Publications

1696 publications found

• Working Paper No. 799 May 06, 2014

  Νομισματική μηχανική

  Abstract

  Η παρούσα εργασία αναπτύσσει το πλαίσιο της ανάλυσης των νομισματικών συστημάτων που διαμορφώθηκε από οικονομολόγους όπως ο Macleod, ο Keynes, ο Innes και ο Knapp. Το συγκεκριμένο πλαίσιο δεν εστιάζει στις λειτουργίες που επιτελούνται από ένα αντικείμενο, αλλά στα χρηματοοικονομικά χαρακτηριστικά του. Οτιδήποτε έχει εκδοθεί από οποιονδήποτε μπορεί να αποτελέσει ένα νομισματικό μέσο και κάθε […]

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 799 PDF (617.69 KB)
• Public Policy Brief No. 132 May 05, 2014

  How Poor Is Turkey? And What Can Be Done About It?

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  Gauging the severity of poverty in a given country requires a reasonably comprehensive measurement of whether individuals and households are surpassing some basic threshold of material well-being. This would seem to be an obvious point, and yet, in most cases, our official poverty metrics fail that test, often due to a crucial omission. In this […]

  Download Public Policy Brief No. 132, 2014 PDF (555.49 KB)
• Public Policy Brief No. 132 May 05, 2014

  Πόσο φτωχή είναι η Τουρκία και τι μπορεί να γίνει

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  H μέτρηση της σοβαρότητας της φτώχειας σε μια δεδομένη χώρα πρέπει να εξετάζει με έναν αρκετά περιεκτικό τρόπο το κατά πόσο τα άτομα και τα νοικοκυριά ξεπερνούν κάποιο βασικό όριο όσον αφορά την υλική ευημερία. Ωστόσο, αν και αυτό το σημείο πιθανώς να φαίνεται προφανές, στις περισσότερες περιπτώσεις οι επίσημες μετρήσεις της φτώχειας αποτυγχάνουν αυτή […]

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 132 PDF (4.63 MB)
• Research Project Report May 01, 2014

  Time Deficits and Poverty

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  Official poverty lines in Turkey and other countries often ignore the fact that unpaid household production activities that contribute to the fulfillment of material needs and wants are essential for the household to reproduce itself as a unit. This omission has consequences. Taking household production for granted when measuring poverty yields an unacceptably incomplete picture, […]

  Download Research Project Report, May 2014 PDF (2.30 MB)
• Working Paper No. 798 May 01, 2014

  Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011

  Fernando Rios-Avila
  Abstract

  This paper describes the quality of the statistical matching between the March 2011 supplement to the Current Population Survey and the 2010 American Time Use Survey and Survey of Consumer Finances, which are used as the basis for the 2010 LIMEW estimates for the United States. In the first part of the paper, the alignment […]

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• Strategic Analysis April 25, 2014

  Is Rising Inequality a Hindrance to the US Economic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  The US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and the unemployment rate has fallen to 6.7 percent. The restrictive fiscal policy stance of the past three years has exerted a negative influence on aggregate […]

  Download Strategic Analysis, April 2014 PDF (733.90 KB)
• Strategic Analysis April 25, 2014

  Αποτελεί η αυξανόμενη ανισότητα εμπόδιο στην οικονομική ανάκαμψη των ΗΠΑ;

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Η οικονομία των Ηνωμένων Πολιτειών αναπτύσσεται με μέτριο ρυθμό μετά από την επίσημη λήξη της Ύφεσης το 2009. Το έλλειμμα του προϋπολογισμού μειώνεται σταθερά, ο πληθωρισμός βρίσκεται υπό έλεγχο και το ποσοστό ανεργίας μειώθηκε από 9,8% στο 6,7% (τον Μάρτιο του 2014). Η περιοριστική δημοσιονομική πολιτική των τελευταίων τριών ετών έχει ασκήσει αρνητική επίδραση στη […]

  Download Στρατηγικη Αναλυση, Απρίλιος 2014 PDF (921.28 KB)
• Working Paper No. 797 April 23, 2014

  Gender-responsive Budgeting as Fiscal Innovation

  Lekha S. Chakraborty
  Abstract

  Gender-responsive budgeting (GRB) is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional mechanisms in which a benefit meets identified problems. GRB is a fiscal innovation in that it translates gender commitments into fiscal commitments by applying a […]

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• Research Project Report April 11, 2014

  Federal Reserve Bank Governance and Independence during Financial Crisis

  L. Randall Wray
  Abstract

  This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. This is the third in a series of reports examining the Federal Reserve Bank’s response to the global financial crisis, with particular emphasis […]

  Download Research Project Report, April 2014 PDF (1.33 MB)
• Public Policy Brief No. 131 April 08, 2014

  Minsky and Dynamic Macroprudential Regulation

  Jan Kregel
  Abstract

  In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky’s […]

  Download Public Policy Brief No. 131, 2014 PDF (279.34 KB)
• Public Policy Brief No. 131 April 08, 2014

  Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση

  Jan Kregel
  Abstract

  Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel εξετάζει το έργο του Μίνσκι ως σύμβουλος κυβερνητικών υπηρεσιών που διερευνούσαν το ζήτημα της ρυθμιστικής μεταρρύθμισης τη δεκαετία του 1960. Όπως εξηγεί ο Kregel, αυτή […]

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 131 PDF (594.78 KB)
• Working Paper No. 796 April 04, 2014

  Minsky and the Subprime Mortgage Crisis

  Eugenio Caverzasi
  Abstract

  The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market […]

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• Working Paper No. 795 April 04, 2014

  Growth with Unused Capacity and Endogenous Depreciation

  Claudio Sardoni, and Fabrizio Patriarca
  Abstract

  This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis […]

  Download Working Paper No. 795 PDF (1.40 MB)
• Working Paper No. 794 March 31, 2014

  Structural Asymmetries at the Roots of the Eurozone Crisis

  Alberto Botta
  Abstract

  In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring about on center–periphery divergence/convergence patterns, and derive some implications as to the design of future industrial policy at the European level. We stress that future […]

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• Working Paper No. 793 March 27, 2014

  Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009

  Thomas Masterson
  Abstract

  The quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS 2009) with the 2009 Korean Welfare Panel Study (KWPS 2009). The alignment of the two datasets is examined, after which various aspects of the match […]

  Download Working Paper No. 793 PDF (1.56 MB)
• Working Paper No. 792 March 05, 2014

  From the State Theory of Money to Modern Money Theory

  L. Randall Wray
  Abstract

  This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money Theory […]

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• Working Paper No. 791 March 05, 2014

  Central Bank Independence

  L. Randall Wray
  Abstract

  It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the Fed’s independence is supposed to insulate it […]

  Download Working Paper No. 791 PDF (1.14 MB)
• Working Paper No. 790 March 05, 2014

  Changes in Global Trade Patterns and Women’s Employment in Manufacturing

  Emel Memiş, Burca Kizilirmak, Şirin Saraçoğlu, and Ebru Voyvoda
  Abstract

  The purpose of this study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period 1995–2006. For 30 countries (21 OECD and 9 non-OECD countries) we estimate the changes in embodied labor content due to trade using factor-content analysis, breaking up the sources of these changes […]

  Download Working Paper No. 790 PDF (1.56 MB)
• Working Paper No. 789 March 03, 2014

  Full Employment

  Pavlina R. Tcherneva
  Abstract

  It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern “Keynesian policies” bear little, if any, resemblance to the policy measures Keynes himself believed would guarantee true full employment over the long run. This paper corrects this misconception and […]

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• Working Paper No. 789 March 03, 2014

  Πλήρης Απασχόληση

  Pavlina R. Tcherneva
  Abstract

  Είναι κοινώς γνωστό ότι ο John Maynard Keynes υπήρξε ο βασικός υποστηρικτής του κρατικού παρεμβατισμού για την αντιμετώπιση της ύφεσης και της ανεργίας. Αυτό που δεν είναι ευρέως γνωστό είναι ότι οι σύγχρονες «κεϋνσιανές πολιτικές» δεν έχουν τίποτα το κοινό με τα μέτρα πολιτικής που ο ίδιος ο Keynes θεωρούσε απαραίτητα για την επίτευξη της […]

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 789 PDF (338.17 KB)
• Working Paper No. 788 March 03, 2014

  Modern Money Theory and Interrelations between the Treasury and the Central Bank

  Abstract

  One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency, but they can also easily bypass any […]

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• One-Pager No. 46 February 12, 2014

  Time and Consumption Poverty in Turkey

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  The Levy Institute Measure of Time and Consumption Poverty (LIMTCP) is a two-dimensional measure that takes into account both the necessary consumption expenditures and the household production time needed to achieve a minimum standard of living—factors often ignored in official poverty measures. In the case of Turkey, application of the LIMTCP reveals an additional 7.6 […]

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• One-Pager No. 46 February 12, 2014

  Φτώχεια χρόνου και κατανάλωσης στην Τουρκία

  Ajit Zacharias, Thomas Masterson, and Emel Memiş
  Abstract

  Το Μέτρο Φτώχειας Χρόνου και Κατανάλωσης του Levy Institute (LIMTCP) είναι ένα δισδιάστατο μέτρο που λαμβάνει υπόψη τόσο τις απαραίτητες καταναλωτικές δαπάνες όσο και το χρόνο που απαιτείται από τα νοικοκυριά για την επίτευξη ενός ελάχιστου επιπέδου διαβίωσης, παράγοντες που συχνά αγνοούνται από την επίσημη μέτρηση της φτώχιας. Στην περίπτωση της Τουρκίας, η εφαρμογή του […]

  Download Μονοσέλιδο No. 46 PDF (225.34 KB)
• Policy Notes No. 2 February 01, 2014

  Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates

  Jan Kregel
  Abstract

  In 1943, Congress faced unpredictably large war expenditures exceeding the prevailing debt limit. Congressional debates from that time contain an insightful discussion of how the increased expenditures could be financed, dealing with practical and theoretical issues that seem to be missing from current debates. In the ’43 debate, Representative Wright Patman proposed that the Treasury […]

  Download Policy Note 2014/2 PDF (232.85 KB)