Publications

1703 publications found

• Working Paper No. 600
  May 26, 2010

  Time and Poverty from a Developing Country Perspective

  Rania Antonopoulos and Emel Memiş
  Abstract

  This 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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• One-Pager No. 3
  May 20, 2010

  “The Spectre of Banking”

  Martin Mayer
  Abstract

  A year and a half after the collapse in the financial markets, the debate about necessary “reforms” is still in its early stages, and none of the debaters seriously claims…more

  Download One-Pager No. 3 PDF (129.50 KB)
• One-Pager No. 2
  May 19, 2010

  Reforms Without Politicians

  Jan Kregel
  Abstract

  Congress is currently debating new regulations for financial institutions in an effort to avoid a repeat of the recent crisis that brought the banking system to the brink. Some of…more

  Download One-Pager No. 2 PDF (131.39 KB)
• Working Paper No. 599
  May 18, 2010

  Racial Preferences in a Small Urban Housing Market

  Sanjaya DeSilva, Anh Pham, and Michael Smith
  Abstract

  This paper use spatial econometric models to test for racial preferences in a small urban housing market. Identifying racial preferences is difficult when unobserved neighborhood amenities vary systematically with racial…more

  Download Working Paper No. 599 PDF (284.37 KB)
• Working Paper No. 598
  May 17, 2010

  The Economic and Financial Crises in CEE and CIS

  Fatma Gül Unal, Mirjana Dokmanovic, and Rafis Abazov
  Abstract

  This paper looks at the countries of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), where economies have been most dramatically hit by the global crisis…more

  Download Working Paper No. 598 PDF (363.85 KB)
• One-Pager No. 1
  May 17, 2010

  A Balancing Act

  Dimitri B. Papadimitriou
  Abstract

  Now that America’s financial institutions have been brought back from the brink, the greatest threat to global economic stability is the gigantic trade imbalance between the United States, China, and…more

  Download One-Pager No. 1 PDF (128.82 KB)
• Working Paper No. 597
  May 11, 2010

  Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?

  Jörg Bibow
  Abstract

  This paper sets out to investigate the forces and conditions that led to the emergence of global imbalances preceding the worldwide crisis of 2007–09, and both the likelihood and the…more

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• Public Policy Brief No. 111
  May 11, 2010

  Επιστροφή στην υστερία του ελλείμματος στις ΗΠΑ;

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Στο κείμενο αυτό, οι Yeva Nersisyan και ο L. Randall Wray υποστηρίζουν ότι τα ελλείμματα δεν επιβαρύνουν τις μελλοντικές γενεές με χρέη και δεν περιορίζουν τις ιδιωτικές δαπάνες. Οι συγγραφείς…more

  Download Κείμενο Δημόσιας Πολιτικής No. 111 PDF (869.24 KB)
• Public Policy Brief No. 111
  May 11, 2010

  Deficit Hysteria Redux?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations with debt, nor do they crowd out private spending. The authors…more

  Download Public Policy Brief No. 111, 2010 PDF (1,023.02 KB)
• Working Paper No. 596
  May 10, 2010

  Infinite-variance, Alpha-stable Shocks in Monetary SVAR

  Abstract

  The process of constructing impulse-response functions (IRFs) and forecast-error variance decompositions (FEVDs) for a structural vector autoregression (SVAR) usually involves a factorization of an estimate of the error-term variance-covariance matrix…more

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• Working Paper No. 595
  May 09, 2010

  The Recycling Problem in a Currency Union

  G. E. Krimpas
  Abstract

  The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or…more

  Download Working Paper No. 595 PDF (182.13 KB)
• Working Paper No. 594
  May 08, 2010

  Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy

  Claudio H. Dos Santos and Antonio C. Macedo e Silva
  Abstract

  This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible…more

  Download Working Paper No. 594 PDF (320.48 KB)
• Working Paper No. 593
  May 07, 2010

  A Contribution to the Theory of Financial Fragility and Crisis

  Amit Bhaduri
  Abstract

  The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to…more

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• Working Paper No. 592
  May 06, 2010

  The Global Financial Crisis and a New Capitalism?

  Luiz Carlos Bresser-Pereira
  Abstract

  The 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the…more

  Download Working Paper No. 592 PDF (362.90 KB)
• Public Policy Brief No. 110
  March 18, 2010

  Toward True Health Care Reform: More Care, Less Insurance

  L. Randall Wray and Marshall Auerback
  Abstract

  The United States has the most expensive health care system in the world, yet its system produces inferior outcomes relative to those in other countries. This brief examines the health…more

  Download Public Policy Brief No. 110, 2010 PDF (683.68 KB)
• Working Paper No. 591
  March 18, 2010

  Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies

  Jörg Bibow
  Abstract

  This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through…more

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• Working Paper No. 590
  March 10, 2010

  Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India

  Lekha S. Chakraborty
  Abstract

  Despite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage…more

  Download Working Paper No. 590 PDF (186.41 KB)
• Public Policy Brief No. 109
  March 10, 2010

  The Trouble with Pensions

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Pension funds have taken a big hit during the current financial crisis, with losses in the trillions of dollars. In addition, both private and public pensions are experiencing significant funding…more

  Download Public Policy Brief No. 109, 2010 PDF (894.29 KB)
• Strategic Analysis
  March 10, 2010

  Getting Out of the Recession?

  Gennaro Zezza
  Abstract

  Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal…more

  Download Strategic Analysis, March 2010 PDF (577.07 KB)
• Working Paper No. 589
  March 09, 2010

  Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007

  Edward N. Wolff
  Abstract

  I find here that the early and mid-aughts (2001 to 2007) witnessed both exploding debt and a consequent “middle-class squeeze.” Median wealth grew briskly in the late 1990s. It grew…more

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• Working Paper No. 588
  March 08, 2010

  Decomposition of the Black-White Wage Differential in the Physician Market

  Tsu-Yu Tsao and Andrew Pearlman
  Abstract

  This paper proposes a difference-in-differences strategy to decompose the contributions of various types of discrimination to the black-white wage differential. The proposed estimation strategy is implemented using data from the…more

  Download Working Paper No. 588 PDF (175.20 KB)
• Working Paper No. 587
  February 19, 2010

  The Global Financial Crisis and the Shift to Shadow Banking

  L. Randall Wray and Yeva Nersisyan
  Abstract

  While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that…more

  Download Working Paper No. 587 PDF (297.87 KB)
• Working Paper No. 586
  February 18, 2010

  Is This the Minsky Moment for Reform of Financial Regulation?

  Jan Kregel
  Abstract

  The current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the…more

  Download Working Paper No. 586 PDF (175.40 KB)
• Working Paper No. 585
  February 12, 2010

  Is Reregulation of the Financial System an Oxymoron?

  Jan Kregel
  Abstract

  The extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the United States financial system. However, that reregulation has been slow…more

  Download Working Paper No. 585 PDF (131.02 KB)