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Working Paper No. 755The Economics of Inclusion
This paper presents a review of the literature on the economics of shared societies. As defined by the Club de Madrid, shared societies are societies in which people hold an equal capacity to participate in and benefit from economic, political, and social opportunities regardless of race, ethnicity, religion, language, gender, or other attributes, and where, […] -
BlogEurope’s Perilous Quest for Stability
Europe’s currency union is built on two key principles. The first is that the central bank must be independent of political control and its policies squarely focused on maintaining price stability. The second is that fiscal policy must be disciplined and never threaten price stability. Price stability, in turn, is the foundation for economic stability [...] -
Blog
Reverse Pivot?
Is the era of the “grand bargain” over? That was the implication of a number of news stories that pre-framed last night’s speech. “When President Obama delivers his State of the Union address Tuesday evening,” wrote the Washington Post‘s Lori Montgomery, “here’s one thing you won’t hear: an ambitious new plan to rein in the national [...] -
Working Paper No. 754
Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
Do all types of demand have the same effect on output? To answer this question, I estimate a cointegrated vector autoregressive (VAR) model of consumption, investment, and government spending on US data, 1955–2007. I find that: (1) economic growth can be decomposed into a short-run (transitory) cycle gravitating around a long-run (permanent) trend made of […] -
MME, February 11, 2013
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Οι μύθοι της κρίσης και οι «ακόλαστες δαπάνες»
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Blog
Master of Science in Economic Theory and Policy
Are your student advisees looking for an opportunity to advance their career goals with a graduate degree? The Levy Economics Institute Master of Science in Economic Theory and Policy can help them prepare themselves for responsible positions in government, business, education and research. The M.S. in Economic Theory and Policy degree is designed to meet [...] -
MME, February 10, 2013
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Express: Αξιοποίηση του νομισματικού συστήματος για επίλυση των προβλημάτων ανεργίας-φτώχειας
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Blog
Can the Deficit Warriors Be Appeased?
Over the last few years, there have been significant changes to the federal government’s finances—changes that have had barely any perceptible impact on the budget debate. The federal deficit has been shrinking (from 2009 to 2012) at a faster rate than in any other period since 1937. Most Americans have never lived through more rapid [...] -
Working Paper No. 753
The Missing Macro Link
This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework and, in very broad terms, states that the expenditure of ï¬rms for investment is at the same time a source of income for the ï¬rms […] -
Working Paper No. 752
Inequality and Household Finance during the Consumer Age
One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and employment were reasonably strong, by historical standards, until the Great Recession. This paper analyzes this paradox […]