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Working Paper No. 753February 07, 2013
The Missing Macro Link
AbstractThis paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework…more
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Working Paper No. 752February 07, 2013
Inequality and Household Finance during the Consumer Age
AbstractOne might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during…more
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Working Paper No. 752February 07, 2013
Η ανισότητα και η χρηματοοικονομική συμπεριφορά των νοικοκυριών στην «εποχή των καταναλωτών»
AbstractΘα μπορούσε να περιμένει κανείς ότι η διόγκωση της εισοδηματικής ανισότητας στις ΗΠΑ θα μείωνε την αύξηση της ζήτησης και θα δημιουργούσε τροχοπέδη στην οικονομική ανάπτυξη της χώρας λόγω του…more
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Working Paper No. 751February 04, 2013
Arresting Financial Crises
AbstractNineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises:…more
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Working Paper No. 750January 31, 2013
Endogenous Bank Credit and Its Link to Housing in OECD Countries
AbstractThe relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the “New Consensus Macroeconomics” completely ignores bank credit. The “Great Recession,” however,…more
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Working Paper No. 749January 30, 2013
Weak Expansions
AbstractUsing two standard cycle methodologies (classical and deviation cycle) and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that the Latin American and Caribbean cycle…more
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One-Pager No. 37January 30, 2013
Διδάγματα από έναν μη συμβατικό κεντρικό τραπεζίτη
AbstractΗ παγκόσμια χρηματοοικονομική κρίση έχει προκαλέσει ανανεωμένο ενδιαφέρον στη Συμφωνία Υπουργείου Οικονομικών-Ομοσπονδιακής Τράπεζας του 1951 και στα διδάγματα αυτής της διαπραγμάτευσης για την ανεξαρτησία της κεντρικής τράπεζας. Μια ευρύτερη ερμηνεία…more
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One-Pager No. 37January 30, 2013
Lessons from an Unconventional Central Banker
AbstractThe global financial crisis has generated renewed interest in the 1951 Treasury – Federal Reserve Accord and its lessons for central bank independence. A broader interpretation of the Accord and…more
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Working Paper No. 748January 17, 2013
Analyzing Public Expenditure Benefit Incidence in Health Care
AbstractThe effectiveness of public spending remains a relatively elusive empirical issue. This preliminary analysis is an attempt, using benefit incidence methodology, to define the effectiveness of spending at the subnational…more
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Working Paper No. 747January 17, 2013
Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord
AbstractThe 1951 Treasury – Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury’s debt-management powers, and…more
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One-Pager No. 36January 11, 2013
Η επέκταση της εξουσίας του Ομοσπονδιακού Αποθεματικού στην πρόσφατη χρηματοοικονομική κρίση εγείρει ερωτήματα διακυβέρνησης
AbstractΑρκετά χρόνια πριν από το ξέσπασμα της πρόσφατης χρηματοοικονομικής κρίσης, ο Lawrence Meyer, πρώην διοικητικό μέλος του Ομοσπονδιακού Αποθεματικού, έγραψε ότι η Ομοσπονδιακή Τράπεζα «αναφέρεται συχνά ως ο ισχυρότερος θεσμός…more
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One-Pager No. 36January 11, 2013
Expansion of Federal Reserve Authority in the Recent Financial Crisis Raises Questions about Governance
AbstractSeveral years before the onset of the recent financial crisis, ex – Federal Reserve Board Member Lawrence Meyer wrote that the Fed “is often called the most powerful institution in…more
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Working Paper No. 746January 09, 2013
Ο χρηματιστικός καπιταλισμός και η αναδιανομή του εισοδήματος
AbstractΤο κείμενο εξετάζει έναν σημαντικό δίαυλο μέσω του οποίου η χρηματιστικοποίηση ή ο χρηματιστικός καπιταλισμός επηρεάζει τις μακροοικονομικές επιδόσεις: το κανάλι διανομής. Παρέχονται εμπειρικά στοιχεία για 15 ανεπτυγμένες οικονομίες, που…more
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Working Paper No. 746January 09, 2013
Finance-dominated Capitalism and Redistribution of Income
AbstractThis paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of…more
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Working Paper No. 745January 03, 2013
Stock-flow Consistent Modeling through the Ages
AbstractThe aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature,…more
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Research Project ReportDecember 21, 2012
The Interlocking of Time and Income Deficits
AbstractThis report is published as part of the “Undoing Knots, Innovating for Change” series, issued by the United Nations Development Programme (UNDP) Regional Centre for Latin America and the Caribbean…more
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Working Paper No. 744December 20, 2012
Interest Rate Determination in India
AbstractControlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate…more
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Working Paper No. 743December 19, 2012
Investment, Financial Markets, and Uncertainty
AbstractThis paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the…more
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Working Paper No. 743December 19, 2012
Επένδυση, χρηματοπιστωτικές αγορές και αβεβαιότητα
AbstractΗ εργασία παρέχει μια θεωρητική εξήγηση της διαδικασίας της συσσώρευσης, που υπολογίζει τις εξελίξεις στις χρηματοπιστωτικές αγορές κατά το πρόσφατο παρελθόν. Συγκεκριμένα, η προσέγγισή μας εστιάζεται στην παρουσία των συσχετίσεων…more
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Working Paper No. 742December 19, 2012
ECB Worries / European Woes
AbstractFinancial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with…more
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Working Paper No. 742December 19, 2012
Τα προβλήματα της ΕΕ και οι ανησυχίες της Ευρωπαϊκής Κεντρικής Τράπεζας
AbstractΟι χρηματοοικονομικές κρίσεις που συνοδεύονται από την απειλή μιας επακόλουθης ύφεσης και τον αποπληθωρισμό χρέους λαμβάνουν χώρα με αυξανόμενη ταχύτητα στις Ηνωμένες Πολιτείες από το 1980 έως σήμερα. Σχεδόν αντανακλαστικά,…more
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Working Paper No. 741December 13, 2012
Primary and Secondary Markets
AbstractThe analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness of an approach. The classics took production and accumulation as their point of departure; the…more
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Working Paper No. 740December 07, 2012
Conflicting Claims in the Eurozone?
AbstractIn this paper, we analyze the role of the current institutional setup of the eurozone in fostering the ongoing peripheral euro countries’ sovereign debt crisis. In line with Modern Money…more
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Working Paper No. 739November 30, 2012
On the “Utilization Controversy”
AbstractThis paper examines the “utilization controversy” around the Kaleckian model of growth and distribution. We show that the Federal Reserve data on capacity utilization, which have been used by both…more
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