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BlogIt’s Official: Too Big to Fail Is Alive and Well
August 06, 2014 Thank heaven for Tom Hoenig, the only proven-honest central banker we’ve got. Yes, I know he’s moved on from the KC Fed to serve as Vice Chairman of the FDIC. He actually might do a lot more good over there, anyway. In recent months, we’ve heard how Wall Street’s Blood-sucking Vampire Squids have reformed themselves. [...] Blog -
Working Paper No. 813Economic Policy in India
August 06, 2014 The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price...more Publication -
Blog
Greece: A Nation for Sale and the Death of Democracy
August 02, 2014 When the European Union (EU) and the International Monetary Fund (IMF) came to Greece’s rescue in May 2010 with a 110 billion euro bailout loan in order to avoid the default of a eurozone member state (a second bailout loan worth 130 billion euros was activated in March 2012), the intentions of the rescue plan [...] Blog -
Working Paper No. 812
Time Use of Parents in the United States
August 01, 2014 Feminist and institutionalist literature has challenged the “Mancession” narrative of the 2007–09 recession and produced nuanced and gender-aware analyses of the labor market and well-being outcomes of the recession. Using...more Publication -
Blog
Another Eccles at the Fed?
July 30, 2014 From time to time, I call attention to solid coverage of the Federal Reserve in the popular press, for example this post, which links to an interesting William Greider profile of Ben Bernanke. Nicholas Lemann profiles the new Fed chair in the July 21 issue of The New Yorker. One of the key themes of [...] Blog -
Blog
The Implications of Flat or Declining Real Wages for Inequality
July 24, 2014 by Julie L. Hotchkiss, a research economist and senior policy adviser at the Atlanta Fed, and Fernando Rios-Avila, a research scholar at the Levy Institute A recent Policy Note published by the Levy Economics Institute of Bard College shows that what we thought had been a decade of essentially flat real wages (since 2002) has actually been a [...] Blog -
Blog
Predatory Capitalism and Where to Go from Here
July 23, 2014 Contemporary capitalism is characterized by a political economy that revolves around finance capital, is based on a savage form of free market fundamentalism, and thrives on a wave of globalizing processes and global financial networks that have produced global economic oligarchies with the capacity to influence the shaping of policymaking across nations.[1] As such, the landscape [...] Blog -
Blog
Wray on Why Money Matters
July 21, 2014 Randall Wray did a guest post at FT Alphaville as part of a series devoted to the upcoming Mission-Oriented Finance conference. In his post, Wray counters the conventional story about the nature and significance of money with an alternate view drawing on Schumpeter’s notion of bankers as the “ephors” of capitalism: Bank and central bank money creation is limited by rules of thumb, [...] Blog -
Blog
Modi’s Budget and the New Macroeconomic Policy Consensus in India
July 21, 2014 What has struck me about Modi’s maiden budget is not the fiscal arithmetic, but the framework. And while this note confines itself to analyzing the budgetary framework rather than the numbers, it should be noted that the effectiveness of the fiscal arithmetic has gone for a toss with the announcement of token provisions on too [...] Blog -
Working Paper No. 811
If Deficits Are Not the Culprit, What Determines Indian Interest Rates?
July 14, 2014 This paper challenges two clichés that have dominated the macroeconometric debates in India. One relates to the neoclassical view that deficits are detrimental to growth, as they increase the rate...more Publication -
Working Paper No. 810
When Good Intentions Pave the Road to Hell
June 27, 2014 With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member-states became credit sensitive. While the potentially destabilizing impact of adverse cyclical...more Publication -
Working Paper No. 810
Ο δρόμος προς την κόλαση είναι στρωμένος με καλές προθέσεις
June 27, 2014 Με τη δημιουργία της Οικονομικής και Νομισματικής Ένωσης και του ευρώ, το εθνικό δημόσιο χρέος των κρατών-μελών της ευρωζώνης έγινε πιστωτικά ευαίσθητο (credit sensitive). Ενώ οι δυνητικά αποσταθεροποιητικές επιπτώσεις των...more Publication -
Working Paper No. 809
Causal Linkages between Work and Life Satisfaction and Their Determinants in a Structural VAR Approach
June 23, 2014 Work and life satisfaction depends on a number of pecuniary and nonpecuniary factors at the workplace and determines these in turn. We analyze these causal linkages using a structural vector...more Publication -
Working Paper No. 808
Heterogeneity in the Relationship between Unemployment and Subjective Well-Being
June 23, 2014 Unemployment has been robustly shown to strongly decrease subjective well-being (or “happiness”). In the present paper, we use panel quantile regression techniques in order to analyze to what extent the...more Publication -
Policy Note No. 4Μια δεκαετία στασιμότητας των μισθών
June 04, 2014 Στα τέλη της δεκαετίας του 1990, τα χαμηλά ποσοστά ανεργίας, οι αυξήσεις του κατώτατου μισθού και οι βελτιώσεις στην παραγωγικότητα της εργασίας συνέβαλαν στην άνοδο των μισθών, που μεταφράστηκε σε...more Publication -
Policy Note No. 4
A Decade of Flat Wages?
June 04, 2014 In the late 1990s low unemployment rates, increases in the minimum wage, and improvements in labor productivity contributed to a boost in wages, which translated into 12.4 percent cumulative growth...more Publication -
Working Paper No. 807
Income Distribution Macroeconomics
June 04, 2014 Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into...more Publication -
Public Policy Brief No. 134Ένα βιώσιμο νομισματικό πλαίσιο μιας ανεξάρτητης Σκωτίας
June 03, 2014 Οι ψηφοφόροι στη Σκωτία θα αποφασίσουν το Σεπτέμβριο αν θα παραμείνουν στο Ηνωμένο Βασίλειο. Αν ψηφίσουν υπέρ της ανεξαρτησίας, θα πρέπει να γίνουν στρατηγικής σημασίας επιλογές που αφορούν την έκταση...more Publication -
Public Policy Brief No. 134
A Sustainable Monetary Framework for an Independent Scotland
June 03, 2014 This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s...more Publication -
Working Paper No. 806
The Great Recession and Unpaid Work Time in the United States
May 30, 2014 Poverty status is an important factor influencing household production and the unpaid work time associated with it due to the role of household production as a coping strategy in mitigating...more Publication -
Working Paper No. 805
What Do We Know About the Labor Share and the Profit Share? Part III
May 30, 2014 Economic theory frequently assumes constant factor shares and often treats the topic as secondary. We will show that this is a mistake by deriving the first high-frequency measure of the...more Publication -
Working Paper No. 804
What Do We Know About the Labor Share and the Profit Share? Part II
May 21, 2014 In this second part of our study we survey the rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international...more Publication -
Working Paper No. 803
What Do We Know About the Labor Share and the Profit Share? Part I
May 21, 2014 This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income—the division of aggregate income by factor share. This first installment surveys some landmark...more Publication -
Working Paper No. 802
Shadow Banking
May 21, 2014 Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial...more Publication