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Working Paper No. 150
Proposals for Changing the Functions of the International Monetary Fund (IMF)
The 50th anniversary of the signing of the Articles of Agreement of the International Monetary Fund (IMF) and the World Bank was celebrated at meetings in Washington, DC: at Bretton Woods, New Hampshire; and at the Annual Meeting of the Boards of Governors of the two institutions held in Madrid. The many addresses at the […]
Working Paper No. 149
Biennial Budgeting for the Federal Government
A two-year budget and appropriations cycle at the federal level has been endorsed by Republicans and Democrats during the past 20 years. The first congressional proposal for a federal biennial budget appeared in the late 1970s, and several others have since been submitted. There are two dominant models for a biennial budget: the stretch model, […]
Book Series
Income and Employment in Theory and Practice
The essays in this volume were written by colleagues and friends of the late Athanasios (Tom) Asimakopulos. They relate to those areas to which he contributed so much in his teaching and his writings. Most of the essays are concerned with interpretations and extensions, both theoretical and empirical, of the work of Keynes, Kalecki, and […]
Working Paper No. 148
Does an Independent Central Bank Violate Democracy?
The question of central bank independence is one of degree. A completely independent central bank is impossible as long as a country has provisions for altering central bank powers, even if that requires constitutional amendments. On the other hand, any central bank has at least some discretion in monetary policy unless it is either in […]
Working Paper No. 147
Capital Gains Tax Cuts, Investment, and Growth
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Public Policy Brief No. 23
A Critical Imbalance in US Trade
According to Wynne Godley, the significance of the deficit in the United States’ balance of payments has been underestimated in both public policy and academic discussions, despite the fact that American markets are increasingly dominated by foreign manufacturers. Godley analyzes the problem posed by the current balance of payments deficit. Breaking down the current account […]
Public Policy Brief No. 22
Closing the R&D Gap
Both spending and tax policies have been implemented in the United States with the goal of stimulating private sector research and development (R&D). Thomas Karier questions whether current R&D policy, especially the research and experimentation tax credit, can contribute to closing the gap between nondefense expenditures on R&D in the United States and such expenditures […]
Working Paper No. 146
The Stock Market and the Corporate Sector
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Working Paper No. 145
Financial Derivatives
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Working Paper No. 144
The Distributional Effects of Disinflationary Monetary Policy
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Working Paper No. 143
The Productivity Effects of Human Resource Management Practices
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Public Policy Brief No. 21
The Consolidated Assistance Program
In this brief, Oren M. Levin-Waldman examines the structure of existing welfare programs and concludes that the current array of benefits could be synchronized and consolidated to create a new system that would provide economic incentives to work. He suggests combining elements of the earned income tax credit (EITC) and current welfare programs into one […]