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Working Paper No. 525Financialization
December 20, 2007 Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both...more Publication -
Working Paper No. 524
Promotion Nationale
December 19, 2007 Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple...more Publication -
Working Paper No. 523
The Natural Instability of Financial Markets
December 13, 2007 This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading to market stability to provide...more Publication -
Working Paper No. 522
Lessons from the Subprime Meltdown
December 10, 2007 This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky...more Publication -
Strategic AnalysisThe US Economy: Is There a Way Out of the Woods?
November 30, 2007 In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets...more Publication -
Working Paper No. 521
Earnings Functions and the Measurement of the Determinants of Wage Dispersion
November 29, 2007 This paper extends the famous Blinder and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. Second, a decomposition technique is proposed...more Publication -
Working Paper No. 520
Nurkse and the Role of Finance in Development Economics
November 14, 2007 Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in...more Publication -
Working Paper No. 519
Public Employment and Women
November 09, 2007 In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes, offered...more Publication -
Public Policy Brief No. 92The US Credit Crunch of 2007
October 26, 2007 It is now clear that most economists underestimated the widening economic impact of the credit crunch that has shaken American financial markets since at least mid-July. A credit crunch is...more Publication -
Working Paper No. 518
Fiscal Deficit, Capital Formation, and Crowding Out in India
October 25, 2007 This paper analyzes the real (direct) and financial crowding out in India between 1970–71 and 2002–03. Using an asymmetric vector autoregressive (VAR) model, the paper finds no real crowding out...more Publication -
Working Paper No. 517
What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?
October 23, 2007 There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals—the basic income proposal and job guarantees—are...more Publication -
Public Policy Brief No. 91
Globalization and the Changing Trade Debate
October 09, 2007 The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II....more Publication -
Working Paper No. 516
The Right to a Job, the Right Types of Projects
September 21, 2007 There is now widespread recognition that in most countries, private-sector investment has not been able to absorb surplus labor. This is all the more the case for poor unskilled people....more Publication -
Working Paper No. 515
Minsky’s Approach to Employment Policy and Poverty
September 13, 2007 While Hyman P. Minsky is best known for his work on financial instability, he was also intimately involved in the postwar debates about fiscal policy and what would become the...more Publication -
Working Paper No. 514
The Continuing Legacy of John Maynard Keynes
September 10, 2007 This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary...more Publication -
Working Paper No. 513
Inequality of Life Chances and the Measurement of Social Immobility
September 04, 2007 This paper begins by proposing two cardinal measures of inequality in life chances. Using as its database a matrix in which the lines correspond to the social category of parents...more Publication -
Working Paper No. 512
Endogenous Money
September 03, 2007 While the mainstream long argued that the central bank could use quantitative constraints as a means to controlling the private creation of money, most economists now recognize that the central...more Publication -
Working Paper No. 511
The Fed’s Real Reaction Function
August 15, 2007 Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to “inflation...more Publication -
Working Paper No. 510
A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate
August 13, 2007 This paper addresses three issues surrounding monetary policy formation: policy independence, choice of operating targets, and rules versus discretion. According to the New Monetary Consensus, the central bank needs policy...more Publication -
Working Paper No. 509
On Various Ways of Measuring Unemployment, with Applications to Switzerland
August 07, 2007 This paper begins with an examination of various ways of measuring unemployment and, borrowing ideas from the poverty measurement literature, proposes four new general unemployment indices. The first of these...more Publication -
Working Paper No. 508
The American Jewish Committee’s Annual Opinion Surveys
July 18, 2007 The American Jewish Committee (AJC) surveys of Jewish opinion are unique both in being conducted annually and in the subject matter covered. This paper assesses the quality of these samples....more Publication -
Working Paper No. 507
Who’s a Jew in an Era of High Intermarriage?
July 17, 2007 The old ways in which surveys of Jews handled marginal cases no longer make sense, and the number of cases involved is no longer small. I examine in detail the...more Publication -
Working Paper No. 506
The Effects of a Declining Housing Market on the US Economy
July 16, 2007 Longstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall, and...more Publication -
Working Paper No. 505
Implementation of the National Rural Employment Guarantee Act in India
July 10, 2007 Since its enactment in 2005, the National Rural Employment Guarantee Act (NREGA) has been implemented in 200 districts in India. Based on state-by-state employment demand-supply data and the use of...more Publication