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Working Paper No. 624A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
September 30, 2010 We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of...more Publication -
Working Paper No. 623
The Meltdown of the Global Economy
September 28, 2010 The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues...more Publication -
Working Paper No. 622
Innocent Frauds Meet Goodhart’s Law in Monetary Policy
September 27, 2010 This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith’s “innocent fraud,” including the idea that money is a thing rather than a relationship, the fallacy of...more Publication -
Working Paper No. 621
Gendered Aspects of Globalization
September 25, 2010 We need to go beyond the accepted notions relating to the role of women in the economy and society, especially in terms of what is recognized in mainstream theory and...more Publication -
BlogA moment to remember Hyman Minsky
September 23, 2010 Hyman P. Minsky, the renowned financial economist, macroeconomist, and Levy Institute distinguished scholar, was born 91 years ago today. A short bio of Minsky, along with links to many of his publications, can be found here. Minsky’s papers are collected at the Minsky Archive, which is housed at the institute. In April, we will be [...] Blog -
Working Paper No. 620
Measuring Poverty Using Both Income and Wealth
September 20, 2010 This paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been proposed in the literature. Two types of approaches are considered: those...more Publication -
Working Paper No. 619
Asia and the Global Crisis
September 19, 2010 The global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009...more Publication -
Working Paper No. 618
Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
September 16, 2010 The quality of match of four statistical matches used in the LIMEW estimates for the United States for 1992 and 2007 is described. The first match combines the 1992 Survey...more Publication -
Working Paper No. 617
How to Sustain the Chinese Economic Miracle?
September 15, 2010 This paper investigates China’s role in creating global imbalances, and the related call for a massive renminbi revaluation as a (supposed) panacea to forestall their reemergence as the world economy...more Publication -
Public Policy Brief No. 115What Should Banks Do?
September 13, 2010 In this new brief, Senior Scholar L. Randall Wray examines the later works of Hyman P. Minsky, with a focus on Minsky’s general approach to financial institutions and policy. The...more Publication -
Working Paper No. 616
Product Complexity and Economic Development
September 09, 2010 We rank 5,107 products and 124 countries according to the Hidalgo and Hausmann (2009) measures of complexity. We find that: (1) the most complex products are in machinery, chemicals, and...more Publication -
Blog
New report JOLTS claim that extended benefits breed unemployment
September 08, 2010 Last week, my colleague Tom Masterson commented on an op-ed piece by Robert Barro, which argued that much of the U.S. unemployment problem―perhaps 2.7 percentage points of the June unemployment rate of 9.5 percent―could be attributed to the availability of extended unemployment insurance benefits. According to Barro’s argument, huge numbers of people are out of [...] Blog -
Blog
Less stimulating than it should be
September 07, 2010 The Free Exchange blog calls President Obama’s proposed $50 billion infrastructure stimulus “A New Hope.” Our research begs to differ. We find that spending $50 billion on infrastructure would create little more than half a million new jobs. That’s not an inconsiderable number, but it’s a drop in the bucket compared to the 14.9 million [...] Blog -
Blog
Wray on Minsky
September 03, 2010 Levy Senior Scholar L. Randall Wray explains the foresight of Hyman Minsky in this video. Blog -
Blog
A way out for the Euro zone
September 01, 2010 Suggestions a few months back by Germany’s chancellor that countries running consistently high deficits be expelled from the Euro zone evidently haven’t fallen on deaf ears. Even though almost everyone thinks of expulsion as a remote possibility, the notion does get factored into the thinking of bankers and investors in a way that may ultimately [...] Blog -
Working Paper No. 615
Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
September 01, 2010 The quality of match of four statistical matches used in the LIMEW estimates for Canada for 1999 and 2005 is described. The first match combines the 1999 Survey of Financial...more Publication -
Blog
For the jobless, a feast of assumptions
August 31, 2010 The only way that extending unemployment benefits could actually increase the unemployment rate above what it would otherwise be (other than just assuming it will, as Barro does) is to assume that the people receiving those benefits, rather than spending them on food and rent, use the checks to set fires to businesses that are [...] Blog -
Blog
What’s new about QE?
August 30, 2010 After its last meeting, the Federal Open Market Committee, which makes decisions about Federal Reserve monetary policy, decided to keep its holdings of long-term securities constant. The Fed was forced to look again at this issue because borrowers have been paying off the long-term debt securities already in its portfolio. This maturing debt consists mostly [...] Blog -
Blog
How costly is child care?
August 26, 2010 You may already know that women’s workforce participation has increased and gender wage gaps have been closing gradually, although we still have a long way to go. Work-life balance can be costly, and raising children is rewarding yet financially challenging. A new report by the congressional Joint Economic Committee gives an excellent description on the [...] Blog -
Working Paper No. 614
The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
August 25, 2010 With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy....more Publication -
Working Paper No. 613
As You Sow So Shall You Reap
August 23, 2010 We develop an Index of Opportunities for 130 countries based on their capabilities to undergo structural transformation. The Index of Opportunities has four dimensions, all of them characteristic of a...more Publication -
Working Paper No. 612
What Do Banks Do? What Should Banks Do?
August 20, 2010 Before we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky...more Publication -
Blog
Social Security remains affordable, even in long run
August 18, 2010 In Paul Krugman’s blog, a bit of good news from the August 2010 Social Security Trustees’ Report on the finances of the Social Security entitlement programs (retirement, survivors, and disability): Given the apocalyptic rhetoric we’re hearing, once again, about Social Security finances, it comes as something of a shock—even to me—to look at the actual [...] Blog -
Working Paper No. 611
Why China Has Succeeded—and Why It Will Continue to Do So
August 17, 2010 The key factor underlying China’s fast development during the last 50 years is its ability to master and accumulate new and more complex capabilities, reflected in the increase in diversification...more Publication