Publications

Short articles designed to reach policymakers as well as business and general audiences

185 publications found, searching for 'Policy Note '

• Policy Note No. 4
  May 12, 2011

  Μια ανάλυση της εξέλιξης των απόψεων του Κέινς για τη νομισματική πολιτική—από τη «Πραγματεία για το Χρήμα» στη «Γενική Θεωρία»

  Jan Kregel
  Abstract

  Προς το τέλος του 1930, καθώς το κραχ του Χρηματιστηρίου της Νέας Υόρκης το 1929 είχε αρχίσει να έχει αντίκτυπο στην πραγματική οικονομία των ΗΠΑ πτώση στις τιμές των εμπορευμάτων,…more

  Download Σημειωματα Πολιτικής 2011/4 PDF (1.30 MB)
• Policy Note No. 4
  May 12, 2011

  Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunnner of ZIRP and QE? Did He Change His Mind in the General Theory?

  Jan Kregel
  Abstract

  At the end of 1930, as the 1929 US stock market crash was starting to have an impact on the real economy in the form of falling commodity prices, falling…more

  Download Policy Note 2011/4 PDF (354.38 KB)
• Policy Note No. 3
  May 12, 2011

  A Modest Proposal for Overcoming the Euro Crisis

  Yanis Varoufakis and Stuart Holland
  Abstract

  This “Modest Proposal” by authors Varoufakis and Holland outlines a three-pronged, comprehensive solution to the eurozone crisis that simultaneously addresses the three main dimensions of the current crisis in the…more

  Download Policy Note 2011/3 PDF (445.87 KB)
• Policy Note No. 2
  May 04, 2011

  Is the Federal Debt Unsustainable?

  James K. Galbraith
  Abstract

  By general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But…more

  Download Policy Note 2011/2 PDF (784.34 KB)
• Policy Note No. 1
  February 11, 2011

  What Happens if Germany Exits the Euro?

  Marshall Auerback
  Abstract

  Like marriage, membership in the eurozone is supposed to be a lifetime commitment, “for better or for worse.” But as we know, divorce does occur, even if the marriage was…more

  Download Policy Note 2011/1 PDF (414.41 KB)
• Policy Note No. 4
  November 11, 2010

  A New “Teachable” Moment?

  Marshall Auerback
  Abstract

  A common refrain heard from those trying to justify the results of the recent midterm elections is that the government’s fiscal stimulus to save the US economy from depression undermined…more

  Download Policy Note 2010/4 PDF (412.96 KB)
• Policy Note No. 3
  October 22, 2010

  Why the IMF Meetings Failed, and the Coming Capital Controls

  Michael Hudson
  Abstract

  The global financial breakdown is part of the price to be paid for the refusal of the Federal Reserve and Treasury to accept a prime axiom of banking: debts that…more

  Download Policy Note 2010/3 PDF (236.56 KB)
• Policy Note No. 2
  July 22, 2010

  Global Central Bank Focus

  Paul McCulley
  Abstract

  The developed world faces a cyclical deficiency of aggregate demand, the product of a liquidity trap and the paradox of thrift, in the context of headwinds born of ongoing structural…more

  Download Policy Note 2010/2 PDF (237.55 KB)
• Policy Note No. 1
  July 12, 2010

  Economic Policy for the Real World

  Charles J. Whalen
  Abstract

  The nation’s economic challenges are daunting. Restoring robust American prosperity and widespread economic opportunity will not be easy. But, as Hyman Minsky stressed, “Economic systems are not natural systems…. Policy…more

  Download Policy Note 2010/1 PDF (168.04 KB)
• Policy Note No. 11
  December 22, 2009

  Observations on the Problem of “Too Big to Fail/Save/Resolve”

  Jan Kregel
  Abstract

  Past experience suggests that multifunctional banking is the leading source of financial crisis, while large bank size contributes to contagion and systemic risk. This indicates that resolving large banks will…more

  Download Policy Note 2009/11 PDF (100.24 KB)
• Policy Note No. 10
  October 15, 2009

  Fiscal Stimulus, Job Creation, and the Economy

  Dimitri B. Papadimitriou
  Abstract

  As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and…more

  Download Policy Note 2009/10 PDF (179.12 KB)
• Policy Note No. 9
  October 05, 2009

  Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps

  L. Randall Wray and Marshall Auerback
  Abstract

  Oblivious to any lessons that might have been learned from the global financial mess it has created, Wall Street is looking for the next asset bubble. Perhaps in the market…more

  Download Policy Note 2009/9 PDF (96.55 KB)
• Policy Note
  June 16, 2009

  Special Report: Who Gains from President Obama’s Stimulus Package … And How Much?

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  In this Special Report, Levy scholars Ajit Zacharias, Thomas Masterson, and Kijong Kim provide a preliminary assessment of the 2009 American Recovery and Reinvestment Act (ARRA), a package of transfers…more

  Download Special Report, June 12, 2009 PDF (446.17 KB)
• Policy Note No. 8
  June 01, 2009

  Some Simple Observations on the Reform of the International Monetary System

  Jan Kregel
  Abstract

  The demand for reform of the financial system has focused on the dollar’s loss of international purchasing power (the Triffin dilemma) and its substitution by an international reserve currency that…more

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• Policy Note No. 7
  May 28, 2009

  “Enforced Indebtedness” and Capital Adequacy Requirements

  Jan Toporowski
  Abstract

  The capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its…more

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• Policy Note No. 6
  May 11, 2009

  The “Unintended Consequences” Game

  Martin Shubik
  Abstract

  A simple consideration of history tells us that each new piece of legislation contains loopholes that benefit a new class of entrepreneurs; some of these loopholes are small, but others…more

  Download Policy Note 2009/6 PDF (46.67 KB)
• Policy Note No. 5
  April 09, 2009

  A Proposal for a Federal Employment Reserve Authority

  Martin Shubik
  Abstract

  There is already considerable talk about the possible need for a massive public works program in response to the deepening recession and rising unemployment; however, an ad hoc emergency approach…more

  Download Policy Note 2009/5 PDF (133.88 KB)
• Policy Note No. 4
  April 08, 2009

  A Crisis in Coordination and Competence

  Martin Shubik
  Abstract

  The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale…more

  Download Policy Note 2009/4 PDF (71.12 KB)
• Policy Note No. 3
  March 27, 2009

  An Assessment of the Credit Crisis Solutions

  Elias Karakitsos
  Abstract

  All of the various schemes that have been put forward to resolve the current credit crisis follow either the “business as usual” or the “good bank” model. The “business as…more

  Download Policy Note 2009/3 PDF (179.89 KB)
• Policy Note No. 2
  March 25, 2009

  What Role for Central Banks in View of the Current Crisis?

  Philip Arestis and Elias Karakitsos
  Abstract

  Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are…more

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• Policy Note No. 1
  January 22, 2009

  Obama’s Job Creation Promise

  Pavlina R. Tcherneva
  Abstract

  Job creation is once again at the forefront of policy action, and for advocates of pro-employment policies, President Obama’s Keynesian bent is a most welcome change. However, there are concerns…more

  Download Policy Note 2009/1 PDF (141.38 KB)
• Policy Note No. 6
  November 11, 2008

  Time to Bail Out: Alternatives to the Bush-Paulson Plan

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  While serving as chairman of the Federal Reserve Board, Alan Greenspan advocated unsupervised securitization, subprime lending, option ARMs, credit-default swaps, and all manner of financial alchemy in the belief that…more

  Download Policy Note 2008/6 PDF (364.87 KB)
• Policy Note No. 5
  October 24, 2008

  Will the Paulson Bailout Produce the Basis for Another Minsky Moment?

  Jan Kregel
  Abstract

  As the House Committee on Financial Services meets to hear the expert testimony of witnesses concerning the regulation of the financial system, the measures that have been introduced to support…more

  Download Policy Note 2008/5 PDF (174.45 KB)
• Policy Note No. 4
  October 08, 2008

  A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets

  Jan Kregel
  Abstract

  The impaired risk assessment caused by the collapse of mortgage-backed securities is the major problem threatening the stability of the American financial system, yet it is not clear that removing…more

  Download Policy Note 2008/4 PDF (173.76 KB)