Publications

1707 publications found

• Strategic Analysis
  October 01, 2003

  Deficits, Debts, and Growth

  Claudio H. Dos Santos, Dimitri B. Papadimitriou, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  These are fast-moving times. Two years ago, the Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. Within a year, the projected…more

  Download Strategic Analysis, October 2003 PDF (195.88 KB)
• Working Paper No. 392
  October 01, 2003

  Understanding Deflation

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Deflation can be defined as a falling general price level utilizing one of the common price indices.the consumer price index; the GDP deflator or other, narrower indices as the wholesale…more

  Download Working Paper No. 392 PDF (319.57 KB)
• Policy Note No. 6
  September 03, 2003

  Is International Growth the Way Out of US Current Account Deficits?

  Claudio H. Dos Santos, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  The current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over…more

  Download Policy Note 2003/6 PDF (124.73 KB)
• Policy Note No. 5
  September 02, 2003

  Deflation Worries

  L. Randall Wray
  Abstract

  For the first time since the 1930s, many worry that the world’s economy faces the prospect of deflation—accompanied by massive job losses—on a global scale. In a rather hopeful sign,…more

  Download Policy Note 2003/5 PDF (268.02 KB)
• Working Paper No. 387
  September 01, 2003

  Measures of the Real GDP of US Trading Partners

  Claudio H. Dos Santos, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 trading partners that are taken into consideration by the Federal Reserve…more

  Download Working Paper No. 387 PDF (2.69 MB)
• Working Paper No. 386
  September 01, 2003

  Household Wealth, Public Consumption, and Economic Well-Being in the United States

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  *Preliminary draft. Please do not quote or cite without permission. Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously…more

  Download Working Paper No. 386 PDF (375.29 KB)
• Working Paper No. 391
  September 01, 2003

  Aggregate Demand, Conflict, and Capacity in the Inflationary Process

  Philip Arestis and Malcolm Sawyer
  Abstract

  The dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply…more

  Download Working Paper No. 391 PDF (492.44 KB)
• Working Paper No. 390
  September 01, 2003

  Savings of Entrepreneurs

  Asena Caner
  Abstract

  Previous work on entrepreneurship and wealth has documented that entrepreneurial households are wealthier and have higher wealth mobility. However, the literature has not paid attention to the components of wealth…more

  Download Working Paper No. 390 PDF (389.88 KB)
• Working Paper No. 389
  September 01, 2003

  Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year?

  Thomas L. Hungerford
  Abstract

  When it comes to retirement income policy, there is a general perception that workers have full 40-year working careers before retiring. Further, it is generally assumed that workers with low…more

  Download Working Paper No. 389 PDF (333.12 KB)
• Working Paper No. 388
  September 01, 2003

  Inflation Targeting

  Philip Arestis and Malcolm Sawyer
  Abstract

  Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary…more

  Download Working Paper No. 388 PDF (502.95 KB)
• Policy Note No. 4
  August 20, 2003

  Pushing Germany Off the Cliff Edge

  Jörg Bibow
  Abstract

  Germany’s fiscal crisis cannot be attributed to unification per se; it arose as a consequence of ill-guided macroeconomic policies pursued in response to that event. Many structural problems that popped…more

  Download Policy Note 2003/4 PDF (312.60 KB)
• Public Policy Brief No. 73
  August 03, 2003

  Asset and Debt Deflation in the United States

  Philip Arestis and Elias Karakitsos
  Abstract

  In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and…more

  Download Public Policy Brief No. 73, 2003 PDF (362.30 KB)
• Public Policy Brief No. 72
  August 02, 2003

  What Is the American Model Really About?

  James K. Galbraith
  Abstract

  The “American Model” serves as a point of reference in discussions of economic policy around the world, especially in Europe. Many claim that the American version of the free market…more

  Download Public Policy Brief No. 72, 2003 PDF (173.59 KB)
• Working Paper No. 385
  July 01, 2003

  Macroeconomic Policies of the Economic Monetary Union

  Philip Arestis and Malcolm Sawyer
  Abstract

  This paper presents two issues: first, an effort to decipher the theoretical and policy framework of the Economic and Monetary Union (EMU); and second, an argument that the challenges to…more

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• Working Paper No. 384
  July 01, 2003

  Minsky’s Acceleration Channel and the Role of Money

  Abstract

  Using Minsky (1986), this paper attempts to answer two questions: (1) How does policy affect real and nominal variables? and (2) How should monetary policy be conducted so as to…more

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• Working Paper No. 383
  July 01, 2003

  Financial Sector Reforms in Developing Countries with Special Reference to Egypt

  Philip Arestis
  Abstract

  Financial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In several countries financial reforms allowed real interest rates…more

• Policy Note No. 3
  June 01, 2003

  Caring for a Large Geriatric Generation

  Walter M. Cadette
  Abstract

  The time has more than come to begin planning seriously for the aging of the baby-boom generation. The need for planning goes beyond concerns about the solvency of Social Security…more

  Download Policy Note 2003/3 PDF (90.57 KB)
• Working Paper No. 379
  May 01, 2003

  Is Europe Doomed to Stagnation?

  Jörg Bibow
  Abstract

  This paper challenges the view that external shocks caused Euroland’s 2001 slowdown and subsequent stagnation. Instead, the design of Euroland’s macro policymaking arrangements is found lacking in looking after sufficient…more

  Download Working Paper No. 379 PDF (427.40 KB)
• Working Paper No. 378
  May 01, 2003

  The Conditions for Sustainable US Recovery

  Philip Arestis and Elias Karakitsos
  Abstract

  The anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new…more

  Download Working Paper No. 378 PDF (871.67 KB)
• Working Paper No. 382
  May 01, 2003

  The Case for Fiscal Policy

  Philip Arestis and Malcolm Sawyer
  Abstract

  This paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand…more

• Working Paper No. 381
  May 01, 2003

  Reinventing Fiscal Policy

  Philip Arestis and Malcolm Sawyer
  Abstract

  Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates…more

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• Working Paper No. 380
  May 01, 2003

  How Long Can the US Consumers Carry the Economy on Their Shoulders?

  Philip Arestis and Elias Karakitsos
  Abstract

  The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and…more

  Download Working Paper No. 380 PDF (545.81 KB)
• Working Paper No. 377
  April 01, 2003

  Finance and Development

  Philip Arestis, Machiko Nissanke, and Howard Stein
  Abstract

  There are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of…more

  Download Working Paper No. 377 PDF (167.13 KB)
• Working Paper No. 376
  April 01, 2003

  Mexicans Now, Italians Then

  Joel Perlmann
  Abstract

  This working paper continues earlier efforts to compare the experiences of today’s second-generation Mexican Americans with those of second-generation members of major immigrant groups of a century ago. Here the…more

  Download Working Paper No. 376 PDF (193.90 KB)