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BlogWhen Monetary Policy Pushes Hard
November 09, 2010 With the recent announcement of QE2 (quantitative easing 2), the Federal Reserve’s new round of long-maturity asset purchases, it is worth looking at some of the effects of QE1. In November 2008, the Fed announced large-scale purchases of mortgage-backed securities and debt issued by the GSEs. Its securities holdings began to climb sharply in early [...] Blog -
Blog
A Minskian Explanation of the Causes of the Current Crisis
November 05, 2010 In recent weeks, the explanation for the financial and economic crisis that has gripped the world economy has shifted sharply from deregulation and lack of governmental oversight of financial institutions to fraud and criminal activity. In truth, the US Federal Bureau of Investigation began to warn of an “epidemic” of mortgage fraud back in 2004, [...] Blog -
Working Paper No. 634How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself
November 03, 2010 The post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure, and living standards. In the sphere of...more Publication -
Working Paper No. 633
Immigrant Parents’ Attributes versus Discrimination
November 02, 2010 There is much interest in explaining the persistent ethnic gaps in education among Israeli Jews; specifically, the much lower attainments of those from Asian and African countries compared to the...more Publication -
Blog
Something from the Bookshelf
November 01, 2010 I’ve emerged this morning to report on some of what’s transpired recently. I’m not referring to whatever might have happened yesterday and overnight at major centers of research in neoclassical macroeconomics, such as the University of Minnesota. I’m referring to a new book by John Quiggin entitled Zombie Economics: How Dead Ideas Still Walk Among [...] Blog -
Working Paper No. 632
The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy
November 01, 2010 This paper investigates private net saving in the US economy—divided into its principal components, households and (nonfinancial) corporate financial balances—and its impact on the GDP cycle from the 1980s to...more Publication -
Working Paper No. 631
Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
October 31, 2010 This paper explores the degree of structural change of the Philippine economy using the input-output framework. It examines how linkages among economic sectors evolved over 1979–2000, and identifies which economic...more Publication -
Public Policy Brief No. 116An Alternative Perspective on Global Imbalances and International Reserve Currencies
October 28, 2010 The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well...more Publication -
Working Paper No. 630
Managing Finance in Emerging Economies
October 26, 2010 India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has...more Publication -
Working Paper No. 629
The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
October 25, 2010 This paper examines the growth experience of the Central Asian economies after the breakup of the Soviet Union. In particular, it evaluates the impact of being landlocked and resource rich....more Publication -
Policy Note No. 3Why the IMF Meetings Failed, and the Coming Capital Controls
October 22, 2010 The global financial breakdown is part of the price to be paid for the refusal of the Federal Reserve and Treasury to accept a prime axiom of banking: debts that...more Publication -
Working Paper No. 628
The Role of Trade Facilitation in Central Asia
October 21, 2010 With a decrease in formal trade barriers, trade facilitation has come into prominence as a policy tool for promoting trade. In this paper, we use a gravity model to examine...more Publication -
Working Paper No. 627
The Transition from Industrial Capitalism to a Financialized Bubble Economy
October 19, 2010 For the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading...more Publication -
Working Paper No. 626
Technical Change in India’s Organized Manufacturing Sector
October 11, 2010 We use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e.,...more Publication -
Working Paper No. 625
A Post Keynesian Perspective on the Rise of Central Bank Independence
October 10, 2010 This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late...more Publication -
Working Paper No. 624
A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
September 30, 2010 We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of...more Publication -
Working Paper No. 623
The Meltdown of the Global Economy
September 28, 2010 The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues...more Publication -
Working Paper No. 622
Innocent Frauds Meet Goodhart’s Law in Monetary Policy
September 27, 2010 This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith’s “innocent fraud,” including the idea that money is a thing rather than a relationship, the fallacy of...more Publication -
Working Paper No. 621
Gendered Aspects of Globalization
September 25, 2010 We need to go beyond the accepted notions relating to the role of women in the economy and society, especially in terms of what is recognized in mainstream theory and...more Publication -
Blog
A moment to remember Hyman Minsky
September 23, 2010 Hyman P. Minsky, the renowned financial economist, macroeconomist, and Levy Institute distinguished scholar, was born 91 years ago today. A short bio of Minsky, along with links to many of his publications, can be found here. Minsky’s papers are collected at the Minsky Archive, which is housed at the institute. In April, we will be [...] Blog -
Working Paper No. 620
Measuring Poverty Using Both Income and Wealth
September 20, 2010 This paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been proposed in the literature. Two types of approaches are considered: those...more Publication -
Working Paper No. 619
Asia and the Global Crisis
September 19, 2010 The global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009...more Publication -
Working Paper No. 618
Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
September 16, 2010 The quality of match of four statistical matches used in the LIMEW estimates for the United States for 1992 and 2007 is described. The first match combines the 1992 Survey...more Publication -
Working Paper No. 617
How to Sustain the Chinese Economic Miracle?
September 15, 2010 This paper investigates China’s role in creating global imbalances, and the related call for a massive renminbi revaluation as a (supposed) panacea to forestall their reemergence as the world economy...more Publication