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Working Paper No. 660March 21, 2011
Financial Markets
AbstractThis paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes’s path-breaking insights into the role of liquidity and finance in “monetary production…more
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Working Paper No. 659March 16, 2011
Minsky Crisis
AbstractStability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky’s analysis of the economy’s transformation over the entire postwar period. The basic thesis is that the…more
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Working Paper No. 658March 15, 2011
Keynes after 75 Years
AbstractIn this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the…more
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Working Paper No. 657March 12, 2011
What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
AbstractFor the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its…more
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Strategic AnalysisMarch 10, 2011
Jobless Recovery Is No Recovery: Prospects for the US Economy
AbstractThe US economy grew reasonably fast during the last quarter of 2010, and the general expectation is that satisfactory growth will continue in 2011–12. The expansion may, indeed, continue into…more
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Working Paper No. 656March 05, 2011
Money in Finance
AbstractThis paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in…more
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Working Paper No. 655March 04, 2011
A Minskyan Road to Financial Reform
AbstractIn the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some…more
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Working Paper No. 654March 03, 2011
Measuring Macroprudential Risk
AbstractWith the Great Recession and the regulatory reform that followed, the search for reliable means to capture systemic risk and to detect macrofinancial problems has become a central concern. In…more
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Working Paper No. 653March 02, 2011
Financial Keynesianism and Market Instability
AbstractIn this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as…more
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Working Paper No. 652March 01, 2011
The Dismal State of Macroeconomics and the Opportunity for a New Beginning
AbstractThe Queen of England famously asked her economic advisers why none of them had seen “it” (the global financial crisis) coming. Obviously, the answer is complex, but it must include…more
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Working Paper No. 651February 14, 2011
Το μοναδιαίο κόστος εργασίας στην ευρωζώνη
AbstractΟι τρέχουσες εισηγήσεις σχετικά με την ανάγκη να μειωθεί το μοναδιαίο κόστος εργασίας (κυρίως μέσω δραστικών μειώσεων των ονομαστικών μισθών) σε ορισμένες χώρες της ευρωζώνης (ειδικότερα στην Ελλάδα, την Ιρλανδία,…more
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One-Pager No. 8February 14, 2011
It’s Time to Rein In the Fed
AbstractThe economic crisis that has gripped the US economy since 2007 has highlighted Congress’s limited oversight of the Federal Reserve, and the limited transparency of the Fed’s actions. And since…more
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Working Paper No. 651February 14, 2011
Unit Labor Costs in the Eurozone
AbstractCurrent discussions about the need to reduce unit labor costs (especially through a significant reduction in nominal wages) in some countries of the eurozone (in particular, Greece, Ireland, Italy, Portugal,…more
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Policy Note No. 1February 11, 2011
What Happens if Germany Exits the Euro?
AbstractLike marriage, membership in the eurozone is supposed to be a lifetime commitment, “for better or for worse.” But as we know, divorce does occur, even if the marriage was…more
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Working Paper No. 650January 19, 2011
Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It
AbstractThis paper argues for a fundamental reorientation of fiscal policy, from the current aggregate demand management model to a model that explicitly and directly targets the unemployed. Even though aggregate…more
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Working Paper No. 649January 18, 2011
Fiscal Policy Effectiveness: Lessons from the Great Recession
AbstractThis paper reconsiders fiscal policy effectiveness in light of the recent economic crisis. It examines the fiscal policy approach advocated by the economics profession today and the specific policy actions…more
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Working Paper No. 648January 06, 2011
Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910
AbstractThis paper discusses support for, and opposition to, racial classification of European immigrants among high-level researchers at both the United States Immigration Commission of 1907–11 (the Dillingham Commission) and the…more
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Working Paper No. 647December 24, 2010
Money
AbstractThis paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods….more
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Working Paper No. 646December 22, 2010
A Demographic Base for Ethnic Survival?
AbstractNew data from the IPUMS (Integrated Public Use Microdata Series) project permit an exploration of the demographic basis for ethnic survival across successive generations. I first explore the degree of…more
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Working Paper No. 645December 14, 2010
Quantitative Easing and Proposals for Reform of Monetary Policy Operations
AbstractBeyond its original mission to “furnish an elastic currency” as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the…more
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Working Paper No. 644December 13, 2010
How Rich Countries Became Rich and Why Poor Countries Remain Poor
AbstractBecoming a rich country requires the ability to produce and export commodities that embody certain characteristics. We classify 779 exported commodities according to two dimensions: (1) sophistication (measured by the…more
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Working Paper No. 643December 07, 2010
Modeling Technological Progress and Investment in China
AbstractSince the early 1990s, the number of papers estimating econometric models and using other quantitative techniques to try to understand different aspects of the Chinese economy has mushroomed. A common…more
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Working Paper No. 642December 06, 2010
China in the Global Economy
AbstractChina occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative…more
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Working Paper No. 641December 02, 2010
Disaggregating the Resource Curse
AbstractThe hypothesis of the natural resource curse has captivated the economics profession, and since the mid-1990s has generated a large body of policymaking initiatives aimed at dispelling the curse. In…more
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