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Working Paper No. 387Measures of the Real GDP of US Trading Partners
September 01, 2003 This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 trading partners that are taken into consideration by the Federal Reserve...more Publication -
Working Paper No. 386
Household Wealth, Public Consumption, and Economic Well-Being in the United States
September 01, 2003 *Preliminary draft. Please do not quote or cite without permission. Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously...more Publication -
Working Paper No. 391
Aggregate Demand, Conflict, and Capacity in the Inflationary Process
September 01, 2003 The dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply...more Publication -
Working Paper No. 390
Savings of Entrepreneurs
September 01, 2003 Previous work on entrepreneurship and wealth has documented that entrepreneurial households are wealthier and have higher wealth mobility. However, the literature has not paid attention to the components of wealth...more Publication -
Working Paper No. 389
Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year?
September 01, 2003 When it comes to retirement income policy, there is a general perception that workers have full 40-year working careers before retiring. Further, it is generally assumed that workers with low...more Publication -
Working Paper No. 388
Inflation Targeting
September 01, 2003 Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary...more Publication -
Policy Note No. 4Pushing Germany Off the Cliff Edge
August 20, 2003 Germany’s fiscal crisis cannot be attributed to unification per se; it arose as a consequence of ill-guided macroeconomic policies pursued in response to that event. Many structural problems that popped...more Publication -
Public Policy Brief No. 73Asset and Debt Deflation in the United States
August 03, 2003 In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and...more Publication -
Public Policy Brief No. 72
What Is the American Model Really About?
August 02, 2003 The “American Model” serves as a point of reference in discussions of economic policy around the world, especially in Europe. Many claim that the American version of the free market...more Publication -
Working Paper No. 385
Macroeconomic Policies of the Economic Monetary Union
July 01, 2003 This paper presents two issues: first, an effort to decipher the theoretical and policy framework of the Economic and Monetary Union (EMU); and second, an argument that the challenges to...more Publication -
Working Paper No. 384
Minsky’s Acceleration Channel and the Role of Money
July 01, 2003 Using Minsky (1986), this paper attempts to answer two questions: (1) How does policy affect real and nominal variables? and (2) How should monetary policy be conducted so as to...more Publication -
Working Paper No. 383
Financial Sector Reforms in Developing Countries with Special Reference to Egypt
July 01, 2003 Financial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In several countries financial reforms allowed real interest rates...more Publication -
Policy Note No. 3
Caring for a Large Geriatric Generation
June 01, 2003 The time has more than come to begin planning seriously for the aging of the baby-boom generation. The need for planning goes beyond concerns about the solvency of Social Security...more Publication -
Working Paper No. 379
Is Europe Doomed to Stagnation?
May 01, 2003 This paper challenges the view that external shocks caused Euroland’s 2001 slowdown and subsequent stagnation. Instead, the design of Euroland’s macro policymaking arrangements is found lacking in looking after sufficient...more Publication -
Working Paper No. 378
The Conditions for Sustainable US Recovery
May 01, 2003 The anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new...more Publication -
Working Paper No. 382
The Case for Fiscal Policy
May 01, 2003 This paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand...more Publication -
Working Paper No. 381
Reinventing Fiscal Policy
May 01, 2003 Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates...more Publication -
Working Paper No. 380
How Long Can the US Consumers Carry the Economy on Their Shoulders?
May 01, 2003 The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and...more Publication -
Working Paper No. 377
Finance and Development
April 01, 2003 There are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of...more Publication -
Working Paper No. 376
Mexicans Now, Italians Then
April 01, 2003 This working paper continues earlier efforts to compare the experiences of today’s second-generation Mexican Americans with those of second-generation members of major immigrant groups of a century ago. Here the...more Publication -
Working Paper No. 375
US Workers’ Investment Decisions for Participant-directed Defined Contribution Pension Assets
March 01, 2003 Two issues may have a tremendous impact on the adequacy of retirement income for today’s workers: the growth of 401(k) pension plans and the possible privatization of Social Security. Workers...more Publication -
Strategic AnalysisThe US Economy
March 01, 2003 Right through the boom years prior to 2001, the American economy faced a strategic predicament in that the main engine of growth (credit-financed private spending) was unsustainable, from which it...more Publication -
Working Paper No. 374
The Nature and Role of Monetary Policy When Money Is Endogenous
March 01, 2003 This paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is...more Publication -
Working Paper No. 371
Credibility of Monetary Policy in Four Accession Countries
February 01, 2003 The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov...more Publication