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  Working Paper No. 374

  The Nature and Role of Monetary Policy When Money Is Endogenous

  March 01, 2003 This paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is...more Publication
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  Working Paper No. 373

  Does Trade Promote Gender Wage Equity?

  February 01, 2003 This study explores the impact of competition from international trade on the gender wage gap in Taiwan and South Korea between 1980 and 1999. The dynamic implications of Becker’s 1959...more Publication
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  Working Paper No. 372

  The Levy Institute Measure of Economic Well-Being

  February 01, 2003 Our measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The...more Publication
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  Working Paper No. 371

  Credibility of Monetary Policy in Four Accession Countries

  February 01, 2003 The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov...more Publication
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  Policy Note No. 2

  Reforming the Euro’s Institutional Framework

  February 01, 2003 The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of...more Publication
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  Public Policy Brief No. 71

  Can Monetary Policy Affect the Real Economy?

  January 04, 2003 Central bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many...more Publication
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  Working Paper No. 369

  On the Effectiveness of Monetary Policy and Fiscal Policy

  January 01, 2003 Within the framework of macroeconomic policy and theory over the past 20 years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal...more Publication
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  Policy Note No. 1

  The Big Fix

  January 01, 2003 Keynesian economics is back. As John Maynard Keynes stressed, total spending matters—and not who does it or for what purpose. Tax cuts and deficit spending are, therefore, on the agenda;...more Publication
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  Working Paper No. 368

  How Far Can US Equity Prices Fall under Asset and Debt Deflation

  January 01, 2003 Equity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in...more Publication
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  Working Paper No. 370

  Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis

  January 01, 2003 This paper examines whether, during the 1997 East Asian crisis, there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea, and Malaysia) to a number...more Publication
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  Working Paper No. 367

  The Persistence of Hardship over the Life Course

  December 01, 2002 This paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (for...more Publication
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  Working Paper No. 366

  Why the Tobin Tax Can Be Stabilizing

  December 01, 2002 This paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially...more Publication
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  Working Paper No. 365

  Is There an American Way of Aging?

  December 01, 2002 This study examines income dynamics during individuals’ first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or...more Publication
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  Working Paper No. 364

  “New Consensus,” New Keynesianism, and the Economics of the “Third Way”

  December 01, 2002 In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third...more Publication
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  Working Paper No. 363

  Does the Stock of Money Have Any Causal Significance?

  December 01, 2002 Recent developments in macroeconomics, and in economic policy in general, have produced a “new consensus” economy-wide model. In this model, the stock of money does not play any causal role,...more Publication
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  Public Policy Brief No. 70

  Physician Incentives In Managed Care Organizations

  November 03, 2002 This brief considers the interaction between physician incentive systems and product market competition in the delivery of medical services via managed care organizations. At the center of the analysis is...more Publication
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  Public Policy Brief No. 69

  Should Banks Be “Narrowed”?

  November 02, 2002 In this brief, Biagio Bossone of the International Monetary Fund evaluates narrow banking from the perspective of modern theories of financial intermediation. These theories portray the status quo banking system...more Publication
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  Working Paper No. 361

  Credibility of EMS Interest Rate Policies

  November 01, 2002 The primary objective of this paper is to use the Markov regime-switching modeling framework to study the credibility of monetary policy in five member countries of the European Monetary System...more Publication
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  Strategic Analysis

  Is Personal Debt Sustainable?

  November 01, 2002 The long economic expansion was fueled by an unprecedented rise in private expenditure relative to income, financed by a growing flow of net credit to the private. On the surface,...more Publication
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  Working Paper No. 362

  Financial Policies and the Aggregate Productivity of the Capital Stock

  November 01, 2002 We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of...more Publication
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  Working Paper No. 360

  Financial Globalization

  October 01, 2002 In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of...more Publication
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  Working Paper No. 359

  Is There a Trade-Off between Inflation Variability and Output-gap Variability in the EMU Countries?

  October 01, 2002 This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period...more Publication
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  Working Paper No. 358

  Threshold Effects in the US Budget Deficit

  October 01, 2002 This paper contributes to the debate on whether the United States’ large federal budget deficits are sustainable in the long run. The authors model the government deficit per capita as...more Publication
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  Working Paper No. 357

  The Euro, Public Expenditure, and Taxation

  October 01, 2002 This paper explores the probable consequences for public expenditure in the United Kingdom if Britain were to join the euro. It focuses on the effects of sterling joining the euro...more Publication