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1702 publications found
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Public Policy Brief No. 115September 13, 2010
What Should Banks Do?
AbstractIn this new brief, Senior Scholar L. Randall Wray examines the later works of Hyman P. Minsky, with a focus on Minsky’s general approach to financial institutions and policy. The…more
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Working Paper No. 616September 09, 2010
Product Complexity and Economic Development
AbstractWe rank 5,107 products and 124 countries according to the Hidalgo and Hausmann (2009) measures of complexity. We find that: (1) the most complex products are in machinery, chemicals, and…more
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Working Paper No. 615September 01, 2010
Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
AbstractThe quality of match of four statistical matches used in the LIMEW estimates for Canada for 1999 and 2005 is described. The first match combines the 1999 Survey of Financial…more
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Working Paper No. 614August 25, 2010
The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
AbstractWith the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy….more
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Working Paper No. 613August 23, 2010
As You Sow So Shall You Reap
AbstractWe develop an Index of Opportunities for 130 countries based on their capabilities to undergo structural transformation. The Index of Opportunities has four dimensions, all of them characteristic of a…more
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Working Paper No. 612August 20, 2010
What Do Banks Do? What Should Banks Do?
AbstractBefore we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky…more
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Working Paper No. 611August 17, 2010
Why China Has Succeeded—and Why It Will Continue to Do So
AbstractThe key factor underlying China’s fast development during the last 50 years is its ability to master and accumulate new and more complex capabilities, reflected in the increase in diversification…more
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Working Paper No. 610August 13, 2010
Investing in Care
AbstractMassive job losses in the United States, over eight million since the onset of the “Great Recession,” call for job creation measures through fiscal expansion. In this paper we analyze…more
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Working Paper No. 609August 11, 2010
Using Capabilities to Project Growth, 2010–30
AbstractWe forecast average annual GDP growth for 147 countries for 2010–30. We use a cross-country regression model where the long-run fundamentals are determined by countries’ accumulated capabilities and the capacity…more
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Working Paper No. 608August 09, 2010
Assessing the Returns to Education in Georgia
AbstractThe economic returns to education in transition countries have been extensively evaluated in the literature. The present study contributes to this literature by estimating the returns to education in Georgia…more
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Public Policy Brief No. 114August 06, 2010
Debts, Deficits, Economic Recovery, and the US Government
AbstractIn this new brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen evaluate the current path of fiscal deficits in the United States in the context of government debt…more
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Working Paper No. 607August 03, 2010
Extrinsic Rewards and Intrinsic Motives
AbstractEmployers structure pay and employment relationships to mitigate agency problems. A large literature in economics documents how the resolution of these problems shapes personnel policies and labor markets. For the…more
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Working Paper No. 606August 02, 2010
Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
AbstractThe subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even…more
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Policy Note No. 2July 22, 2010
Global Central Bank Focus
AbstractThe developed world faces a cyclical deficiency of aggregate demand, the product of a liquidity trap and the paradox of thrift, in the context of headwinds born of ongoing structural…more
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Public Policy Brief No. 113July 21, 2010
Endgame for the Euro?
AbstractCritics argue that the current crisis has exposed the profligacy of the Greek government and its citizens, who are stubbornly fighting proposed social spending cuts and refusing to live within…more
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Policy Note No. 1July 12, 2010
Economic Policy for the Real World
AbstractThe nation’s economic challenges are daunting. Restoring robust American prosperity and widespread economic opportunity will not be easy. But, as Hyman Minsky stressed, “Economic systems are not natural systems…. Policy…more
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Working Paper No. 605June 29, 2010
Detecting Ponzi Finance
AbstractDifferent frameworks of analysis lead to different conceptions of financial instability and financial fragility. On one side, the static approach conceptualizes financial instability as an unfortunate byproduct of capitalism that…more
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Public Policy Brief No. 112June 28, 2010
Η μεγάλη κρίση και η αμερικανική αντίδραση
AbstractΟ Ανώτατος Μελετητής James K. Galbraith εξετάζει κριτικά την ψευδαίσθηση του να βλέ̟πει κανείς την οικονομία των ΗΠΑ μέσα από το πρίσμα της ελεύθερης αγοράς, της α̟πορρύθμισης, των ιδιωτικο̟ποιήσεων και…more
Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 112, 2010 PDF (1,009.09 KB) -
Public Policy Brief No. 112June 28, 2010
The Great Crisis and the American Response
AbstractSenior Scholar James K. Galbraith argues the fundamental illusion of viewing the US economy through the free-market prism of deregulation, privatization, and a benevolent government operating mainly through monetary stabilization—the…more
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Working Paper No. 604June 28, 2010
Three Futures for Postcrisis Banking in the Americas
AbstractThis would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a…more
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Working Paper No. 603June 18, 2010
Does Excessive Sovereign Debt Really Hurt Growth?
AbstractThe worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal…more
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Working Paper No. 602June 11, 2010
Fiscal Responsibility: What Exactly Does It Mean?
AbstractThe use of government fiscal stimulus to support the economy in the recent economic crisis has brought increases in government deficits and increased government debt. This has produced an interest…more
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Working Paper No. 601June 04, 2010
Too Big to Fail in Financial Crisis
AbstractRegulatory forbearance and government financial support for the largest US financial companies during the crisis of 2007–09 highlighted a "too big to fail" problem that has existed for decades. As…more
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Working Paper No. 600May 26, 2010
Time and Poverty from a Developing Country Perspective
AbstractThis study is concerned with the measurement of poverty in the context of developing countries. We argue that poverty rankings must take into account time use dimensions of paid and…more
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