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Policy Notes No. 4Μια δεκαετία στασιμότητας των μισθών
Στα τέλη της δεκαετίας του 1990, τα χαμηλά ποσοστά ανεργίας, οι αυξήσεις του κατώτατου μισθού και οι βελτιώσεις στην παραγωγικότητα της εργασίας συνέβαλαν στην άνοδο των μισθών, που μεταφράστηκε σε μια αθροιστική αύξηση των πραγματικών μισθών της τάξης του 12,4% από τα τέλη της δεκαετίας του 1990 μέχρι το 2002. Οι πραγματικοί μισθοί έμειναν στάσιμοι […] -
Working Paper No. 807Income Distribution Macroeconomics
Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into the macroeconomic effects of income distribution. The cost of modifying existing models is low compared to the benefits. We find, analytically, that (1) the multiplier […] -
Public Policy Brief No. 134A Sustainable Monetary Framework for an Independent Scotland
This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s economic sovereignty and its future relationship to the UK will need to be made, particularly with respect to the question of its currency. As the […] -
Public Policy Brief No. 134
Ένα βιώσιμο νομισματικό πλαίσιο μιας ανεξάρτητης Σκωτίας
Οι ψηφοφόροι στη Σκωτία θα αποφασίσουν το Σεπτέμβριο αν θα παραμείνουν στο Ηνωμένο Βασίλειο. Αν ψηφίσουν υπέρ της ανεξαρτησίας, θα πρέπει να γίνουν στρατηγικής σημασίας επιλογές που αφορούν την έκταση της οικονομικής κυριαρχίας της Σκωτίας και τη μελλοντική της σχέση με το Ηνωμένο Βασίλειο. Με φόντο την καταστροφή στην ευρωζώνη, είναι σημαντικό να γίνουν οι […] -
Working Paper No. 806
The Great Recession and Unpaid Work Time in the United States
Poverty status is an important factor influencing household production and the unpaid work time associated with it due to the role of household production as a coping strategy in mitigating the impact of economic downturns. In this paper, we examine the presence of poverty-based asymmetries in the unpaid work time changes of men and women […] -
Working Paper No. 805
What Do We Know About the Labor Share and the Profit Share? Part III
Economic theory frequently assumes constant factor shares and often treats the topic as secondary. We will show that this is a mistake by deriving the first high-frequency measure of the US labor share for the whole economy. We find that the labor share has held remarkably steady indeed, but that the quasi-stability masks a sizable […] -
Press ReleaseOfficial Measurements Significantly Underestimate Extent and Severity of Poverty in Turkey, New Levy Study Says
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MME, May 25, 2014
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Η ανισότητα βάζει χειρόφρενο στην ανάπτυξη
Enet.gr, 5 Μαΐου 2014. Με επιφύλαξη παντός δικαιώματος. Η μελέτη του ινστιτούτου Levy για την ανισότητα στις ΗΠΑ θεωρεί ιδιαίτερα επικίνδυνη την ώθηση της τάσης προς τον ιδιωτικό δανεισμό για την επιτάχυνση της οικονομικής ανάπτυξης, δεδομένου ότι η κατανομή του εισοδήματος στις ΗΠΑ έχει λάβει εκρηκτικά άνισες διαστάσεις Η ανισότητα έχει εξελιχθεί σε ένα από […] -
Working Paper No. 804
What Do We Know About the Labor Share and the Profit Share? Part II
In this second part of our study we survey the rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international trade, and financialization. All contribute to the fluctuations of the labor share, and there is a significant amount of self-reinforcement among these factors. For the […] -
Working Paper No. 803
What Do We Know About the Labor Share and the Profit Share? Part I
This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income—the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the relative shares while others provide a demand-driven explanation (Keynes, Kalecki, Kaldor, Goodwin). Two questions […] -
Working Paper No. 802
Shadow Banking
Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. Many want central banks to embrace this expanded role as “market maker of last resort” going forward. This would provide a liquidity backstop for […]