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  Policy Notes

  State, Difference, and Diversity

  The centrality of the state in promoting gender equality is generally acknowledged, but a perplexing and complex issue confronts us: should the state treat men and women in identical ways, or should it legislate and enforce policies that are aware of gender differences? In other words, should the state be gender-blind or gender-sensitive? Gender, ethnic, […]
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  Summary No. 2

  Summary Spring 2007

  In this issue: a new Policy Note recommends reforming the Alternative Minimum Tax while retaining some tax cuts in order to reduce the growing tax burden on middle-class families. A related paper criticizes orthodox policymaking that calls for fiscally austere budgets when the real engine of economic growth is government spending. Contents:   INSTITUTE RESEARCH […]
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  Working Paper No. 499

  ELR-led Economic Development

  This paper establishes the financial feasibility of an employer-of-last-resort (ELR) program in a small developing country like Tunisia. It argues that an ELR-led economic development policy is vastly superior to the traditional import substitution industrialization (ISI), export-led, and FDI-led development models, all of which Tunisia has adopted without much success in reducing unemployment. Despite outperforming […]
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  Working Paper No. 498

  Employment Guarantee Programs

  This working paper provides a survey of the theoretical underpinnings for the various employment guarantee schemes, and discusses full employment policy experiences in the United States, Sweden, India, Argentina, and France. The theoretical and policy developments are delineated in a historical context. The paper concludes by identifying some questions that still need to be addressed […]
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  Working Paper No. 497

  Surveying American Jews and Their Views on Middle East Politics

  This working paper takes up three related themes. In section 1, I briefly describe the issues relevant to surveying American Jews and highlight the importance of authoritative national surveys; in section 2, I note that these surveys have not included much exploration of American Jewish divisions over Israeli and American Middle East policy. In section […]
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  Working Paper No. 496

  Gender Disparities in Employment and Aggregate Profitability in the United States

  We explore the relationships between aggregate profitability and women’s growing share of market work in the United States during the 1980s and 1990s. Using decomposition analysis and counterfactuals, we investigate whether the contribution of the declining wage share to the upswing in profitability was aided by the growing incorporation of women into the workforce. Results […]
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  Press Release

  Federal Reserve Board Governor Frederic S. Mishkin to Give Keynote Address at 16th Annual Hyman P. Minsky Conference, “Global Imbalances: Prospects for the US and World Economies,” at Levy Economics Institute, April 19–20

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  Working Paper No. 495

  Gender Inequalities in Allocating Time to Paid and Unpaid Work

  This working paper analyzes paid and unpaid work-time inequalities among Bolivian urban adults using time use data from a 2001 household survey. We identified a gender-based division of labor characterized not so much by who does what type of work but by how much work of each type they do. There is a trade-off between […]
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  Strategic Analysis

  The US Economy: What’s Next?

  The collapse in the subprime mortgage market, along with multiple signals of distress in the broader housing market, has already drawn forth a large body of comment. Some people think the upheaval will turn out to be contagious, causing a major slowdown or even a recession later in 2007. Others believe that the turmoil will […]
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  Research Project Report

  How Well Off Are America’s Elderly?

  Given the aging of the American population and the widening gap between rich and poor—not to mention the controversy surrounding the future viability of Social Security—the economic welfare of the elderly is an extremely topical issue. This report provides a new look at America’s elderly, and shows that the official measures drastically understate their level […]
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  Audio

  16th Annual Hyman P. Minsky Conference on the State of the US and World Economies

  The 2007 Hyman P. Minsky Conference drew upon public discussions on the state of the United States and world economies in the context of prevailing economic trends and their implications. Topics included fiscal and monetary policies for continued growth and employment; currency markets fluctuations and the consequent exchange-rate misalignments, as well as possible cures; and […]
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  Working Paper No. 494

  Fiscal Policy in a Stock-flow Consistent (SFC) Model

  This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashion—that is, at a well-defined level and growth rate—then full employment and low inflation will not be achieved in […]