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Working Paper No. 619Asia and the Global Crisis
The global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009 there were already signs of recovery (except on the employment front). This recovery was led by China’s impressive performance, aided by a large stimulus package […] -
Public Policy Brief Highlight No. 114Debts, Deficits, Economic Recovery, and the US Government
In this new policy brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen evaluate the current path of fiscal deficits in the United States in the context of government debt and further spending, economic recovery, and unemployment. They are adamant that there is no justification for the belief that cutting spending or raising taxes […] -
Public Policy Brief Highlight No. 114
Χρέος, ελλείμματα, οικονομική ανάκαμψη και η κυβέρνηση των ΗΠΑ
Στο νέο αυτό κείμενο δημόσιας πολιτικής, ο Πρόεδρος Δημήτρης Β. Παπαδημητρίου και ο Ερευνητικός Μελετητής Greg Hannsgen αξιολογούν τη σημερινή πορεία των δημοσίων ελλειμμάτων στις Ηνωμένες Πολιτείες στο πλαίσιο του κυβερνητικού χρέους και των δαπανών, της οικονομικής ανάκαμψης και της ανεργίας. Είναι ανένδοτοι ότι δεν υπάρχει τεκμηρίωση για την πεποίθηση ότι η μείωση δαπανών ή […] -
Working Paper No. 618
Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
The quality of match of four statistical matches used in the LIMEW estimates for the United States for 1992 and 2007 is described. The first match combines the 1992 Survey of Consumer Finances (SCF) with the 1993 March Supplement to the Current Population Survey, or Annual Demographic Supplement (ADS). The second match combines the 1985 […] -
Working Paper No. 617
How to Sustain the Chinese Economic Miracle?
This paper investigates China’s role in creating global imbalances, and the related call for a massive renminbi revaluation as a (supposed) panacea to forestall their reemergence as the world economy recovers from severe crisis. We reject the prominence widely attributed to China as a cause of global imbalances and the exclusive focus on the renminbi-dollar […] -
Public Policy Brief No. 115What Should Banks Do?
In this new brief, Senior Scholar L. Randall Wray examines the later works of Hyman P. Minsky, with a focus on Minsky’s general approach to financial institutions and policy. The New Deal reforms of the 1930s strengthened the financial system by separating investment banks from commercial banks and putting in place government guarantees such as […] -
Public Policy Brief Highlight No. 113
Endgame for the Euro?
Critics argue that the current crisis has exposed the profligacy of the Greek government and its citizens, who are stubbornly fighting proposed social spending cuts and refusing to live within their means. Yet Greece has one of the lowest per capita incomes in the European Union (EU), and its social safety net is modest compared […] -
Working Paper No. 616
Product Complexity and Economic Development
We rank 5,107 products and 124 countries according to the Hidalgo and Hausmann (2009) measures of complexity. We find that: (1) the most complex products are in machinery, chemicals, and metals, while the least complex products are raw materials and commodities, wood, textiles, and agricultural products; (2) the most complex economies in the world are […] -
Blog
New report JOLTS claim that extended benefits breed unemployment
Last week, my colleague Tom Masterson commented on an op-ed piece by Robert Barro, which argued that much of the U.S. unemployment problem―perhaps 2.7 percentage points of the June unemployment rate of 9.5 percent―could be attributed to the availability of extended unemployment insurance benefits. According to Barro’s argument, huge numbers of people are out of [...] -
Blog
Less stimulating than it should be
The Free Exchange blog calls President Obama’s proposed $50 billion infrastructure stimulus “A New Hope.” Our research begs to differ. We find that spending $50 billion on infrastructure would create little more than half a million new jobs. That’s not an inconsiderable number, but it’s a drop in the bucket compared to the 14.9 million [...] -
Press ReleaseRestoring Growth and Employment Should Be Top Policy Priority, Not Cutting Deficit, New Levy Institute Study Says
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Blog
Wray on Minsky
Levy Senior Scholar L. Randall Wray explains the foresight of Hyman Minsky in this video.