Publications

1714 publications found

• Strategic Analysis
  April 25, 2014

  Is Rising Inequality a Hindrance to the US Economic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  The US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and…more

  Download Strategic Analysis, April 2014 PDF (733.90 KB)
• Working Paper No. 797
  April 23, 2014

  Gender-responsive Budgeting as Fiscal Innovation

  Lekha S. Chakraborty
  Abstract

  Gender-responsive budgeting (GRB) is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional…more

  Download Working Paper No. 797 PDF (303.29 KB)
• Research Project Report
  April 11, 2014

  Federal Reserve Bank Governance and Independence during Financial Crisis

  L. Randall Wray
  Abstract

  This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the…more

  Download Research Project Report, April 2014 PDF (1.33 MB)
• Public Policy Brief No. 131
  April 08, 2014

  Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση

  Jan Kregel
  Abstract

  Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel…more

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 131 PDF (594.78 KB)
• Public Policy Brief No. 131
  April 08, 2014

  Minsky and Dynamic Macroprudential Regulation

  Jan Kregel
  Abstract

  In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s…more

  Download Public Policy Brief No. 131, 2014 PDF (279.34 KB)
• Working Paper No. 796
  April 04, 2014

  Minsky and the Subprime Mortgage Crisis

  Eugenio Caverzasi
  Abstract

  The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis…more

  Download Working Paper No. 796 PDF (468.44 KB)
• Working Paper No. 795
  April 04, 2014

  Growth with Unused Capacity and Endogenous Depreciation

  Claudio Sardoni and Fabrizio Patriarca
  Abstract

  This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in…more

  Download Working Paper No. 795 PDF (1.40 MB)
• Working Paper No. 794
  March 31, 2014

  Structural Asymmetries at the Roots of the Eurozone Crisis

  Alberto Botta
  Abstract

  In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring…more

  Download Working Paper No. 794 PDF (831.22 KB)
• Working Paper No. 793
  March 27, 2014

  Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009

  Thomas Masterson
  Abstract

  The quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS…more

  Download Working Paper No. 793 PDF (1.56 MB)
• Working Paper No. 792
  March 05, 2014

  From the State Theory of Money to Modern Money Theory

  L. Randall Wray
  Abstract

  This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard…more

  Download Working Paper No. 792 PDF (457.69 KB)
• Working Paper No. 791
  March 05, 2014

  Central Bank Independence

  L. Randall Wray
  Abstract

  It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has…more

  Download Working Paper No. 791 PDF (1.14 MB)
• Working Paper No. 790
  March 05, 2014

  Changes in Global Trade Patterns and Women’s Employment in Manufacturing

  Emel Memiş, Burca Kizilirmak, Şirin Saraçoğlu, and Ebru Voyvoda
  Abstract

  The purpose of this study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period 1995–2006. For 30 countries (21 OECD…more

  Download Working Paper No. 790 PDF (1.56 MB)
• Working Paper No. 789
  March 03, 2014

  Πλήρης Απασχόληση

  Pavlina R. Tcherneva
  Abstract

  Είναι κοινώς γνωστό ότι ο John Maynard Keynes υπήρξε ο βασικός υποστηρικτής του κρατικού παρεμβατισμού για την αντιμετώπιση της ύφεσης και της ανεργίας. Αυτό που δεν είναι ευρέως γνωστό είναι…more

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 789 PDF (338.17 KB)
• Working Paper No. 789
  March 03, 2014

  Full Employment

  Pavlina R. Tcherneva
  Abstract

  It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern “Keynesian policies” bear little,…more

  Download Working Paper No. 789 PDF (312.96 KB)
• Working Paper No. 788
  March 03, 2014

  Modern Money Theory and Interrelations between the Treasury and the Central Bank

  Abstract

  One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial…more

  Download Working Paper No. 788 PDF (363.39 KB)
• One-Pager No. 46
  February 12, 2014

  Time and Consumption Poverty in Turkey

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  The Levy Institute Measure of Time and Consumption Poverty (LIMTCP) is a two-dimensional measure that takes into account both the necessary consumption expenditures and the household production time needed to…more

  Download One-Pager No. 46 PDF (77.31 KB)
• One-Pager No. 46
  February 12, 2014

  Φτώχεια χρόνου και κατανάλωσης στην Τουρκία

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  Το Μέτρο Φτώχειας Χρόνου και Κατανάλωσης του Levy Institute (LIMTCP) είναι ένα δισδιάστατο μέτρο που λαμβάνει υπόψη τόσο τις απαραίτητες καταναλωτικές δαπάνες όσο και το χρόνο που απαιτείται από τα…more

  Download Μονοσέλιδο No. 46 PDF (225.34 KB)
• Policy Note No. 2
  February 01, 2014

  Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates

  Jan Kregel
  Abstract

  In 1943, Congress faced unpredictably large war expenditures exceeding the prevailing debt limit. Congressional debates from that time contain an insightful discussion of how the increased expenditures could be financed,…more

  Download Policy Note 2014/2 PDF (232.85 KB)
• Policy Note No. 2
  February 01, 2014

  Η πρόταση του Wright Patman για χρηματοδότηση του δημόσιου χρέους με μηδενικό επιτόκιο

  Jan Kregel
  Abstract

  Το 1943, το αμερικανικό Κογκρέσο βρέθηκε αντιμέτωπο με απρόβλεπτα μεγάλες πολεμικές δαπάνες, που ξεπερνούσαν το όριο του χρέους. Οι διάλογοι της περιόδου εκείνης που έλαβαν χώρα στο Κογκρέσο περιλαμβάνουν μια…more

• Policy Note No. 1
  January 30, 2014

  The Social Enterprise Model for a Job Guarantee in the United States

  Pavlina R. Tcherneva
  Abstract

  The job guarantee is a proposal that provides greater macroeconomic stability and secures a fundamental human right. Despite the economic and moral merits of this policy, often the program is…more

  Download Policy Note 2014/1 PDF (257.68 KB)
• Policy Note No. 1
  January 30, 2014

  Το υπόδειγμα της κοινωνικής επιχείρησης για εγγυημένη απασχόληση στις Ηνωμένες Πολιτείες

  Pavlina R. Tcherneva
  Abstract

  Η πρόταση για εγγυημένη απασχόληση συμβάλλει στη μακροοικονομική σταθερότητα και εξασφαλίζει ένα θεμελιώδες ανθρώπινο δικαίωμα. Ωστόσο, παρά τα οικονομικά και ηθικά πλεονεκτήματα αυτής της πολιτικής, το πρόγραμμα πολύ συχνά απορρίπτεται…more

  Download Σημείωμα Πολιτικής 2014/1 PDF (675.90 KB)
• Working Paper No. 787
  January 28, 2014

  Unions and Economic Performance in Developing Countries

  Fernando Rios-Avila
  Abstract

  This paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Panama, and Uruguay. Using an augmented Cobb-Douglas…more

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• Working Paper No. 786
  January 21, 2014

  The Rational Expectations Hypothesis

  Alfonso Palacio-Vera and Iván H. Ayala
  Abstract

  The rational expectations hypothesis (REH) is the standard approach to expectations formation in macroeconomics. We discuss its compatibility with two strands of Karl Popper´s philosophy: his theory of knowledge and…more

  Download Working Paper No. 786 PDF (541.03 KB)
• Working Paper No. 785
  January 21, 2014

  Integrating Time in Public Policy

  Lekha S. Chakraborty
  Abstract

  Incorporating time in public policymaking is an elusive area of research. Despite the fact that gender budgeting is emerging as a significant tool to analyze the socioeconomic impacts of fiscal…more

  Download Working Paper No. 785 PDF (305.60 KB)