Publications

1711 publications found

• Working Paper No. 566
  May 20, 2009

  Caste and Wealth Inequality in India

  Ajit Zacharias and Vamsi Vakulabharanam
  Abstract

  In this paper, we conduct the novel exercise of analyzing the relationship between overall wealth inequality and caste divisions in India using nationally representative surveys on household wealth conducted during…more

  Download Working Paper No. 566 PDF (177.48 KB)
• Working Paper No. 565
  May 19, 2009

  Housing Inequality in the United States

  Yuval Elmelech and Sanjaya DeSilva
  Abstract

  In recent years, as the homeownership rate in the United States reached its highest level in history, homeownership itself remained unevenly distributed, particularly along racial and ethnic lines. By using…more

  Download Working Paper No. 565 PDF (247.13 KB)
• Working Paper No. 564
  May 14, 2009

  New Consensus Macroeconomics: A Critical Appraisal

  Philip Arestis
  Abstract

  This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking…more

  Download Working Paper No. 564 PDF (237.43 KB)
• Working Paper No. 563
  May 13, 2009

  Whither New Consensus Macroeconomics?

  Giuseppe Fontana
  Abstract

  In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the…more

  Download Working Paper No. 563 PDF (193.84 KB)
• Policy Note No. 6
  May 11, 2009

  The “Unintended Consequences” Game

  Martin Shubik
  Abstract

  A simple consideration of history tells us that each new piece of legislation contains loopholes that benefit a new class of entrepreneurs; some of these loopholes are small, but others…more

  Download Policy Note 2009/6 PDF (46.67 KB)
• Working Paper No. 562
  May 08, 2009

  The Current Economic and Financial Crisis

  Rania Antonopoulos
  Abstract

  Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis—often…more

  Download Working Paper No. 562 PDF (202.47 KB)
• Working Paper No. 561
  May 06, 2009

  The Return of the State: The New Investment Paradigm

  Marshall Auerback
  Abstract

  To save America—indeed, the global economy as a whole—the private/public sector balance has to shift, and the neoliberal economic model on which the country has been based for the past…more

  Download Working Paper No. 561 PDF (203.85 KB)
• Policy Note No. 5
  April 09, 2009

  A Proposal for a Federal Employment Reserve Authority

  Martin Shubik
  Abstract

  There is already considerable talk about the possible need for a massive public works program in response to the deepening recession and rising unemployment; however, an ad hoc emergency approach…more

  Download Policy Note 2009/5 PDF (133.88 KB)
• Strategic Analysis
  April 09, 2009

  Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover

  Dimitri B. Papadimitriou
  Abstract

  Federal government and Federal Reserve (Fed) liabilities rose sharply in 2008. Who holds these new liabilities, and what effects will they have on the economy? Some economists and politicians warn…more

  Download Strategic Analysis, April 2009 PDF (369.83 KB)
• Research Project Report
  April 09, 2009

  New Estimates of Economic Inequality in America, 1959—2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  In this latest LIMEW report, the authors present new evidence on the pattern of economic inequality in the United States that indicates higher inequality in 2004 than in 1959. According…more

  Download LIMEW Report, April 2009 PDF (434.52 KB)
• Public Policy Brief No. 100
  April 08, 2009

  It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed

  Jan Kregel
  Abstract

  The Federal Reserve’s response to the current financial crisis has been praised because it introduced a zero interest rate policy more rapidly than the Bank of Japan (during the Japanese…more

  Download Public Policy Brief No. 100, 2009 PDF (202.39 KB)
• Policy Note No. 4
  April 08, 2009

  A Crisis in Coordination and Competence

  Martin Shubik
  Abstract

  The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale…more

  Download Policy Note 2009/4 PDF (71.12 KB)
• Working Paper No. 560
  April 06, 2009

  The Social and Economic Importance of Full Employment

  L. Randall Wray
  Abstract

  Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults:…more

  Download Working Paper No. 560 PDF (109.37 KB)
• Working Paper No. 559
  April 02, 2009

  Labor-market Performance in the OECD

  Sergio Destefanis and Giuseppe Mastromatteo
  Abstract

  In this paper we assess the evolution of labor-market performance in the Organisation for Economic Co-operation and Development (OECD) over the last decade. We provide a survey of the literature…more

  Download Working Paper No. 559 PDF (387.55 KB)
• Strategic Analysis
  April 02, 2009

  A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects

  James K. Galbraith
  Abstract

  In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of…more

  Download Strategic Analysis, April 2009 PDF (77.26 KB)
• Working Paper No. 558
  April 01, 2009

  Managing the Impact of Volatility in International Capital Markets in an Uncertain World

  Jan Kregel
  Abstract

  International financial flows are the propagation mechanism for transmitting financial instability across borders; they are also the source of unsustainable external debt. Managing volatility thus requires institutions that promote domestic…more

  Download Working Paper No. 558 PDF (153.95 KB)
• Policy Note No. 3
  March 27, 2009

  An Assessment of the Credit Crisis Solutions

  Elias Karakitsos
  Abstract

  All of the various schemes that have been put forward to resolve the current credit crisis follow either the “business as usual” or the “good bank” model. The “business as…more

  Download Policy Note 2009/3 PDF (179.89 KB)
• Policy Note No. 2
  March 25, 2009

  What Role for Central Banks in View of the Current Crisis?

  Philip Arestis and Elias Karakitsos
  Abstract

  Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are…more

  Download Policy Note 2009/2 PDF (100.99 KB)
• Working Paper No. 557
  March 19, 2009

  Background Considerations to a Regulation of the US Financial System

  Jan Kregel
  Abstract

  United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated…more

  Download Working Paper No. 557 PDF (247.19 KB)
• Public Policy Brief No. 99
  March 09, 2009

  The Return of Big Government: Policy Advice for President Obama

  L. Randall Wray
  Abstract

  In the current global financial crisis, economists and policymakers have reembraced Big Government as a means of preventing the reoccurrence of a debt-deflation depression. The danger, however, is that policy…more

  Download Public Policy Brief No. 99, 2009 PDF (169.17 KB)
• Public Policy Brief No. 98
  February 19, 2009

  The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare

  James K. Galbraith, L. Randall Wray, and Warren Mosler
  Abstract

  The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to “intergenerational accounting”—which purports to calculate the debt burden our generation will leave for future generations—and…more

  Download Public Policy Brief No. 98, 2009 PDF (144.51 KB)
• Research Project Report
  February 19, 2009

  What Are the Long-Term Trends in Intergroup Economic Disparities?

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  Over the last half century, government policy has had an important hand in alleviating disparities among population subgroups in the United States; for example, special tax treatment for families with…more

  Download LIMEW Report, February 2009 PDF (430.00 KB)
• Research Project Report
  February 03, 2009

  Postwar Trends in Economic Well-Being in the United States,1959–2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household…more

  Download LIMEW Report, February 2009 PDF (639.69 KB)
• Working Paper No. 556
  January 29, 2009

  Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  The motivation to construct the LIMEW in lieu of relying on the official measures of well-being is to provide a more comprehensive measure of economic inequality that will also show…more

  Download Working Paper No. 556 PDF (705.76 KB)