Publications

1699 publications found

• Working Paper No. 560
  April 06, 2009

  The Social and Economic Importance of Full Employment

  L. Randall Wray
  Abstract

  Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults:…more

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• Strategic Analysis
  April 02, 2009

  A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects

  James K. Galbraith
  Abstract

  In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of…more

  Download Strategic Analysis, April 2009 PDF (77.26 KB)
• Working Paper No. 559
  April 02, 2009

  Labor-market Performance in the OECD

  Sergio Destefanis and Giuseppe Mastromatteo
  Abstract

  In this paper we assess the evolution of labor-market performance in the Organisation for Economic Co-operation and Development (OECD) over the last decade. We provide a survey of the literature…more

  Download Working Paper No. 559 PDF (387.55 KB)
• Working Paper No. 558
  April 01, 2009

  Managing the Impact of Volatility in International Capital Markets in an Uncertain World

  Jan Kregel
  Abstract

  International financial flows are the propagation mechanism for transmitting financial instability across borders; they are also the source of unsustainable external debt. Managing volatility thus requires institutions that promote domestic…more

  Download Working Paper No. 558 PDF (153.95 KB)
• Policy Notes No. 3
  March 27, 2009

  An Assessment of the Credit Crisis Solutions

  Elias Karakitsos
  Abstract

  All of the various schemes that have been put forward to resolve the current credit crisis follow either the “business as usual” or the “good bank” model. The “business as…more

  Download Policy Note 2009/3 PDF (179.89 KB)
• Policy Notes No. 2
  March 25, 2009

  What Role for Central Banks in View of the Current Crisis?

  Philip Arestis and Elias Karakitsos
  Abstract

  Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are…more

  Download Policy Note 2009/2 PDF (100.99 KB)
• Working Paper No. 557
  March 19, 2009

  Background Considerations to a Regulation of the US Financial System

  Jan Kregel
  Abstract

  United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated…more

  Download Working Paper No. 557 PDF (247.19 KB)
• Public Policy Brief No. 99
  March 09, 2009

  The Return of Big Government: Policy Advice for President Obama

  L. Randall Wray
  Abstract

  In the current global financial crisis, economists and policymakers have reembraced Big Government as a means of preventing the reoccurrence of a debt-deflation depression. The danger, however, is that policy…more

  Download Public Policy Brief No. 99, 2009 PDF (169.17 KB)
• Research Project Report
  February 19, 2009

  What Are the Long-Term Trends in Intergroup Economic Disparities?

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  Over the last half century, government policy has had an important hand in alleviating disparities among population subgroups in the United States; for example, special tax treatment for families with…more

  Download LIMEW Report, February 2009 PDF (430.00 KB)
• Public Policy Brief No. 98
  February 19, 2009

  The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare

  James K. Galbraith, L. Randall Wray, and Warren Mosler
  Abstract

  The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to “intergenerational accounting”—which purports to calculate the debt burden our generation will leave for future generations—and…more

  Download Public Policy Brief No. 98, 2009 PDF (144.51 KB)
• Research Project Report
  February 03, 2009

  Postwar Trends in Economic Well-Being in the United States,1959–2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household…more

  Download LIMEW Report, February 2009 PDF (639.69 KB)
• Working Paper No. 556
  January 29, 2009

  Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  The motivation to construct the LIMEW in lieu of relying on the official measures of well-being is to provide a more comprehensive measure of economic inequality that will also show…more

  Download Working Paper No. 556 PDF (705.76 KB)
• Public Policy Brief No. 97
  January 29, 2009

  After the Bust

  Thomas I. Palley
  Abstract

  “Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to Research Associate Thomas Palley, the…more

  Download Public Policy Brief No. 97, 2009 PDF (543.31 KB)
• Working Paper No. 555
  January 27, 2009

  Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia

  Ewa Karwowski
  Abstract

  This paper explores the significance of Islamic banking in Malaysia for stability in the country’s economy as a whole. Neither conventional theory nor Islamic economics puts forward a systematic explanation…more

  Download Working Paper No. 555 PDF (1,003.19 KB)
• Working Paper No. 554
  January 26, 2009

  Macroeconomic Imbalances in the United States and Their Impact on the International Financial System

  Julia S. Perelstein
  Abstract

  The argument put forward in this paper is twofold. First, the financial crisis of 2007–08 was made global by the current account deficit in the United States; and second, there…more

  Download Working Paper No. 554 PDF (324.78 KB)
• Policy Notes No. 1
  January 22, 2009

  Obama’s Job Creation Promise

  Pavlina R. Tcherneva
  Abstract

  Job creation is once again at the forefront of policy action, and for advocates of pro-employment policies, President Obama’s Keynesian bent is a most welcome change. However, there are concerns…more

  Download Policy Note 2009/1 PDF (141.38 KB)
• Strategic Analysis
  January 06, 2009

  Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years

  Gennaro Zezza
  Abstract

  The Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s…more

  Download Strategic Analysis, January 2009 PDF (97.63 KB)
• Strategic Analysis
  December 24, 2008

  Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve

  Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza
  Abstract

  The economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone….more

  Download Strategic Analysis, December 2008 PDF (656.93 KB)
• Working Paper No. 553
  December 22, 2008

  Insuring Against Private Capital Flows

  Jörg Bibow
  Abstract

  Following an analysis of the forces behind the “global capital flows paradox” observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of…more

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• Working Paper No. 552
  December 16, 2008

  Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis

  Kijong Kim
  Abstract

  This study proposes a simple modification to a Social Accounting Matrix (SAM) in order to analyze the multiplier effects of a new sector. A different input composition, or technology, of…more

  Download Working Paper No. 552 PDF (189.14 KB)
• Working Paper No. 551
  December 02, 2008

  Small Is Beautiful

  Fatma Gül Unal
  Abstract

  This paper examines the relationship between farm size and yield per acre in Turkey using heretofore untapped data from a 2002 farm-level survey of 5,003 rural households. After controlling for…more

  Download Working Paper No. 551 PDF (456.19 KB)
• Working Paper No. 550
  November 20, 2008

  An Empirical Analysis of Gender Bias in Education Spending in Paraguay

  Thomas Masterson
  Abstract

  Gender affects household spending in two areas that have been widely studied in the literature. One strand documents that greater female bargaining power within households results in a variety of…more

  Download Working Paper No. 550 PDF (294.47 KB)
• Working Paper No. 549
  November 14, 2008

  Excess Capital and Liquidity Management

  Jan Toporowski
  Abstract

  These notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains….more

  Download Working Paper No. 549 PDF (181.14 KB)
• Policy Notes No. 6
  November 11, 2008

  Time to Bail Out: Alternatives to the Bush-Paulson Plan

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  While serving as chairman of the Federal Reserve Board, Alan Greenspan advocated unsupervised securitization, subprime lending, option ARMs, credit-default swaps, and all manner of financial alchemy in the belief that…more

  Download Policy Note 2008/6 PDF (364.87 KB)