Publications

1699 publications found

• Working Paper No. 370
  January 01, 2003

  Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis

  Philip Arestis, Guglielmo Maria Caporale, and Andrea Cipollini
  Abstract

  This 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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• Working Paper No. 369
  January 01, 2003

  On the Effectiveness of Monetary Policy and Fiscal Policy

  Philip Arestis and Malcolm Sawyer
  Abstract

  Within 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

  Download Working Paper No. 369 PDF (217.89 KB)
• Policy Notes No. 1
  January 01, 2003

  The Big Fix

  James K. Galbraith
  Abstract

  Keynesian 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

  Download Policy Note 2003/1 PDF (59.48 KB)
• Working Paper No. 368
  January 01, 2003

  How Far Can US Equity Prices Fall under Asset and Debt Deflation

  Philip Arestis and Elias Karakitsos
  Abstract

  Equity 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

  Download Working Paper No. 368 PDF (178.32 KB)
• Working Paper No. 366
  December 01, 2002

  Why the Tobin Tax Can Be Stabilizing

  Korkut A. Ertürk
  Abstract

  This 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

  Download Working Paper No. 366 PDF (78.80 KB)
• Working Paper No. 365
  December 01, 2002

  Is There an American Way of Aging?

  Thomas L. Hungerford
  Abstract

  This 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

  Download Working Paper No. 365 PDF (185.80 KB)
• Working Paper No. 364
  December 01, 2002

  “New Consensus,” New Keynesianism, and the Economics of the “Third Way”

  Philip Arestis and Malcolm Sawyer
  Abstract

  In 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

  Download Working Paper No. 364 PDF (182.11 KB)
• Working Paper No. 363
  December 01, 2002

  Does the Stock of Money Have Any Causal Significance?

  Philip Arestis and Malcolm Sawyer
  Abstract

  Recent 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

  Download Working Paper No. 363 PDF (204.35 KB)
• Working Paper No. 367
  December 01, 2002

  The Persistence of Hardship over the Life Course

  Thomas L. Hungerford
  Abstract

  This 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

  Download Working Paper No. 367 PDF (142.20 KB)
• Book Series
  November 21, 2002

  The New Race Question: How the Census Counts Multiracial Individuals

  Joel Perlmann and Mary C. Waters
  Abstract

  The 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

• Public Policy Brief No. 70
  November 03, 2002

  Physician Incentives In Managed Care Organizations

  David J. Cooper and James B. Rebitzer
  Abstract

  This 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

  Download Public Policy Brief No. 70, 2002 PDF (180.20 KB)
• Public Policy Brief No. 69
  November 02, 2002

  Should Banks Be “Narrowed”?

  Biagio Bossone
  Abstract

  In 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

  Download Public Policy Brief No. 69, 2002 PDF (197.96 KB)
• Strategic Analysis
  November 01, 2002

  Is Personal Debt Sustainable?

  Claudio H. Dos Santos, Dimitri B. Papadimitriou, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  The 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

  Download Strategic Analysis, November 2002 PDF (1.50 MB)
• Book Series
  November 01, 2002

  The Mind of Wall Street

  Leon Levy and Eugene Linden
  Abstract

  As 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

• Working Paper No. 362
  November 01, 2002

  Financial Policies and the Aggregate Productivity of the Capital Stock

  Philip Arestis, Panicos Demetriades, and Bassam Fattouh
  Abstract

  We 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. 361
  November 01, 2002

  Credibility of EMS Interest Rate Policies

  Philip Arestis and Kostas Mouratidis
  Abstract

  The 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

  Download Working Paper No. 361 PDF (412.13 KB)
• Working Paper No. 358
  October 01, 2002

  Threshold Effects in the US Budget Deficit

  Philip Arestis, Andrea Cipollini, and Bassam Fattouh
  Abstract

  This paper contributes to the debate on whether the United States’ large federal budget deficits are sustainable in the long run. The authors model the government deficit per capita as…more

  Download Working Paper No. 358 PDF (108.99 KB)
• Working Paper No. 357
  October 01, 2002

  The Euro, Public Expenditure, and Taxation

  Philip Arestis and Malcolm Sawyer
  Abstract

  This paper explores the probable consequences for public expenditure in the United Kingdom if Britain were to join the euro. It focuses on the effects of sterling joining the euro…more

  Download Working Paper No. 357 PDF (88.70 KB)
• Working Paper No. 356
  October 01, 2002

  Asset Poverty in the United States, 1984–1999

  Asena Caner and Edward N. Wolff
  Abstract

  Using PSID data for the years 1984 to 1999, we estimate the level and severity of asset poverty. Our results indicate that the share of asset-poor households remained almost the…more

  Download Working Paper No. 356 PDF (296.74 KB)
• Working Paper No. 355
  October 01, 2002

  Can Monetary Policy Affect the Real Economy?

  Philip Arestis and Malcolm Sawyer
  Abstract

  Current 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

  Download Working Paper No. 355 PDF (119.43 KB)
• Working Paper No. 354
  October 01, 2002

  Should Banks Be Narrowed?

  Biagio Bossone
  Abstract

  Over 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

  Download Working Paper No. 354 PDF (167.51 KB)
• Working Paper No. 360
  October 01, 2002

  Financial Globalization

  Philip Arestis and Santonu Basu
  Abstract

  In 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. 359
  October 01, 2002

  Is There a Trade-Off between Inflation Variability and Output-gap Variability in the EMU Countries?

  Kostas Mouratidis and Philip Arestis
  Abstract

  This 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

  Download Working Paper No. 359 PDF (201.52 KB)
• Working Paper No. 353
  September 01, 2002

  Managed Care, Physician Incentives, and Norms of Medical Practice

  David J. Cooper and James B. Rebitzer
  Abstract

  The incentive contracts that managed care organizations write with physicians have generated considerable controversy. Critics fear that if informational asymmetries inhibit patients from directly assessing the quality of care provided…more

  Download Working Paper No. 353 PDF (411.82 KB)