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  Policy Note No. 7

  The Future of the Dollar

  December 01, 2003 The big question is whether the dollar—the world’s reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States...more Publication
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  Working Paper No. 397

  Financial Globalization and Regulation

  December 01, 2003 This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed...more Publication
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  Public Policy Brief No. 75

  Is Financial Globalization Truly Global?

  December 01, 2003 In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together...more Publication
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  Working Paper No. 396

  The Evolution of Wealth Inequality in Canada

  November 01, 2003 Using data from the Assets and Debts Survey of 1984 and the Survey of Financial Security of 1999, the authors document the evolution of wealth inequality in Canada between 1984...more Publication
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  Working Paper No. 395

  On Household Wealth Trends in Sweden over the 1990s

  November 01, 2003 Influenced by major tax reform in the early 1990s and by the exceptional boom in the stock market at the end of that decade, overall wealth in Swedish households increased....more Publication
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  Public Policy Brief No. 74

  Understanding Deflation

  November 01, 2003 Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring...more Publication
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  Working Paper No. 394

  Wealth Transfer Taxation

  November 01, 2003 The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure...more Publication
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  Working Paper No. 393

  A Rolling Tide

  November 01, 2003 From 1989 to 2001, wealth in real terms increased overall among families in the United States. But characterizing distributional changes is much more complex; it depends on the specific questions...more Publication
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  Working Paper No. 392

  Understanding Deflation

  October 01, 2003 Deflation can be defined as a falling general price level utilizing one of the common price indices.the consumer price index; the GDP deflator or other, narrower indices as the wholesale...more Publication
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  Strategic Analysis

  Deficits, Debts, and Growth

  October 01, 2003 These are fast-moving times. Two years ago, the Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. Within a year, the projected...more Publication
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  Policy Note No. 6

  Is International Growth the Way Out of US Current Account Deficits?

  September 03, 2003 The current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over...more Publication
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  Policy Note No. 5

  Deflation Worries

  September 02, 2003 For the first time since the 1930s, many worry that the world’s economy faces the prospect of deflation—accompanied by massive job losses—on a global scale. In a rather hopeful sign,...more Publication
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  Working Paper No. 391

  Aggregate Demand, Conflict, and Capacity in the Inflationary Process

  September 01, 2003 The dominant view relating to unemployment and inflation is that inflation will be constant at a level of unemployment (the nonaccelerating inflation rate of unemployment, NAIRU) determined on the supply...more Publication
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  Working Paper No. 390

  Savings of Entrepreneurs

  September 01, 2003 Previous work on entrepreneurship and wealth has documented that entrepreneurial households are wealthier and have higher wealth mobility. However, the literature has not paid attention to the components of wealth...more Publication
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  Working Paper No. 389

  Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year?

  September 01, 2003 When it comes to retirement income policy, there is a general perception that workers have full 40-year working careers before retiring. Further, it is generally assumed that workers with low...more Publication
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  Working Paper No. 388

  Inflation Targeting

  September 01, 2003 Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary...more Publication
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  Working Paper No. 387

  Measures of the Real GDP of US Trading Partners

  September 01, 2003 This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 trading partners that are taken into consideration by the Federal Reserve...more Publication
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  Working Paper No. 386

  Household Wealth, Public Consumption, and Economic Well-Being in the United States

  September 01, 2003 *Preliminary draft. Please do not quote or cite without permission. Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously...more Publication
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  Policy Note No. 4

  Pushing Germany Off the Cliff Edge

  August 20, 2003 Germany’s fiscal crisis cannot be attributed to unification per se; it arose as a consequence of ill-guided macroeconomic policies pursued in response to that event. Many structural problems that popped...more Publication
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  Public Policy Brief No. 73

  Asset and Debt Deflation in the United States

  August 03, 2003 In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and...more Publication
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  Public Policy Brief No. 72

  What Is the American Model Really About?

  August 02, 2003 The “American Model” serves as a point of reference in discussions of economic policy around the world, especially in Europe. Many claim that the American version of the free market...more Publication
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  Working Paper No. 384

  Minsky’s Acceleration Channel and the Role of Money

  July 01, 2003 Using Minsky (1986), this paper attempts to answer two questions: (1) How does policy affect real and nominal variables? and (2) How should monetary policy be conducted so as to...more Publication
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  Working Paper No. 383

  Financial Sector Reforms in Developing Countries with Special Reference to Egypt

  July 01, 2003 Financial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In several countries financial reforms allowed real interest rates...more Publication
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  Working Paper No. 385

  Macroeconomic Policies of the Economic Monetary Union

  July 01, 2003 This paper presents two issues: first, an effort to decipher the theoretical and policy framework of the Economic and Monetary Union (EMU); and second, an argument that the challenges to...more Publication