Publications

1699 publications found

• Working Paper No. 548
  November 10, 2008

  On Democratizing Financial Turmoil

  Fadhel Kaboub, Luisa Fernandez, and Zdravka Todorova
  Abstract

  The 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

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• Policy Notes No. 5
  October 24, 2008

  Will the Paulson Bailout Produce the Basis for Another Minsky Moment?

  Jan Kregel
  Abstract

  As 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. 547
  October 23, 2008

  Minsky and Economic Policy

  Abstract

  Recently, 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

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• Working Paper No. 546
  October 20, 2008

  Do the Innovations in a Monetary VAR Have Finite Variances?

  Abstract

  Since 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

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• Policy Notes No. 4
  October 08, 2008

  A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets

  Jan Kregel
  Abstract

  The 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. 96
  October 08, 2008

  The Commodities Market Bubble

  L. Randall Wray
  Abstract

  Money 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. 545
  October 07, 2008

  Promoting Equality Through an Employment of Last Resort Policy

  Dimitri B. Papadimitriou
  Abstract

  Unemployment 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

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• Working Paper No. 544
  September 29, 2008

  Inflation Targeting in Brazil

  Philip Arestis, Luiz Fernando de Paula, and Fernando Ferrari-Filho
  Abstract

  The 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. 543
  September 01, 2008

  Macroeconomics Meets Hyman P. Minsky

  L. Randall Wray
  Abstract

  Expanding 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. 95
  August 29, 2008

  Shaky Foundations: Policy Lessons from America’s Historic Housing Crash

  Pedro Nicolaci da Costa
  Abstract

  A 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 Notes
  August 25, 2008

  What’s a Central Bank to Do?

  L. Randall Wray
  Abstract

  As 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

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• Policy Notes No. 3
  August 25, 2008

  What’s a Central Bank to Do?

  L. Randall Wray
  Abstract

  As 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. 542
  August 07, 2008

  Keynes’s Approach to Full Employment

  Pavlina R. Tcherneva
  Abstract

  This 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. 541
  July 23, 2008

  The Unpaid Care Work–Paid Work Connection

  Rania Antonopoulos
  Abstract

  In 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. 540
  July 22, 2008

  The Effects of International Trade on Gender Inequality

  Zahra Karimi
  Abstract

  The 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)
• Working Paper No. 539
  July 14, 2008

  The Return of Fiscal Policy

  Pavlina R. Tcherneva
  Abstract

  The 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

  Download Working Paper No. 539 PDF (340.51 KB)
• Working Paper No. 538
  July 10, 2008

  The Buffett Plan for Reducing the Trade Deficit

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  This 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

  Download Working Paper No. 538 PDF (493.95 KB)
• Working Paper No. 537
  July 09, 2008

  The Keynesian Roots of Stock-flow Consistent Macroeconomic Models

  Claudio H. Dos Santos and Antonio C. Macedo e Silva
  Abstract

  This 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. 536
  July 03, 2008

  Deficient Public Infrastructure and Private Costs

  Lekha S. Chakraborty
  Abstract

  This 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

  Download Working Paper No. 536 PDF (240.54 KB)
• Policy Notes No. 2
  June 05, 2008

  Securitization

  Hyman P. Minsky and L. Randall Wray
  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

  Download Policy Note 2008/2 PDF (469.63 KB)
• Policy Notes
  May 27, 2008

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  James K. Galbraith
  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 Notes
  May 27, 2008

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  James K. Galbraith
  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

• Policy Notes No. 1
  May 27, 2008

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  James K. Galbraith
  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

  Download Policy Note 2008/1 PDF (503.31 KB)
• Book Series
  May 20, 2008

  Stabilizing an Unstable Economy

  Hyman P. Minsky
  Abstract

  The 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