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  Policy Notes No. 1

  The Big Fix

  Keynesian economics is back. As John Maynard Keynes stressed, total spending matters—and not who does it or for what purpose. Tax cuts and deficit spending are, therefore, on the agenda; low interest rates seem here to stay. Stimulus is the watchword of the day. It remains only to fill in the details, or so it […]
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  Summary No. 4

  Summary Fall 2003

  A new Policy Note summarized under the Financial Markets and Monetary Policy program outlines Germany’s poor economic record since unification. Author J�rg Bibow warns that the "German disease" (protracted policy-inflicted domestic demand stagnation) and the threat of a deflationary spiral are spreading throughout the Economic and Monetary Union (EMU).   Contents: Institute Research – Program: […]
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  Summary No. 3

  Summary Summer 2003

  In a new Strategic Analysis, Distinguished Scholar Wynne Godley argues that personal debt levels in the United States cannot continue and that the country’s balance of payments deficit has largely been ignored by both the government and the public. Godley foresees an era of growth recession characterized by rising unemployment—and the risk of financial implosion. […]
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  Summary No. 2

  Summary Spring 2003

  The latest Strategic Analysis by the Institute’s Macro-Modeling Team shows that the growth rate of private sector debt is unsustainable. The domestic economy is headed for a period of growth recession that can be offset only by a fiscal stimulus from the government sector, the authors say, and by increasing net export demand. Contents: The […]
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  Summary No. 1

  Summary Winter 2003

  In this issue: Senior Scholar James K. Galbraith, in a new Policy Note, argues that conditions attached to an International Monetary Fund loan to Brazil are a form of blackmail that will deflate the Brazilian economy and lead to further loans until the private foreign sector is safely divested of its Brazilian holdings.   Contents: […]
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  Working Paper No. 367

  The Persistence of Hardship over the Life Course

  This paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (for example, little mobility is seen within the income distribution). Some studies have found evidence to support this, but none have looked at broader measures of […]
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  Working Paper No. 366

  Why the Tobin Tax Can Be Stabilizing

  This paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially stabilizing, not because it reduces the “excessive” volume of transactions, but because it can slow the speed with which market traders react to price changes. […]
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  Working Paper No. 365

  Is There an American Way of Aging?

  This study examines income dynamics during individuals’ first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or are they similar to those of the elderly in Germany? and (2) What is the role of Social Security in shaping these economic experiences? The […]
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  Working Paper No. 364

  “New Consensus,” New Keynesianism, and the Economics of the “Third Way”

  In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third way” is much diminished since the early days of the Blair government in the UK and the Schroeder government in Germany. We argue that the […]
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  Working Paper No. 363

  Does the Stock of Money Have Any Causal Significance?

  Recent developments in macroeconomics, and in economic policy in general, have produced a “new consensus” economy-wide model. In this model, the stock of money does not play any causal role, but operates as a mere residual in the economic process. The absence of the stock of money in many current debates over monetary policy has […]
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  Report No. 4

  Report December 2002

  An overview of the Institute’s recent conference “Economic Mobility in America and Other Advanced Countries” leads off this issue of the Report. The conference encompassed sessions on a range of issues, from the effect of education on intergenerational mobility to the persistence of hardship over the life cycle. Contents: Conference: “Economic Mobility in America and […]
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  Book Series

  The New Race Question: How the Census Counts Multiracial Individuals

  The change in the way the federal government asked for information about race in the 2000 Census marked an important turning point in the way Americans measure race. By allowing respondents to choose more than one racial category for the first time, the Census Bureau challenged strongly held beliefs about the nature and definition of […]