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Policy Notes No. 2May 04, 2011
Is the Federal Debt Unsustainable?
AbstractBy general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But…more
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Working Paper No. 668May 02, 2011
The Freedom Budget at 45
AbstractForty-five years ago, the A. Philip Randolph Institute issued “The Freedom Budget,” in which a program for economic transformation was proposed that included a job guarantee for everyone ready and…more
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Working Paper No. 667April 20, 2011
The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
AbstractWe construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI…more
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Working Paper No. 666April 20, 2011
Hegemonic Currencies during the Crisis
AbstractThis paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because…more
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Research Project ReportApril 12, 2011
Minsky on the Reregulation and Restructuring of the Financial System
AbstractThis monograph is part of the Institute’s ongoing research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. This program’s purpose is…more
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Public Policy Brief No. 118April 11, 2011
Will the Recovery Continue?
AbstractIn this brief, Research Scholar Greg Hannsgen and President Dimitri B. Papadimitriou focus on the risks and possibilities ahead for the US economy. Using a Keynesian approach and drawing from…more
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Public Policy Brief No. 117April 05, 2011
It’s Time to Rein In the Fed
AbstractScott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis…more
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Working Paper No. 665April 04, 2011
Causes of Financial Instability
AbstractGiven the economy’s complex behavior and sudden transitions as evidenced in the 2007–08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice dominated by DSGE models….more
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Working Paper No. 664March 31, 2011
Can Portugal Escape Stagnation without Opting Out from the Eurozone?
AbstractThe creation of the Economic and Monetary Union (EMU) has not brought significant gains to the Portuguese economy in terms of real convergence with wealthier eurozone countries. We analyze the…more
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Working Paper No. 663March 29, 2011
Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
AbstractThe quality of match of four statistical matches used in the LIMEW estimates for Great Britain for 1995 and 2005 is described. The first match combines the fifth (1995) wave…more
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Working Paper No. 662March 28, 2011
The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
AbstractThis paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein…more
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Working Paper No. 661March 26, 2011
Minsky’s Money Manager Capitalism and the Global Financial Crisis
AbstractThe world’s worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax…more
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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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