverty 20 issues, and on regulation and management strategy, especially 21 surface transportation, rail, and trucking strategies; his 22 expertise led him to numerous leadership positions in -2-HR0539LRB096 13366 GRL 28072 r 1 government and finance, including his appointment as director 2 of the Federal Reserve Bank of Chicago in 1985 and service as 3 the bank's deputy chairman and chairman in 1990; in 1979, he 4 was appointed to the Interstate Commerce Commission by 5 President Jimmy Carter, -
A Profile of the Congressional Budget Office
Congressional September 1990 Budget A Profile of Office the Congressional Budget Office CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE BUDeer OFFICE CONGRESSIONAL BUDGET OFFICE _ BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE SSKJNAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE SESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE \IONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE :I::AL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET BUDGET7 CONGRESSIONAL BUDGET BUDGET OFFICE CONGRESSIONAL BUDGET CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE " ~ "I Til I "1~_ riT 1_ OFFICE -
Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy
NBER WORKING PAPER SERIES FEDERAL RESERVE STRUCTURE, ECONOMIC IDEAS, AND MONETARY AND FINANCIAL POLICY Michael D. Bordo Edward S. Prescott Working Paper 26098 http://www.nber.org/papers/w26098 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2019 We would like to thank Al Broaddus, Doug Evanoff, Owen Humpage, Tom Humphrey, Loretta Mester, Ed Prescott, Ellis Tallman, and David Wheelock for helpful comments. The views expressed in this essay are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Michael D. Bordo and Edward S. Prescott. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy Michael D. Bordo and Edward S. Prescott NBER Working Paper No. 26098 July 2019 JEL No. B0,E58,G28,H1 ABSTRACT The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented. -
The Minority Report
THE MINORITY REPORT The annual news of the AEA’s Committee on the Status of Minority Groups in the Economics Profession, the National Economic Association, and the American Society of Hispanic Economists Issue 6, Winter 2014 Recent Trends in Wealth of Minority Groups in the United States: Evidence from the Survey of Consumer Finances By Jeffrey Thompson, Board of Governors of the Federal Reserve System, and Gustavo Suarez, Board of Governors of the Federal Reserve System1 Income is the most frequently used measure for Federal Reserve System every third year starting in 1989, provides valuable information to understand recent trends achieving economic equality. Income is commonly used toevaluating calculate household poverty indicators, well-being is andthe foundationprogress toward of United States.2 The SCF is unique because it offers detailed most household consumption, and is the primary basis informationin the evolution on of household finances and wealth in the household assets and debts and representingfor eligibility resourcesfor social programs. that can be However, used, for wealth example, is to also because it is startalso an a business, important provide measure income of household during retirement, well-being, or representative of serve as a bequest for offspring, all of which are highly Thehouseholds SCF provides with measurerelated with of the opportunities economic progress for economic made advancement.by minority reliablehigh net information worth. Researchers are increasingly looking at wealth as a both on attributes that are broadly distributed in the groups (Pew, 2011; Shapiro, Meschede, and Osoro, 2013; are concentrated in a relatively small segment of the and Masterson, Zacharias, and Wolff, 2009). -
Blalock and Sharpe
YOU GO GIRL!: TRENDS IN EDUCATIONAL ATTAINMENT OF BLACK WOMEN Sacha D. Blalock and Rhonda Vonshay Sharpe ABSTRACT Using the Integrated Postsecondary Educational Data System Completion Survey by Race (1980-2009), we seek to redirect the conversation about African-American females as single mothers, welfare recipients, and victims of the AIDS epidemic to one that highlights their exceptional school enrollment levels and postsecondary degree attainment. We examine separately the educational trends for black women by citizenship status and identify institutions that have been successful at conferring degrees to each group of black women. We find that the percentage of black women enrolled as first-time freshmen was greater than the percentage of any other non-white group, the growth in the total number of black women enrolled at far-profit institutions as first-time freshmen more than double and HBCUs were institutions most successful at conferring degrees to black women. Attending college is a human capital investment with many costs and uncertain returns. The returns are both private and social. Social returns include attributes associated with being a better citizen. Private benefits are usually associated with labor market outcomes. Black Female Undergraduates on Campus: Successes and Challenges Diversity in Higher Education, Volume 12, 1-41 Copyright © 2012 by Emerald Group Publishing Limited All rights of reproduction in any form reserved ISSN: 1479-3644/doi: 10.1108/S1479-3644(2012)0000012004 1 2 SACHA D. BLALOCK AND RHONDA VONSHAY SHARPE Costs included tuition, paid for with parental resources, scholarships, grants, loans or some combination of these resources, and foregone wages. During the 2007–2008 academic year, 66 percent of all student received financial aid in comparison with 76 percent of blacks.1 Thirty-nine percent of all undergraduates took out a loan, 52 percent received a grant, and 7.4 percent were awarded work-study.2 For blacks, 50 percent took out loans, 3 63 percent received grants, and 7.2 percent were awarded work-study. -
National Economic Association Celebration and Honors Luncheon
G E N C O I T N O ational O N M M O I C R P Economic th Asso ciation 5Anniversary 1969-2019 National Economic Association Celebration and Honors Luncheon Saturday, January 4, 2020 12:30 pm – 2:00pm Marina Ballroom G San Diego Marriott Marquis & Marina 333 West Harbor Drive San Diego, CA 92101, U S A 50 Years of Growth and Excellence Date: January 4, 2020 Today, the National Economic Association (NEA) will celebrate its 50th anniversary at a luncheon. This celebration is a culmination of the planning and effort of many people. First, I would like to thank everyone who has been a member of this great organization. As a group, we have built a strong foundation that will help our organization to continue to grow. Secondly, I would like to thank Rhonda Sharpe, who had great foresight to begin conversations about planning our 50th anniversary celebration. Thank you, Olugbenga Ajilore, for keeping the momentum going. I am grateful to the Board of Directors for their ongoing support of this process. I also would like to thank President-Elect Linwood Tauheed, for his leadership as chair of the 50thanniversary celebration committee. This event would not have been possible without the steadfast commitment of the members of the 50th-anniversary committee. Additionally, this event would not have happened without the efforts of our treasurer, Hazel Robinson. Her expertise and dedication to the NEA are something to be admired. I would also like to thank Margaret Simms for agreeing to be our speaker and for her unofficial role as the historian and record keeper for our organization. -
The Minority Report 2017
theMINORITYREPORT The annual news of the AEA’s Committee on the Status of Minority Groups in the Economics Profession, the National Economic Association, and the American Society of Hispanic Economists Issue 9 | Winter 2017 U.S. HISPANICS MAKE GAINS IN EDUCATION, EMPLOYMENT, AND ENTREPRENEURSHIP By Joseph Guzman and Mark Hugo Lopez On many economic and noneconomic measures, Hispanics in the United States have made gains in the years following the Great Recession. College enrollments of young Hispanics have reached new highs, household incomes are rising, unemployment is falling, and the number of Hispanic entrepreneurs is growing at a record pace. As a result, many Hispanics have become more upbeat in their assessments of their own economic situation and the prospects of brighter economic futures for their children. This comprehensive set of gains affects not only the Hispanic community but also the entire nation. Hispanics accounted for 43 percent of total job growth between 2009 and 2013, and they are projected to make up more than half of the nation’s labor force growth in the coming decades.1 Worth noting is the estimated purchasing power of the Hispanic community, which stands at $1.3 trillion, higher than that of blacks or Asians (reflecting the group’s overall larger demographic footprint).2 Numbering 57 million in 2015, Hispanics are the nation’s largest minority group. They are also one of its youngest and fastest growing groups. The median age of Hispanics is just 27 years, a full 15 years below that of non-Hispanic whites.3 Since 2000, the Hispanic population has grown at an annual rate of 3.6 percent, faster than the population of whites and blacks, but slower than the Asian population.4 Yet new trends are emerging that may magnify the future impact of Hispanics on the nation’s economy. -
The State of Blacks in Higher Education
Munich Personal RePEc Archive The state of blacks in higher education Darity, William A and Sharpe, Rhonda V and Swinton, Omari H A National Association for Equal Opportunity in Higher Education Study 2009 Online at https://mpra.ub.uni-muenchen.de/34411/ MPRA Paper No. 34411, posted 31 Oct 2011 23:40 UTC THE STATE OF BLACKS IN HIGHER EDUCATION Copyright © 2009, NAFEO All rights reserved. Printed in the U.S.A. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system now known or to be invented, without permission in writing from the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclusion in a magazine, newspaper or broadcast. The views expressed in this report are those of the authors and do not necessarily represent those of the Lumina Foundation, its officers, or employees. Published in the United States by Beckham Publications Group, Inc. P.O. Box 4066, Silver Spring, MD 20914 ISBN: 978-0-982387-4-1 Library of Congress Control Number:: 2009922868 THE STATE OF BLACKS IN HIGHER EDUCATION A National Association for Equal Opportunity in Higher Education Study William A. Darity, Jr., PhD, Duke University Rhonda Vonshay Sharpe, PhD, University of Vermont Omari H. Swinton, PhD, Howard University Silver Spring A Publication of the National Association for Equal Opportunity in Higher Education (NAFEO) Editor-in-Chief Lezli Baskerville, Esq. Managing Editor LaNitra Berger CONTENTS Preface . vii Acknowledgments .