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One-Pager No. 7Reserve Currencies and the Dollar’s Role in Containing Global Imbalances
November 13, 2010 The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well...more Publication -
One-Pager No. 6
Minsky’s View of Capitalism and Banking in America
November 12, 2010 Before we can reform the financial system, we need to understand what banks do—or, better yet, what banks should do. Senior Scholar L. Randall Wray examines Hyman Minsky’s views on...more Publication -
Working Paper No. 637Financial Stability, Regulatory Buffers, and Economic Growth
November 12, 2010 Over the past 40 years, regulatory reforms have been undertaken on the assumption that markets are efficient and self-corrective, crises are random events that are unpreventable, the purpose of an...more Publication -
Working Paper No. 636
Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?
November 11, 2010 This paper examines Federal Reserve Chairman Ben Bernanke’s recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his...more Publication -
Policy Note No. 4A New “Teachable” Moment?
November 11, 2010 A common refrain heard from those trying to justify the results of the recent midterm elections is that the government’s fiscal stimulus to save the US economy from depression undermined...more Publication -
One-Pager No. 5
Preventing Another Crisis
November 11, 2010 There is no justification for the belief that cutting spending or raising taxes by any amount will reduce the federal deficit, let alone permit solid growth. The worst fears about...more Publication -
One-Pager No. 4
Είναι καταδικασμένη η ευρωζώνη;
November 10, 2010 Το ενός τρισεκατομυρρίων δολαρίων πακέτο διάσωσης που προώθησαν οι ευρωπαίοι ηγέτες τον Μαη του 2010 και που στοχεύει στην αντιμετώπιση της αυξανόμενης κρίση χρέους της ηπείρου, θα μπορούσε κάλλιστα να...more Publication -
Working Paper No. 635
International Trade Theory and Policy
November 10, 2010 This paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to the New Trade theories currently used by many advanced countries to...more Publication -
One-Pager No. 4
Is the Eurozone Doomed?
November 10, 2010 The trillion-dollar rescue package European leaders aimed at the continent’s growing debt crisis in May might well have been code-named Panacea. Stocks rose throughout the region, but the reprieve was...more Publication -
BlogWhen Monetary Policy Pushes Hard
November 09, 2010 With the recent announcement of QE2 (quantitative easing 2), the Federal Reserve’s new round of long-maturity asset purchases, it is worth looking at some of the effects of QE1. In November 2008, the Fed announced large-scale purchases of mortgage-backed securities and debt issued by the GSEs. Its securities holdings began to climb sharply in early [...] Blog -
Blog
A Minskian Explanation of the Causes of the Current Crisis
November 05, 2010 In recent weeks, the explanation for the financial and economic crisis that has gripped the world economy has shifted sharply from deregulation and lack of governmental oversight of financial institutions to fraud and criminal activity. In truth, the US Federal Bureau of Investigation began to warn of an “epidemic” of mortgage fraud back in 2004, [...] Blog -
Working Paper No. 634
How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself
November 03, 2010 The post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure, and living standards. In the sphere of...more Publication -
Working Paper No. 633
Immigrant Parents’ Attributes versus Discrimination
November 02, 2010 There is much interest in explaining the persistent ethnic gaps in education among Israeli Jews; specifically, the much lower attainments of those from Asian and African countries compared to the...more Publication -
Blog
Something from the Bookshelf
November 01, 2010 I’ve emerged this morning to report on some of what’s transpired recently. I’m not referring to whatever might have happened yesterday and overnight at major centers of research in neoclassical macroeconomics, such as the University of Minnesota. I’m referring to a new book by John Quiggin entitled Zombie Economics: How Dead Ideas Still Walk Among [...] Blog -
Working Paper No. 632
The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy
November 01, 2010 This paper investigates private net saving in the US economy—divided into its principal components, households and (nonfinancial) corporate financial balances—and its impact on the GDP cycle from the 1980s to...more Publication -
Working Paper No. 631
Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
October 31, 2010 This paper explores the degree of structural change of the Philippine economy using the input-output framework. It examines how linkages among economic sectors evolved over 1979–2000, and identifies which economic...more Publication -
Public Policy Brief No. 116An Alternative Perspective on Global Imbalances and International Reserve Currencies
October 28, 2010 The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well...more Publication -
Working Paper No. 630
Managing Finance in Emerging Economies
October 26, 2010 India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has...more Publication -
Working Paper No. 629
The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
October 25, 2010 This paper examines the growth experience of the Central Asian economies after the breakup of the Soviet Union. In particular, it evaluates the impact of being landlocked and resource rich....more Publication -
Policy Note No. 3
Why the IMF Meetings Failed, and the Coming Capital Controls
October 22, 2010 The global financial breakdown is part of the price to be paid for the refusal of the Federal Reserve and Treasury to accept a prime axiom of banking: debts that...more Publication -
Working Paper No. 628
The Role of Trade Facilitation in Central Asia
October 21, 2010 With a decrease in formal trade barriers, trade facilitation has come into prominence as a policy tool for promoting trade. In this paper, we use a gravity model to examine...more Publication -
Working Paper No. 627
The Transition from Industrial Capitalism to a Financialized Bubble Economy
October 19, 2010 For the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading...more Publication -
Working Paper No. 626
Technical Change in India’s Organized Manufacturing Sector
October 11, 2010 We use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e.,...more Publication -
Working Paper No. 625
A Post Keynesian Perspective on the Rise of Central Bank Independence
October 10, 2010 This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late...more Publication