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Working Paper No. 323Easy Money through the Back Door
March 01, 2001 This paper assesses the performance of the European Central Bank (ECB) over the first two years of Europe’s new policy regime. The verdict is that the ECB was not actually...more Publication -
Working Paper No. 322
Will the Euro Bring Economic Crisis to Europe?
March 01, 2001 It has been argued that the eurozone will face considerable economic difficulties. These will take a number of forms, two of which could qualify as “crises.” First, the euro was...more Publication -
Public Policy Brief No. 63The Future of the Euro
March 01, 2001 This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the...more Publication -
Working Paper No. 327
Part-year Operation in 19th Century American Manufacturing
March 01, 2001 Using unpublished data contained in samples from the manuscripts of the 1870 and 1880 censuses of manufactures—the earliest comprehensive estimates available—this study examines the extent and correlates of part-year manufacturing...more Publication -
Working Paper No. 326
Making EMU Work
March 01, 2001 This paper investigates the lessons learned from Europe’s convergence process of the 1990s. The paper challenges the conventional focus on labour market institutions and “structural rigidities” as the root cause...more Publication -
Policy Note No. 3Financing Health Care
March 01, 2001 The problem is that the payers of health care—government and employers alike—are in open revolt against costs they never anticipated would become so high. Payers succeeded for a time in...more Publication -
Working Paper No. 325
Endogenous Money in a Coherent Stock-flow Framework
March 01, 2001 A method advocated by Wynne Godley to model monetary macroeconomics, is presented. The method, based on a transactions matrix, essentially makes sure that every flow goes somewhere and comes from...more Publication -
Working Paper No. 324
The Causes of Euro Instability
March 01, 2001 This paper examines the causes of the general decline in the value of the euro. First, it assesses the various explanations proffered in existing literature, and then it offers a...more Publication -
Policy Note No. 2
Fiscal Policy for the Coming Recession
February 01, 2001 Growing government surpluses, a ballooning trade deficit, and the resulting growth in private sector debt have placed the United States’ economy in a precarious position. Papadimitriou and Wray agree with...more Publication -
Working Paper No. 321
Testing Profit Rate Equalization in the US Manufacturing Sector
January 01, 2001 Long-run differentials in interindustrial profitability are relevant for several areas of theoretical and applied economics because they characterize the overall nature of competition in a capitalist economy. This paper argues...more Publication -
Working Paper No. 320
“Race or People”
January 01, 2001 In 1898, the United States Bureau of Immigration initiated a classification of immigrants into some 40 categories of "race or people." Nearly all the categories covered Europeans. In 1909 an...more Publication -
Policy Note No. 1
Fiscal Policy to the Rescue
January 01, 2001 The United States’ economic expansion of the past eight years has been fueled by a rise in private sector indebtedness. In 1997 the private sector spending exceeded income for the...more Publication -
Public Policy Brief No. 62
Is There a Skills Crisis?
December 10, 2000 Despite seven years of economic growth a large gap exists in the wages earned by workers at the top of the earnings scale and those at the bottom. The leading...more Publication -
Working Paper No. 319
Compensatory Inter Vivos Gifts
December 01, 2000 Empirical studies of intergenerational transfers usually find that bequests are equally divided among heirs while inter vivos gifts tend to be compensatory. Using the 1992 and 1994 waves of the...more Publication -
Working Paper No. 318
Origins of the GATT
December 01, 2000 Fiftieth-anniversary explanations for the efficacy of the GATT imply that the institution’s longevity is testimony to the free trade principles upon which it is based. In this light, the predominantly...more Publication -
Public Policy Brief No. 61
Whither the Welfare State?
November 09, 2000 The idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers...more Publication -
Working Paper No. 317
Productivity in Manufacturing and the Length of the Working Day
November 01, 2000 Data from the manuscript census of manufacturing are used to estimate the effects of the length of the working day on output and wages. We find that the elasticity of...more Publication -
Working Paper No. 316
Harrod versus Thirlwall
November 01, 2000 This paper contrasts the different approaches to export-led growth used by Harrod and Thirlwall. It argues that, unlike Thirlwall’s model, Harrod emphasized the importance of both demand- and supply-sides in...more Publication -
Working Paper No. 315
Crowding In or Crowding Out?
October 01, 2000 This paper investigates the effects of budget deficits within a classical-Harrodian framework in a closed economy. In this framework, growth and cycles are endogenous, underutilized capacity is a recurrent phenomenon,...more Publication -
Working Paper No. 314
Asset Ownership across Generations
September 01, 2000 This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the...more Publication -
Working Paper No. 313
CRA Grade Inflation
September 01, 2000 Community Reinvestment Act of 1977 (CRA) ratings and performance evaluations are the only bank and thrift exam findings disclosed by financial institution regulators. Inflation of CRA ratings has been alleged...more Publication -
Working Paper No. 312
Demographic Outcomes of Ethnic Intermarriage in American History
August 01, 2000 This paper presents a new approach to measuring the extent of intermarriage among Americans of different ethnic origins. Using Census Bureau microdata and CPS data, measurements of the rates of...more Publication -
Working Paper No. 311
Racial Wealth Disparities
August 01, 2000 A vast literature in economics has examined the economic progress of African Americans during this century. Most of these studies have focused on income–or on even narrower measures of economic...more Publication -
Working Paper No. 310
Race and the Value of Owner-occupied Housing, 1940–1990
August 01, 2000 The racial gap in the value of owner-occupied housing has narrowed substantially since 1940, but this narrowing has not been even over time or across space. The 1970s stand out...more Publication