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Policy Notes No. 4April 01, 1998
Small Business and the New Welfare
AbstractTo what extent have small businesses hired former welfare recipients and what might induce them to hire more? The Levy Institute conducts a national survey of small firms in many…more
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Working Paper No. 231April 01, 1998
The Hierarchy of Money
AbstractThis paper attempts to bring together several of Hyman P. Minsky’s insights in order to suggest a relationship between the state’s ability to tax and the money of the economy….more
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Working Paper No. 227March 01, 1998
The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity
AbstractBefore the Japanese stock market crash of 1990, Japanese industry was a phenomenal success. A recent unemployment rate of under 4 percent, although low by world standards, is the highest…more
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Policy Notes No. 3March 01, 1998
Small Business and the Minimum Wage
AbstractTo what extent have small businesses hired former welfare recipients and what might induce them to hire more? Do small businesses change their hiring and employment practices in response to…more
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Working Paper No. 230March 01, 1998
The Romance of Assimilation?
AbstractLittle research has been done on the role of intermarriage in the blending of peoples in the American past, and even less has been done on the effect of past…more
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Working Paper No. 229March 01, 1998
E Pluribus Unum
AbstractKnowledge of English is near universal, and preference for that language is dominant among most immigrant nationalities. However, only a minority remain fluent in the parental languages, and there are…more
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Working Paper No. 228March 01, 1998
Education’s Hispanic Challenge
AbstractTwo family characteristics are consistently associated with educational attainment: the level of education of parents and the material resources available to support the education of the children. Hispanic parents have…more
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Working Paper No. 226February 01, 1998
The Political Economy of Corporate Governance in Germany
AbstractResearch Associate Mary O’Sullivan, of INSEAD and the Center for Industrial Competitiveness at the University of Massachusetts–Lowell, is investigating systems of corporate governance to find which lead to successful decisions…more
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Policy Notes No. 2February 01, 1998
How Should the Surpluses Be Spent?
AbstractThe federal budget deficit is disappearing; some shadows linger, but the latest Congressional Budget Office projections put the government budget in deficit by only $5 billion in fiscal year 1998,…more
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Working Paper No. 225January 01, 1998
The Development and Reform of the Modern International Financial System
AbstractThe international financial system might be said to be in crisis. It requires frequent intervention by central banks and other national and international bodies to reduce fluctuations of currencies. It…more
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Working Paper No. 224January 01, 1998
The Diagnostic Imaging Equipment Industry
AbstractWhile diagnostic imaging equipment is not by any means a typical industry, it offers an example of a rapidly changing, high technology sector—the kind of industry in which, according to…more
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Working Paper No. 223January 01, 1998
The Kaleckian Analysis and the New Millennium
AbstractVisiting Scholar Malcolm Sawyer, of the University of Leeds, commemorates Michal Kalecki’s 100th birthday by considering how Kalecki’s macroeconomic analysis of developed capitalist economies should be adapted in light of…more
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Working Paper No. 222January 01, 1998
Money and Taxes
AbstractSenior Scholar L. Randall Wray traces the development of the chartalist approach to money from Adam Smith, Georg Friedrich Knapp, and John Maynard Keynes to the later theorists, including Hyman…more
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Policy Notes No. 1January 01, 1998
Welfare Graduates
AbstractAre the effects of college-level education on income and financial independence positive enough to make it worthwhile for states to extend support to qualified welfare recipients to enable them to…more
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Public Policy Brief No. 38December 11, 1997
Who Pays for Disinflation?
AbstractUsing theoretical predictions, econometric results, and the example of the Volcker disinflation, Willem Thorbecke establishes that through disinflation’s burden on the durable goods and construction industries, small firms, and low-wage…more
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Public Policy Brief No. 37December 10, 1997
Investment in Innovation
AbstractSince the 1970s corporate America has become obsessed with shedding employees to cut costs and with distributing revenue to stockholders. However, the way for it to regain its competitive edge…more
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Working Paper No. 219December 01, 1997
Linking the Minimum Wage to Productivity
AbstractOne of the principal problems with the minimum wage is that adjustments to it must be voted on by Congress. Although recent congressional action solves the immediate problem of restoring…more
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Working Paper No. 218December 01, 1997
Selective Use of Discretionary Public Employment and Economic Flexibility
AbstractFlexibility is a desirable feature of an economic system. Structural rigidities can result in sluggish growth and inflationary pressures; many economic models, however, display considerable system flexibility because of the…more
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Working Paper No. 217December 01, 1997
The Economic Contributions of Hyman Minsky
AbstractFinancial economist Hyman P. Minsky believed that because there are many types of capitalism determined by circumstances and an evolving set of institutional structures, an abstract economic theory could not…more
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Working Paper No. 221December 01, 1997
Policy Innovation As a Discovery Procedure
AbstractEconomist Adolph Lowe’s instrumental analysis examines the process of policy formulation as a regressive procedure of discovery. Taking as given a predetermined desired end state, the task of an innovator…more
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Working Paper No. 220December 01, 1997
Employment Policy, Community Development, and the Underclass
AbstractThere has been widespread recognition of the existence of an “underclass” in American society, but no consensus on how to address the problem or even how to define it. The…more
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Working Paper No. 211November 01, 1997
Income Distribution, Macroeconomic Analysis, and Barriers to Full Employment
AbstractThe distribution of income is conspicuous by its absence from most mainstream macroeconomic analysis. Visiting Scholar Malcolm Sawyer, of the University of Leeds, makes an effort to remedy this situation…more
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Working Paper No. 210November 01, 1997
The Effects of Immigrants on African-American Earnings
AbstractThe improvement in the relative economic status of African American workers in the 1960s and 1970s was reversed in the 1980s. During that decade immigration to the United States reached…more
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Working Paper No. 216November 01, 1997
The Impact of Racial Segregation on the Education and Work Outcomes of Second-generation West Indians in New York City
AbstractMary C. Waters, a professor of sociology at Harvard University, examines one way in which race matters in the United States by studying black children of immigrants in New York…more
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