Publications

1699 publications found

• Working Paper No. 278
  August 01, 1999

  Minsky and the Mainstream

  Steven M. Fazzari
  Abstract

  Hyman Minsky’s research emphasized the central role of finance in modern economics at a time when finance was not important in most mainstream macroeconomic research. But in the 1980s, mainstream…more

  Download Working Paper No. 278 PDF (35.51 KB)
• Public Policy Brief No. 52
  July 01, 1999

  Government Spending in a Growing Economy

  Jamee K. Moudud
  Abstract

  Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of…more

  Download Public Policy Brief No. 52, 1999 PDF (267.44 KB)
• Working Paper No. 275
  July 01, 1999

  Minsky’s Analysis of Financial Capitalism

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  In this paper, the authors discuss Minsky’s analysis of the evolution of one variety of capitalism—financial capitalism—which developed at the end of the nineteenth century and was the dominant form…more

  Download Working Paper No. 275 PDF (261.42 KB)
• Working Paper No. 274
  July 01, 1999

  The Independent European Central Bank

  Philip Arestis
  Abstract

  In this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency…more

  Download Working Paper No. 274 PDF (60.86 KB)
• Working Paper No. 273
  July 01, 1999

  Savings-Recycling Public Employment

  Mathew Forstater
  Abstract

  William Vickrey’s single-minded commitment to full employment is evident in a series of papers written in the last years of his life. In these works Vickrey formulated an assets-based approach…more

  Download Working Paper No. 273 PDF (37.37 KB)
• Policy Notes No. 7
  July 01, 1999

  Capital Income Taxes and Economic Performance

  Steven M. Fazzari
  Abstract

  Tax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital…more

  Download Policy Note 1999/7 PDF (80.22 KB)
• Working Paper No. 272
  July 01, 1999

  Functional Finance and Full Employment

  Mathew Forstater
  Abstract

  Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen…more

  Download Working Paper No. 272 PDF (120.90 KB)
• Working Paper No. 271
  July 01, 1999

  Can Rescheduling Explain the New Jersey Minimum Wage Studies?

  Thomas R. Michl
  Abstract

  This paper interprets the New Jersey minimum wage studies of Card and Krueger and their critics, Neumark and Wascher, through a scheduling model. The former found an increase in the…more

  Download Working Paper No. 271 PDF (83.12 KB)
• Public Policy Brief No. 54
  July 01, 1999

  Down and Out in the United States

  Marc-André Pigeon and L. Randall Wray
  Abstract

  Despite a long period of strong economic growth, more than 28 million working-age persons were categorized by the Bureau of Labor Statistics as out of the labor force in 1998….more

  Download Public Policy Brief No. 54, 1999 PDF (273.59 KB)
• Public Policy Brief No. 53
  July 01, 1999

  Full Employment Has Not Been Achieved

  Dimitri B. Papadimitriou
  Abstract

  Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions…more

  Download Public Policy Brief No. 53, 1999 PDF (115.15 KB)
• Policy Notes No. 6
  June 01, 1999

  The Minimum Wage Can Be Raised

  Oren Levin-Waldman
  Abstract

  Survey responses make it clear the minimum wage can be raised. The question now is, How high can it be raised before serious employment consequences occur?

  Download Policy Note 1999/6 PDF (82.56 KB)
• Working Paper No. 269
  May 01, 1999

  Demand Constraints and Economic Growth

  Marc-André Pigeon and L. Randall Wray
  Abstract

  In recent years the United States has seemed to achieve the best of all possible worlds: robust economic growth, very low unemployment, and low inflation. Many attribute this performance to…more

  Download Working Paper No. 269 PDF (465.86 KB)
• Policy Notes No. 5
  May 01, 1999

  How Can We Provide for the Baby Boomers in Their Old Age?

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  The search for the solution to the problems faced by the Social Security system should focus not on how to amend OASDI but on how best to achieve faster long-term…more

  Download Policy Note 1999/5 PDF (73.51 KB)
• Working Paper No. 270
  May 01, 1999

  Can Social Security Be Saved?

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  The first part of this paper is an overview of projections of Social Security’s future and an explanation of why the projections have led many to believe there is a…more

  Download Working Paper No. 270 PDF (416.05 KB)
• Working Paper No. 268
  April 01, 1999

  Risk Reduction in the New Financial Architecture

  Martin Mayer
  Abstract

  Five times in a decade not yet completed, financial markets have floated to the edge of a whirlpool. In October 1998, they were about to drown when Alan Greenspan threw…more

  Download Working Paper No. 268 PDF (109.96 KB)
• Policy Notes No. 4
  April 01, 1999

  Can Goldilocks Survive?

  Wynne Godley and L. Randall Wray
  Abstract

  Growing government budget surpluses combined with growing trade deficits have generated record private sector deficits. Unless households continue to reduce their saving—creating an increasingly unsustainable debt burden—the impetus that has…more

  Download Policy Note 1999/4 PDF (69.00 KB)
• Policy Notes No. 3
  March 01, 1999

  Surplus Mania

  L. Randall Wray
  Abstract

  A federal government surplus has finally been achieved, and it has been met with pronouncements that it is a great gift for the future and with arguments about what to…more

  Download Policy Note 1999/3 PDF (87.61 KB)
• Public Policy Brief No. 51
  March 01, 1999

  Small Business and Welfare Reform

  Oren Levin-Waldman
  Abstract

  The Levy Institute conducted a survey of small businesses to elicit information about their hiring and employment practices, especially the hiring of former welfare recipients; preferences regarding education, training, and…more

  Download Public Policy Brief No. 51, 1999 PDF (163.61 KB)
• Working Paper No. 267
  March 01, 1999

  The Minimum Wage and Regional Wage Structure

  Oren Levin-Waldman
  Abstract

  When the minimum wage was first enacted in 1938, the fiercest opposition came from the South, where wages were considerably lower that in the industrial North. Today, that opposition is…more

  Download Working Paper No. 267 PDF (60.61 KB)
• Working Paper No. 266
  March 01, 1999

  Minsky’s Analysis, the European Single Currency, and the Global Financial System

  Malcolm Sawyer
  Abstract

  The paper begins with a brief review of the main ideas associated with Hyman Minsky and their implications for economic policy and the achievement of full employment. There is a…more

  Download Working Paper No. 266 PDF (46.14 KB)
• Working Paper No. 265
  March 01, 1999

  Real Exchange Rates and the International Mobility of Capital

  Anwar M. Shaikh
  Abstract

  This paper demonstrates that the terms of trade are determined by the equalization of profit rates across international regulating capitals, for socially determined national real wages. This provides a classical/Marxian…more

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• Policy Notes No. 2
  February 01, 1999

  The Emperor Has No Clothes

  L. Randall Wray
  Abstract

  If you were to write yourself IOUs to provide for your retirement and put them in a safety deposit box, would you rest comfortably, assured that you would be able…more

  Download Policy Note 1999/2 PDF (53.97 KB)
• Public Policy Brief No. 50
  February 01, 1999

  Public Employment and Economic Flexibility

  Mathew Forstater
  Abstract

  Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in…more

  Download Public Policy Brief No. 50, 1999 PDF (110.85 KB)
• Working Paper No. 264
  February 01, 1999

  Further Evidence on the Distributional Effects of Disinflationary Monetary Policy

  Willem Thorbecke
  Abstract

  The performance of the United States’ economy between 1994 and 1998 was so good that some pundits began to call for the Federal Reserve to increase interest rates to depress…more

  Download Working Paper No. 264 PDF (454.79 KB)