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  Working Paper No. 539

  The Return of Fiscal Policy

  The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for macroeconomic stabilization and full employment determination.  Recent mainstream contributions, however, have begun to reassess fiscal policy and have called for its restitution in certain cases. […]
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  Working Paper No. 538

  The Buffett Plan for Reducing the Trade Deficit

  This paper considers a plan proposed by Warren Buffett, whereby importers would be required to obtain certificates proportional to the amount of non-oil goods (and possibly also services) they brought into the country. These certificates would be granted to firms that exported goods, which could then sell certificates to importing firms on an organized market. […]
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  Working Paper No. 537

  The Keynesian Roots of Stock-flow Consistent Macroeconomic Models

  This paper argues that institutionally rich stock-flow consistent models—that is, models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short period behavior of these agents is thoroughly described, and the “period by period” balance sheet dynamics implied by the latter is consistently modeled—are (1) perfectly compatible […]
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  Working Paper No. 536

  Deficient Public Infrastructure and Private Costs

  This paper presents new evidence on the links between public-infrastructure provisioning and time allocation related to the water sector in India. An analysis of time-use data reveals that worsening public infrastructure affects market work, with evident gender differentials. The results also suggest that access to public infrastructure can lead to substitution effects in time allocation […]
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  Policy Notes No. 2

  Securitization

  “At the annual banking structure and competition conference of the Federal Reserve Bank of Chicago in May 1987, the buzzword heard in the corridors and used by many of the speakers was ‘that which can be securitized, will be securitized.’” So notes Hyman Minsky in a prescient memo on the nature, and the implications, of […]
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  Policy Notes

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  “What in monetarism, and what in the ‘new monetary consensus,’ led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector, the banking system, and the world economy in August 2007 and that has continued to preoccupy central bankers ever since? The answer is, of course, […]
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  Policy Notes

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  What in monetarism, and what in the “new monetary consensus,” led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector, the banking system, and the world economy in August 2007 and that has continued to preoccupy central bankers ever since? Absolutely nothing, says Senior Scholar […]
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  Policy Notes No. 1

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  What in monetarism, and what in the "new monetary consensus," led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector, the banking system, and the world economy in August 2007 and that has continued to preoccupy central bankers ever since? Absolutely nothing, says Senior Scholar […]
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  Book Series

  Stabilizing an Unstable Economy

  The late American economist and Distinguished Scholar Hyman P. Minsky first wrote about the inherent instability of financial markets in the late 1950s, and accurately predicted a transformation of the economy that would not become apparent for nearly a generation. In 2007, interest in his work suddenly exploded as the financial press recognized the relevance […]
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  Book Series

  John Maynard Keynes

  This reissue of Hyman P. Minsky’s classic book offers a timely reconsideration of the work of economics icon John Maynard Keynes. In it, Minsky argues that what most economists consider Keynesian economics is at odds with the major points of Keynes’s The General Theory of Employment, Interest, and Money. Both Keynes and Minsky refuse to […]
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  Working Paper No. 535

  Statistical Matching Using Propensity Scores

  This paper summarizes the background, type, logic, and working procedure of the statistical matching used in the Levy Institute Measure of Economic Well-Being (LIMEW) project to combine the various data sets used to produce the synthetic data set with which the LIMEW is constructed. The authors use the match between the 2001 Survey of Consumer […]
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  Working Paper No. 534

  Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery

  After the 2001 crisis, Argentina—once the poster-child for pro-market structural-adjustment policies—had to define a new strategy in order to manage the societal demands that had led to the fall of the previous administration. The demand by the majority of the population for employment recovery spurred the government to introduce a massive employment program, the Plan […]