Temporal and ethnic decompositions of homeownership rates: Synthetic cohorts across five censuses

We perform probit-based Oaxaca–Fairlie decompositions of the change in ownership rates for four ethnic groups and three age groups over five censuses, and then construct second-order decompositions of the white/non-white differentials. There is substantial heterogeneity in how Hispanic, Asian and Black households of various age cohorts converge to and diverge from their white counterparts with respect to homeownership.     

Business is not a Game: The Metaphoric Fallacy

Sport and game metaphors are ubiquitous in the culture and language of business. As evocative linguistic devices, such metaphors are morally neutral; however, if they are indicative of a deep structure of understanding that filters experience, then they have the potential to be ethically problematic. This article argues that there exists a danger for those who forget or confuse metaphor with definition: the metaphoric fallacy. Accordingly, business is like a game, but it is not the equivalent of a game. If business is equated to a game, then the potentially negative implications for ethical content and the application of ethical theories are numerous. This article suggests a fresh approach to issues of contemporary business ethics discourse, by attending to the business-as-game metaphor.     

International Trade and the Connection between Excess Demand and Inflation

This paper demonstrates that globalization, taking the form of a higher import component of consumption and a larger export component of GDP, is the cause of the apparent breakdown in the relationship between excess demand and inflation. Within a parsimonious empirical framework, we show that increasing openness of the US economy is all that is needed to re‐establish the relationship between inflation and capacity utilization. We also show that international trade has a significant separate influence on inflation, and is important for identifying a Phillips curve relationship between unemployment and inflation.     

The immoderate world economy

This paper explores the connection between the much-debated global current account imbalances of the past decade and the U.S. financial collapse. It argues that the connection is an intimate one, although nothing so simple as cause and effect. Instead, the imbalances were a primary symptom of forces that led directly to the financial crash. The paper goes on to examine lessons for reforming the global financial architecture. A major lesson is the need to take a systemic view of global financial stability – a view that analyzes the global economy much as one would analyze an integrated domestic economy.