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Working Paper No. 675July 18, 2011
The Rise and Fall of Export-led Growth
AbstractThis paper traces the rise of export-led growth as a development paradigm and argues that it is exhausted owing to changed conditions in emerging market (EM) and developed economies. The…more
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Working Paper No. 674July 05, 2011
Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis
AbstractThe relevancy of Minsky’s Financial Instability Hypothesis (FIH) in the current (and still unfolding) crisis has been clearly acknowledged by both economists and regulators. While most papers focus on discussing…more
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One-Pager No. 10June 21, 2011
Will the Recovery Continue?
AbstractWith quantitative easing winding down and the latest payroll tax-cut measures set to expire at the end of this year, pressing questions loom about the current state of the US…more
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Working Paper No. 673June 13, 2011
Effective Demand in the Recent Evolution of the US Economy
AbstractWe present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR…more
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Working Paper No. 672May 27, 2011
Income Distribution in a Monetary Economy
AbstractThe paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by…more
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Working Paper No. 671May 19, 2011
Public Job-creation Programs: The Economic Benefits of Investing in Social Care
AbstractThis paper demonstrates the strong impacts that public job creation in social care provisioning has on employment creation. Furthermore, it shows that mobilizing underutilized domestic labor resources and targeting them…more
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Working Paper No. 670May 18, 2011
The Product Space
AbstractIn this paper we look at the economic development of Sub-Saharan Africa (SSA) in the context of structural transformation. We use Hidalgo et al.’s (2007) concept of product space to show the…more
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One-Pager No. 9May 17, 2011
Did Problems with SSDI Cause the Output-Jobs Disconnect?
AbstractThe slow recovery of the job market after the recessions of 2001 and 2007–09 has fostered concerns that the link between output growth and job creation has been severed. Between…more
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Working Paper No. 669May 17, 2011
Race, Power, and the Subprime/Foreclosure Crisis
AbstractEconomists’ principal explanations of the subprime crisis differ from those developed by noneconomists in that the latter see it as rooted in the US legacy of racial/ethnic inequality, and especially…more
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Policy Note No. 4May 12, 2011
Was Keynes’s Monetary Policy, Ã Outrance in the Treatise, a Forerunnner of ZIRP and QE? Did He Change His Mind in the General Theory?
AbstractAt the end of 1930, as the 1929 US stock market crash was starting to have an impact on the real economy in the form of falling commodity prices, falling…more
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Policy Note No. 4May 12, 2011
Μια ανάλυση της εξέλιξης των απόψεων του Κέινς για τη νομισματική πολιτική—από τη «Πραγματεία για το Χρήμα» στη «Γενική Θεωρία»
AbstractΠρος το τέλος του 1930, καθώς το κραχ του Χρηματιστηρίου της Νέας Υόρκης το 1929 είχε αρχίσει να έχει αντίκτυπο στην πραγματική οικονομία των ΗΠΑ πτώση στις τιμές των εμπορευμάτων,…more
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Policy Note No. 3May 12, 2011
A Modest Proposal for Overcoming the Euro Crisis
AbstractThis “Modest Proposal” by authors Varoufakis and Holland outlines a three-pronged, comprehensive solution to the eurozone crisis that simultaneously addresses the three main dimensions of the current crisis in the…more
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Policy Note No. 2May 04, 2011
Is the Federal Debt Unsustainable?
AbstractBy general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But…more
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Working Paper No. 668May 02, 2011
The Freedom Budget at 45
AbstractForty-five years ago, the A. Philip Randolph Institute issued “The Freedom Budget,” in which a program for economic transformation was proposed that included a job guarantee for everyone ready and…more
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Working Paper No. 667April 20, 2011
The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
AbstractWe construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI…more
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Working Paper No. 666April 20, 2011
Hegemonic Currencies during the Crisis
AbstractThis paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because…more
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Research Project ReportApril 12, 2011
Minsky on the Reregulation and Restructuring of the Financial System
AbstractThis monograph is part of the Institute’s ongoing research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. This program’s purpose is…more
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Public Policy Brief No. 118April 11, 2011
Will the Recovery Continue?
AbstractIn this brief, Research Scholar Greg Hannsgen and President Dimitri B. Papadimitriou focus on the risks and possibilities ahead for the US economy. Using a Keynesian approach and drawing from…more
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Public Policy Brief No. 117April 05, 2011
It’s Time to Rein In the Fed
AbstractScott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis…more
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Working Paper No. 665April 04, 2011
Causes of Financial Instability
AbstractGiven the economy’s complex behavior and sudden transitions as evidenced in the 2007–08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice dominated by DSGE models….more
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Working Paper No. 664March 31, 2011
Can Portugal Escape Stagnation without Opting Out from the Eurozone?
AbstractThe creation of the Economic and Monetary Union (EMU) has not brought significant gains to the Portuguese economy in terms of real convergence with wealthier eurozone countries. We analyze the…more
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Working Paper No. 663March 29, 2011
Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
AbstractThe quality of match of four statistical matches used in the LIMEW estimates for Great Britain for 1995 and 2005 is described. The first match combines the fifth (1995) wave…more
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Working Paper No. 662March 28, 2011
The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
AbstractThis paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein…more
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Working Paper No. 661March 26, 2011
Minsky’s Money Manager Capitalism and the Global Financial Crisis
AbstractThe world’s worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax…more
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