Publications

1699 publications found

• Working Paper No. 403
  February 25, 2004

  A Stock-flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies

  Claudio H. Dos Santos
  Abstract

  This paper reviews the general tenets of "stock-flow consistent" and the "formal Minskyan" literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the…more

  Download Working Paper No. 403 PDF (400.93 KB)
• Research Project Report
  February 12, 2004

  Levy Institute Measure of Economic Well-Being

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone…more

  Download LIMEW Report, February 2004 PDF (640.75 KB)
• Working Paper No. 402
  February 01, 2004

  A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model

  Claudio H. Dos Santos and Gennaro Zezza
  Abstract

  Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way,…more

  Download Working Paper No. 402 PDF (523.78 KB)
• Working Paper No. 401
  January 01, 2004

  Borrowing Alone

  Abstract

  Over the past 20 years, finance has become commodified. Firms increasingly obtain finance from securities markets, instead of borrowing from commercial banks with which they have long-term relationships, while Fannie…more

  Download Working Paper No. 401 PDF (223.20 KB)
• Working Paper No. 400
  January 01, 2004

  Fiscal Consolidation

  Jörg Bibow
  Abstract

  This paper analyzes the issues of public finance sustainability and suitability of strategies aimed at fiscal consolidation. Contrasting growth-based versus thrift-based consolidation strategies, it is argued that in the light…more

  Download Working Paper No. 400 PDF (788.94 KB)
• Working Paper No. 399
  January 01, 2004

  Does Financial Structure Matter?

  Philip Arestis, Ambika D. Luintel, and Kul B. Luintel
  Abstract

  We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view….more

  Download Working Paper No. 399 PDF (382.19 KB)
• Working Paper No. 398
  January 01, 2004

  Inequality of the Distribution of Personal Wealth in Germany, 1973–1998

  Richard Hauser and Holger Stein
  Abstract

  This paper reports on trends in inequality of the distribution of household disposable wealth in West Germany from 1973 to 1998, and compares the changes in the size distribution of…more

  Download Working Paper No. 398 PDF (542.36 KB)
• Research Project Report
  December 09, 2003

  Levy Institute Measure of Economic Well-Being

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone…more

  Download LIMEW Report, December 2003 PDF (609.84 KB)
• Policy Notes No. 7
  December 01, 2003

  The Future of the Dollar

  Korkut A. Ertürk
  Abstract

  The big question is whether the dollar—the world’s reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States…more

  Download Policy Note 2003/7 PDF (109.71 KB)
• Working Paper No. 397
  December 01, 2003

  Financial Globalization and Regulation

  Philip Arestis
  Abstract

  This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed…more

  Download Working Paper No. 397 PDF (272.76 KB)
• Public Policy Brief No. 75
  December 01, 2003

  Is Financial Globalization Truly Global?

  Philip Arestis and Santonu Basu
  Abstract

  In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together…more

  Download Public Policy Brief No. 75, 2003 PDF (121.50 KB)
• Public Policy Brief No. 74
  November 01, 2003

  Understanding Deflation

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring…more

  Download Public Policy Brief No. 74, 2003 PDF (163.42 KB)
• Working Paper No. 395
  November 01, 2003

  On Household Wealth Trends in Sweden over the 1990s

  N. Anders Klevmarken
  Abstract

  Influenced by major tax reform in the early 1990s and by the exceptional boom in the stock market at the end of that decade, overall wealth in Swedish households increased….more

  Download Working Paper No. 395 PDF (478.26 KB)
• Working Paper No. 394
  November 01, 2003

  Wealth Transfer Taxation

  Helmuth Cremer and Pierre Pestieau
  Abstract

  The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure…more

  Download Working Paper No. 394 PDF (546.08 KB)
• Working Paper No. 393
  November 01, 2003

  A Rolling Tide

  Arthur B. Kennickell
  Abstract

  From 1989 to 2001, wealth in real terms increased overall among families in the United States. But characterizing distributional changes is much more complex; it depends on the specific questions…more

  Download Working Paper No. 393 PDF (1.03 MB)
• Working Paper No. 396
  November 01, 2003

  The Evolution of Wealth Inequality in Canada

  Marie Drolet, Rene Morissette, and Xuelin Zhang
  Abstract

  Using data from the Assets and Debts Survey of 1984 and the Survey of Financial Security of 1999, the authors document the evolution of wealth inequality in Canada between 1984…more

  Download Working Paper No. 396 PDF (432.15 KB)
• Strategic Analysis
  October 01, 2003

  Deficits, Debts, and Growth

  Claudio H. Dos Santos, Dimitri B. Papadimitriou, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  These are fast-moving times. Two years ago, the Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. Within a year, the projected…more

  Download Strategic Analysis, October 2003 PDF (195.88 KB)
• Working Paper No. 392
  October 01, 2003

  Understanding Deflation

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Deflation can be defined as a falling general price level utilizing one of the common price indices.the consumer price index; the GDP deflator or other, narrower indices as the wholesale…more

  Download Working Paper No. 392 PDF (319.57 KB)
• Policy Notes No. 6
  September 03, 2003

  Is International Growth the Way Out of US Current Account Deficits?

  Claudio H. Dos Santos, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  The current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over…more

  Download Policy Note 2003/6 PDF (124.73 KB)
• Policy Notes No. 5
  September 02, 2003

  Deflation Worries

  L. Randall Wray
  Abstract

  For the first time since the 1930s, many worry that the world’s economy faces the prospect of deflation—accompanied by massive job losses—on a global scale. In a rather hopeful sign,…more

  Download Policy Note 2003/5 PDF (268.02 KB)
• Working Paper No. 387
  September 01, 2003

  Measures of the Real GDP of US Trading Partners

  Claudio H. Dos Santos, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 trading partners that are taken into consideration by the Federal Reserve…more

  Download Working Paper No. 387 PDF (2.69 MB)
• Working Paper No. 386
  September 01, 2003

  Household Wealth, Public Consumption, and Economic Well-Being in the United States

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  *Preliminary draft. Please do not quote or cite without permission. Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously…more

  Download Working Paper No. 386 PDF (375.29 KB)
• Working Paper No. 391
  September 01, 2003

  Aggregate Demand, Conflict, and Capacity in the Inflationary Process

  Philip Arestis and Malcolm Sawyer
  Abstract

  The dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply…more

  Download Working Paper No. 391 PDF (492.44 KB)
• Working Paper No. 390
  September 01, 2003

  Savings of Entrepreneurs

  Asena Caner
  Abstract

  Previous work on entrepreneurship and wealth has documented that entrepreneurial households are wealthier and have higher wealth mobility. However, the literature has not paid attention to the components of wealth…more

  Download Working Paper No. 390 PDF (389.88 KB)