Notes

Chapter 1

1. The “great moderation” of low inflation and low unemployment was the term coined by Federal Reserve chairman Ben Bernanke in 2004 for the period beginning in 1982.

2. Gibbon (1776).

3. Chua (2007).

4. Abkowitz (2009).

Chapter 2

1. Thirty-six months versus nine months for the nation; and a 5% drop in unemployment in California versus 1.25% for the nation.

2. Richardson (1997).

3. Schrag (2006).

4. In Romero (2005).

5. “Defined contribution” (DC) plans are exemplified by 401(k) plans: Employees contribute a portion of their wages (and matching employer contributions, if available) to an investment account they own personally and can invest as they choose. DC plans are portable; they can migrate with the employee if they change ...

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