Publications

1699 publications found

• Working Paper No. 246
  August 01, 1998

  Derivatives and Global Capital Flows

  Jan Kregel
  Abstract

  Four factors in the current financial crisis in Asia have surprised observers. First, although capital flows in Asia appeared stable, the crisis was precipitated by the reversal of the very…more

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• Working Paper No. 249
  August 01, 1998

  The American Wage Structure, 1920–1947

  Thomas Ferguson and James K. Galbraith
  Abstract

  This paper uses industrial wage data and a systematic if unconventional selection of methods to examine changes in the inter-industry structure of wages between 1920 and 1947. We first sort…more

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• Working Paper No. 248
  August 01, 1998

  Can Expenditure Cuts Eliminate a Budget Deficit?

  George Argyrous
  Abstract

  Australian governments since the late 1970s have attempted to eliminate the fiscal deficit through reductions in expenditure. These efforts have failed. With each successive business cycle the federal government’s budget…more

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• Working Paper No. 247
  August 01, 1998

  “Inability to Be Self-Reliant” As an Indicator of US Poverty

  Andrew Bershadker and Robert Haveman
  Abstract

  The official poverty measure is based on the premise that all families should have sufficient income from either their own efforts or government support to boost them above a family-size-specific…more

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• Public Policy Brief No. 41
  July 03, 1998

  Side Effects of Progress

  Edward N. Wolff
  Abstract

  Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic…more

  Download Public Policy Brief No. 41, 1998 PDF (162.02 KB)
• Working Paper No. 245
  July 01, 1998

  Reciprocity and the Guaranteed Income

  Karl Widerquist
  Abstract

  This paper argues that a guaranteed income is not only consistent with the principle of reciprocity but is required for reciprocity. This conclusion follows from a three-part argument. First, if…more

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• Working Paper No. 244
  July 01, 1998

  Can Taxes and Bonds Finance Government Spending?

  Stephanie A. Kelton
  Abstract

  This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a…more

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• Working Paper No. 243
  July 01, 1998

  State Type and Congressional Voting on the Minimum Wage

  Oren Levin-Waldman
  Abstract

  How members of Congress vote on increases in the minimum wage is a function of several factors, most notably party affiliation and constituent interest. But also among those factors is…more

  Download Working Paper No. 243 PDF (66.76 KB)
• Working Paper No. 242
  July 01, 1998

  Money and Credit in a Keynesian Model of Income Determination

  Wynne Godley
  Abstract

  This paper formally integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model…more

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• Policy Notes No. 7
  July 01, 1998

  Goldilocks and the Three Bears

  L. Randall Wray
  Abstract

  Unlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis, global deflation and excess capacity (or insufficient…more

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• Working Paper No. 241
  July 01, 1998

  Optimal Financing by Money and Taxes of Productive and Unproductive Government Spending

  David Alan Aschauer
  Abstract

  This paper contains an investigation of the effects of different means of financing government spending on economic growth, inflation, and welfare. In this setting, two different types of government spending…more

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• Working Paper No. 240
  July 01, 1998

  The Place of Cultural Explanations and Historical Specificity in Discussions of Modes of Incorporation and Segmented Assimilation

  Joel Perlmann
  Abstract

  In this new working paper, Senior Scholar Joel Perlmann discusses cultural, structural, and contextual explanations of segmented assimilation among the children of immigrants. In it he addresses a number of…more

  Download Working Paper No. 240 PDF (1.60 MB)
• Working Paper No. 239
  July 01, 1998

  An Ethical Framework for Cost-Effective Medicine

  Walter M. Cadette
  Abstract

  HMO medicine has been effective in controlling once-runaway health care costs. But it sets up inevitable conflict between patient care and the financial well-being of the health plan and of…more

  Download Working Paper No. 239 PDF (69.38 KB)
• Working Paper No. 238
  June 01, 1998

  The Macroeconomics of Industrial Strategy

  Philip Arestis and Malcolm Sawyer
  Abstract

  This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasize the role of the output and investment activities…more

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• Policy Notes No. 6
  June 01, 1998

  What to Do with the Surplus

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Neither Congress nor the president is on the right track. Rather than protecting the surplus, we should be increasing spending and cutting taxes to contain the looming world recession.

  Download Policy Note 1998/6 PDF (120.12 KB)
• Public Policy Brief No. 40
  May 02, 1998

  Overcoming America’s Infrastructure Deficit

  Walter M. Cadette and S. Jay Levy
  Abstract

  Condemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects…more

  Download Public Policy Brief No. 40, 1998 PDF (5.25 MB)
• Working Paper No. 237
  May 01, 1998

  Speed of Technical Progress and Length of the Average Interjob Period

  Edward N. Wolff
  Abstract

  The mean duration of unemployment approximately doubled in the United States between the early 1950s and the mid-1990s, with most of the increase occurring since the early 1970s. Using a…more

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• Working Paper No. 236
  May 01, 1998

  An Important Inconsistency at the Heart of the Standard Macroeconomic Model

  Wynne Godley and Anwar M. Shaikh
  Abstract

  The standard neoclassical model is the foundation of most mainstream macroeconomics. Its basic structure dominates the analyis of macroeconomic phenomena, the teaching of the subject, and even the formation of…more

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• Working Paper No. 235
  May 01, 1998

  East Asia Is Not Mexico

  Jan Kregel
  Abstract

  What was different about the collapse of the Asian emerging markets in 1997? The free fall of the Mexican peso and the collapse of the Mexican Bolsa produced a “Tequila…more

• Public Policy Brief No. 39
  May 01, 1998

  The Unmeasured Labor Force

  Barry Bluestone and Stephen Rose
  Abstract

  Is the current labor market as tight as official statistics would seem to indicate? If incumbent workers increase their hours of work, it is irrelevant to the unemployment rate, but…more

  Download Public Policy Brief No. 39, 1998 PDF (388.31 KB)
• Policy Notes No. 5
  May 01, 1998

  The Fed Should Lower Interest Rates More

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Some analysts have argued against monetary ease, fearing that it might fuel a speculative boom. Alas, given the recent substantial “market correction,” this objection may safely be put away.

  Download Policy Note 1998/5 PDF (71.24 KB)
• Working Paper No. 234
  April 01, 1998

  Yes, “It” Did Happen Again

  Jan Kregel
  Abstract

  The title of Visiting Senior Scholar Jan Kregel’s working paper is a reference to Hyman P. Minsky’s book Can “It” Happen Again? The Minskian “it” is the debt deflation scenario…more

• Working Paper No. 233
  April 01, 1998

  Public Capital and Economic Growth

  David Alan Aschauer
  Abstract

  Empirical research largely suggests that there is a positive role for public capital and a negative role for taxation and debt, and the effectiveness of public capital depends critically on…more

• Working Paper No. 232
  April 01, 1998

  The Asian Disease

  Martin Mayer
  Abstract

  The Asian crisis is a textbook case of the “financial instability hypothesis” first expressed in 1966 by the late Hyman P. Minsky. Minsky’s “hypothesis” was proposed to explain instability in…more

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