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Working Paper No. 263February 01, 1999
From Common Market to EMU
AbstractThis paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of…more
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Policy Notes No. 1January 01, 1999
How Negative Can US Saving Get?
AbstractIn 1998 the volume of private spending in the United States rose by almost twice the increase in disposable income. The impact of this excess private spending financed by increased…more
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Strategic AnalysisJanuary 01, 1999
Seven Unsustainable Processes
AbstractThe purpose of this Strategic Analysis is not to make short-term predictions about the life expectancy of the current economic expansion in the United States, but to determine if the…more
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Working Paper No. 262January 01, 1999
The 1966 Financial Crisis
AbstractThe so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis and one that required the first important intervention by the Federal Reserve Bank….more
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Working Paper No. 261January 01, 1999
Theories of Value and the Monetary Theory of Production
AbstractThis paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed…more
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Public Policy Brief No. 49December 10, 1998
Corporate Governance in Germany
AbstractThe postwar system of corporate governance in Germany is being threatened by the failure of some industries to maintain their competitive position (with resulting significant job losses) and pressures for…more
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Public Policy Brief No. 48December 09, 1998
Japanese Corporate Governance and Strategy
AbstractDespite the crisis in the Japanese financial sector, prolonged recession, and competitive challenges, Japan’s formidable productive system remains strong. Nevertheless, the system of corporate governance, which has pursued a strategy…more
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Public Policy Brief No. 47December 09, 1998
Regulating HMOs
AbstractHMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation…more
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Working Paper No. 260December 01, 1998
Government Spending and Growth Cycles
AbstractIn this paper the impact of fiscal policy is analyzed within the context of an endogenous growth and cycles model. The investigation shows the different situations in which government expenditure…more
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Working Paper No. 259December 01, 1998
Constructing Long and Dense Time-Series of Inequality Using the Theil Index
AbstractYear-to-year economy-wide measures of income distribution, such as the Gini coefficient, are rarely available for long periods except in a few developed countries, and as a result few analyses of…more
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Working Paper No. 258December 01, 1998
(Full) Employment Policy
AbstractIn 1998, the United States’ unemployment rate was at its lowest level since the late 1960s. Yet the nation’s employment problem is still far from solved. Although many economists assume…more
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Public Policy Brief No. 46November 08, 1998
Self-Reliance and Poverty
AbstractThe United States’ official poverty measure defines the poor in terms of a family’s actual, yearly cash income relative to an estimate of the income needed to sustain a minimally…more
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Working Paper No. 257November 01, 1998
Is Keynesianism Institutionalist?
AbstractThis paper poses that the one commonality between institutionalist thought and Keynesianism (as presented in his General Theory) was money. Tracing the origins and uses of money, the myth of…more
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Working Paper No. 256November 01, 1998
The Minimum Wage in Historical Perspective
AbstractDuring the Progressive period of American history the debate over the minimum wage was often between those who clung to traditional economic theory as a reason for not having a…more
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Public Policy Brief No. 45October 07, 1998
Did the Clinton Rising Tide Raise All Boats?
AbstractDuring the recent robust expansion only 700,000 of the almost 12 million jobs created went to the half of the population that does not have at least some college education….more
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Working Paper No. 255October 01, 1998
Economic Time
AbstractThis paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are…more
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Working Paper No. 254October 01, 1998
Toward a New Instrumental Macroeconomics
AbstractThis paper argues that the ideas of Abba Lerner and Adolph Lowe contain overlapping and complementary insights and themes that may contribute to the development of a new approach to…more
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Working Paper No. 253October 01, 1998
Finance and the Macroeconomic Process in a Classical Growth and Cycle Model
AbstractThe aim of this paper is to derive an endogenous growth and cycles model that integrates sectoral incomes, expenditures, and finance requirements into an ex ante social accounting matrix (SAM)…more
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Public Policy Brief No. 44September 06, 1998
The Asian Disease: Plausible Diagnoses, Possible Remedies
AbstractAsia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis…more
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Public Policy Brief No. 43September 05, 1998
How Big Should the Public Capital Stock Be?
AbstractInvestment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax…more
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Working Paper No. 252September 01, 1998
Modern Money
AbstractAll modern economies have a “chartalist” or “state” money, as acknowledged by Friedrich Knapp and John Maynard Keynes. In this paper, I examine the “history” of money to shed light…more
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Working Paper No. 251September 01, 1998
Paul Davidson’s Economics
AbstractPaul Davidson is one of the best known and most influential post-Keynesian economists. He has insisted throughout his career that economists should focus on real-world problems and that the purpose…more
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Working Paper No. 250September 01, 1998
Explaining Long-Term Exchange Rate Behavior in the United States and Japan
AbstractConventional exchange rate models are based on the fundamental hypothesis that, in the long run, real exchange rates will move in such a way as to make countries equally competitive….more
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Public Policy Brief No. 42August 04, 1998
Automatic Adjustment of the Minimum Wage
AbstractThe fact that every change in the minimum wage requires an act of Congress means that debate over the wisdom of having a minimum is repeatedly returned to the political…more
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