Publications

1711 publications found

• Public Policy Brief No. 93
  January 08, 2008

  Minsky’s Cushions of Safety

  Jan Kregel
  Abstract

  In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of…more

  Download Public Policy Brief No. 93, 2008 PDF (1.35 MB)
• Research Project Report No. 34
  January 02, 2008

  Joint Project of UNDP and Levy Institute on Public Employment

  Rania Antonopoulos and Kijong Kim
  Abstract

  Joint UNDP—Levy Institute Study Focuses on Employment Guarantee Strategies The recent financial turmoil has brought with it worldwide acceptance of the fact that, when markets fail, government intervention is indispensable….more

• Working Paper No. 526
  December 21, 2007

  American Jewish Opinion about the Future of the West Bank

  Joel Perlmann
  Abstract

  American Jewish opinion about the Arab-Israel conflict matters for both American and Israeli politics as well as for American Jewish life. This paper undertakes an analysis of that opinion based…more

  Download Working Paper No. 526 PDF (393.72 KB)
• Working Paper No. 525
  December 20, 2007

  Financialization

  Thomas I. Palley
  Abstract

  Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both…more

  Download Working Paper No. 525 PDF (521.30 KB)
• Working Paper No. 524
  December 19, 2007

  Promotion Nationale

  Hind Jalal
  Abstract

  Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple…more

  Download Working Paper No. 524 PDF (247.47 KB)
• Working Paper No. 523
  December 13, 2007

  The Natural Instability of Financial Markets

  Jan Kregel
  Abstract

  This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading to market stability to provide…more

  Download Working Paper No. 523 PDF (130.68 KB)
• Working Paper No. 522
  December 10, 2007

  Lessons from the Subprime Meltdown

  L. Randall Wray
  Abstract

  This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky…more

  Download Working Paper No. 522 PDF (416.23 KB)
• Strategic Analysis
  November 30, 2007

  The US Economy: Is There a Way Out of the Woods?

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

  In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets…more

  Download Strategic Analysis, November 2007 PDF (316.57 KB)
• Working Paper No. 521
  November 29, 2007

  Earnings Functions and the Measurement of the Determinants of Wage Dispersion

  Jacques Silber and Joseph Deutsch
  Abstract

  This paper extends the famous Blinder and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. Second, a decomposition technique is proposed…more

  Download Working Paper No. 521 PDF (315.12 KB)
• Working Paper No. 520
  November 14, 2007

  Nurkse and the Role of Finance in Development Economics

  Jan Kregel
  Abstract

  Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in…more

  Download Working Paper No. 520 PDF (277.17 KB)
• Working Paper No. 519
  November 09, 2007

  Public Employment and Women

  L. Randall Wray and Pavlina R. Tcherneva
  Abstract

  In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes, offered…more

  Download Working Paper No. 519 PDF (208.28 KB)
• Public Policy Brief No. 92
  October 26, 2007

  The US Credit Crunch of 2007

  Charles J. Whalen
  Abstract

  It is now clear that most economists underestimated the widening economic impact of the credit crunch that has shaken American financial markets since at least mid-July. A credit crunch is…more

  Download Public Policy Brief No. 92, 2007 PDF (476.11 KB)
• Working Paper No. 518
  October 25, 2007

  Fiscal Deficit, Capital Formation, and Crowding Out in India

  Lekha S. Chakraborty
  Abstract

  This paper analyzes the real (direct) and financial crowding out in India between 1970–71 and 2002–03. Using an asymmetric vector autoregressive (VAR) model, the paper finds no real crowding out…more

  Download Working Paper No. 518 PDF (610.51 KB)
• Working Paper No. 517
  October 23, 2007

  What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?

  Pavlina R. Tcherneva
  Abstract

  There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals—the basic income proposal and job guarantees—are…more

  Download Working Paper No. 517 PDF (321.66 KB)
• Book Series
  October 15, 2007

  Government Spending on the Elderly

  Dimitri B. Papadimitriou
  Abstract

  The results are in: we are aging—individually and collectively, nationally and globally. In the United States, as in most countries with an advanced economy, the aging of the population will…more

• Public Policy Brief No. 91
  October 09, 2007

  Globalization and the Changing Trade Debate

  Thomas I. Palley
  Abstract

  The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II….more

  Download Public Policy Brief No. 91, 2007 PDF (130.52 KB)
• Working Paper No. 516
  September 21, 2007

  The Right to a Job, the Right Types of Projects

  Rania Antonopoulos
  Abstract

  There is now widespread recognition that in most countries, private-sector investment has not been able to absorb surplus labor. This is all the more the case for poor unskilled people….more

  Download Working Paper No. 516 PDF (225.92 KB)
• Working Paper No. 515
  September 13, 2007

  Minsky’s Approach to Employment Policy and Poverty

  L. Randall Wray
  Abstract

  While Hyman P. Minsky is best known for his work on financial instability, he was also intimately involved in the postwar debates about fiscal policy and what would become the…more

  Download Working Paper No. 515 PDF (118.51 KB)
• Working Paper No. 514
  September 10, 2007

  The Continuing Legacy of John Maynard Keynes

  L. Randall Wray
  Abstract

  This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary…more

  Download Working Paper No. 514 PDF (137.03 KB)
• Working Paper No. 513
  September 04, 2007

  Inequality of Life Chances and the Measurement of Social Immobility

  Jacques Silber and Amedeo Spadaro
  Abstract

  This paper begins by proposing two cardinal measures of inequality in life chances. Using as its database a matrix in which the lines correspond to the social category of parents…more

  Download Working Paper No. 513 PDF (194.74 KB)
• Working Paper No. 512
  September 03, 2007

  Endogenous Money

  L. Randall Wray
  Abstract

  While the mainstream long argued that the central bank could use quantitative constraints as a means to controlling the private creation of money, most economists now recognize that the central…more

  Download Working Paper No. 512 PDF (73.74 KB)
• Working Paper No. 511
  August 15, 2007

  The Fed’s Real Reaction Function

  James K. Galbraith, Olivier Giovannoni, and Ann J. Russo
  Abstract

  Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to “inflation…more

  Download Working Paper No. 511 PDF (344.43 KB)
• Working Paper No. 510
  August 13, 2007

  A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate

  L. Randall Wray
  Abstract

  This paper addresses three issues surrounding monetary policy formation: policy independence, choice of operating targets, and rules versus discretion. According to the New Monetary Consensus, the central bank needs policy…more

  Download Working Paper No. 510 PDF (92.32 KB)
• Working Paper No. 509
  August 07, 2007

  On Various Ways of Measuring Unemployment, with Applications to Switzerland

  Jacques Silber, Joseph Deutsch, and Yves Flückiger
  Abstract

  This paper begins with an examination of various ways of measuring unemployment and, borrowing ideas from the poverty measurement literature, proposes four new general unemployment indices. The first of these…more

  Download Working Paper No. 509 PDF (450.36 KB)