Paul A. Samuelson

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Immigration is not evenly balanced across groups of workers who have the same education but differ in their work experience, and the nature of the supply imbalance changes over time. This paper develops a new approach for estimating the labor market impact of immigration by exploiting this variation in supply shifts across education-experience groups. I(More)
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  • P A Samuelson
  • Proceedings of the National Academy of Sciences…
  • 1971
Because the outcomes of repeated investments or gambles involve products of variables, authorities have repeatedly been tempted to the belief that, in a long sequence, maximization of the expected value of terminal utility can be achieved or well-approximated by a strategy of maximizing at each stage the geometric mean of outcome (or its equivalent, the(More)
  • P A Samuelson
  • Proceedings of the National Academy of Sciences…
  • 1989
Maximizing expected utility over a lifetime leads one who has constant relative risk aversion and faces random-walk securities returns to be "myopic" and hold the same fraction of portfolio in equities early and late in life--a defiance of folk wisdom and casual introspection. By assuming one needs to assure at retirement a minimum ("subsistence") level of(More)
In the past fifteen years, an extraordinary development has occurred in economies throughout the world: inflation has fallen dramatically in many industrialised as well as emerging-market countries, to the point where many of them have reached what might arguably be called price stability. Why did this happen and how did policy-makers achieve this feat?(More)
  • P A Samuelson
  • Proceedings of the National Academy of Sciences…
  • 1970
Just as simple harmonic motion, definable by a variational condition, delta [unk] ((1/2) x(2) - (1/2) x(2)) dt = 0, has motions which must conserve the sum of kinetic and potential energies, (1/2) x(2) + (1/2)x(2) congruent with constant, so in a neoclassical von Neumann economy, where all output is saved to provide capital formation for the system's(More)