falls while the funds rate is rising. Though longterm forwards decline overall in both recoveries (1994-96 and 2004-06), the earlier experience includes a blip up in all rates through 1995, which is later reversed. This experience is missing in the second period. This remaining difference is Greenspan’s “conundrum.” The difference is already small. Furthermore, because the rise in the funds rat...

The six articles in this issue examine the topic of incarceration, and how it affects prisoners and their families, both during and after imprisonment. The first article summarizes a seminar given by Christopher Uggen at the University of Wisconsin– Madison on crime, punishment, and American inequality, where he argued that basing criminal justice policy on the view that all people can be class...

Using an annual data series on inequality in Australia since 1941, six possible determinants of inequality are tested: unionisation, the minimum wage, immigration, trade, growth, and unemployment. To properly assess the impact of immigration and trade on the income distribution, new measures of the human capital of the average immigrant, and human capital embodied in imports, are developed. Gra...

~ S ocially responsible investing (SRI) is moving into the mainstream of institutional investment management, but not uniformly and not without doubt. A 2004 Mercer survey reveals that 89% of investment managers in Asia and 69% of investment managers in Europe believe that SRI would be in the investment mainstream in the coming ten years, but only 36% of investment managers in the U.S. share th...

A kinetic theory of glasses is developed using equilibrium theory as a foundation. After establishing basic criteria for glass formation and the capability of the equilibrium entropy theory to describe the equilibrium aspects of glass formation, a minimal model for the glass kinetics is proposed. Our kinetic model is based on a trapping description of particle motion in which escapes from deep ...