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  Public Policy Brief Highlight No. 63

  The Future of the Euro

  This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the real economy in terms of output growth and employment. Yet despite the fact that the pact […]
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  Working Paper No. 327

  Part-year Operation in 19th Century American Manufacturing

  Using unpublished data contained in samples from the manuscripts of the 1870 and 1880 censuses of manufactures—the earliest comprehensive estimates available—this study examines the extent and correlates of part-year manufacturing during the late 19th century. While the typical manufacturing plant operated full-time, part-year operation was not uncommon; its likelihood of this varied across industries and […]
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  Working Paper No. 326

  Making EMU Work

  This paper investigates the lessons learned from Europe’s convergence process of the 1990s. The paper challenges the conventional focus on labour market institutions and “structural rigidities” as the root cause of Europe’s poor employment record. Instead, it is argued that macroeconomic demand management, particularly monetary policy, played the key role. Concentrating on Germany, the analysis […]
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  Working Paper No. 325

  Endogenous Money in a Coherent Stock-flow Framework

  A method advocated by Wynne Godley to model monetary macroeconomics, is presented. The method, based on a transactions matrix, essentially makes sure that every flow goes somewhere and comes from somewhere, so that there are no black holes. The method is put to use for several purposes: to illustrate the monetary circuit of credit money; […]
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  Working Paper No. 324

  The Causes of Euro Instability

  This paper examines the causes of the general decline in the value of the euro. First, it assesses the various explanations proffered in existing literature, and then it offers a more satisfactory one. The argument prevalent in the literature that the decline in value of the euro is due to “US strength” rather than to […]
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  Working Paper No. 323

  Easy Money through the Back Door

  This paper assesses the performance of the European Central Bank (ECB) over the first two years of Europe’s new policy regime. The verdict is that the ECB was not actually in charge, as the markets took over and imposed easy money on the euro zone. It is argued that the causes for the ECB’s loss […]
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  Working Paper No. 322

  Will the Euro Bring Economic Crisis to Europe?

  It has been argued that the eurozone will face considerable economic difficulties. These will take a number of forms, two of which could qualify as “crises.” First, the euro was launched at a time when unemployment levels were high (10 percent of the workforce) and disparities in the experience of unemployment and standards of living […]
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  Public Policy Brief No. 63

  The Future of the Euro

  This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the real economy in terms of output growth and employment. Yet despite the fact that the pact […]
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  Policy Notes No. 3

  Financing Health Care

  The problem is that the payers of health care—government and employers alike—are in open revolt against costs they never anticipated would become so high. Payers succeeded for a time in limiting increases to rises in the general price level. But it is one thing to remedy the most glaring inefficiencies in the system—to pick, as […]
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  Report No. 1

  Report March 2001

  In this issue’s editorial, Senior Scholar James K. Galbraith predicts that the recent rise in wage inequality will lead to an economic slowdown in the United States. Contents: Editorial: "Inequality Ticks Up, Bringing Bad News for the Economy" (James K. Galbraith) * New Public Policy Briefs: Is There a Skills Crisis? * The Future of […]
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  Policy Notes No. 2

  Fiscal Policy for the Coming Recession

  Growing government surpluses, a ballooning trade deficit, and the resulting growth in private sector debt have placed the United States’ economy in a precarious position. Papadimitriou and Wray agree with President Bush that fiscal stimulus is necessary to reinvigorate the economy; in the current economic environment, monetary policy will not work. However, a tax cut […]
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  Book Series

  Corporate Governance and Sustainable Prosperity

  How can we explain the persistent worsening of the income distribution in the United States in the 1980s and 1990s? What are the prospects for the reemergence of sustainable prosperity in the American economy over the next generation? In addressing these issues, this book focuses on the microeconomics of corporate investment behavior, especially as reflected […]