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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
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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
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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
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Working Paper No. 539July 14, 2008
The Return of Fiscal Policy
AbstractThe monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for…more
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Working Paper No. 538July 10, 2008
The Buffett Plan for Reducing the Trade Deficit
AbstractThis paper considers a plan proposed by Warren Buffett, whereby importers would be required to obtain certificates proportional to the amount of non-oil goods (and possibly also services) they brought…more
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Working Paper No. 537July 09, 2008
The Keynesian Roots of Stock-flow Consistent Macroeconomic Models
AbstractThis paper argues that institutionally rich stock-flow consistent models—that is, models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short period…more
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Working Paper No. 536July 03, 2008
Deficient Public Infrastructure and Private Costs
AbstractThis paper presents new evidence on the links between public-infrastructure provisioning and time allocation related to the water sector in India. An analysis of time-use data reveals that worsening public…more
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Policy Note No. 2June 05, 2008
Securitization
Abstract“At the annual banking structure and competition conference of the Federal Reserve Bank of Chicago in May 1987, the buzzword heard in the corridors and used by many of the…more
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Policy NoteMay 27, 2008
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
Abstract“What in monetarism, and what in the ‘new monetary consensus,’ led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,…more
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Policy NoteMay 27, 2008
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
AbstractWhat in monetarism, and what in the “new monetary consensus,” led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,…more
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Policy Note No. 1May 27, 2008
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
AbstractWhat in monetarism, and what in the "new monetary consensus," led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,…more
Download Policy Note 2008/1 PDF (503.31 KB) -
Book SeriesMay 20, 2008
Stabilizing an Unstable Economy
AbstractThe late American economist and Distinguished Scholar Hyman P. Minsky first wrote about the inherent instability of financial markets in the late 1950s, and accurately predicted a transformation of the…more
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Book SeriesMay 19, 2008
John Maynard Keynes
AbstractThis reissue of Hyman P. Minsky’s classic book offers a timely reconsideration of the work of economics icon John Maynard Keynes. In it, Minsky argues that what most economists consider…more
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Working Paper No. 535May 13, 2008
Statistical Matching Using Propensity Scores
AbstractThis paper summarizes the background, type, logic, and working procedure of the statistical matching used in the Levy Institute Measure of Economic Well-Being (LIMEW) project to combine the various data…more
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Working Paper No. 534May 08, 2008
Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery
AbstractAfter the 2001 crisis, Argentina—once the poster-child for pro-market structural-adjustment policies—had to define a new strategy in order to manage the societal demands that had led to the fall of…more
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Working Paper No. 533April 29, 2008
The Discrete Charm of the Washington Consensus
AbstractOver the last two centuries in Latin America a Washington Consensus development strategy based on integration in the global trading system has dominated both domestic demand management and industrialization "from…more
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Working Paper No. 532April 28, 2008
Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences
AbstractThis paper seeks to explain the causes and consequences of the United States subprime mortgage crisis, and how this crisis has led to a generalized credit crunch in other financial…more
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Working Paper No. 531April 23, 2008
The International Monetary (Non-)Order and the “Global Capital Flows Paradox”
AbstractThis paper sets out to investigate the forces behind the so-called “global capital flows paradox” and related “dollar glut” observed in the era of advancing financial globalization. The supposed paradox…more
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Working Paper No. 530April 14, 2008
Changes in the US Financial System and the Subprime Crisis
AbstractThis paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan…more
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Strategic AnalysisApril 09, 2008
Fiscal Stimulus—Is More Needed?
AbstractAs the government prepares to dispense the tax rebates that largely make up its recently approved $168 billion stimulus package, President Dimitri B. Papadimitriou and Research Scholars Greg Hannsgen and…more
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Public Policy Brief No. 94April 01, 2008
Financial Markets Meltdown
AbstractIn this new Public Policy Brief, Senior Scholar L. Randall Wray explains today’s complex and fragile financial system, and how the seeds of crisis were sown by lax oversight, deregulation,…more
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Working Paper No. 529March 06, 2008
Can Robbery and Other Theft Help Explain the Textbook Currency-demand Puzzle?
AbstractThis paper attempts to explain one version of an empirical puzzle noted by Mankiw (2003): a Baumol-Tobin inventory-theoretic money demand equation predicts that the average adult American should have held…more
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Working Paper No. 528February 18, 2008
Financial Flows and International Imbalances
AbstractWhile the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the…more
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Working Paper No. 527January 25, 2008
Financing Job Guarantee Schemes by Oil Revenue
AbstractIran’s constitution emphasizes social justice and obliges government to provide a job for every citizen. But in fact, the government’s duty to provide jobs has shifted to government support for…more
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