Search

4190 results found

• 

  Working Paper No. 374

  The Nature and Role of Monetary Policy When Money Is Endogenous

  This paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is now based in many countries on the setting (or targeting) of a key interest rate, such as the Central Bank discount rate. The amount of […]
• 

  Strategic Analysis

  The US Economy

  Right through the boom years prior to 2001, the American economy faced a strategic predicament in that the main engine of growth (credit-financed private spending) was unsustainable, from which it followed that the whole stance of the government’s fiscal policy would have to be radically changed if the New Economy were not to become stagnant. […]
• 

  Working Paper No. 373

  Does Trade Promote Gender Wage Equity?

  This study explores the impact of competition from international trade on the gender wage gap in Taiwan and South Korea between 1980 and 1999. The dynamic implications of Becker’s 1959 theory of discrimination lead one to expect that increased competition from international trade reduces the incentive for employers to discriminate against women. This effect should […]
• 

  Working Paper No. 372

  The Levy Institute Measure of Economic Well-Being

  Our measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The definition of the scope of our measure is guided by an extended concept of income that fundamentally reflects the resources that a household can command […]
• 

  Working Paper No. 371

  Credibility of Monetary Policy in Four Accession Countries

  The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov regime-switching (MRS) framework. We utilize the theoretical proposition that in the conduct of monetary policy, there is uncertainty in terms of the type of central […]
• 

  Policy Notes No. 2

  Reforming the Euro’s Institutional Framework

  The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of the euro. The opposite, however, may be closer to reality. Relaxing the rules according to the measures already taken by the European Commission has been […]
• 

  Report No. 1

  Report February 2003

  Despite the collapse in stock prices, consumers have taken advantage of rising property values and low interest rates to continue borrowing and spending; debt in the personal sector now stands at nearly 130 percent of disposable income. What will happen to the economy when this buildup comes to an end? Our latest Strategic Analysis assesses […]
• 

  Public Policy Brief No. 71

  Can Monetary Policy Affect the Real Economy?

  Central bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many of the tenets of more traditional theories of money—monetarism’s emphasis on inflation control and skepticism about the use of easy-money policies to permanently increase output, […]
• 

  Public Policy Brief Highlight No. 71

  Can Monetary Policy Affect the Real Economy?

  Central bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many of the tenets of more traditional theories of money—monetarism’s emphasis on inflation control and skepticism about the use of easy-money policies to permanently increase output, […]
• 

  Working Paper No. 370

  Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis

  This paper examines whether, during the 1997 East Asian crisis, there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea, and Malaysia) to a number of developed countries (Japan, the United States, the United Kingdom, Germany, and France). Following Forbes and Rigobon (2002) and Rigobon (2003), we test for contagion […]
• 

  Working Paper No. 369

  On the Effectiveness of Monetary Policy and Fiscal Policy

  Within the framework of macroeconomic policy and theory over the past 20 years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal policy. The former has gained considerably in stature, while the latter is rarely mentioned. Further, monetary policy no longer focuses on attempts to control some […]
• 

  Working Paper No. 368

  How Far Can US Equity Prices Fall under Asset and Debt Deflation

  Equity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in terms of the causes and, consequently, the factors that should be monitored to test its progress. In the 1970s, the bear market was caused by […]