Some have argued that globalization -- in particular, increased
international trade and immigration - - is primarily responsible for changes
in the wage distribution.

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Nonprofit Sector Embraces Corporate -Style Oversight.

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NEW YORK, Three years after passage of the
Sarbanes-Oxley Act, corporate governance remains a hot topic in the U.
nonprofit sector.

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However, Senior Vice President and Director of
Research , John Weinberg and Region Focus Editor, Aaron Steelman, argue that
the main cause is skill-biased technical change.

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Richmond Fed Economist Yash P.S.

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Workers with relatively
high skill levels have experienced more rapid growth in wages than
less-skilled workers, some of whom have seen an actual decline in their
real wages. This article first appeared in the Bank's 2004 Annual
Report. Violante (assistant professor of
economics, New York University) review recent research on a widely used
search model of unemployment.
Although these organizations, by virtue of their tax-exempt status, were
not directly affected by Sarbanes-Oxley, the nonprofit sector has come under
legislative scrutiny during the past few years, particularly in 2004 and 2005,
and much of the focus is related to corporate governance, according to a
report released today by Standard + Poor's titled, "Under Legislative
Scrutiny, The U.

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What's Driving Wage Inequality? Wage
inequality has increased sharply in the United States since the mid-1970s. They assert that oil price
increases have a negative effect on spending whereas oil price declines
have no effect: The estimated negative effect of an oil price increase on
spending is larger if one focuses on oil price increases occurring after a
period of stable oil prices (net oil price increases) or if spending
includes durables, the latter suggesting the possible negative influence of
energy prices on the purchase of big-ticket consumption goods . Furthermore,
the estimated oil price coefficients in the consumption equation do not
show parameter instability during the 1980s when oil prices moved widely
for the first time in both directions.

The Economic Quarterly contains economic analysis pertinent to Federal
Reserve monetary and banking policy.

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Mehra and
Research Associate Jon D. For free copies, contact the Federal
Reserve Bank of Richmond's Public Affairs office at (804) 697-7982 or visit
http://www.

About Standard + Poor's
Standard + Poor's is the world's foremost provider of independent credit
ratings , indices, risk evaluation, investment research, data and valuations.com.

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richmondfed.standardandpoors .

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Although technical change likely has increased wage inequality,
it also has greatly enhanced productivity and living standards in the
United States.

Also in the Summer 2005 issue:

Oil Prices and Consumer Spending. The act
covers issues such as establishing a public company accounting oversight
board, auditor independence, corporate responsibility and enhanced financial
disclosure.

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"The wide range of missions, sizes and
scopes of organizations comprising the nonprofit sector makes it difficult to
create a single list of requirements that work for everyone," she added.

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In a related article:

Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the
Mechanism.
The Sarbanes-Oxley Act was created in 2002 to protect investors by
improving the accuracy and reliability of corporate disclosures.

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"
"Although many people agree that enhanced oversight may be beneficial, and
encourage greater confidence in charities, sector officials seem to prefer
that new guidelines come directly from the sector," said Standard + Poor's
credit analyst Mary Peloquin-Dodd.

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While the search model accounts for the
qualitative features of unemployment and job-finding rates over the
business cycle, it is unable to account for the magnitudes of these
fluctuations.
With approximately 6,700 employees located in 21 countries and markets,
Standard + Poor's is an essential part of the world's financial infrastructure
and has played a leading role for more than 140 years in providing investors
with the independent benchmarks they need to feel more confident about their
investment and financial decisions.

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S+P Report Shows U.S. Nonprofits Are Embracing Corporate-Style Compliance Measures

Sarbanes-Oxley has clearly had an impact on the various proposals that
have been developed.

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org/publications/economic_research/economic_quarterly /index. Typical recommendations include the preparation of
audited financial statements by independent auditors, formation of audit
committees, board member requirements or restrictions, code of ethics and
whistleblower policies, and increased disclosure about board members.

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PRESS RELEASE Richmond Fed 's Latest Economic Quarterly Features New Thoughts on Wage Inequality and Unemployment

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Andreas Hornstein (Richmond Fed economist and vice president),
Per Krusell (economics professor, University of Rochester , and Richmond Fed
visiting scholar), and Giovanni L. Petersen present evidence of a nonlinear relation
between oil price changes and consumer spending.cfm

Lawmakers and nonprofit industry insiders are struggling to identify
reforms that will decrease the potential of abuses by larger organizations ,
but will not discourage, or impose financial and administrative hardships on
smaller entities .
Many states are addressing this challenge by creating legislation that
increases registration , audit, or compliance requirements as a function of
increasing organizational size, as measured by annual revenues.

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S. For more information, visit
http://www.

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The authors conclude that when the basic search model is
calibrated to generate labor market volatility of a magnitude comparable
with the data, it has sharp counterfactual implications for the size and
the cyclicality of the wage share and for the elasticity of unemployment to
welfare benefits. State
associations of nonprofit organizations are also working to compile their own
lists of guidelines in an attempt to self-regulate and prevent a more
burdensome level of government intervention.

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