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1699 publications found
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One-Pager No. 1May 17, 2010
A Balancing Act
AbstractNow that America’s financial institutions have been brought back from the brink, the greatest threat to global economic stability is the gigantic trade imbalance between the United States, China, and…more
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Working Paper No. 598May 17, 2010
The Economic and Financial Crises in CEE and CIS
AbstractThis paper looks at the countries of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), where economies have been most dramatically hit by the global crisis…more
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Public Policy Brief No. 111May 11, 2010
Deficit Hysteria Redux?
AbstractThis brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations with debt, nor do they crowd out private spending. The authors…more
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Working Paper No. 597May 11, 2010
Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
AbstractThis paper sets out to investigate the forces and conditions that led to the emergence of global imbalances preceding the worldwide crisis of 2007–09, and both the likelihood and the…more
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Public Policy Brief No. 111May 11, 2010
Επιστροφή στην υστερία του ελλείμματος στις ΗΠΑ;
AbstractΣτο κείμενο αυτό, οι Yeva Nersisyan και ο L. Randall Wray υποστηρίζουν ότι τα ελλείμματα δεν επιβαρύνουν τις μελλοντικές γενεές με χρέη και δεν περιορίζουν τις ιδιωτικές δαπάνες. Οι συγγραφείς…more
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Working Paper No. 596May 10, 2010
Infinite-variance, Alpha-stable Shocks in Monetary SVAR
AbstractThe process of constructing impulse-response functions (IRFs) and forecast-error variance decompositions (FEVDs) for a structural vector autoregression (SVAR) usually involves a factorization of an estimate of the error-term variance-covariance matrix…more
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Working Paper No. 595May 09, 2010
The Recycling Problem in a Currency Union
AbstractThe recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or…more
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Working Paper No. 594May 08, 2010
Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
AbstractThis paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible…more
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Working Paper No. 593May 07, 2010
A Contribution to the Theory of Financial Fragility and Crisis
AbstractThe paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to…more
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Working Paper No. 592May 06, 2010
The Global Financial Crisis and a New Capitalism?
AbstractThe 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the…more
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Public Policy Brief No. 110March 18, 2010
Toward True Health Care Reform: More Care, Less Insurance
AbstractThe United States has the most expensive health care system in the world, yet its system produces inferior outcomes relative to those in other countries. This brief examines the health…more
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Working Paper No. 591March 18, 2010
Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring†Emerging Market Economies
AbstractThis paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through…more
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Working Paper No. 590March 10, 2010
Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
AbstractDespite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage…more
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Public Policy Brief No. 109March 10, 2010
The Trouble with Pensions
AbstractPension funds have taken a big hit during the current financial crisis, with losses in the trillions of dollars. In addition, both private and public pensions are experiencing significant funding…more
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Strategic AnalysisMarch 10, 2010
Getting Out of the Recession?
AbstractResearch Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal…more
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Working Paper No. 589March 09, 2010
Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007
AbstractI find here that the early and mid-aughts (2001 to 2007) witnessed both exploding debt and a consequent “middle-class squeeze.” Median wealth grew briskly in the late 1990s. It grew…more
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Working Paper No. 588March 08, 2010
Decomposition of the Black-White Wage Differential in the Physician Market
AbstractThis paper proposes a difference-in-differences strategy to decompose the contributions of various types of discrimination to the black-white wage differential. The proposed estimation strategy is implemented using data from the…more
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Working Paper No. 587February 19, 2010
The Global Financial Crisis and the Shift to Shadow Banking
AbstractWhile most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that…more
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Working Paper No. 586February 18, 2010
Is This the Minsky Moment for Reform of Financial Regulation?
AbstractThe current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the…more
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Working Paper No. 585February 12, 2010
Is Reregulation of the Financial System an Oxymoron?
AbstractThe extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the United States financial system. However, that reregulation has been slow…more
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Working Paper No. 584February 03, 2010
The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
AbstractThis paper investigates the United States dollar’s role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007–09,…more
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Public Policy Brief No. 108February 01, 2010
Why President Obama Should Care About “Care”: An Effective and Equitable Investment Strategy for Job Creation
AbstractIn his State of the Union address President Obama acknowledged that “our most urgent task is job creation”—that a move toward full employment will lay the foundation for long-term economic…more
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Public Policy Brief No. 107January 22, 2010
No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
AbstractThe purpose of the 1933 Banking Act—aka Glass-Steagall—was to prevent the exposure of commercial banks to the risks of investment banking and to ensure stability of the financial system. A…more
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Book SeriesJanuary 05, 2010
Unpaid Work and the Economy
AbstractThis volume offers both theoretical and policy-oriented examinations of the value of unpaid work, usually unacknowledged but increasingly recognized as an organic component of the economy. Particularly in developing countries,…more