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Working Paper No. 460July 22, 2006
How the Maastricht Regime Fosters Divergence As Well As Fragility
AbstractThis paper investigates the phenomenon of persistent macroeconomic divergence that has occurred across the eurozone in recent years. Optimal currency area theory would point toward asymmetric shocks and structural factors…more
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Working Paper No. 459July 21, 2006
Banking, Finance, and Money
AbstractThis paper briefly summarizes the orthodox approach to banking, finance, and money, and then points the way toward an alternative based on socioeconomics. It argues that the alternative approach is…more
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Working Paper No. 458July 20, 2006
Dissent and Discipline in Ben Gurion’s Labor Party, 1930–32
AbstractThis paper describes a small opposition group that functioned during 1930–33 on the left fringes of Ben Gurion’s Mapai party in Palestine. Mapai dominated Jewish Palestine’s politics, and later the…more
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Book SeriesJuly 16, 2006
The Distributional Effects of Government Spending and Taxation
AbstractThis book focuses on the distributional consequences of the public sector. It examines and documents, both theoretically and empirically, the effects of government spending and taxation on personal distribution, that…more
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Policy Notes No. 5July 06, 2006
The Burden of Aging
AbstractDemographers and economists agree that we are aging—individually and collectively, nationally and globally. An aging population results from the twin demographic forces of fewer children per family and longer lives….more
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Working Paper No. 457June 19, 2006
Why Central Banks (and Money) “Rule the Roost”
AbstractSome have argued that a significant decrease in the demand for money, due to financial innovations, could imply that central banks are unable to implement effective monetary policies. This paper…more
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Working Paper No. 456June 18, 2006
Asset Prices, Financial Fragility, and Central Banking
AbstractThe paper reviews the current literature on the subject in both the New Consensus and Post Keynesian frameworks. It shows that both approaches give to central banks a wrong goal…more
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Working Paper No. 455June 17, 2006
The Minskyan System, Part III
AbstractThis is the last part of a three-part analysis of the Minskyan Framework. The paper presents a model that studies some of the features presented in Parts I and II….more
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Working Paper No. 454June 12, 2006
How Does Household Production Affect Earnings Inequality?
AbstractAlthough income inequality has been studied extensively, relatively little attention has been paid to the role of household production. Economic theory predicts that households with less money income will produce…more
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Public Policy Brief No. 85June 11, 2006
The Fallacy of the Revised Bretton Woods Hypothesis
AbstractThe stability of the international financial system is in doubt. Analysis of the system has focused mainly on the sustainability of financing the American trade deficit and has failed to…more
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Working Paper No. 453June 09, 2006
The Minskyan System, Part II
AbstractThis is the second part of a three-part analysis of the Minskyan framework. It studies in detail the dynamics at the root of the endogenous financial weakening of capitalist economic…more
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Working Paper No. 452June 08, 2006
The Minskyan System, Part I
AbstractThis is the first part of a three-part analysis of the Minskyan framework. Via an extensive review of the literature, this paper looks at 12 essential elements necessary to get…more
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Working Paper No. 451May 25, 2006
Time and Money
AbstractTime and money are basic commodities in the utility function and are substitutes in real terms. To a certain extent, having time and money is a matter of either/or, depending…more
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Working Paper No. 450May 24, 2006
Extending Minsky’s Classifications of Fragility to Government and the Open Economy
AbstractMinsky’s classification of fragility according to hedge, speculative, and Ponzi positions is well-known. He wrote about fragile positions of individual firms and of the economy as a whole, with the…more
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Working Paper No. 449May 23, 2006
The Temporal Welfare State: A Cross-national Comparison
AbstractWelfare states contribute to people’s well-being in many different ways. Bringing all these contributions under a common metric is tricky. Here we propose doing so through the notion of “temporal…more
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Working Paper No. 448May 22, 2006
Gibson’s Paradox II
AbstractThe Gibson paradox, long observed by economists and named by John Maynard Keynes (1936), is a positive relationship between the interest rate and the price level. This paper explains the…more
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Public Policy Brief No. 84May 20, 2006
Can Basel II Enhance Financial Stability?
AbstractEven as the United States enjoys an economic expansion, there is an undercurrent of concern among economic analysts who follow financial markets. Some feel that the expansion of the credit…more
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Strategic AnalysisMay 18, 2006
Can the Growth in the US Current Account Deficit Be Sustained?
AbstractCan the growth in the current account deficit be sustained? How does the flow of deficits feed the stock of debt? How will the burden of servicing this debt affect…more
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Working Paper No. 447May 03, 2006
Household Wealth and the Measurement of Economic Well-Being in the United States
AbstractThe standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial…more
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Working Paper No. 446May 01, 2006
Feminist-Kaleckian Macroeconomic Policy for Developing Countries
AbstractThis paper reviews evidence of the gender effects of globalization in developing economies. It then outlines a set of macroeconomic and trade policies to promote gender equity. The evidence suggests…more
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Policy Notes No. 4April 30, 2006
Debt and Lending
AbstractMany papers published by the Levy Institute during the last few years have emphasized that the American economy has relied too much on the growth of lending to the private…more
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Policy Notes No. 3April 17, 2006
Twin Deficits and Sustainability
AbstractIn the mid-to-late 1980s, the American economy simultaneously produced—for the first time in the postwar period—huge federal budget deficits as well as large current account deficits, together known as the…more
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Working Paper No. 445April 04, 2006
A Random Walk Down Maple Lane?
AbstractThe development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics. According to George Akerlof, it "set the agenda" for modern neoclassical macroeconomics….more
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Working Paper No. 444March 06, 2006
Tinbergen Rules the Taylor Rule
AbstractThis paper elaborates a simple model of growth with a Taylor-like monetary policy rule that includes inflation targeting as a special case. When the inflation process originates in the product…more
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