Current Social Science Research Report--Economics #18, June 5, 2007.

CSSRR-Economics is a weekly email report produced by the Data and Information Services Center at the University of Wisconsin-Madison. It seeks to help social science researchers keep up to date with the latest developments in the field. This report will contain selected listings of new: reports, articles, bibliographies, working papers, tables of contents, conferences, data, and websites. For more information, including an archive of back issues and subscription information see:

http://www.disc.wisc.edu/reports/cssrindex.html

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CSSRR-Economics is compiled and edited by Jack Solock and Charlie Fiss.

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To CSSRR-Soc #18

To CSSRR-Health #18

CSSRR-Index

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Index to this issue:

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CENTRAL GOVERNMENT AND NGO STATISTICAL PUBLICATIONS

US

US STATES

NGO AND OTHER COUNTRIES

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OTHER REPORTS, ARTICLES, ETC.

WORKING PAPERS

TABLES OF CONTENTS

DATA

WEBSITE UPDATES

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CENTRAL GOVERNMENT STATISTICAL AND NGO PUBLICATIONS

US

1. Census Bureau Compendium: County Business Patterns: 2005 (May 2007). Links to the hypertext tables are available from a Census Bureau news release: "U.S. Adds 112,000 New Employer Establishments in 2005" (CB07-78, May 31, 2007).

http://www.census.gov/Press-Release/www/releases/archives/county_business_patterns/010192.html

Click on "County Business Patterns: 2005" for link to hypertext tables.

2. Department of Agriculture, Economic Research Service Reports, Periodical:

A. "America’s Diverse Family Farms, 2007 Edition," by Robert A. Hoppe, David E. Banker, Penni Korb, Erik O’Donoghue, and James MacDonald (Economic Information Bulletin No. (EIB-26), June 2007, .pdf format, 12p.).

http://www.ers.usda.gov/Publications/EIB26/

B. "Characteristics of Low-Income Households With Very Low Food Security: An Analysis of the USDA GPRA Food Security Indicator," by Mark Nord (Economic Information Bulletin No. (EIB-25), May 2007, .pdf format, 27p.).

http://www.ers.usda.gov/Publications/EIB25/

C. Amber Waves (Vol. 5, No. 3, June 2007, HTML and .pdf format, 44p.).

http://www.ers.usda.gov/AmberWaves/AllIssues/

3. Bureau of Labor Statistics Time Use Charts: "Charts from the American Time Use Survey," (May 2007, .pdf and ASCII text format). "The following charts provide a snapshot of how people use their time. These lists are not exclusive -- they only contain some of the most interesting or commonly cited statistics from the survey.

http://www.bls.gov/tus/charts/home.htm

4. Government Accountability Office Correspondence: "The Nation's Long-Term Fiscal Outlook, April 2007 Update" (June 2007, .pdf format, 14p.).

http://www.gao.gov/new.items/d07983r.pdf

Note: this is a temporary address. GAO correspondence may be available at:

http://www.gao.gov/

5. US Government Economic Releases from the National Bureau of Economic Research: Links to releases for May 29-Jun. 5, 2007 are available at the site.

http://www.nber.org/releases/

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US States:

Iowa:

State Data Center Updates: The State Data Center released the following updates (all .pdf and Microsoft Excel format) on Jun. 1, 2007: For the State of Iowa: "Personal current tax receipts: 2000-2005; Personal current transfer receipts: 2000-2005; State and local government finances by level of government: 2001-2005; For the US and States: Government revenue and expenditure: 2000-2005":

http://www.iowadatacenter.org/indexlinks/New

See under June 1, 2007 item.

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NGOs and Other Countries:

United Nations:

Economic and Social Commission for Asia and the Pacific Report: "Economic and Social Survey of Asia and the Pacific 2007: Surging Ahead in Uncertain Times," (May 2007, .pdf format, 166p.).

http://www.unescap.org/survey2007/download/index.asp

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Organisation for Economic Co-operation and Development Policy Briefs, Economic Outlook:

A. "Economic survey of Greece 2007" (May 2007, .pdf format, 11p.).

http://www.oecd.org/document/8/0,2340,en_2649_201185_38489288_1_1_1_1,00.html

Scroll to the bottom of the page and click on "Policy Brief" for link to full text.

B. "Economic survey of the United States 2007" (May 2007, .pdf format, 11p.).

http://www.oecd.org/document/51/0,2340,en_2649_201185_38626675_1_1_1_1,00.html

Scroll to the bottom of the page and click on "Policy Brief" for link to full text.

C. "Economic survey of the Italy, 2007," (June 2007, .pdf format, 11p.).

http://www.oecd.org/document/55/0,3343,en_2649_34569_38680631_1_1_1_1,00.html

Scroll to the bottom of the page and click on "Policy Brief" for link to full text.

D. "OECD Economic Outlook No. 81, May 2007." Ordering information is available at the site. In addition there are links to selected country summaries (.pdf format).

http://www.oecd.org/document/18/0,2340,en_2649_201185_20347538_1_1_1_1,00.html

Click on "Country Summaries" under "Extracts."

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International Monetary Fund:

International Monetary Fund Country Reports The latest Country Reports span the time period from May 24, 2007--Jun. 5, 2007 (No. 07/184-07/191).

http://www.imf.org/external/pubs/cat/scr1_sp.cfm?s_year=2007&e_year=2007&brtype=default

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Canada:

Statistics Canada Article: "Income of individuals, 2005," (The Daily, May 31, 2007, .pdf and HTML format).

http://www.statcan.ca/Daily/English/070531/d070531b.htm

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Norway:

Statistics Norway News Releases:

A. "Economic trends for Norway and abroad: Protracted Norwegian boom" (May 31, 2007).

http://www.ssb.no/english/subjects/08/05/kt_en/

B. "Farmers' income and property 2005: Large variations in income from agriculture" (May 29, 2007). The news release links to six topical tables).

http://www.ssb.no/english/subjects/10/04/10/binfo_en/

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OTHER REPORTS, ARTICLES, ETC.

National Association of Realtors Report: "Metropolitan Area Existing-Home Prices and State Existing-Home Sales" (June 2007, .pdf and Microsoft Excel format). "NAR releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA). Beginning on February 15, 2005, this quarterly report includes a breakdown of condo and co-op prices by metro market. MSAs are as defined by the U.S. Office of Management and Budget and include the specified city or cities and surrounding suburban areas."

http://www.realtor.org/Research.nsf/Pages/MetroPrice

More information about NAR:

http://www.realtor.org/about_nar/index.html

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Federal Reserve Bank of New York Periodical Article: "How Worrisome Is a Negative Saving Rate?" by Charles Steindel (Current Issues in Economics and Finance, Vol. 13, No. 4, May 2007, .pdf and HTML format, 7p.).

http://www.newyorkfed.org/research/current_issues/ci13-4.html

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Federal Reserve Bank of St. Louis [Missouri] Periodical: "National Economic Trends (June 2007, .pdf format, 27p.).

http://research.stlouisfed.org/publications/net/

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Urban Institute Report: A Simple, Progressive Replacement for the AMT (Alternative Minimum Tax)," by Leonard E. Burman and Greg Leiserson (Urban Institute/Brookings Institution Tax Policy Center, May 2007, .pdf format, 19p.).

http://www.urban.org/url.cfm?ID=411472

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Brookings Institution Reports:

A. "Economic Mobility: Is the American Dream Alive and Well?" by John E. Morton and Isabel V. Sawhill (May 2007, .pdf format, 9p.).

http://www.brookings.edu/views/papers/sawhill/200705.htm

B. "What are the High-Probability Challenges to Continued High Growth in China?" by Wing Thye Woo (May 2007, .pdf format, 30p.).

http://www.brookings.edu/views/papers/20070522woo.htm

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PricewaterhouseCoopers Report: "Outsourcing comes of age: The rise of collaborative partnering," (May 2007, .pdf format, 21p.).

http://www.pwc.com/extweb/pwcpublications.nsf/docid/DF993563025DFA0F852572D60067ACA3

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JSTOR Update: The following journal has been added to the JSTOR archive. To view all the journals in the archive see:

http://www.jstor.org/about/all.list.html

To determine whether your institution is a JSTOR member, and what the "moving wall" of publication dates for these and all JSTOR publications is, see:

http://www.jstor.org/about/

Business Ethics Quarterly
IMF Staff Papers
Risk Management

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WORKING PAPERS:

Federal Reserve Banks:

Federal Reserve Board: "Bond Risk Premia and Realized Jump Volatility," by Jonathan Wright and Hao Zhou (2007-22, May 2007, .pdf format, p.). Links to an abstract and full text can be found at:

http://www.federalreserve.gov/Pubs/feds/2007/200722/200722abs.html

Federal Reserve Bank of Boston [Massachusetts]:

A. "Minimally Altruistic Wages and Unemployment in a Matching Model," by Julio J. Rotemberg (Working Paper 07-5, May 2007, .pdf format, 49p.). Links to an abstract and full text can be found at:

http://www.bos.frb.org/economic/wp/wp2007/wp0705.htm

B. "Debt and the Effects of Fiscal Policy," by Carlo Favero and Francesco Giavazzi (Working Paper 07-4, May 2007, .pdf format, 34p.). Links to an abstract and full text can be found at:

http://www.bos.frb.org/economic/wp/wp2007/wp0704.htm

Federal Reserve Bank of Dallas [Texas]: "Real Business Cycle Dynamics under First-Order Risk Aversion," by Jim Dolmas (Working Paper 0704, May 2007, .pdf format, 27p.).

Abstract:

This paper incorporates preferences that display first-order risk aversion (FORA) into a standard real business cycle model. Although FORA preferences represent a sharp departure from the expected utility/constant relative risk aversion (EU/CRRA) preferences common in the business cycle literature, the change has only a negligible effect on the model's second moment implications. In fact, for what I argue is an empirically reasonable "ballpark" calibration of the FORA preferences, the moment implications are essentially identical to those under EU/CRRA, while the welfare cost of aggregate fluctuations in the model is substantially larger.

http://dallasfed.org/research/papers/2007/wp0704.pdf

Federal Reserve Bank of New York: "Inflation Persistence: Alternative Interpretations and Policy Implications," by Argia M. Sbordone (Staff Report No. 286, May 2007, .pdf format, 38p.). Links to an abstract and full text can be found at:

http://www.newyorkfed.org/research/staff_reports/sr286.html

Federal Reserve Bank of Philadelphia [Pennsylvania]: "A Finite-Life Private-Information Theory of Unsecured Consumer Debt," by Satyajit Chatterjee, Dean Corbae, and José-Víctor Ríos-Rull (Working Paper No. 07-14, May 2007, .pdf format, 51p.).

Abstract:

The authors present a theory of unsecured consumer debt that does not rely on utility costs of default or on enforcement mechanisms that arise in repeated-interaction settings. The theory is based on private information about a person's type and on a person's incentive to signal his type to entities other than creditors. Specifically, debtors signal their low-risk status to insurers by avoiding default in credit markets. The signal is credible because in equilibrium people who repay are more likely to be the low-risk type and so receive better insurance terms. The authors explore two different mechanisms through which repayment behavior in the credit market can be positively correlated with low-risk status in the insurance market. Their theory is motivated in part by some facts regarding the role of credit scores in consumer credit and auto insurance markets.

http://www.phil.frb.org/files/wps/2007/wp07-14.pdf

Federal Reserve Bank of St. Louis [Missouri]:

A. "Trade and Child Labor: A General Equilibrium Analysis," by Subhayu Bandyopadhyay, and Sudeshna C. Bandyopadhyay (Working Paper 2007-024A, May 2007, .pdf format, 25p.). Links to an abstract and full text can be found at:

http://research.stlouisfed.org/wp/more/2007-024/

B. "Foreign Aid and Export Performance: A Panel Data Analysis of Developing Countries," by Jonathan Munemo, Subhayu Bandyopadhyay, and Arabinda Basistha (Working Paper 2007-023A, May 2007, .pdf format, 22p.). Links to an abstract and full text can be found at:

http://research.stlouisfed.org/wp/more/2007-023/

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US Bureau of Labor Statistics: "Are Those Who Bring Work Home Really Working Longer Hours? Implications for BLS Productivity Measures," by Lucy P. Eldridge and Sabrina Wulff Pabilonia (May 2007, .pdf format, 46p.). Links to an abstract and full text are available at:

http://www.bls.gov/ore/abstract/ec/ec070050.htm

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National Bureau of Economic Research: NBER has released the following working papers for the week of May 21-28:

http://www.nber.org/new.html#latest

New papers are: 13134-13142 and technical working paper 338.

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Luxembourg Income Study:

A. "Cross-National Comparison of Economic Inequality among Households with Children," by Sawako Shirahase (No. 461, May 2007, .pdf format, 27p.).

Abstract:

The paper consists of three parts. The first part presents empirical results on the economic situation among Japanese households with children. The second part compares and analyzes cross-national micro-data on households with children. And, lastly, I discuss attitudes toward child-rearing policies in the United States, France, Sweden, South Korea, and Japan. In Japan, a larger extent of income inequality is manifest particularly among households with young children. The poverty rate among households with young children is higher in Japan than France and Sweden. The need for child-rearing policies in Japan is not differentiated as largely as in other countries by household income. Poor or rich, people strongly desire more robust economic support for child rearing in Japan.

http://www.lisproject.org/publications/liswps/461.pdf

B. "Party to Inequality: Right Party Power and Income Inequality in Affluent Western Democracies," by David Brady and Kevin Leicht (No. 460, May 2007, .pdf format, 58p.).

Abstract:

Much social science suggests that income inequality is a product of economic and demographic factors and recent work highlights the influence of Leftist politics in affluent Western democracies. But, prior research has neglected rightist politics. We examine the impact of cumulative right party power on three measures of income inequality in an unbalanced panel of 16 affluent Western democracies from 1969 to 2000. We find that cumulative right party power significantly increases inequality with effects comparable to other established causes. Left party power has less influence than the right on the Gini coefficient and the 90/50 ratio but a larger influence on the 90/10 ratio. Union density is insignificant after controlling for right party power. Right party power partly channels through and partly combines with government expenditures to affect inequality. Temporal interactions show that right parties became more influential after 1989 while left parties became less effective. Supplementary analyses suggest that a component of right party power’s effects occurs through labor market inequality prior to taxes and transfers. Sensitivity analyses reveal that the results are robust to a wide variety of alternative specifications and operationalizations and do not depend on the inclusion of the U.S. in the sample. Our results inform debates about the sources of inequality and related sociological theories regarding class, politics, the state and the economy.

http://www.lisproject.org/publications/liswps/460.pdf

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Organisation for Economic Co-Operation and Development: "What Promotes Fiscal Consolidation: OECD Country Experiences," by Stéphanie Guichard, Mike Kennedy, Echkard Wurzel and Christophe André (Economics Department Working Papers No. 553, May 2007, .pdf and Word format, 37p.).

Abstract:

Fiscal consolidation is required in most OECD countries. This is especially so in view of medium and long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules.

http://www.olis.oecd.org/olis/2007doc.nsf/linkto/eco-wkp(2007)13

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Institute for Social and Economic Research (ISER) [University of Essex, Colchester, UK]:

A. "Inequality and the GB2 Income Distribution," by Stephen P. Jenkins (ISER Working Paper 2007-12, May 2007, .pdf format, 8p.).

Abstract:

The generalized entropy class of inequality indices is derived for Generalized Beta of the Second Kind (GB2) income distributions, thereby providing a full range of top-sensitive and bottom-sensitive measures. An examination of British income inequality in 1994/95 and 2004/05 illustrates the analysis.

http://www.iser.essex.ac.uk/pubs/workpaps/pdf/2007-12.pdf

B. "Using the P90/P10 Index to Measure US Inequality Trends with Current Population Survey Data: A View from Inside the Census Bureau Vaults," by Richard V. Burkhauser, Shuaizhang Feng, and Stephen P. Jenkins (ISER Working Paper 2007-14, June 2007, .pdf format, 48p.).

Abstract:

The March Current Population Survey (CPS) is the primary data source for estimation of levels and trends in labor earnings and income inequality in the USA. Time-inconsistency problems related to top coding in theses data have led many researchers to use the ratio of the 90th and 10th percentiles of these distributions (P90/P10) rather than a more traditional summary measure of inequality. With access to public use and restricted-access internal CPS data, and bounding methods, we show that using P90/P10 does not completely obviate time-inconsistency problems, especially for household income inequality trends. Using internal data, we create consistent cell mean values for all top-coded public use values that, when used with public use data, closely track inequality trends in labor earnings and household income using internal data. But estimates of longer-term inequality trends with these corrected data based on P90/P10 differ from those based on the Gini coefficient. The choice of inequality measure matters.

http://www.iser.essex.ac.uk/pubs/workpaps/pdf/2007-14.pdf

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College of Business and Economics [Australian National University]: "China's Real Exchange Rate," by Jane Golley and Rod Tyers (Working Paper No. 479, May 2007, .pdf format, 34p.).

Abstract:

International pressure to revalue China's currency stems in part from the expectation that rapid economic growth should be associated with a real exchange rate appreciation. This hinges on the Balassa-Samuelson hypothesis under which economic growth, stemming from improvements in traded sector productivity, causes non-traded prices to rise. More generally, real depreciations can stem from non-traded productivity improvements or, in association with failures of the law of one price for traded goods, labour supply growth and growth-related demand switches due to changes in the saving rate, trade distortions or investment risk premia. This chapter examines the sensitivity of China's real exchange rate to these determinants. The results confirm that financial capital inflows are a dominant appreciating force in the short run, helping to explain why it is the surplus of Chinese domestic saving over its investment that has restrained the real exchange rate from appreciating during the past decade. In the long term, the appreciating effect of the inevitable fall in the saving rate is likely to be at least partially offset by the depreciating effects of skill acquisition and services productivity growth. Indeed, if future Chinese growth is propelled by these factors, a long term real depreciating trend could be in store.

http://ecocomm.anu.edu.au/research/papers/pdf/wp479.pdf

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International Monetary Fund: IMF has added four working papers in the last week. The papers are Nos. 07/124--07/127

http://www.imf.org/external/pubs/cat/wp1_sp.cfm?s_year=2007&e_year=2007&brtype=default

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World Bank Development Programme: WDP has recently released several new working papers. See the list at:

http://econ.worldbank.org/resource.php?type=5

New Papers are: 4238-4244

and click on "More" for the rest.

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Institute for the Study of Labor (IZA) [University of Bonn, Germany]: IZA has recently released several new working papers.

http://www.iza.org/index_html?lang=en&mainframe=http%3A//www.iza.org/en/webcontent/publications/papers/index_html%3Fyear%3D2007&topSelect=publications&subSelect=papers

The new working papers are: 2810-2819

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New Economic Papers (NEP)-ALL. The latest list of New Economic Papers (May 26, 2007) is available at:

http://ideas.repec.org/n/nep-all/

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AgEcon Search: This week's new working papers from AgEcon Search at the University of Minnesota are available at:

http://agecon.lib.umn.edu/cgi-bin/new.pl

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JOURNAL TABLES OF CONTENTS (check your library for availability):

Economic Journal (Vol. 117, No. 520, April 2007).

http://www.blackwell-synergy.com/toc/ecoj/117/520

Economics Letters (Vol. 96, No. 1, July 2007).

http://www.sciencedirect.com/science/journal/01651765

Journal of Mathematical Economics (Vol. 43, No. 6, August 2007).

http://www.sciencedirect.com/science/journal/03044068

Journal of Public Economics (Vol. 91, No. 7-8, August 2007).

http://www.sciencedirect.com/science/journal/00472727

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DATA:

US Census Bureau: "2007 North American Industry Classification System (NAICS)," (June 2007). "The following 2007 NAICS files are currently available for downloading in spreadsheet form (Excel): 2007 NAICS codes--2- through 6-digit; 2007 NAICS codes--6-digit only; and correspondence table for those industries that changed: 2007 NAICS to 2002 NAICS and 2002 NAICS to 2007 NAICS."

http://www.census.gov/epcd/www/naics.html

The print version of the Manual can be ordered from the National Technical Information Service:

http://www.ntis.gov/products/bestsellers/naics.asp?loc=4-2-0

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World Bank Living Standards Measurement Study Update: "Albania 2005" (May 2007, documentation and questionnaires in .pdf format, data available on the web after signing a data agreement form).

http://www.worldbank.org/lsms/guide/select.html

Scroll to "Albania 2005"

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Luxembourg Income Study Data Release: "The Fourth (and last) round of Wave V, Release 2 data is online. It includes: Belgium 2000, Canada 1998, Canada 2000, Israel 2001, Italy 1998, Italy 2000, Netherlands 1999, Sweden 2000" (June 2007).

http://www.lisproject.org/whatsnew.htm

Data access:

http://www.lisproject.org/introduction.htm

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Panel Study of Income Dynamics: "Data on Income, Work Hours, and Wealth for the 2005 wave are now available in the PSID Data Center and also in the zip package."

http://simba.isr.umich.edu/Zips/zipSupp.aspx#WLTH

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WEBSITE UPDATES:

Columbia [New York] Earth Institute NextGenerationEarth Map Updates: NextGenerationEarth has added US CO2 Emmissions data mapping--"24 different ways-- by sector, GDP and per capita."

http://www.nextgenerationearth.org/maps

Click on "U.S. C02 emissions data".

NextGenerationEarth:

http://www.nextgenerationearth.org/home

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