Publications
Filter by
1699 publications found
-
One-Pager No. 8February 14, 2011
It’s Time to Rein In the Fed
AbstractThe economic crisis that has gripped the US economy since 2007 has highlighted Congress’s limited oversight of the Federal Reserve, and the limited transparency of the Fed’s actions. And since…more
Download One-Pager No. 8 PDF (114.83 KB) -
Policy Notes No. 1February 11, 2011
What Happens if Germany Exits the Euro?
AbstractLike marriage, membership in the eurozone is supposed to be a lifetime commitment, “for better or for worse.” But as we know, divorce does occur, even if the marriage was…more
Download Policy Note 2011/1 PDF (414.41 KB) -
Working Paper No. 650January 19, 2011
Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It
AbstractThis paper argues for a fundamental reorientation of fiscal policy, from the current aggregate demand management model to a model that explicitly and directly targets the unemployed. Even though aggregate…more
Download Working Paper No. 650 PDF (351.73 KB) -
Working Paper No. 649January 18, 2011
Fiscal Policy Effectiveness: Lessons from the Great Recession
AbstractThis paper reconsiders fiscal policy effectiveness in light of the recent economic crisis. It examines the fiscal policy approach advocated by the economics profession today and the specific policy actions…more
Download Working Paper No. 649 PDF (784.25 KB) -
Working Paper No. 648January 06, 2011
Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910
AbstractThis paper discusses support for, and opposition to, racial classification of European immigrants among high-level researchers at both the United States Immigration Commission of 1907–11 (the Dillingham Commission) and the…more
Download Working Paper No. 648 PDF (317.53 KB) -
Working Paper No. 647December 24, 2010
Money
AbstractThis paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods….more
Download Working Paper No. 647 PDF (209.33 KB) -
Working Paper No. 646December 22, 2010
A Demographic Base for Ethnic Survival?
AbstractNew data from the IPUMS (Integrated Public Use Microdata Series) project permit an exploration of the demographic basis for ethnic survival across successive generations. I first explore the degree of…more
Download Working Paper No. 646 PDF (442.80 KB) -
Working Paper No. 645December 14, 2010
Quantitative Easing and Proposals for Reform of Monetary Policy Operations
AbstractBeyond its original mission to “furnish an elastic currency” as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the…more
Download Working Paper No. 645 PDF (482.22 KB) -
Working Paper No. 644December 13, 2010
How Rich Countries Became Rich and Why Poor Countries Remain Poor
AbstractBecoming a rich country requires the ability to produce and export commodities that embody certain characteristics. We classify 779 exported commodities according to two dimensions: (1) sophistication (measured by the…more
Download Working Paper No. 644 PDF (696.82 KB) -
Working Paper No. 643December 07, 2010
Modeling Technological Progress and Investment in China
AbstractSince the early 1990s, the number of papers estimating econometric models and using other quantitative techniques to try to understand different aspects of the Chinese economy has mushroomed. A common…more
Download Working Paper No. 643 PDF (334.88 KB) -
Working Paper No. 642December 06, 2010
China in the Global Economy
AbstractChina occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative…more
Download Working Paper No. 642 PDF (495.42 KB) -
Working Paper No. 641December 02, 2010
Disaggregating the Resource Curse
AbstractThe hypothesis of the natural resource curse has captivated the economics profession, and since the mid-1990s has generated a large body of policymaking initiatives aimed at dispelling the curse. In…more
Download Working Paper No. 641 PDF (316.66 KB) -
Working Paper No. 640December 01, 2010
he Central Bank “Printing Press”: Boon or Bane?
AbstractIn recent years, the US public debt has grown rapidly, with last fiscal year’s deficit reaching nearly $1.3 trillion. Meanwhile, many of the euro nations with large amounts of public…more
Download Working Paper No. 640 PDF (259.42 KB) -
Working Paper No. 639November 18, 2010
US “Quantitative Easing” Is Fracturing the Global Economy
AbstractThe Federal Reserve’s quantitative easing is presented as injecting $600 billion into “the economy.” But instead of getting banks lending to Americans again—households and firms—the money is going abroad, through…more
Download Working Paper No. 639 PDF (231.84 KB) -
Working Paper No. 638November 17, 2010
Exports, Capabilities, and Industrial Policy in India
AbstractAn extensive literature argues that India’s manufacturing sector has underperformed, and that the country has failed to industrialize; in particular, it has failed to take advantage of its labor-abundant comparative…more
Download Working Paper No. 638 PDF (489.26 KB) -
One-Pager No. 7November 13, 2010
Reserve Currencies and the Dollar’s Role in Containing Global Imbalances
AbstractThe stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well…more
Download One-Pager No. 7 PDF (152.35 KB) -
Working Paper No. 637November 12, 2010
Financial Stability, Regulatory Buffers, and Economic Growth
AbstractOver the past 40 years, regulatory reforms have been undertaken on the assumption that markets are efficient and self-corrective, crises are random events that are unpreventable, the purpose of an…more
Download Working Paper No. 637 PDF (364.70 KB) -
One-Pager No. 6November 12, 2010
Minsky’s View of Capitalism and Banking in America
AbstractBefore we can reform the financial system, we need to understand what banks do—or, better yet, what banks should do. Senior Scholar L. Randall Wray examines Hyman Minsky’s views on…more
Download One-Pager No. 6 PDF (152.69 KB) -
Working Paper No. 636November 11, 2010
Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?
AbstractThis paper examines Federal Reserve Chairman Ben Bernanke’s recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his…more
Download Working Paper No. 636 PDF (247.69 KB) -
Policy Notes No. 4November 11, 2010
A New “Teachable” Moment?
AbstractA common refrain heard from those trying to justify the results of the recent midterm elections is that the government’s fiscal stimulus to save the US economy from depression undermined…more
Download Policy Note 2010/4 PDF (412.96 KB) -
One-Pager No. 5November 11, 2010
Preventing Another Crisis
AbstractThere is no justification for the belief that cutting spending or raising taxes by any amount will reduce the federal deficit, let alone permit solid growth. The worst fears about…more
Download One-Pager No. 5 PDF (137.03 KB) -
One-Pager No. 4November 10, 2010
Είναι καταδικασμένη η ευρωζώνη;
AbstractΤο ενός τρισεκατομυρρίων δολαρίων πακέτο διάσωσης που προώθησαν οι ευρωπαίοι ηγέτες τον Μαη του 2010 και που στοχεύει στην αντιμετώπιση της αυξανόμενης κρίση χρέους της ηπείρου, θα μπορούσε κάλλιστα να…more
Download Μονοσέλιδο Νο. 4 PDF (388.76 KB) -
Working Paper No. 635November 10, 2010
International Trade Theory and Policy
AbstractThis paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to the New Trade theories currently used by many advanced countries to…more
Download Working Paper No. 635 PDF (163.84 KB) -
One-Pager No. 4November 10, 2010
Is the Eurozone Doomed?
AbstractThe trillion-dollar rescue package European leaders aimed at the continent’s growing debt crisis in May might well have been code-named Panacea. Stocks rose throughout the region, but the reprieve was…more
Download One-Pager No. 4 PDF (153.64 KB)