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Working Paper No. 486Global Imbalances, Bretton Woods II, and Euroland’s Role in All This
December 21, 2006 Approaching the issue of mounting global imbalances from the perspective of the "Bretton Woods II hypothesis," this paper argues that the popular preoccupation with China’s supposed export-led development strategy is...more Publication -
Working Paper No. 485
The Balance Sheet Approach to Financial Crises in Emerging Markets
December 14, 2006 This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky’s Financial Instability...more Publication -
Working Paper No. 484
Expensive Living
December 12, 2006 Apart from its widely accepted direct advantages, the introduction of the euro has been accompanied by a surge of inflation in most of the EU member states. At the same...more Publication -
Research Project ReportWealth and Economic Inequality
December 04, 2006 This report argues that wealth is an integral aspect of economic well-being. The authors combine income and net worth to demonstrate the importance of wealth inequalities in shaping overall economic...more Publication -
Public Policy Brief No. 88US Household Deficit Spending
November 30, 2006 Over the past decade, deficit spending by consumers has supported the United States economy. Research Associate Robert Parenteau analyzes the financial balance of American households and finds that the pace...more Publication -
Working Paper No. 483
Fisher’s Theory of Interest Rates and the Notion of “Real”
November 30, 2006 By providing five different criticisms of the notion of real rate, the paper argues that this concept, as Fisher defined it or as a definition, is not relevant to economic...more Publication -
Public Policy Brief No. 87
Maastricht 2042 and the Fate of Europe
November 29, 2006 Unemployment in the European Union (EU) is a serious problem that threatens to disrupt the integration of accession countries, the character of individual countries, and the continued existence of the...more Publication -
Working Paper No. 482
Net Intergenerational Transfers from an Increase in Social Security Benefits
November 29, 2006 When the age of death is uncertain, individuals will leave bequests–even if they have no desired bequests–simply because they will hold wealth against the possibility of living longer. Bequests are...more Publication -
Working Paper No. 481
An Inquiry into the Nature of Money
November 28, 2006 The paper argues that the functional approach of money does not provide a good method to study monetary history and monetary mechanisms. An alternative approach is developed and illustrated by...more Publication -
Working Paper No. 480
Methodology and Microeconomics in the Early Work of Hyman P. Minsky
November 27, 2006 This paper reviews the recently published doctoral thesis of Hyman P. Minsky, summarizing its main contributions to methodology and microeconomics. These were aspects of economics with which Minsky is not...more Publication -
Working Paper No. 479
European Welfare State Regimes and Their Generosity toward the Elderly
November 22, 2006 This paper examines the generosity of the European welfare state toward the elderly. It shows how various dimensions of the welfare regimes have changed during the past 10 to 15...more Publication -
Strategic AnalysisCan Global Imbalances Continue?
November 14, 2006 In this new Strategic Analysis, we review what we believe is the most important economic policy issue facing policymakers in the United States and abroad: the prospect of a growth...more Publication -
Working Paper No. 478
On Lower-bound Traps
November 03, 2006 We present a simple theoretical framework that integrates the notion of the natural or neutral interest rate, liquidity preference theory, and the monetary policy practice by modern central banks. We...more Publication -
Working Paper No. 477
When Knowledge Is an Asset
October 27, 2006 We study the economics of employment relationships through theoretical and empirical analyses of an unusual set of firms, large law firms. Our point of departure is the “property rights” approach...more Publication -
Working Paper No. 476
The “New Consensus” View of Monetary Policy
October 19, 2006 One of the greatest achievements of the modern “new consensus” view in macroeconomics is the assertion of a nonquantity theoretic approach to monetary policy. Leading theorists and practitioners of this...more Publication -
Public Policy Brief No. 86
Rethinking Trade and Trade Policy
October 18, 2006 The theory of comparative advantage says that there are gains from trade for the global economy as a whole. In this second brief of a three-part study of the international...more Publication -
Working Paper No. 475
Capital Stock and Unemployment
August 22, 2006 This paper examines the proposition that capital stock relative to aggregate output has been an important variable in the determination of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) over the...more Publication -
Working Paper No. 474
On the Minskyan Business Cycle
August 21, 2006 The essential insight Minsky drew from Keynes was that optimistic expectations about the future create a margin, reflected in higher asset prices, which makes it possible for borrowers to access...more Publication -
Working Paper No. 473
The American Jewish Periphery
August 20, 2006 This paper calls attention to the American Jewish periphery—Americans of recent Jewish origin who have only the most tenuous connections, if any, with those origins. This periphery has been growing...more Publication -
Working Paper No. 472
The Adequacy of Retirement Resources among the Soon-to-Retire, 1983–2001
August 19, 2006 A central issue confronting soon-to-retire workers (those aged 47–64) is whether they will have command over enough resources (both private and public) to maintain a decent standard of living in...more Publication -
Working Paper No. 471
Population Forecasts, Fiscal Policy, and Risk
August 17, 2006 This paper describes how stochastic population forecasts are used to inform and analyze policies related to government spending on the elderly, mainly in the context of the industrialized nations. The...more Publication -
Working Paper No. 470
Retiree Health Benefit Coverage and Retirement
August 16, 2006 Employer-provided health benefits for workers who retire before age 65 has fallen over the last decade. We examine a cohort of male workers from the Health and Retirement Survey to...more Publication -
Working Paper No. 469
The Changing Role of Employer Pensions
August 11, 2006 By any measure, pension coverage should be at an all-time high: the nation is richer and workers are older. However, the pension world is a paradox, as pension security falls...more Publication -
Working Paper No. 468
Global Demographic Trends and Provisioning for the Future
August 10, 2006 The world’s population is aging. Virtually no nation is immune to this demographic trend and the challenges it brings for future generations. Relative growth of the elderly population is fueling...more Publication