Publications

1711 publications found

• Working Paper No. 751
  February 04, 2013

  Arresting Financial Crises

  Thomas M. Humphrey
  Abstract

  Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises:…more

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• Working Paper No. 750
  January 31, 2013

  Endogenous Bank Credit and Its Link to Housing in OECD Countries

  Philip Arestis and Ana Rosa González
  Abstract

  The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the “New Consensus Macroeconomics” completely ignores bank credit. The “Great Recession,” however,…more

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• Working Paper No. 749
  January 30, 2013

  Weak Expansions

  Daniel Titelman, Pablo Carvallo, and Esteban Pérez-Caldentey
  Abstract

  Using two standard cycle methodologies (classical and deviation cycle) and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that the Latin American and Caribbean cycle…more

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• One-Pager No. 37
  January 30, 2013

  Διδάγματα από έναν μη συμβατικό κεντρικό τραπεζίτη

  Thorvald Grung Moe
  Abstract

  Η παγκόσμια χρηματοοικονομική κρίση έχει προκαλέσει ανανεωμένο ενδιαφέρον στη Συμφωνία Υπουργείου Οικονομικών-Ομοσπονδιακής Τράπεζας του 1951 και στα διδάγματα αυτής της διαπραγμάτευσης για την ανεξαρτησία της κεντρικής τράπεζας. Μια ευρύτερη ερμηνεία…more

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• One-Pager No. 37
  January 30, 2013

  Lessons from an Unconventional Central Banker

  Thorvald Grung Moe
  Abstract

  The global financial crisis has generated renewed interest in the 1951 Treasury – Federal Reserve Accord and its lessons for central bank independence. A broader interpretation of the Accord and…more

  Download One-Pager No. 37 PDF (70.00 KB)
• Working Paper No. 748
  January 17, 2013

  Analyzing Public Expenditure Benefit Incidence in Health Care

  Lekha S. Chakraborty, Jannet Farida Jacob, and Yadawendra Singh
  Abstract

  The effectiveness of public spending remains a relatively elusive empirical issue. This preliminary analysis is an attempt, using benefit incidence methodology, to define the effectiveness of spending at the subnational…more

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• Working Paper No. 747
  January 17, 2013

  Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord

  Thorvald Grung Moe
  Abstract

  The 1951 Treasury – Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury’s debt-management powers, and…more

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• One-Pager No. 36
  January 11, 2013

  Expansion of Federal Reserve Authority in the Recent Financial Crisis Raises Questions about Governance

  Bernard Shull
  Abstract

  Several years before the onset of the recent financial crisis, ex – Federal Reserve Board Member Lawrence Meyer wrote that the Fed “is often called the most powerful institution in…more

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• One-Pager No. 36
  January 11, 2013

  Η επέκταση της εξουσίας του Ομοσπονδιακού Αποθεματικού στην πρόσφατη χρηματοοικονομική κρίση εγείρει ερωτήματα διακυβέρνησης

  Bernard Shull
  Abstract

  Αρκετά χρόνια πριν από το ξέσπασμα της πρόσφατης χρηματοοικονομικής κρίσης, ο Lawrence Meyer, πρώην διοικητικό μέλος του Ομοσπονδιακού Αποθεματικού, έγραψε ότι η Ομοσπονδιακή Τράπεζα «αναφέρεται συχνά ως ο ισχυρότερος θεσμός…more

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• Working Paper No. 746
  January 09, 2013

  Finance-dominated Capitalism and Redistribution of Income

  Eckhard Hein
  Abstract

  This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of…more

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• Working Paper No. 746
  January 09, 2013

  Ο χρηματιστικός καπιταλισμός και η αναδιανομή του εισοδήματος

  Eckhard Hein
  Abstract

  Το κείμενο εξετάζει έναν σημαντικό δίαυλο μέσω του οποίου η χρηματιστικοποίηση ή ο χρηματιστικός καπιταλισμός επηρεάζει τις μακροοικονομικές επιδόσεις: το κανάλι διανομής. Παρέχονται εμπειρικά στοιχεία για 15 ανεπτυγμένες οικονομίες, που…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 746 PDF (1.08 MB)
• Working Paper No. 745
  January 03, 2013

  Stock-flow Consistent Modeling through the Ages

  Antoine Godin and Eugenio Caverzasi
  Abstract

  The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature,…more

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• Research Project Report
  December 21, 2012

  The Interlocking of Time and Income Deficits

  Rania Antonopoulos, Ajit Zacharias, and Thomas Masterson
  Abstract

  This report is published as part of the “Undoing Knots, Innovating for Change” series, issued by the United Nations Development Programme (UNDP) Regional Centre for Latin America and the Caribbean…more

  Download Research Project Report, December 2012 PDF (7.18 MB)
• Working Paper No. 744
  December 20, 2012

  Interest Rate Determination in India

  Lekha S. Chakraborty
  Abstract

  Controlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate…more

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• Working Paper No. 743
  December 19, 2012

  Investment, Financial Markets, and Uncertainty

  Philip Arestis and Ana Rosa González
  Abstract

  This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the…more

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• Working Paper No. 743
  December 19, 2012

  Επένδυση, χρηματοπιστωτικές αγορές και αβεβαιότητα

  Philip Arestis and Ana Rosa González
  Abstract

  Η εργασία παρέχει μια θεωρητική εξήγηση της διαδικασίας της συσσώρευσης, που υπολογίζει τις εξελίξεις στις χρηματοπιστωτικές αγορές κατά το πρόσφατο παρελθόν. Συγκεκριμένα, η προσέγγισή μας εστιάζεται στην παρουσία των συσχετίσεων…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 743 PDF (1.34 MB)
• Working Paper No. 742
  December 19, 2012

  ECB Worries / European Woes

  Robert J. Barbera and Gerald Holtham
  Abstract

  Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with…more

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• Working Paper No. 742
  December 19, 2012

  Τα προβλήματα της ΕΕ και οι ανησυχίες της Ευρωπαϊκής Κεντρικής Τράπεζας

  Robert J. Barbera and Gerald Holtham
  Abstract

  Οι χρηματοοικονομικές κρίσεις που συνοδεύονται από την απειλή μιας επακόλουθης ύφεσης και τον αποπληθωρισμό χρέους λαμβάνουν χώρα με αυξανόμενη ταχύτητα στις Ηνωμένες Πολιτείες από το 1980 έως σήμερα. Σχεδόν αντανακλαστικά,…more

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• Working Paper No. 741
  December 13, 2012

  Primary and Secondary Markets

  Egmont Kakarot-Handtke
  Abstract

  The analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness of an approach. The classics took production and accumulation as their point of departure; the…more

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• Working Paper No. 740
  December 07, 2012

  Conflicting Claims in the Eurozone?

  Alberto Botta
  Abstract

  In this paper, we analyze the role of the current institutional setup of the eurozone in fostering the ongoing peripheral euro countries’ sovereign debt crisis. In line with Modern Money…more

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• Working Paper No. 739
  November 30, 2012

  On the “Utilization Controversy”

  Michalis Nikiforos
  Abstract

  This paper examines the “utilization controversy” around the Kaleckian model of growth and distribution. We show that the Federal Reserve data on capacity utilization, which have been used by both…more

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• Working Paper No. 738
  November 28, 2012

  Το ευρώ και η Ευρωπαϊκή Κεντρική Τράπεζα: στο σταυροδρόμι

  Jörg Bibow
  Abstract

  Ο Jörg Bibow, ερευνητής στο Ινστιτούτου Οικονομικών Levy, διερευνά το ρόλο της Ευρωπαϊκής Κεντρικής Τράπεζας (ΕΚΤ) στη λειτουργία (ή μάλλον στη δυσλειτουργία) της Οικονομικής και Νομισματικής Ένωσης (ΟΝΕ) στην Ευρώπη,…more

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• Working Paper No. 738
  November 28, 2012

  At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)

  Jörg Bibow
  Abstract

  Research Associate Jörg Bibow investigates the role of the European Central Bank (ECB) in the (mal)functioning of Europe’s Economic and Monetary Union (EMU), focusing on the German intellectual and historical…more

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• Working Paper No. 737
  November 21, 2012

  The (Normal) Rate of Capacity Utilization at the Firm Level

  Michalis Nikiforos
  Abstract

  This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. We provide economic justification for the adjustment of…more

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