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Working Paper No. 811If 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 -
Working Paper No. 801
The Political Economy of Shadow Banking
May 21, 2014 This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the...more Publication -
Public Policy Brief No. 133
Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
May 14, 2014 The “happy talk” emanating from eurozone officials regarding the economic crises in the periphery deserves some vigorous pushback. Focusing on the four bailed-out countries of Greece, Ireland, Portugal, and Spain,...more Publication -
Working Paper No. 800
Autonomy-enhancing Paternalism
May 08, 2014 Behavioral economics has shown that individuals sometimes make decisions that are not in their best interests. This insight has prompted calls for behaviorally informed policy interventions popularized under the notion...more Publication -
Working Paper No. 799
Νομισματική μηχανική
May 06, 2014 Η παρούσα εργασία αναπτύσσει το πλαίσιο της ανάλυσης των νομισματικών συστημάτων που διαμορφώθηκε από οικονομολόγους όπως ο Macleod, ο Keynes, ο Innes και ο Knapp. Το συγκεκριμένο πλαίσιο δεν εστιάζει...more Publication -
Working Paper No. 799
Monetary Mechanics
May 06, 2014 This paper develops the framework of analysis of monetary systems put together by authors such as Macleod, Keynes, Innes, and Knapp. This framework does not focus on the functions performed...more Publication -
Public Policy Brief No. 132
Πόσο φτωχή είναι η Τουρκία και τι μπορεί να γίνει
May 05, 2014 H μέτρηση της σοβαρότητας της φτώχειας σε μια δεδομένη χώρα πρέπει να εξετάζει με έναν αρκετά περιεκτικό τρόπο το κατά πόσο τα άτομα και τα νοικοκυριά ξεπερνούν κάποιο βασικό όριο...more Publication -
Public Policy Brief No. 132
How Poor Is Turkey? And What Can Be Done About It?
May 05, 2014 Gauging the severity of poverty in a given country requires a reasonably comprehensive measurement of whether individuals and households are surpassing some basic threshold of material well-being. This would seem...more Publication -
BlogGreece Has Returned to the Bond Markets—Mission Accomplished?
May 05, 2014 C. J. Polychroniou interviewed Levy Institute President Dimitri Papadimitriou for the Sunday edition of Greece’s Eleftherotypia. What follows is an excerpt from the English version of that interview (part one of the Greek version is here): C. J. Polychroniou: After four years as the pariah of the financial markets, in the course of which 330 [...] Blog
