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  Working Paper No. 296

  An Alternative Stability Pact for the European Union

  This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a “single market” within the EU. The alternative pact embraces a number of new aspects of integration within the EU that are based on a different monetary analysis (different from that […]
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  Policy Notes No. 3

  Welfare College Students

  The rules and regulations that were developed to reduce welfare rolls through immediate employment discourage the achievement of economic independence through the pursuit of higher education.
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  Report No. 1

  Report March 2000

  Senior Scholar James K. Galbraith discusses what is perhaps the most important economic question facing the United States today: Are President Clinton’s fiscal policies sustainable, or are changes needed to keep the current expansion going? A new Strategic Analysis by Distinguished Scholar Wynne Godley examines recent trends and prospects for the trade deficit, debt, and […]
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  Policy Notes No. 2

  Is the New Economy Rewriting the Rules?

  Full employment without inflation can continue—with the right leadership, prudent policy changes to manage the dangers, and cooperation from all branches of the government.
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  Public Policy Brief Highlight No. 59

  Financing Long-Term

  The nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of that care is paid for privately (out-of-pocket or through private insurance). Most is financed through Medicaid, the program that is intended to ensure medical care […]
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  Public Policy Brief No. 59

  Financing Long-Term Care

  The nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of that care is paid for privately (out-of-pocket or through private insurance). Most is financed through Medicaid, the program that is intended to ensure medical care […]
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  Working Paper No. 295

  Is There a Skills Crisis?

  Many economists and other social scientists and policy makers believe that the growth in inequality in the last two decades reflects mostly an imbalance between the demand for and the supply of employee skills driven by technological change, particularly the spread of computers. However, the empirical basis for this belief is not strong. The growth […]
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  Working Paper No. 294

  The Brazilian Crisis

  This paper argues that the Brazilian crisis differs from the standard Minsky crisis in that it is Brazil’s government that is engaging in Ponzi financing while private sector balance sheets are relatively robust. However, attempts to stabilize the economy through high interest rates and expenditure cuts may quickly produce private sector fragility. This is the […]
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  Summary No. 4

  Summary Fall 2000

  New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, “Why Does the Fed Want Slower Growth?”), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne […]
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  Summary No. 3

  Summary Summer 2000

  Summaries of the sessions held at the 10th Annual Hyman P. Minsky Conference on Financial Structure examine the problems and prospects of the liberalization of financial markets.   Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure: Liberalization of Financial Markets · Is the New Economy Rewriting the Rules? · The Views of Jerome […]
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  Summary No. 2

  Summary Spring 2000

  The Spring Summary leads off with Senior Scholar Edward N. Wolff’s report on his new research project: an in-depth empirical examination of the long-term effects of technological change on earnings, inequality, and employment in the United States.   Contents: New Research Project: Long-Term Effects of Technological Change on Earnings, Inequality, and Labor Demand · Notes […]
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  Policy Notes No. 1

  Explaining the US Trade Deficit

  Conventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the contrary, it is absolute cost advantages that determine competition between countries, just as they determine the relative price of two sets of goods within one […]