This memorandum documents the updates implemented in EPA’s 2020 Inventory of U.S. Greenhouse Gas Emissions and Sinks (GHGI) for gathering and boosting (G&B) stations. Additional considerations for G&B were previously discussed in memoranda released November 2019 (Inventory of U.S. Greenhouse Gas Emissions and Sinks 1990-2018: Updates Under Consideration for Natural Gas Gathering & Boosting Station Emissions),1 October 2018 (Inventory of U.S. GHG Emissions and Sinks 1990-2017: Updates Under Consideration for Natural Gas Gathering & Boosting Emissions),2 and April 2019 (Inventory of U.S. GHG Emissions and Sinks 1990-2017: Updates to Natural Gas Gathering & Boosting Pipeline Emissions).3

Inventory of U.S. Greenhouse Gas Emissions and Sinks

In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of asset prices and consumption growth. A decrease in house prices reduces the collateral value of housing, increases household exposure to idiosyncratic risk, and increases the conditional market price of risk. Using aggregate data for the US, we find that a decrease in the ratio of housing wealth to human wealth predicts higher returns on stocks. Conditional on this ratio, the covariance of returns with aggregate risk factors explains eighty percent of the cross-sectional variation in annual size and book-to-market portfolio returns.

https://papers.ssrn.com/sol3/Delivery.cfm/2451_27320.pdf?abstractid=1300215&mirid=1

Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perspective

Historically, most attention in public programs has been given to the resources devoted to the activity, and resources have been used to index both commitment and quality. Education differs from other areas of public expenditure because direct measures of outcomes are available, making it is possible to consider results and, by implication, to consider the efficiency of provision. Early interpretations of the evidence, emanating from popular interpretations of the Coleman Report that 'schools do not make a difference,' are incorrect, but the basic evidence behind the statement suggests serious performance problems of government supply, because purchased inputs to schools are not closely related to outcomes. This paper reviews that evidence along with providing an evaluation of the various controversial aspects including issues of causality, consumer behavior, and estimation approaches. Two detailed policy areas are discussed in terms of the evidence on performance: public versus private provision and the financing of schools.

/pdf/publicly-provided-education-289sk0ldfd.pdf

Publicly Provided Education

Secondary-school enrollment and graduation rates increased spectacularly in much of the United States from 1910 to 1940; the advance was particularly rapid from 1920 to 1935 in the nonsouthern states. This increase was uniquely American; no other nation underwent an equivalent change for several decades. States that rapidly expanded their high school enrollments early in the period had greater wealth, more homogeneity of wealth, and less manufacturing activity than others. Factors prompting the expansion include the substantial returns to education early in the century and a responsive “state.” This work is based on a newly constructed state-level data set.

/pdf/america-s-graduation-from-high-school-the-evolution-and-36h464dsbx.pdf

America's Graduation from High School: The Evolution and Spread of Secondary Schooling in the Twentieth Century

This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share (despite the equilibrium reallocation of capital and labor away from that sector). We first illustrate this force using a general two-sector model. We then investigate it further using a class of models with constant elasticity of substitution between two sectors and Cobb- Douglas production functions in each sector. In this class of models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital share in national income. Finally, we construct and analyze a model of â€œnonbalanced endogenous growth,â€ which extends these results to an economy with endogenous and directed technical change, and demonstrates that non-balanced technological progress can be an equilibrium phenomenon

Capital Deepening and Non-Balanced Economic Growth

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Stephen L. Hupp

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Historical Statistics of the United States

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From Revolution to Reconstruction

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