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  Working Paper No. 5

  The Finance Constraint Theory of Money

  The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress […]
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  Working Paper No. 4

  Housing Quality Differentials in Urban Areas

  This paper applies an equilibrium quality theory for differentiated products to estimate the willingness to pay for improvements in the air quality of Chicago, Cleveland, Dallas, Houston, and Indianapolis. The empirical results show (i) that the structural approach and the standard nonstructural approach give very different benefit figures even for small improvements in air quality, […]
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  Working Paper No. 3

  Competing Micro Economic Theories of Industrial Profits

  Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices and the between economic sectors in ways which are distinct from standard neoclassical explanations. Both Post Keynesian and Classical (Marxian/NeoRicardian) approaches to economics have developed […]
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  Working Paper No. 2

  The Firm and Its Profits

  What sets the firm apart from other producers is the commercial nature of its operations. The firm produces for the market and only for the market. It produces goods and buys them not in order to consume them but in order to sell them or their products. While economic agents other than the firm sell […]
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  Working Paper No. 1

  Macroeconomic Profitability

  This paper gives an account of recent work on the measurement, statistical analysis, and theoretical analysis of macroeconomic profitability. Measurement issues include the treatment of holding gains on physical assets and net financial liabilities, national income accounting practices and recent revisions, and the use of accounting rates of return. Statistical work has focused on the […]
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  Event

  UNDP/BDP Levy Conference: Unpaid Work and the Economy ;Gender, Poverty, and the Millennium Development Goals

  Organized by Bureau for Development Policy, United Nations Development Programme, in partnership with the Levy Economics Institute of Bard College Levy Economics Institute of Bard College Annandale-on-Hudson, New York October 1–3, 2005 The purpose of convening this conference was to share views, research, and methodologies from around the world, on women’s unpaid work and its […]
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  Event

  Employment Guarantee Policies: Theory and Practice

  Levy Economics Institute of Bard College Annandale-on-Hudson, New York October 13–14, 2006 This conference focused on those government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work but find themselves in an economic environment that does not offer employment opportunities. Unemployment and […]
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  Event

  Time Use and Economic Well-Being

  This conference was part of the Levy Institute’s research and policy program of the distribution of income and wealth. Its purpose was to cover issues and topics related to time allocation. Presentations focused on utilizing time-use data in investigating the determinants of time allocation by gender and other demographic and economic characteristics (for example, family-type […]
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  Event

  Government Spending on the Elderly

  The aging of the American population will be a primary domestic public policy issue during the next decades. According to Census Bureau projections, the proportion of the elderly in the total population will increase from its 2002 level of under 13 percent to slightly more than 16 percent by 2020. Concomitantly, the proportion of the […]
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  Event

  Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective

  This symposium focused on the gender dimensions of tax policy and tax reforms in countries at different levels of development. Topics included gender biases in direct taxation (including biases in individual and joint filing) and the structure of exemptions, deductions, and allowances; gender biases in indirect taxation, including VAT and excise or sales taxes; the […]
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  Event

  16th Annual Hyman P. Minsky Conference: Global Imbalances Prospects for the U.S. and World Economies

  Levy Economics Institute of Bard College Annandale-on-Hudson, New York April 19–20, 2007 The 2007 Hyman P. Minsky Conference drew upon public discussions on the United States and world economies in the context of prevailing economic trends and their implications. The presenters—top policymakers, economists, and analysts—addressed such topics as fiscal and monetary policies for continued growth […]
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  Event

  17th Annual Hyman P. Minsky Conference: Credit, Markets, and the Real Economy Is the Financial System Working?

  Levy Economics Institute of Bard College Annandale-on-Hudson, New York April 17–18, 2008 The focus of this year’s conference was the current economic and financial crisis in the United States and its effects on the world economy. Topics included the causes and consequences of the “Minsky moment”; the impact of the credit crunch on the economic […]