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  Public Policy Brief No. 59

  Financing Long-Term Care

  The nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of that care is paid for privately (out-of-pocket or through private insurance). Most is financed through Medicaid, the program that is intended to ensure medical care […]
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  Working Paper No. 295

  Is There a Skills Crisis?

  Many economists and other social scientists and policy makers believe that the growth in inequality in the last two decades reflects mostly an imbalance between the demand for and the supply of employee skills driven by technological change, particularly the spread of computers. However, the empirical basis for this belief is not strong. The growth […]
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  Working Paper No. 294

  The Brazilian Crisis

  This paper argues that the Brazilian crisis differs from the standard Minsky crisis in that it is Brazil’s government that is engaging in Ponzi financing while private sector balance sheets are relatively robust. However, attempts to stabilize the economy through high interest rates and expenditure cuts may quickly produce private sector fragility. This is the […]
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  Summary No. 4

  Summary Fall 2000

  New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, “Why Does the Fed Want Slower Growth?”), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne […]
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  Summary No. 3

  Summary Summer 2000

  Summaries of the sessions held at the 10th Annual Hyman P. Minsky Conference on Financial Structure examine the problems and prospects of the liberalization of financial markets.   Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure: Liberalization of Financial Markets · Is the New Economy Rewriting the Rules? · The Views of Jerome […]
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  Summary No. 2

  Summary Spring 2000

  The Spring Summary leads off with Senior Scholar Edward N. Wolff’s report on his new research project: an in-depth empirical examination of the long-term effects of technological change on earnings, inequality, and employment in the United States.   Contents: New Research Project: Long-Term Effects of Technological Change on Earnings, Inequality, and Labor Demand · Notes […]
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  Policy Notes No. 1

  Explaining the US Trade Deficit

  Conventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the contrary, it is absolute cost advantages that determine competition between countries, just as they determine the relative price of two sets of goods within one […]
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  Report

  Interim Report

  If the United States’s balance of trade does not improve, the country could eventually find itself in a “debt trap,” the author says. The aim of this paper, the second in a series offering Godley’s strategic analysis, is to display what seems reasonably likely to happen if world output recovers but otherwise past trends, policies, […]
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  Summary

  Summary Winter 1999-2000

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  Summary No. 1

  Summary Winter 1999–2000

  A special feature by Distinguished Scholar Wynne Godley focuses on the relationship between inventory investment and the American business cycle. Also in this issue: a new working paper by Federal Reserve Board Governor Laurence Meyer provides a central banker’s perspective on the Asian crisis.   Contents: Conference on Inequality in the Industrialized and Developing Countries […]
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  Strategic Analysis

  Interim Report

  If the United States’ balance of trade does not improve, the country could eventually find itself in a “debt trap,” the author says. The aim of this paper, the second in a series offering Godley’s strategic analysis, is to display what seems reasonably likely to happen if world output recovers but otherwise past trends, policies, […]
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  Public Policy Brief No. 58

  A New Approach to Tax-Exempt Bonds

  The current system of tax-exempt bond financing is inefficient and inequitable because a large portion of the federal subsidy provided by the tax exemption does not reach state and local governments and accrues instead to the wealthiest investors. In addition, the current system excludes large institutional investors, both domestic and foreign, with their huge pools […]