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Policy Notes No. 11December 22, 2009
Observations on the Problem of “Too Big to Fail/Save/Resolve”
AbstractPast experience suggests that multifunctional banking is the leading source of financial crisis, while large bank size contributes to contagion and systemic risk. This indicates that resolving large banks will…more
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Strategic AnalysisDecember 03, 2009
Sustaining Recovery: Medium-term Prospects and Policies for the US Economy
AbstractThough recent market activity and housing reports give some warrant for optimism, United States economic growth was only 2.8 percent in the third quarter, and the unemployment rate is still…more
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Public Policy Brief No. 106November 17, 2009
Can Euroland Survive?
AbstractSocial unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this…more
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Research Project ReportNovember 16, 2009
Has Progress Been Made in Alleviating Racial Economic Inequality?
AbstractReports of a postracial society may be premature. Studies continue to show wide racial gaps in income and, especially, wealth; although there is some evidence that income gaps have shrunk…more
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Working Paper No. 583November 08, 2009
The Euro and Its Guardian of Stability
AbstractThis paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks,…more
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Working Paper No. 582November 04, 2009
Minsky Moments, Russell Chickens, and Gray Swans
AbstractThe recent revival of Hyman P. Minsky’s ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a…more
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Public Policy Brief No. 105October 28, 2009
It Isn’t Working: Time for More Radical Policies
AbstractThe Obama administration has implemented several policies to “jump-start” the American economy—efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy…more
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Policy Notes No. 10October 15, 2009
Fiscal Stimulus, Job Creation, and the Economy
AbstractAs the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and…more
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Working Paper No. 581October 14, 2009
Lessons from the New Deal
AbstractSince the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key…more
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Working Paper No. 580October 13, 2009
An Alternative View of Finance, Saving, Deficits, and Liquidity
AbstractThis paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first…more
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Working Paper No. 579October 12, 2009
A Perspective on Minsky Moments
AbstractThis paper aims to help bridge the gap between theory and fact regarding the so-called “Minsky moments” by revisiting the “financial instability hypothesis” (FIH). We limit the analysis to the…more
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Policy Notes No. 9October 05, 2009
Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
AbstractOblivious to any lessons that might have been learned from the global financial mess it has created, Wall Street is looking for the next asset bubble. Perhaps in the market…more
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Working Paper No. 578September 24, 2009
Money Manager Capitalism and the Global Financial Crisis
AbstractThis paper applies Hyman Minsky’s approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the…more
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Working Paper No. 577September 21, 2009
Explaining the Gender Wage Gap in Georgia
AbstractThis paper evaluates gender wage differentials in Georgia between 2000 and 2004. Using ordinary least squares, we find that the gender wage gap in Georgia is substantially higher than in…more
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Working Paper No. 576September 09, 2009
A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
AbstractThis paper investigates the relationship between asset markets and business cycles with regard to the US economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of…more
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Working Paper No. 575August 30, 2009
Market Failure and Land Concentration
AbstractUtilizing a 2002 household-level World Bank Survey for rural Turkey, this paper explores the link between concentration of land ownership and rural factor markets. We construct a unique index that…more
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Public Policy Brief No. 104August 28, 2009
The New New Deal Fracas
AbstractA wave of revisionist work claims that “anticompetitive” New Deal legislation such as the National Industrial Recovery Act (NIRA) and the National Labor Relations Act (NLRA) greatly slowed the recovery…more
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Public Policy Brief No. 103August 21, 2009
Financial and Monetary Issues as the Crisis Unfolds
AbstractA group of experts associated with the Economists for Peace and Security and the Initiative for Rethinking the Economy met recently in Paris to discuss financial and monetary issues; their…more
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Public Policy Brief No. 102August 20, 2009
The Global Crisis and the Implications for Developing Countries and the BRICs
AbstractThe term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China–a class of middle-income emerging market economies of relatively…more
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Working Paper No. 574August 19, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part IV
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and…more
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Working Paper No. 574August 18, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part III
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and…more
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Working Paper No. 574August 17, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part II
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and…more
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Working Paper No. 574August 16, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part I
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and…more
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Working Paper No. 573August 15, 2009
Securitization, Deregulation, Economic Stability, and Financial Crisis, Part II
AbstractThis study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the…more
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