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1699 publications found
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Working Paper No. 391September 01, 2003
Aggregate Demand, Conflict, and Capacity in the Inflationary Process
AbstractThe dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply…more
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Working Paper No. 390September 01, 2003
Savings of Entrepreneurs
AbstractPrevious work on entrepreneurship and wealth has documented that entrepreneurial households are wealthier and have higher wealth mobility. However, the literature has not paid attention to the components of wealth…more
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Policy Notes No. 4August 20, 2003
Pushing Germany Off the Cliff Edge
AbstractGermany’s fiscal crisis cannot be attributed to unification per se; it arose as a consequence of ill-guided macroeconomic policies pursued in response to that event. Many structural problems that popped…more
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Public Policy Brief No. 73August 03, 2003
Asset and Debt Deflation in the United States
AbstractIn an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and…more
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Public Policy Brief No. 72August 02, 2003
What Is the American Model Really About?
AbstractThe “American Model” serves as a point of reference in discussions of economic policy around the world, especially in Europe. Many claim that the American version of the free market…more
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Working Paper No. 385July 01, 2003
Macroeconomic Policies of the Economic Monetary Union
AbstractThis paper presents two issues: first, an effort to decipher the theoretical and policy framework of the Economic and Monetary Union (EMU); and second, an argument that the challenges to…more
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Working Paper No. 384July 01, 2003
Minsky’s Acceleration Channel and the Role of Money
AbstractUsing Minsky (1986), this paper attempts to answer two questions: (1) How does policy affect real and nominal variables? and (2) How should monetary policy be conducted so as to…more
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Working Paper No. 383July 01, 2003
Financial Sector Reforms in Developing Countries with Special Reference to Egypt
AbstractFinancial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In several countries financial reforms allowed real interest rates…more
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Policy Notes No. 3June 01, 2003
Caring for a Large Geriatric Generation
AbstractThe time has more than come to begin planning seriously for the aging of the baby-boom generation. The need for planning goes beyond concerns about the solvency of Social Security…more
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Working Paper No. 381May 01, 2003
Reinventing Fiscal Policy
AbstractRecent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates…more
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Working Paper No. 380May 01, 2003
How Long Can the US Consumers Carry the Economy on Their Shoulders?
AbstractThe consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and…more
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Working Paper No. 379May 01, 2003
Is Europe Doomed to Stagnation?
AbstractThis paper challenges the view that external shocks caused Euroland’s 2001 slowdown and subsequent stagnation. Instead, the design of Euroland’s macro policymaking arrangements is found lacking in looking after sufficient…more
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Working Paper No. 378May 01, 2003
The Conditions for Sustainable US Recovery
AbstractThe anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new…more
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Working Paper No. 382May 01, 2003
The Case for Fiscal Policy
AbstractThis paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand…more
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Working Paper No. 377April 01, 2003
Finance and Development
AbstractThere are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of…more
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Working Paper No. 376April 01, 2003
Mexicans Now, Italians Then
AbstractThis working paper continues earlier efforts to compare the experiences of today’s second-generation Mexican Americans with those of second-generation members of major immigrant groups of a century ago. Here the…more
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Working Paper No. 375March 01, 2003
US Workers’ Investment Decisions for Participant-directed Defined Contribution Pension Assets
AbstractTwo issues may have a tremendous impact on the adequacy of retirement income for today’s workers: the growth of 401(k) pension plans and the possible privatization of Social Security. Workers…more
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Strategic AnalysisMarch 01, 2003
The US Economy
AbstractRight through the boom years prior to 2001, the American economy faced a strategic predicament in that the main engine of growth (credit-financed private spending) was unsustainable, from which it…more
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Working Paper No. 374March 01, 2003
The Nature and Role of Monetary Policy When Money Is Endogenous
AbstractThis paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is…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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Working Paper No. 371February 01, 2003
Credibility of Monetary Policy in Four Accession Countries
AbstractThe aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov…more
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Policy Notes 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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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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