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Working Paper No. 584The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
February 03, 2010 This paper investigates the United States dollar’s role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007–09,...more Publication -
Public Policy Brief No. 108Why President Obama Should Care About “Care”: An Effective and Equitable Investment Strategy for Job Creation
February 01, 2010 In his State of the Union address President Obama acknowledged that “our most urgent task is job creation”—that a move toward full employment will lay the foundation for long-term economic...more Publication -
Public Policy Brief No. 107
No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
January 22, 2010 The purpose of the 1933 Banking Act—aka Glass-Steagall—was to prevent the exposure of commercial banks to the risks of investment banking and to ensure stability of the financial system. A...more Publication -
Policy Note No. 11Observations on the Problem of “Too Big to Fail/Save/Resolve”
December 22, 2009 Past experience suggests that multifunctional banking is the leading source of financial crisis, while large bank size contributes to contagion and systemic risk. This indicates that resolving large banks will...more Publication -
Strategic AnalysisSustaining Recovery: Medium-term Prospects and Policies for the US Economy
December 03, 2009 Though recent market activity and housing reports give some warrant for optimism, United States economic growth was only 2.8 percent in the third quarter, and the unemployment rate is still...more Publication -
Public Policy Brief No. 106
Can Euroland Survive?
November 17, 2009 Social unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this...more Publication -
Research Project ReportHas Progress Been Made in Alleviating Racial Economic Inequality?
November 16, 2009 Reports of a postracial society may be premature. Studies continue to show wide racial gaps in income and, especially, wealth; although there is some evidence that income gaps have shrunk...more Publication -
Working Paper No. 583
The Euro and Its Guardian of Stability
November 08, 2009 This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks,...more Publication -
Working Paper No. 582
Minsky Moments, Russell Chickens, and Gray Swans
November 04, 2009 The recent revival of Hyman P. Minsky’s ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a...more Publication -
Public Policy Brief No. 105
It Isn’t Working: Time for More Radical Policies
October 28, 2009 The Obama administration has implemented several policies to “jump-start” the American economy—efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy...more Publication -
Policy Note No. 10
Fiscal Stimulus, Job Creation, and the Economy
October 15, 2009 As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and...more Publication -
Working Paper No. 581
Lessons from the New Deal
October 14, 2009 Since the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key...more Publication -
Working Paper No. 580
An Alternative View of Finance, Saving, Deficits, and Liquidity
October 13, 2009 This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first...more Publication -
Working Paper No. 579
A Perspective on Minsky Moments
October 12, 2009 This paper aims to help bridge the gap between theory and fact regarding the so-called “Minsky moments” by revisiting the “financial instability hypothesis” (FIH). We limit the analysis to the...more Publication -
Policy Note No. 9
Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
October 05, 2009 Oblivious to any lessons that might have been learned from the global financial mess it has created, Wall Street is looking for the next asset bubble. Perhaps in the market...more Publication -
Working Paper No. 578
Money Manager Capitalism and the Global Financial Crisis
September 24, 2009 This paper applies Hyman Minsky’s approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the...more Publication -
Working Paper No. 577
Explaining the Gender Wage Gap in Georgia
September 21, 2009 This paper evaluates gender wage differentials in Georgia between 2000 and 2004. Using ordinary least squares, we find that the gender wage gap in Georgia is substantially higher than in...more Publication -
Working Paper No. 576
A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
September 09, 2009 This paper investigates the relationship between asset markets and business cycles with regard to the US economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of...more Publication -
Working Paper No. 575
Market Failure and Land Concentration
August 30, 2009 Utilizing a 2002 household-level World Bank Survey for rural Turkey, this paper explores the link between concentration of land ownership and rural factor markets. We construct a unique index that...more Publication -
Public Policy Brief No. 104
The New New Deal Fracas
August 28, 2009 A wave of revisionist work claims that “anticompetitive” New Deal legislation such as the National Industrial Recovery Act (NIRA) and the National Labor Relations Act (NLRA) greatly slowed the recovery...more Publication -
Public Policy Brief No. 103
Financial and Monetary Issues as the Crisis Unfolds
August 21, 2009 A group of experts associated with the Economists for Peace and Security and the Initiative for Rethinking the Economy met recently in Paris to discuss financial and monetary issues; their...more Publication -
Public Policy Brief No. 102
The Global Crisis and the Implications for Developing Countries and the BRICs
August 20, 2009 The term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China–a class of middle-income emerging market economies of relatively...more Publication -
Working Paper No. 574
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part IV
August 19, 2009 This four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and...more Publication -
Working Paper No. 574
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part III
August 18, 2009 This four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and...more Publication