Publications
Filter by
1708 publications found
-
Policy Note No. 1January 22, 2009
Obama’s Job Creation Promise
AbstractJob creation is once again at the forefront of policy action, and for advocates of pro-employment policies, President Obama’s Keynesian bent is a most welcome change. However, there are concerns…more
Download Policy Note 2009/1 PDF (141.38 KB) -
Strategic AnalysisJanuary 06, 2009
Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years
AbstractThe Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s…more
Download Strategic Analysis, January 2009 PDF (97.63 KB) -
Strategic AnalysisDecember 24, 2008
Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve
AbstractThe economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone….more
Download Strategic Analysis, December 2008 PDF (656.93 KB) -
Working Paper No. 553December 22, 2008
Insuring Against Private Capital Flows
AbstractFollowing an analysis of the forces behind the “global capital flows paradox” observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of…more
Download Working Paper No. 553 PDF (205.72 KB) -
Working Paper No. 552December 16, 2008
Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis
AbstractThis study proposes a simple modification to a Social Accounting Matrix (SAM) in order to analyze the multiplier effects of a new sector. A different input composition, or technology, of…more
Download Working Paper No. 552 PDF (189.14 KB) -
Working Paper No. 551December 02, 2008
Small Is Beautiful
AbstractThis paper examines the relationship between farm size and yield per acre in Turkey using heretofore untapped data from a 2002 farm-level survey of 5,003 rural households. After controlling for…more
Download Working Paper No. 551 PDF (456.19 KB) -
Working Paper No. 550November 20, 2008
An Empirical Analysis of Gender Bias in Education Spending in Paraguay
AbstractGender affects household spending in two areas that have been widely studied in the literature. One strand documents that greater female bargaining power within households results in a variety of…more
Download Working Paper No. 550 PDF (294.47 KB) -
Working Paper No. 549November 14, 2008
Excess Capital and Liquidity Management
AbstractThese notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains….more
Download Working Paper No. 549 PDF (181.14 KB) -
Policy Note No. 6November 11, 2008
Time to Bail Out: Alternatives to the Bush-Paulson Plan
AbstractWhile serving as chairman of the Federal Reserve Board, Alan Greenspan advocated unsupervised securitization, subprime lending, option ARMs, credit-default swaps, and all manner of financial alchemy in the belief that…more
Download Policy Note 2008/6 PDF (364.87 KB) -
Working Paper No. 548November 10, 2008
On Democratizing Financial Turmoil
AbstractThe paper uses Minsky’s financial instability hypothesis as an analytical framework for understanding the subprime mortgage crisis and for introducing adequate reforms to restore economic stability. We argue that the…more
Download Working Paper No. 548 PDF (456.31 KB) -
Policy Note No. 5October 24, 2008
Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
AbstractAs the House Committee on Financial Services meets to hear the expert testimony of witnesses concerning the regulation of the financial system, the measures that have been introduced to support…more
Download Policy Note 2008/5 PDF (174.45 KB) -
Working Paper No. 547October 23, 2008
Minsky and Economic Policy
AbstractRecently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that Hyman P. Minsky provides a valuable framework for understanding the world in…more
Download Working Paper No. 547 PDF (337.78 KB) -
Working Paper No. 546October 20, 2008
Do the Innovations in a Monetary VAR Have Finite Variances?
AbstractSince Christopher Sims’s “Macroeconomics and Reality” (1980), macroeconomists have used structural VARs, or vector autoregressions, for policy analysis. Constructing the impulse-response functions and variance decompositions that are central to this…more
Download Working Paper No. 546 PDF (315.82 KB) -
Policy Note No. 4October 08, 2008
A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
AbstractThe impaired risk assessment caused by the collapse of mortgage-backed securities is the major problem threatening the stability of the American financial system, yet it is not clear that removing…more
Download Policy Note 2008/4 PDF (173.76 KB) -
Public Policy Brief No. 96October 08, 2008
The Commodities Market Bubble
AbstractMoney manager capitalism—characterized by highly leveraged funds seeking maximum returns in an environment that systematically underprices risk—has resulted in a series of boom-and-bust cycles in equities, real estate, and commodities….more
Download Public Policy Brief No. 96, 2008 PDF (327.99 KB) -
Working Paper No. 545October 07, 2008
Promoting Equality Through an Employment of Last Resort Policy
AbstractUnemployment has far-reaching effects, all leading to an inequitable distribution of well-being. To put an economy on an equitable growth path, economic development must be based on social efficiency, equity—and…more
Download Working Paper No. 545 PDF (183.76 KB) -
Working Paper No. 544September 29, 2008
Inflation Targeting in Brazil
AbstractThe monetary policy regime of inflation targeting (IT) has been adopted by a significant number of emerging economies. While the focus of this paper is on Brazil, which began inflation…more
Download Working Paper No. 544 PDF (194.08 KB) -
Working Paper No. 543September 01, 2008
Macroeconomics Meets Hyman P. Minsky
AbstractExpanding on an approach developed by financial economist Hyman Minsky, the authors present an alternative to the standard “efficient markets hypothesis”—the relevance of which Minsky vehemently denied. Minsky recognized that,…more
Download Working Paper No. 543 PDF (218.71 KB) -
Public Policy Brief No. 95August 29, 2008
Shaky Foundations: Policy Lessons from America’s Historic Housing Crash
AbstractA bursting asset bubble inevitably requires central bank action, usually when it is already too late and with adverse spillover effects. In this sense, the Federal Reserve and other central…more
Download Public Policy Brief No. 95, 2008 PDF (207.92 KB) -
Policy NoteAugust 25, 2008
What’s a Central Bank to Do?
AbstractAs homeowner equity continues to disappear, there is a growing consensus that losses on all mortgages will exceed $1 trillion, with financial losses spreading far beyond real estate. Mortgage rates…more
Download PDF (522.02 KB) -
Policy Note No. 3August 25, 2008
What’s a Central Bank to Do?
AbstractAs homeowner equity continues to disappear, there is a growing consensus that losses on all mortgages will exceed $1 trillion, with financial losses spreading far beyond real estate. Mortgage rates…more
Download Policy Note 2008/3 PDF (522.02 KB) -
Working Paper No. 542August 07, 2008
Keynes’s Approach to Full Employment
AbstractThis paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to “close the demand gap,” are inconsistent…more
Download Working Paper No. 542 PDF (162.84 KB) -
Working Paper No. 541July 23, 2008
The Unpaid Care Work–Paid Work Connection
AbstractIn order to provide a coherent perspective of gender differences in the world of work, the many intersections of paid and unpaid work must be brought to light. It is…more
Download Working Paper No. 541 PDF (621.92 KB) -
Working Paper No. 540July 22, 2008
The Effects of International Trade on Gender Inequality
AbstractThe process of economic globalization has winners and losers. Iran’s carpet industry provides a good illustration of the adverse side of this process. As the production costs of its rivals…more
Download Working Paper No. 540 PDF (380.23 KB)