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1703 publications found
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Policy Note No. 2February 01, 2003
Reforming the Euro’s Institutional Framework
AbstractThe SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of…more
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Working Paper No. 373February 01, 2003
Does Trade Promote Gender Wage Equity?
AbstractThis study explores the impact of competition from international trade on the gender wage gap in Taiwan and South Korea between 1980 and 1999. The dynamic implications of Becker’s 1959…more
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Working Paper No. 372February 01, 2003
The Levy Institute Measure of Economic Well-Being
AbstractOur measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The…more
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Public Policy Brief No. 71January 04, 2003
Can Monetary Policy Affect the Real Economy?
AbstractCentral bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many…more
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Working Paper No. 370January 01, 2003
Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis
AbstractThis paper examines whether, during the 1997 East Asian crisis, there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea, and Malaysia) to a number…more
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Policy Note No. 1January 01, 2003
The Big Fix
AbstractKeynesian economics is back. As John Maynard Keynes stressed, total spending matters—and not who does it or for what purpose. Tax cuts and deficit spending are, therefore, on the agenda;…more
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Working Paper No. 369January 01, 2003
On the Effectiveness of Monetary Policy and Fiscal Policy
AbstractWithin the framework of macroeconomic policy and theory over the past 20 years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal…more
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Working Paper No. 368January 01, 2003
How Far Can US Equity Prices Fall under Asset and Debt Deflation
AbstractEquity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in…more
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Working Paper No. 363December 01, 2002
Does the Stock of Money Have Any Causal Significance?
AbstractRecent developments in macroeconomics, and in economic policy in general, have produced a “new consensus” economy-wide model. In this model, the stock of money does not play any causal role,…more
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Working Paper No. 367December 01, 2002
The Persistence of Hardship over the Life Course
AbstractThis paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (for…more
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Working Paper No. 366December 01, 2002
Why the Tobin Tax Can Be Stabilizing
AbstractThis paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially…more
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Working Paper No. 365December 01, 2002
Is There an American Way of Aging?
AbstractThis study examines income dynamics during individuals’ first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or…more
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Working Paper No. 364December 01, 2002
“New Consensus,” New Keynesianism, and the Economics of the “Third Way”
AbstractIn this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third…more
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Book SeriesNovember 21, 2002
The New Race Question: How the Census Counts Multiracial Individuals
AbstractThe change in the way the federal government asked for information about race in the 2000 Census marked an important turning point in the way Americans measure race. By allowing…more
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Public Policy Brief No. 70November 03, 2002
Physician Incentives In Managed Care Organizations
AbstractThis brief considers the interaction between physician incentive systems and product market competition in the delivery of medical services via managed care organizations. At the center of the analysis is…more
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Public Policy Brief No. 69November 02, 2002
Should Banks Be “Narrowed”?
AbstractIn this brief, Biagio Bossone of the International Monetary Fund evaluates narrow banking from the perspective of modern theories of financial intermediation. These theories portray the status quo banking system…more
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Working Paper No. 362November 01, 2002
Financial Policies and the Aggregate Productivity of the Capital Stock
AbstractWe collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of…more
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Working Paper No. 361November 01, 2002
Credibility of EMS Interest Rate Policies
AbstractThe primary objective of this paper is to use the Markov regime-switching modeling framework to study the credibility of monetary policy in five member countries of the European Monetary System…more
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Strategic AnalysisNovember 01, 2002
Is Personal Debt Sustainable?
AbstractThe long economic expansion was fueled by an unprecedented rise in private expenditure relative to income, financed by a growing flow of net credit to the private. On the surface,…more
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Book SeriesNovember 01, 2002
The Mind of Wall Street
AbstractAs stock prices and investor confidence have collapsed in the wake of Enron, WorldCom, and the dot-com crash, people want to know how this happened and how to make sense…more
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Working Paper No. 355October 01, 2002
Can Monetary Policy Affect the Real Economy?
AbstractCurrent monetary policy involves the manipulation of the central bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally…more
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Working Paper No. 354October 01, 2002
Should Banks Be Narrowed?
AbstractOver the past 70 years, a proposal to narrow the scope of banks has emerged more and more frequently in financial debates and research. Narrow banking would prevent deposit-issuing banks…more
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Working Paper No. 360October 01, 2002
Financial Globalization
AbstractIn recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of…more
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Working Paper No. 359October 01, 2002
Is There a Trade-Off between Inflation Variability and Output-gap Variability in the EMU Countries?
AbstractThis paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period…more
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