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Working Paper No. 567Revisiting (and Connecting) Marglin-Bhaduri and Minsky
June 01, 2009 Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models...more Publication -
Policy Note No. 8Some Simple Observations on the Reform of the International Monetary System
June 01, 2009 The demand for reform of the financial system has focused on the dollar’s loss of international purchasing power (the Triffin dilemma) and its substitution by an international reserve currency that...more Publication -
Policy Note No. 7
“Enforced Indebtedness” and Capital Adequacy Requirements
May 28, 2009 The capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its...more Publication -
Working Paper No. 566
Caste and Wealth Inequality in India
May 20, 2009 In this paper, we conduct the novel exercise of analyzing the relationship between overall wealth inequality and caste divisions in India using nationally representative surveys on household wealth conducted during...more Publication -
Working Paper No. 565
Housing Inequality in the United States
May 19, 2009 In recent years, as the homeownership rate in the United States reached its highest level in history, homeownership itself remained unevenly distributed, particularly along racial and ethnic lines. By using...more Publication -
Working Paper No. 564
New Consensus Macroeconomics: A Critical Appraisal
May 14, 2009 This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking...more Publication -
Working Paper No. 563
Whither New Consensus Macroeconomics?
May 13, 2009 In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the...more Publication -
Policy Note No. 6
The “Unintended Consequences” Game
May 11, 2009 A simple consideration of history tells us that each new piece of legislation contains loopholes that benefit a new class of entrepreneurs; some of these loopholes are small, but others...more Publication -
Working Paper No. 562
The Current Economic and Financial Crisis
May 08, 2009 Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis—often...more Publication -
Working Paper No. 561
The Return of the State: The New Investment Paradigm
May 06, 2009 To save America—indeed, the global economy as a whole—the private/public sector balance has to shift, and the neoliberal economic model on which the country has been based for the past...more Publication -
Research Project ReportNew Estimates of Economic Inequality in America, 1959—2004
April 09, 2009 In this latest LIMEW report, the authors present new evidence on the pattern of economic inequality in the United States that indicates higher inequality in 2004 than in 1959. According...more Publication -
Policy Note No. 5
A Proposal for a Federal Employment Reserve Authority
April 09, 2009 There is already considerable talk about the possible need for a massive public works program in response to the deepening recession and rising unemployment; however, an ad hoc emergency approach...more Publication -
Strategic AnalysisRecent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover
April 09, 2009 Federal government and Federal Reserve (Fed) liabilities rose sharply in 2008. Who holds these new liabilities, and what effects will they have on the economy? Some economists and politicians warn...more Publication -
Public Policy Brief No. 100It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
April 08, 2009 The Federal Reserve’s response to the current financial crisis has been praised because it introduced a zero interest rate policy more rapidly than the Bank of Japan (during the Japanese...more Publication -
Policy Note No. 4
A Crisis in Coordination and Competence
April 08, 2009 The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale...more Publication -
Working Paper No. 560
The Social and Economic Importance of Full Employment
April 06, 2009 Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults:...more Publication -
Strategic Analysis
A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
April 02, 2009 In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of...more Publication -
Working Paper No. 559
Labor-market Performance in the OECD
April 02, 2009 In this paper we assess the evolution of labor-market performance in the Organisation for Economic Co-operation and Development (OECD) over the last decade. We provide a survey of the literature...more Publication -
Working Paper No. 558
Managing the Impact of Volatility in International Capital Markets in an Uncertain World
April 01, 2009 International financial flows are the propagation mechanism for transmitting financial instability across borders; they are also the source of unsustainable external debt. Managing volatility thus requires institutions that promote domestic...more Publication -
Policy Note No. 3
An Assessment of the Credit Crisis Solutions
March 27, 2009 All of the various schemes that have been put forward to resolve the current credit crisis follow either the “business as usual” or the “good bank” model. The “business as...more Publication -
Policy Note No. 2
What Role for Central Banks in View of the Current Crisis?
March 25, 2009 Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are...more Publication -
Working Paper No. 557
Background Considerations to a Regulation of the US Financial System
March 19, 2009 United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated...more Publication -
Public Policy Brief No. 99
The Return of Big Government: Policy Advice for President Obama
March 09, 2009 In the current global financial crisis, economists and policymakers have reembraced Big Government as a means of preventing the reoccurrence of a debt-deflation depression. The danger, however, is that policy...more Publication -
Public Policy Brief No. 98
The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare
February 19, 2009 The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to “intergenerational accounting”—which purports to calculate the debt burden our generation will leave for future generations—and...more Publication