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  Working Paper No. 387

  Measures of the Real GDP of US Trading Partners

  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 in its "broad exchange rate" indexes. These new measures have some important advantages. First, they allow the construction of various income aggregates and sub-aggregates, which […]
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  Working Paper No. 386

  Household Wealth, Public Consumption, and Economic Well-Being in the United States

  *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 Please do not quote or cite without permission.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 flawed because they ignore several crucial determinants of well-being. We examine two such determinants–household wealth and public consumption–in the context of the United States. Our […]
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  Report No. 3

  Report September 2003

  The slowdown in economic growth and rising unemployment in the euro area have revealed serious fault lines in the stability and growth pact governing the zone’s macroeconomic policies. In an editorial, Philip Arestis and Malcolm Sawyer state that the pact threatens to become an “instability and no growth pact,” with the thrust of fiscal and […]
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  Only fiscal activism has the power to counter recession, because central banks are impotent

  Copyright 2003 The Financial Times Limited (London, England) Friday, August 29, 2003; Financial Times; USA Edition; Letters to the Editor Sir, Martin Feldstein (“Fiscal activism would speed a recovery,” August 26) is clearly correct to argue that fiscal activism should be used under current economic circumstances. He is, though, incorrect to suggest that monetary policy […]
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  Europe’s imposed stability, now it has to create growth

  The slowdown in economic growth and rising unemployment in the euro area, with major economies slipping into recession, have revealed serious faultlines in the stability and growth pact governing the euro area’s macroeconomic policies. The pact dictates that budget deficits must not exceed 3% of GDP, with a requirement budgets are in balance or surplus […]
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  Policy Notes No. 4

  Pushing Germany Off the Cliff Edge

  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 up along the way were mere symptoms of persistent macroeconomic mismanagement and protracted stagnation. Since Germany provided the blueprint for Europe’s stability-oriented macroeconomic policy regime, […]
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  Press Release

  Germany’s Deflationary Fiscal and Monetary Policies, Modeled by the EU, Threaten European and Global Growth

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  Public Policy Brief Highlight No. 73

  Asset and Debt Deflation in the United States

  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 poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The downward spiral between the banks and the private […]
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  Public Policy Brief Highlight No. 72

  What Is the American Model Really About?

  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 represents an ideal type—it is the highest form of capitalism. Senior Scholar James K. Galbraith argues, however, that the United States has relied heavily on […]
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  Public Policy Brief No. 73

  Asset and Debt Deflation in the United States

  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 poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The downward spiral between the banks and the private […]
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  Public Policy Brief No. 72

  What Is the American Model Really About?

  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 represents an ideal type—it is the highest form of capitalism. Senior Scholar James K. Galbraith argues, however, that the United States has relied heavily on […]
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  Press Release

  Imbalances in the US Economy Threaten to Undermine Stock Market Rally, According to New Levy Institute Study