Publications
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1711 publications found
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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. 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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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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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. 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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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. 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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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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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. 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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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. 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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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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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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