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Working Paper No. 99Government Deficits, Liquidity Preference, and Schumpeterian Innovation
Wray asserts that rigorous analyses of the role played by innovation in economic development must acknowledge the contribution of Joseph Schumpeter. However, the author suggests that the current stagnation confronting most developed, capitalist economies "cannot be understood without synthesizing Schumpeter’s insights with those of Kalecki and Keynes." Hence, Schumpeter’s work alone is inadequate in explaining […] -
Public Policy Brief No. 8Financing Prosperity in the Next Century
The authors of this brief propose a series of reforms aimed at making bank regulations compatible with the changing financial system. They present evidence to support their contention that change in the market for financial services has reduced the importance of depositories as they have traditionally operated. A dramatic increase in nonbank competition has contributed […] -
Working Paper No. 98
Investment and US Fiscal Policy in the 1990s
In this working paper, Steven Fazzari presents new empirical research that attempts to measure the relative strength of fiscal policy on investment through the cost of capital, firms’ financial circumstances, and sales growth. Fazzari argues against the crowding-out effect and claims that even if the connection between the national budget deficit and interest rates is […] -
Working Paper No. 97
Is Health Insurance Crippling the Labor Market?
While discussion about health care encompasses a wide array of issues—inadequate access, the growing share of national resources devoted to health care, the incidence of cost-shifting from the uninsured to the insured, and differences in premium costs between seemingly similar insured individuals—growing significance has been placed on how aspects of the current system may create […] -
Working Paper No. 96
Mortgage Default among Rural, Low Income Borrowers
In this working paper, Quercia, McCarthy, and Stegman use data obtained on 874 low income, rural borrowers participating in the Section 502 Home Ownership program administered by the Farmer’s Home Administration (FmHA), and apply two multivariate proportional hazard models in order to analyze default decisions among these borrowers over time. The authors cite two key […] -
Public Policy Brief No. 7
Immigration Policy: A Tool of Labor Economics?
Vernon M. Briggs argues that, while mass immigration in the past was consistent with then-existing labor market needs, today it is incompatible with the nation’s economic development trends and labor force requirements. He concludes that it is important to shift the emphasis of the legal immigration admission system away from the politically popular family reunification […] -
Working Paper No. 95
The Community Reinvestment Act, Lending Discrimination, and the Role of Community Development Banks
The Community Development Banks (CDBs) should not be seen as a substitute for the Community Reinvestment Act (CRA) or for other programs designed to revitalize lower income areas. Rather, they should be seen as a complement for existing programs and for other programs that will be proposed by the Clinton administration. As discussed above, the […] -
Working Paper No. 94
Productivity, Private and Public Capital, and Real Wage in the United States, 1948–1990
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Working Paper No. 93
Finance and Stability
Once again the United States economy is facing a crisis, resolution of which first requires the realization that there are many types of capitalism: Solutions implemented in the past, therefore, may or may not be an appropriate solution today, as they could have been implemented as an answer to a problem posed within the context […] -
Working Paper No. 92
The Current State of Banking Reform
Banking reform has always been a part of the political agenda, although policy tends to focus on the specific concerns of the public at the time of crisis; as times (and crises) change, so does the direction of public policy. The result has often been that change instituted in answer to one crisis has precipitated […] -
Public Policy Brief No. 6
A Path to Community Development
The establishment of a system of federally regulated, for-profit community development banks (CDBs) would help to fill the financial gap in areas inadequately served by traditional banks, requirements of the Community Reinvestment Act (CRA) notwithstanding. These organizations would be charged with delivering credit, payment, and savings opportunities and providing basic financing to households and small […] -
Public Policy Brief No. 6
A Path to Community Development
Η δημιουργία ενός εθνικού συστήματος τραπεζών κοινοτικής ανάπτυξης θα βοηθούσε να καλυφθεί το χρηματοδοτικό κενό σε περιοχές που δεν εξυπηρετούνται επαρκώς από τις παραδοσιακές τράπεζες παρά τις απαιτήσεις της Πράξης Κοινοτικής Επανεπένδυσης (CRA). Οι οργανισμοί αυτοί θα είχαν την ευθύνη να προσφέρουν πίστωση, υπηρεσίες πληρωμών και αποταμίευσης καθώς και βασική δανειοδότηση σε νοικοκυριά και μικρές […]