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Working Paper No. 263From Common Market to EMU
February 01, 1999 This paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of...more Publication -
Working Paper No. 262
The 1966 Financial Crisis
January 01, 1999 The so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis and one that required the first important intervention by the Federal Reserve Bank....more Publication -
Working Paper No. 261
Theories of Value and the Monetary Theory of Production
January 01, 1999 This paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed...more Publication -
Policy Note No. 1How Negative Can US Saving Get?
January 01, 1999 In 1998 the volume of private spending in the United States rose by almost twice the increase in disposable income. The impact of this excess private spending financed by increased...more Publication -
Strategic AnalysisSeven Unsustainable Processes
January 01, 1999 The purpose of this Strategic Analysis is not to make short-term predictions about the life expectancy of the current economic expansion in the United States, but to determine if the...more Publication -
Public Policy Brief No. 49Corporate Governance in Germany
December 10, 1998 The postwar system of corporate governance in Germany is being threatened by the failure of some industries to maintain their competitive position (with resulting significant job losses) and pressures for...more Publication -
Public Policy Brief No. 48
Japanese Corporate Governance and Strategy
December 09, 1998 Despite the crisis in the Japanese financial sector, prolonged recession, and competitive challenges, Japan’s formidable productive system remains strong. Nevertheless, the system of corporate governance, which has pursued a strategy...more Publication -
Public Policy Brief No. 47
Regulating HMOs
December 09, 1998 HMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation...more Publication -
Working Paper No. 260
Government Spending and Growth Cycles
December 01, 1998 In this paper the impact of fiscal policy is analyzed within the context of an endogenous growth and cycles model. The investigation shows the different situations in which government expenditure...more Publication -
Working Paper No. 259
Constructing Long and Dense Time-Series of Inequality Using the Theil Index
December 01, 1998 Year-to-year economy-wide measures of income distribution, such as the Gini coefficient, are rarely available for long periods except in a few developed countries, and as a result few analyses of...more Publication -
Working Paper No. 258
(Full) Employment Policy
December 01, 1998 In 1998, the United States’ unemployment rate was at its lowest level since the late 1960s. Yet the nation’s employment problem is still far from solved. Although many economists assume...more Publication -
Public Policy Brief No. 46
Self-Reliance and Poverty
November 08, 1998 The United States’ official poverty measure defines the poor in terms of a family’s actual, yearly cash income relative to an estimate of the income needed to sustain a minimally...more Publication -
Working Paper No. 257
Is Keynesianism Institutionalist?
November 01, 1998 This paper poses that the one commonality between institutionalist thought and Keynesianism (as presented in his General Theory) was money. Tracing the origins and uses of money, the myth of...more Publication -
Working Paper No. 256
The Minimum Wage in Historical Perspective
November 01, 1998 During the Progressive period of American history the debate over the minimum wage was often between those who clung to traditional economic theory as a reason for not having a...more Publication -
Public Policy Brief No. 45
Did the Clinton Rising Tide Raise All Boats?
October 07, 1998 During the recent robust expansion only 700,000 of the almost 12 million jobs created went to the half of the population that does not have at least some college education....more Publication -
Working Paper No. 254
Toward a New Instrumental Macroeconomics
October 01, 1998 This paper argues that the ideas of Abba Lerner and Adolph Lowe contain overlapping and complementary insights and themes that may contribute to the development of a new approach to...more Publication -
Working Paper No. 253
Finance and the Macroeconomic Process in a Classical Growth and Cycle Model
October 01, 1998 The aim of this paper is to derive an endogenous growth and cycles model that integrates sectoral incomes, expenditures, and finance requirements into an ex ante social accounting matrix (SAM)...more Publication -
Working Paper No. 255
Economic Time
October 01, 1998 This paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are...more Publication -
Public Policy Brief No. 44
The Asian Disease: Plausible Diagnoses, Possible Remedies
September 06, 1998 Asia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis...more Publication -
Public Policy Brief No. 43
How Big Should the Public Capital Stock Be?
September 05, 1998 Investment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax...more Publication -
Working Paper No. 252
Modern Money
September 01, 1998 All modern economies have a “chartalist” or “state” money, as acknowledged by Friedrich Knapp and John Maynard Keynes. In this paper, I examine the “history” of money to shed light...more Publication -
Working Paper No. 251
Paul Davidson’s Economics
September 01, 1998 Paul Davidson is one of the best known and most influential post-Keynesian economists. He has insisted throughout his career that economists should focus on real-world problems and that the purpose...more Publication -
Working Paper No. 250
Explaining Long-Term Exchange Rate Behavior in the United States and Japan
September 01, 1998 Conventional exchange rate models are based on the fundamental hypothesis that, in the long run, real exchange rates will move in such a way as to make countries equally competitive....more Publication -
Public Policy Brief No. 42
Automatic Adjustment of the Minimum Wage
August 04, 1998 The fact that every change in the minimum wage requires an act of Congress means that debate over the wisdom of having a minimum is repeatedly returned to the political...more Publication