Publications

1681 publications found

• Policy Notes No. 3 April 15, 2013

  Employment Recovery(?) after the Great Recession

  Michalis Nikiforos
  Abstract

  This policy note discusses the prospects for job creation in the US based on the most recent Levy Economics Institute Strategic Analysis report, Is the Link between Jobs and Output Broken? The results of our analysis confirm the continued weakness of the US economy in terms of job creation—a phenomenon that has come to be […]

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• Working Paper No. 762 April 12, 2013

  Μια ανάλυση για την γαλλογερμανική αντίφαση γύρω από το ευρώ και την τελική μάχη στην ευρωζώνη

  Jörg Bibow
  Abstract

  Υπογραμμίζοντας τις αντικρουόμενες ελπίδες και προσδοκίες μεταξύ Γαλλίας και Γερμανίας για το ευρωπαϊκό κοινό νόμισμα, το κείμενο αναλύει τον τρόπο με τον οποίον συνέβαλε αυτή η κατάσταση στη συνεχιζόμενη ευρωκρίση καθώς και στην αδυναμία της διαμόρφωσης στρατηγικών για την επίλυση της κρίσης στην ευρωζώνη. Η πραγματικότητα είναι ότι ενώ στην ουσία επικράτησε η γερμανική άποψη […]

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 762 PDF (967.17 KB)
• Working Paper No. 762 April 12, 2013

  On the Franco-German Euro Contradiction and Ultimate Euro Battleground

  Jörg Bibow
  Abstract

  Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe’s common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in hammering out the design of the euro policy regime, the German authorities have failed […]

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• Research Project Report April 10, 2013

  The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007

  L. Randall Wray
  Abstract

  This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. “Never waste a crisis.” Those words were often invoked by reformers who wanted to tighten regulations and financial supervision in the aftermath of […]

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• Working Paper No. 761 March 29, 2013

  Currency Concerns under Uncertainty

  Sunanda Sen
  Abstract

  The recent declines in China’s financial account balance ended the “twin surplus” era and led to a modest decline in the stock of official reserves, which reflects a reversal in expectations for the Chinese currency. Negative balances, which have been visible in China’s financial balances since the last quarter of 2011, have heightened fears/anxiety in […]

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• Working Paper No. 760 March 26, 2013

  Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector

  Gerardo Fujii-Gambero, and Rosario Cervantes-Martínez
  Abstract

  As domestic exports usually require imported inputs, the value of exports differs from the domestic value added contained in exports. The higher the domestic value added contained in exports, the higher the domestic national income created by exports will be. In this case, exports will expand the domestic market. Therefore, exports will push economic growth […]

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• Strategic Analysis March 19, 2013

  Is the Link between Output and Jobs Broken?

  Dimitri B. Papadimitriou, and Michalis Nikiforos
  Abstract

  As this report goes to press, the official unemployment rate remains tragically elevated, compared even to rates at similar points in previous recoveries. The US economy seems once again to be in a “jobless recovery,” though the unemployment rate has been steadily declining for years. At the same time, fiscal austerity has arrived, with the […]

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• Strategic Analysis March 19, 2013

  Ισχύει ακόμη η σύνδεση παραγωγής και δημιουργίας θέσεων εργασίας;

  Dimitri B. Papadimitriou, and Michalis Nikiforos
  Abstract

  Καθώς ετοιμάζεται να δημοσιευθεί η παρούσα έκθεση, η ανεργία παραμένει σε εξαιρετικά υψηλά επίπεδα ακόμη και σε σχέση με ανάλογα χρονικά σημεία από προηγούμενες περιόδους οικονομικής ανάκαμψης. Η οικονομία των ΗΠΑ φαίνεται να βιώνει για άλλη μια φορά μια «άνεργη» ανάκαμψη—αν και τα ποσοστά της ανεργίας μειώνονται σταθερά εδώ και χρόνια. Ταυτόχρονα, η δημοσιονομική λιτότητα […]

  Download Στρατηγικη Αναλυση, Μάρτιος 2013 PDF (3.79 MB)
• Working Paper No. 759 March 18, 2013

  Wages, Exchange Rates, and the Great Inflation Moderation

  Nathan Perry, and Nathaniel Cline
  Abstract

  Several explanations of the “great inflation moderation” (1982–2006) have been put forth, the most popular being that inflation was tamed due to good monetary policy, good luck (exogenous shocks such as oil prices), or structural changes such as inventory management techniques. Drawing from Post-Keynesian and structuralist theories of inflation, this paper uses a vector autoregression […]

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• Working Paper No. 758 March 14, 2013

  How the Fed Reanimated Wall Street

  Nicola Matthews
  Abstract

  Walter Bagehot’s putative principles of lending in liquidity crises—to lend freely to solvent banks with good collateral but at penalty rates—have served as a theoretical basis for thinking about the lender of last resort for close to 100 years, while simultaneously providing justification for central bank real-world intervention. If we presume Bagehot’s principles to be […]

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• Policy Notes No. 2 March 12, 2013

  Toward a Post-Keynesian Political Economy for the 21st Century

  C. J. Polychroniou
  Abstract

  The global economy is in trouble. Indeed, the era of global neoliberalism, while still supreme, is fraught with serious problems and contradictions, as evidenced by both the recent global financial crisis and the inability of advanced economies to maintain steady growth and improve the condition of citizens. Global neoliberalism suppresses wages, increases inequality, and destroys […]

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• Working Paper No. 757 March 11, 2013

  Expanding Social Protection in Developing Countries

  Rania Antonopoulos
  Abstract

  This paper discusses social protection initiatives in the context of developing countries and explores the opportunities they present for promoting a gender-equality agenda and women’s empowerment. The paper begins with a brief introduction on the emergence of social protection (SP) and how it is linked to economic and social policy. Next, it reviews the context, […]

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• Working Paper No. 756 February 14, 2013

  Long-Term Benefits from Temporary Migration

  Sanjaya DeSilva
  Abstract

  Utilizing a nationally representative sample of households from Sri Lanka, this study examines gender differences in the long-term impact of temporary labor migration. We use a propensity score matching (PSM) framework to compare households with return migrants, households with current migrants, and equivalent nonmigrant households in terms of a variety of outcomes. Our results show […]

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• Working Paper No. 755 February 14, 2013

  The Economics of Inclusion

  Olivier Giovannoni, and Michael A. Valenti
  Abstract

  This paper presents a review of the literature on the economics of shared societies. As defined by the Club de Madrid, shared societies are societies in which people hold an equal capacity to participate in and benefit from economic, political, and social opportunities regardless of race, ethnicity, religion, language, gender, or other attributes, and where, […]

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• Working Paper No. 754 February 11, 2013

  Growth Trends and Cycles in the American Postwar Period, with Implications for Policy

  Olivier Giovannoni
  Abstract

  Do all types of demand have the same effect on output? To answer this question, I estimate a cointegrated vector autoregressive (VAR) model of consumption, investment, and government spending on US data, 1955–2007. I find that: (1) economic growth can be decomposed into a short-run (transitory) cycle gravitating around a long-run (permanent) trend made of […]

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• Working Paper No. 753 February 07, 2013

  The Missing Macro Link

  Eugenio Caverzasi
  Abstract

  This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework and, in very broad terms, states that the expenditure of firms for investment is at the same time a source of income for the firms […]

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• Working Paper No. 752 February 07, 2013

  Inequality and Household Finance during the Consumer Age

  Steven M. Fazzari, and Barry Z. Cynamon
  Abstract

  One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and employment were reasonably strong, by historical standards, until the Great Recession. This paper analyzes this paradox […]

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• Working Paper No. 752 February 07, 2013

  Η ανισότητα και η χρηματοοικονομική συμπεριφορά των νοικοκυριών στην «εποχή των καταναλωτών»

  Steven M. Fazzari, and Barry Z. Cynamon
  Abstract

  Θα μπορούσε να περιμένει κανείς ότι η διόγκωση της εισοδηματικής ανισότητας στις ΗΠΑ θα μείωνε την αύξηση της ζήτησης και θα δημιουργούσε τροχοπέδη στην οικονομική ανάπτυξη της χώρας λόγω του ότι τα υψηλότερα εισοδηματικά στρώματα ξοδεύουν μικρότερο ποσοστό του εισοδήματος τους. Ωστόσο, παρά το γεγονός ότι αυξήθηκε η ανισότητα κατά τη διάρκεια των τελευταίων εικοσιπέντε […]

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• Working Paper No. 751 February 04, 2013

  Arresting Financial Crises

  Thomas M. Humphrey
  Abstract

  Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily illiquid but solvent borrowers only) against the security of sound collateral and at above-market, penalty interest rates. Deny aid to unsound, […]

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• Working Paper No. 750 January 31, 2013

  Endogenous Bank Credit and Its Link to Housing in OECD Countries

  Philip Arestis, and Ana Rosa González
  Abstract

  The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the “New Consensus Macroeconomics” completely ignores bank credit. The “Great Recession,” however, has highlighted the significance of bank credit. The purpose of this contribution is to revisit this important macroeconomic variable. We propose to endogenize the volume […]

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• Working Paper No. 749 January 30, 2013

  Weak Expansions

  Daniel Titelman, Pablo Carvallo, and Esteban Pérez-Caldentey
  Abstract

  Using two standard cycle methodologies (classical and deviation cycle) and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that the Latin American and Caribbean cycle exhibits two distinctive features. First, and most important, its expansion performance is shorter and, for the most part, less intense than that of the rest […]

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• One-Pager No. 37 January 30, 2013

  Lessons from an Unconventional Central Banker

  Thorvald Grung Moe
  Abstract

  The global financial crisis has generated renewed interest in the 1951 Treasury – Federal Reserve Accord and its lessons for central bank independence. A broader interpretation of the Accord and of Marriner S. Eccles’s role at the Federal Reserve should teach central bankers that independence can be crucial for fighting inflation, but also encourage them […]

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• One-Pager No. 37 January 30, 2013

  Διδάγματα από έναν μη συμβατικό κεντρικό τραπεζίτη

  Thorvald Grung Moe
  Abstract

  Η παγκόσμια χρηματοοικονομική κρίση έχει προκαλέσει ανανεωμένο ενδιαφέρον στη Συμφωνία Υπουργείου Οικονομικών-Ομοσπονδιακής Τράπεζας του 1951 και στα διδάγματα αυτής της διαπραγμάτευσης για την ανεξαρτησία της κεντρικής τράπεζας. Μια ευρύτερη ερμηνεία της Συμφωνίας και του ρόλου του Marriner Eccles στην Ομοσπονδιακή Τράπεζα Αποθεματικών θα διδάξει στους κεντρικούς τραπεζίτες ότι η ανεξαρτησία μπορεί να είναι ζωτικής σημασίας […]

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• Working Paper No. 748 January 17, 2013

  Analyzing Public Expenditure Benefit Incidence in Health Care

  Lekha S. Chakraborty, Jannet Farida Jacob, and Yadawendra Singh
  Abstract

  The effectiveness of public spending remains a relatively elusive empirical issue. This preliminary analysis is an attempt, using benefit incidence methodology, to define the effectiveness of spending at the subnational government level in India’s health sector. The results reveal that the public health system is “seemingly” more equitable in a few states, while regressivity in […]

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