Search

4190 results found

• 

  Working Paper No. 348

  Asset Prices, Liquidity Preference, and the Business Cycle

  In his Treatise on Money, John Maynard Keynes relied on two different premises to argue that the interest rate need not rise with rising levels of expenditure. One of these was the elasticity of the money supply, and the other was the interaction between financial and industrial circulation. A decrease (increase) in what Keynes called […]
• 

  Working Paper No. 347

  What Has Happened to Monetarism?

  It is widely perceived that today’s conventional monetary wisdom, and the common practice of monetary policy based thereupon, is essentially “monetarist” by nature, if not by name. One objective of this paper is to assess whether monetarism has had a lasting effect on the theory and practice of monetary policy; another is to scrutinize the […]
• 

  Working Paper No. 346

  CRA’s 25th Anniversary

  This paper focuses on the past, present, and future rules and regulations implementing CRA as developed, applied, and enforced by the federal bank and thrift regulators. The past rules and regulations refer to those in effect during the law’s first 18 years, through 1995, when CRA underwent its first major reform. The present CRA rules […]
• 

  Report No. 2

  Report June 2002

  Included in this issue of the Report are summaries of the presentations made at the Institute’s Annual Hyman P. Minsky Conference; this year’s topic: "Recession and Recovery: Economic Policy in Uncertain Times." Contents: Conference: 12th Annual Hyman P. Minsky Conference on Financial Markets * Symposium: "New Directions in Research on Gender-Aware Macroeconomics and International Economics." […]
• 

  Working Paper No. 345

  The “Third Way” and the Challenges to Economic and Monetary Union Macropolicies

  In the United Kingdom the emergence of a “New Labour” has been closely associated with the development of the notion of the “third way.” Tony Blair, for example, stated that “New Labour is neither old left nor new right. . . . Instead we offer a new way ahead, that leads from the centre but […]
• 

  Conference Proceedings

  12th Annual Hyman P. Minsky Conference on Financial Markets

  At the 12th annual Minsky conference, held at the Roosevelt Hotel in New York City on April 25, 2002, 100 participants from government, business, and the academy gathered to discuss the current state of the United States’ economy and its future direction. Many of the speakers advanced the notion that the recession was over, that […]
• 

  Strategic Analysis

  Strategic Prospects and Policies for the US Economy

  Notwithstanding the great achievements of the American economy, the growth of aggregate demand during the past several years has been structured in a way that would eventually prove unsustainable. During the main period of economic expansion, the fiscal stance tightened at a much greater pace than in any period during the previous 40 years, and […]
• 

  Working Paper No. 344

  Dollarization

  When economies “dollarize,” their exchange rate and monetary policy, both considered to be sources of instability, are simultaneously discarded. Often, dollarization becomes an attractive option for developing countries that have experienced successive failures of exchange rate and monetary management. This paper makes use of a theoretical model that shows, contrary to the commonly accepted view, […]
• 

  Policy Notes No. 3

  European Integration and the “Euro Project”

  The introduction of the euro has been a significant step in the integration of the economies of the countries that form the European Union (EU) and the 12 countries that comprise the Economic and Monetary Union (EMU). Its adoption not only means that a single currency prevails across the Eurozone, with reduced transactions costs for […]
• 

  Report No. 1

  Report March 2002

  The 1990s expansion was powered uniquely and exceptionally by a huge fall in net saving by the private sector. In a new Policy Note summarized in this issue, Distinguished Scholar Wynne Godley argues that the public sector must now step in and be the new motor that drives the economy. Contents: Editorials: "Shouldering Governmental Responsibility" […]
• 

  Working Paper No. 343

  Poles and Italians Then, Mexicans Now?

  A good deal of recent discussion among social scientists concerned with immigration is about the disadvantages faced by immigrants who enter the American labor force with much-lower levels of skills than those possessed by the typical native white worker. Among contemporary immigrant groups, by far the most important example is the Mexicans. The challenges faced […]
• 

  Working Paper No. 342

  A Note on the Hicksian Concept of Income

  Empirical studies of intertemporal dynamics of individual income, distribution of personal income, and growth and distribution of national income are all based on statistics that rely on some concept of income. The dominant one today appears to be the so-called Haig-Simons-Hicks (HSH) concept of income. I examine the foundations of this concept in Hicks? Value […]