Publications

1686 publications found

• Public Policy Brief April 08, 2014

  Minsky and Dynamic Macroprudential Regulation

  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 work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky’s […]

• Working Paper April 04, 2014

  Minsky and the Subprime Mortgage Crisis

  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 by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market […]

• Working Paper April 04, 2014

  Growth with Unused Capacity and Endogenous Depreciation

  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 the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis […]

• Working Paper March 31, 2014

  Structural Asymmetries at the Roots of the Eurozone Crisis

  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 about on center–periphery divergence/convergence patterns, and derive some implications as to the design of future industrial policy at the European level. We stress that future […]

• Working Paper 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

  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 2009) with the 2009 Korean Welfare Panel Study (KWPS 2009). The alignment of the two datasets is examined, after which various aspects of the match […]

• Working Paper March 05, 2014

  From the State Theory of Money to Modern Money Theory

  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 Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money Theory […]

• Working Paper March 05, 2014

  Central Bank Independence

  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 substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the Fed’s independence is supposed to insulate it […]

• Working Paper March 05, 2014

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

  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 and 9 non-OECD countries) we estimate the changes in embodied labor content due to trade using factor-content analysis, breaking up the sources of these changes […]

• Working Paper March 03, 2014

  Full Employment

  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, if any, resemblance to the policy measures Keynes himself believed would guarantee true full employment over the long run. This paper corrects this misconception and […]

• Working Paper March 03, 2014

  Πλήρης Απασχόληση

  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 ότι οι σύγχρονες «κεϋνσιανές πολιτικές» δεν έχουν τίποτα το κοινό με τα μέτρα πολιτικής που ο ίδιος ο Keynes θεωρούσε απαραίτητα για την επίτευξη της […]

• Working Paper 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 limits. Not only can they issue their own currency to pay public debt denominated in their own currency, but they can also easily bypass any […]

• One-Pager February 12, 2014

  Φτώχεια χρόνου και κατανάλωσης στην Τουρκία

  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 νοικοκυριά για την επίτευξη ενός ελάχιστου επιπέδου διαβίωσης, παράγοντες που συχνά αγνοούνται από την επίσημη μέτρηση της φτώχιας. Στην περίπτωση της Τουρκίας, η εφαρμογή του […]

• One-Pager February 12, 2014

  Time and Consumption Poverty in Turkey

  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 achieve a minimum standard of living—factors often ignored in official poverty measures. In the case of Turkey, application of the LIMTCP reveals an additional 7.6 […]

• Policy Notes February 01, 2014

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

  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, dealing with practical and theoretical issues that seem to be missing from current debates. In the ’43 debate, Representative Wright Patman proposed that the Treasury […]

• Policy Notes February 01, 2014

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

  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 οξυδερκή συζήτηση για το πώς θα μπορούσαν να χρηματοδοτηθούν οι αυξημένες δαπάνες, με αναφορά σε πρακτικά και θεωρητικά ζητήματα που απουσιάζουν από τις σημερινές συζητήσεις. […]

• Policy Notes January 30, 2014

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

  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 rejected because of concerns about its administration. How would the program be implemented? Who will create the jobs? Can work be found for every unemployed […]

• Policy Notes January 30, 2014

  Το υπόδειγμα της κοινωνικής επιχείρησης για εγγυημένη απασχόληση στις Ηνωμένες Πολιτείες

  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 λόγω ανησυχιών σχετικά με τη διαχείρισή του. Πώς θα εφαρμοστεί το πρόγραμμα; Ποιος θα δημιουργήσει τις θέσεις εργασίας; Μπορεί να λειτουργήσει για κάθε άνεργο που […]

• Working Paper January 28, 2014

  Unions and Economic Performance in Developing Countries

  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 production function, the paper finds that unions have positive, but mostly small, effects on productivity, with the exception of Argentina, with a large negative effect, […]

• Working Paper January 21, 2014

  The Rational Expectations Hypothesis

  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 learning, and his “rationality principle” (RP). First, we show that the REH is utterly incompatible with the former. Second, we argue that the REH can […]

• Working Paper January 21, 2014

  Integrating Time in Public Policy

  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 policies and thus identify their impacts on gender equity, the integration of time-use statistics in this process remains incomplete, or is even entirely absent, in […]

• Public Policy Brief January 21, 2014

  What Remains of the Theory of Demand Management in a Globalizing World?

  Abstract

  In our era of global finance, the theory of aggregate demand management is alive and unwell, says Amit Bhaduri. In this policy brief, Bhaduri describes what he regards as a prevalent contemporary approach to demand management. Detached from its Keynesian roots, this “vulgar” version of demand management theory is being used to justify policies that […]

• Public Policy Brief January 21, 2014

  Τι απομένει από τη θεωρία της διαχείρισης της ζήτησης σε έναν παγκοσμιοποιημένο κόσμο;

  Abstract

  Στην εποχή της παγκόσμιας χρηματιστικής, η θεωρία της διαχείρισης της συνολικής ζήτησης κρατιέται ζωντανή, αλλά η χρησιμότητά της δεν είναι η ίδια, λέει ο Amit Bhaduri. Στο παρόν κείμενο δημόσιας πολιτικής, ο Bhaduri περιγράφει αυτό που θεωρεί ως την επικρατούσα σύγχρονη προσέγγιση στη διαχείριση της ζήτησης. Αποκομμένη από τις κεϋνσιανές της ρίζες, αυτή η «χυδαία» […]

• Working Paper January 16, 2014

  Financial Crisis Resolution and Federal Reserve Governance

  Abstract

  The Federal Reserve has been criticized for not forestalling the financial crisis of 2007–09, and for its unconventional monetary policies that have followed. Its critics have raised questions as to whom, if anyone, reins in the Federal Reserve if and when its policies are misguided or abusive. This paper traces the principal changes in governance […]

• One-Pager January 13, 2014

  Time Deficits and Hidden Poverty in Korea

  Abstract

  Official poverty lines in Korea and other countries ignore the fact that unpaid household production contributes to the fulfillment of material needs and wants that are essential to attaining a minimum standard of living. By taking household work for granted, these official estimates provide an inaccurate accounting of the breadth and depth of poverty—and can […]