Publications

1696 publications found

• Public Policy Brief No. 136 August 28, 2014

  Can Child-care Subsidies Reduce Poverty?

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  In partnership with the Korea Employment Information Service, Senior Scholar Ajit Zacharias and Research Scholars Thomas Masterson and Kijong Kim investigate the complex issues of gender, changing labor market conditions, and the public provisioning of child care in Korea using the Levy Institute Measure of Time and Income Poverty (LIMTIP), an alternative measure that factors […]

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• Public Policy Brief No. 135 August 12, 2014

  Το σχέδιο για ένα ευρω-υπουργείο Οικονομικών

  Jörg Bibow
  Abstract

  Σε αντίθεση με τoν πρόσφατο ισχυρισμό της γερμανίδας καγκελαρίου Άνγκελα Μέρκελ, η ευρω-κρίση δεν έχει σχεδόν τελειώσει, αλλά παραμένει άλυτη, αφήνοντας την ευρωζώνη εξαιρετικά ευάλωτη σε ανανεωμένες πιέσεις. Στην πραγματικότητα, καθώς οι συμφωνηθέντες μεταρρυθμίσεις έχουν αποτύχει μέχρι στιγμής να μετατρέψουν τον ελαττωματικό και δυσλειτουργικό σχεδιασμό του ευρώ σε ένα βιώσιμο καθεστώς, η σημερινή ηρεμία στις […]

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 135 PDF (522.71 KB)
• Public Policy Brief No. 135 August 12, 2014

  The Euro Treasury Plan

  Jörg Bibow
  Abstract

  Contrary to German chancellor Angela Merkel’s recent claim, the euro crisis is not nearly over but remains unresolved, leaving the eurozone extraordinarily vulnerable to renewed stresses. In fact, as the reforms agreed to so far have failed to turn the flawed and dysfunctional euro regime into a viable one, the current calm in financial markets […]

  Download Public Policy Brief No. 135, 2014 PDF (203.54 KB)
• Working Paper No. 813 August 06, 2014

  Economic Policy in India

  Sunanda Sen, and Zico DasGupta
  Abstract

  The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price stability” in the neoliberal regime, fiscal policies were characterized by the objective of maintaining “sound finance” and “austerity.” Such monetarist principles and measures have also […]

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• Working Paper No. 812 August 01, 2014

  Time Use of Parents in the United States

  Günseli Berik, and Ebru Kongar
  Abstract

  Feminist and institutionalist literature has challenged the “Mancession” narrative of the 2007–09 recession and produced nuanced and gender-aware analyses of the labor market and well-being outcomes of the recession. Using American Time Use Survey (ATUS) data for 2003–12, this paper examines the recession’s impact on gendered patterns of time use over the course of the […]

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• Working Paper No. 811 July 14, 2014

  If Deficits Are Not the Culprit, What Determines Indian Interest Rates?

  Lekha S. Chakraborty, Hrishikesh Vinod, and Honey Karun
  Abstract

  This paper challenges two clichés that have dominated the macroeconometric debates in India. One relates to the neoclassical view that deficits are detrimental to growth, as they increase the rate of interest, and in turn displace the interest-rate-sensitive components of private investment. The second relates to the assumption of “stationarity”—which has dominated the statistical inference […]

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• Working Paper No. 810 June 27, 2014

  When Good Intentions Pave the Road to Hell

  Andrea Terzi
  Abstract

  With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member-states became credit sensitive. While the potentially destabilizing impact of adverse cyclical conditions on credit-sensitive debt was seriously underestimated, the design was intentional, framed within a Friedman-Fischer-Buchanan view that “no monetization” rules provide a powerful means to […]

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• Working Paper No. 810 June 27, 2014

  Ο δρόμος προς την κόλαση είναι στρωμένος με καλές προθέσεις

  Andrea Terzi
  Abstract

  Με τη δημιουργία της Οικονομικής και Νομισματικής Ένωσης και του ευρώ, το εθνικό δημόσιο χρέος των κρατών-μελών της ευρωζώνης έγινε πιστωτικά ευαίσθητο (credit sensitive). Ενώ οι δυνητικά αποσταθεροποιητικές επιπτώσεις των δυσμενών κυκλικών συνθηκών στο πιστωτικά ευαίσθητο χρέος είχε σοβαρά υποτιμηθεί, ο σχεδιασμός ήταν εκ προθέσεως, διαμορφωμένος στο πλαίσιο της άποψης που πρέσβευαν οι Friedman-Fischer-Buchanan ότι […]

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 810 PDF (534.47 KB)
• Working Paper No. 809 June 23, 2014

  Causal Linkages between Work and Life Satisfaction and Their Determinants in a Structural VAR Approach

  Martin Binder, and Alex Coad
  Abstract

  Work and life satisfaction depends on a number of pecuniary and nonpecuniary factors at the workplace and determines these in turn. We analyze these causal linkages using a structural vector autoregression approach for a sample of the German working populace collected from 1984 to 2008, finding that workplace autonomy plays an important causal role in […]

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• Working Paper No. 808 June 23, 2014

  Heterogeneity in the Relationship between Unemployment and Subjective Well-Being

  Martin Binder, and Alex Coad
  Abstract

  Unemployment has been robustly shown to strongly decrease subjective well-being (or “happiness”). In the present paper, we use panel quantile regression techniques in order to analyze to what extent the negative impact of unemployment varies along the subjective well-­being distribution. In our analysis of British Household Panel Survey data (1996–2008) we find that, over the […]

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• Policy Notes No. 4 June 04, 2014

  Μια δεκαετία στασιμότητας των μισθών

  Fernando Rios-Avila, and Julie L. Hotchkiss
  Abstract

  Στα τέλη της δεκαετίας του 1990, τα χαμηλά ποσοστά ανεργίας, οι αυξήσεις του κατώτατου μισθού και οι βελτιώσεις στην παραγωγικότητα της εργασίας συνέβαλαν στην άνοδο των μισθών, που μεταφράστηκε σε μια αθροιστική αύξηση των πραγματικών μισθών της τάξης του 12,4% από τα τέλη της δεκαετίας του 1990 μέχρι το 2002. Οι πραγματικοί μισθοί έμειναν στάσιμοι […]

  Download Σημείωμα Πολιτικής 2014/4 PDF (451.28 KB)
• Policy Notes No. 4 June 04, 2014

  A Decade of Flat Wages?

  Fernando Rios-Avila, and Julie L. Hotchkiss
  Abstract

  In the late 1990s low unemployment rates, increases in the minimum wage, and improvements in labor productivity contributed to a boost in wages, which translated into 12.4 percent cumulative growth in real wages from the late ‘90s until 2002. Real wages then stagnated despite continued growth in labor productivity. This period between 2002 and 2013 […]

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• Working Paper No. 807 June 04, 2014

  Income Distribution Macroeconomics

  Olivier Giovannoni
  Abstract

  Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into the macroeconomic effects of income distribution. The cost of modifying existing models is low compared to the benefits. We find, analytically, that (1) the multiplier […]

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• Public Policy Brief No. 134 June 03, 2014

  Ένα βιώσιμο νομισματικό πλαίσιο μιας ανεξάρτητης Σκωτίας

  Philip Pilkington
  Abstract

  Οι ψηφοφόροι στη Σκωτία θα αποφασίσουν το Σεπτέμβριο αν θα παραμείνουν στο Ηνωμένο Βασίλειο. Αν ψηφίσουν υπέρ της ανεξαρτησίας, θα πρέπει να γίνουν στρατηγικής σημασίας επιλογές που αφορούν την έκταση της οικονομικής κυριαρχίας της Σκωτίας και τη μελλοντική της σχέση με το Ηνωμένο Βασίλειο. Με φόντο την καταστροφή στην ευρωζώνη, είναι σημαντικό να γίνουν οι […]

  Download Κείμενο Δημόσιας Πολιτικής No. 134 PDF (782.35 KB)
• Public Policy Brief No. 134 June 03, 2014

  A Sustainable Monetary Framework for an Independent Scotland

  Philip Pilkington
  Abstract

  This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s economic sovereignty and its future relationship to the UK will need to be made, particularly with respect to the question of its currency. As the […]

  Download Public Policy Brief No. 134, 2014 PDF (547.26 KB)
• Working Paper No. 806 May 30, 2014

  The Great Recession and Unpaid Work Time in the United States

  Kijong Kim, and Tamar Khitarishvili
  Abstract

  Poverty status is an important factor influencing household production and the unpaid work time associated with it due to the role of household production as a coping strategy in mitigating the impact of economic downturns. In this paper, we examine the presence of poverty-based asymmetries in the unpaid work time changes of men and women […]

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• Working Paper No. 805 May 30, 2014

  What Do We Know About the Labor Share and the Profit Share? Part III

  Olivier Giovannoni
  Abstract

  Economic theory frequently assumes constant factor shares and often treats the topic as secondary. We will show that this is a mistake by deriving the first high-frequency measure of the US labor share for the whole economy. We find that the labor share has held remarkably steady indeed, but that the quasi-stability masks a sizable […]

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• Working Paper No. 804 May 21, 2014

  What Do We Know About the Labor Share and the Profit Share? Part II

  Olivier Giovannoni
  Abstract

  In this second part of our study we survey the rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international trade, and financialization. All contribute to the fluctuations of the labor share, and there is a significant amount of self-reinforcement among these factors. For the […]

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• Working Paper No. 803 May 21, 2014

  What Do We Know About the Labor Share and the Profit Share? Part I

  Olivier Giovannoni
  Abstract

  This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income—the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the relative shares while others provide a demand-driven explanation (Keynes, Kalecki, Kaldor, Goodwin). Two questions […]

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• Working Paper No. 802 May 21, 2014

  Shadow Banking

  Thorvald Grung Moe
  Abstract

  Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. Many want central banks to embrace this expanded role as “market maker of last resort” going forward. This would provide a liquidity backstop for […]

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• Working Paper No. 801 May 21, 2014

  The Political Economy of Shadow Banking

  Eloy Fisher, and Javier López Bernardo
  Abstract

  This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy […]

  Download Working Paper No. 801 PDF (1.13 MB)
• Public Policy Brief No. 133 May 14, 2014

  Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery

  C. J. Polychroniou
  Abstract

  The “happy talk” emanating from eurozone officials regarding the economic crises in the periphery deserves some vigorous pushback. Focusing on the four bailed-out countries of Greece, Ireland, Portugal, and Spain, Research Associate and Policy Fellow C. J. Polychroniou argues in this policy brief that, contrary to the burgeoning optimism in official communications, these countries’ economies […]

  Download Public Policy Brief No. 133, 2014 PDF (297.24 KB)
• Working Paper No. 800 May 08, 2014

  Autonomy-enhancing Paternalism

  Martin Binder, and Leonhard K. Lades
  Abstract

  Behavioral economics has shown that individuals sometimes make decisions that are not in their best interests. This insight has prompted calls for behaviorally informed policy interventions popularized under the notion of “libertarian paternalism.” This type of “soft” paternalism aims at helping individuals without reducing their freedom of choice. We highlight three problems of libertarian paternalism: […]

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• Working Paper No. 799 May 06, 2014

  Monetary Mechanics

  Abstract

  This paper develops the framework of analysis of monetary systems put together by authors such as Macleod, Keynes, Innes, and Knapp. This framework does not focus on the functions performed by an object but rather on its financial characteristics. Anything issued by anybody can be a monetary instrument and any type of material can be […]

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