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Working Paper No. 687
September 21, 2011
Access to Markets and Farm Efficiency
AbstractThis paper presents an empirical investigation of the relationship between the spread, spatially and temporally, of market institutions and improvements in the productivity and efficiency of farmers. The data used in this study were collected over two decades in a sample of rice farms in the Bicol Region of the Philippines. Our estimates reveal a […]
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Working Paper No. 686
September 21, 2011
Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
AbstractThis paper provides estimates of the impact of the recent economic crisis on paid and unpaid work time in Turkey. The data used in this study come from the first and only time-use survey available at the national level. Infrequency of collection of time-use data in Turkey does not allow us to make a direct […]
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Working Paper No. 685
September 07, 2011
Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
AbstractThe main purpose of this study is to explore the potential expansionary effect stemming from the monetization of debt. We develop a simple macroeconomic model with Keynesian features and four sectors: creditor households, debtor households, businesses, and the public sector. We show that such expansionary effect stems mainly from a reduction in the financial cost […]
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Working Paper No. 684
September 07, 2011
Central Banking in an Era of Quantitative Easing
AbstractThis paper reviews the key insights of Hyman P. Minsky in arguing why finance cannot be left to free markets, drawing on the East Asian development experience. The paper suggests that Minsky’s more complete stock-flow consistent analytical framework, by putting finance at the center of analysis of economic and financial system stability, is much more […]
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Working Paper No. 683
September 07, 2011
Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-market Economies
AbstractCurrency market intervention–cum–reserve accumulation has emerged as the favored “self-insurance” strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed consideration, especially in the absence of fundamental reform of the global monetary and financial order. Mainstream arguments in favor […]
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Public Policy Brief No. 119
August 25, 2011
Οι αντιφάσεις της εξαγωγικής ανάπτυξης
AbstractΤο μοντέλο της εξαγωγικής ανάπτυξης είναι μια αναπτυξιακή στρατηγική που στοχεύει σε αυξανόμενη παραγωγική ικανότητα εστιάζοντας στις ξένες αγορές. Κυριάρχησε προς το τέλος της δεκαετίας του ’70 και έγινε μέρος μιας καινούργιας συναίνεσης ανάμεσα στους οικονομολόγους σχετικά με τα οφέλη του διεθνούς «ανοίγματος» της οικονομίας. Σύμφωνα με τον Thomas I. Palley, το μοντέλο αυτό έχει […]
Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 119 PDF (1.41 MB) -
Public Policy Brief No. 119
August 25, 2011
The Contradictions of Export-led Growth
AbstractThe export-led growth paradigm is a development strategy aimed at growing productive capacity by focusing on foreign markets. It rose to prominence in the late 1970s and became part of a new consensus among economists about the benefits of economic openness. According to Thomas I. Palley, this paradigm is no longer relevant because of changed […]
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Working Paper No. 682
August 19, 2011
Infinite-variance, Alpha-stable Shocks in Monetary SVAR
AbstractThis paper adumbrates a theory of what might be going wrong in the monetary SVAR literature and provides supporting empirical evidence. The theory is that macroeconomists may be attempting to identify structural forms that do not exist, given the true distribution of the innovations in the reduced-form VAR. The paper shows that this problem occurs […]
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Working Paper No. 681
August 12, 2011
Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
AbstractThis paper begins by recounting the causes and consequences of the global financial crisis (GFC). The triggering event, of course, was the unfolding of the subprime crisis; however, the paper argues that the financial system was already so fragile that just about anything could have caused the collapse. It then moves on to an assessment […]
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Working Paper No. 681
August 12, 2011
Μαθήματα που θα έπρεπε να παίρναμε από την παγκόσμια χρηματοοικονομική κρίση αλλά δεν το κάναμε
AbstractΗ εργασία αυτή ξεκινάει μετρώντας ξανά τα αίτια και τις συνέπειες της παγκόσμιας χρηματοοικονομικής κρίσης (ΠΧΚ). Το γεγονός που πυροδότησε την κρίση ήταν, φυσικά, το ξεδίπλωμα της κρίσης στα στεγαστικά δάνεια υψηλού κινδύνου (subprimes). Εντούτοις, το άρθρο υποστηρίζει ότι το χρηματοοικονομικό σύστημα ήταν ήδη τόσο εύθραυστο που σχεδόν οτιδή̟ποτε θα μπορούσε να είχε προκαλέσει την […]
Download Επιστημονική Εργασία υ̟πό Εξέλιξη (Working Paper) No. 681 PDF (368.36 KB) -
One-Pager No. 12
August 11, 2011
Not Your Father’s Recession
AbstractPresident Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen make the case that the recession has turned into a prolonged and very unusual slump in growth, preventing a labor-market recovery—and the government lags far behind in creating the new jobs needed to deal with this disaster.
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One-Pager No. 12
August 11, 2011
Δεν πρόκειται για τη συνηθισμένη ύφεση
AbstractΟ πρόεδρος Δημήτρης Β. Παπαδημητρίου και ο Μελετητής Έρευνας Greg Hannsgen επιχειρηματολογούν ότι η οικονομική υποχώρηση έχει μετατρα̟πεί σε μια παρατεταμένη και πολύ ασυνήθιστη κάμψη της ανάπτυξης, αποτρέποντας μια ανάκαμψη της αγοράς εργασίας—και η κυβέρνηση βρίσκεται πολύ ̟πίσω στην προσπάθεια της δημιουργίας των νέων θέσεων εργασίας που απαιτούνται για να αντιπετωπιστεί αυτή η καταστροφή.
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One-Pager No. 11
August 05, 2011
Investing in Social Care Delivery
AbstractThere is little mystery to explaining our current high levels of unemployment. The Bureau of Economic Analysis recently revised its figures on GDP growth, and revealed that not only was the recession worse than we realized, but recent growth rates have been overstated as well. The hole, in other words, was deeper than we thought, […]
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Working Paper No. 680
July 26, 2011
The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005
AbstractThis report presents estimates of the Levy Institute Measure of Economic Well-Being (LIMEW) for a representative sample of Canadian households in 1999 and 2005. The results indicate that there was only modest growth in the average Canadian household’s total command over economic resources in the six years between 1999 and 2005. Although inequality in economic […]
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Working Paper No. 679
July 25, 2011
The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
AbstractWe construct estimates of the Levy Institute Measure of Economic Well-Being for France for the years 1989 and 2000. We also estimate the standard measure of disposable cash income (DI) from the same data sources. We analyze overall trends in the level and distribution of household well-being using both measures for France as a whole […]
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Working Paper No. 678
July 25, 2011
What Ended the Great Depression?
AbstractConventional wisdom contends that fiscal policy was of secondary importance to the economic recovery in the 1930s. The recovery is then connected to monetary policy that allowed non-sterilized gold inflows to increase the money supply. Often, this is shown by measuring the fiscal multipliers, and demonstrating that they were relatively small. This paper shows that […]
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Working Paper No. 677
July 18, 2011
The Global Crisis and the Remedial Actions
AbstractThe global financial crisis has now spread across multiple countries and sectors, affecting both financial and real spheres in the advanced as well as the developing economies. This has been caused by policies based on “rational expectation” models that advocate deregulated finance, with facilities for easy credit and derivatives, along with globalized exposures for financial […]
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Working Paper No. 676
July 18, 2011
Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
AbstractThe quality of match for each of four statistical matches used in the LIMEW estimates for France for 1989 and 2000 is described. The first match combines the 1992 Enquête sur les Actifs Financiers with the 1989–90 Enquête Budget de Famille (BDF). The second match combines the 1998 General Social Survey (EDT) with the 1989–90 […]
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Working Paper No. 675
July 18, 2011
The Rise and Fall of Export-led Growth
AbstractThis paper traces the rise of export-led growth as a development paradigm and argues that it is exhausted owing to changed conditions in emerging market (EM) and developed economies. The global economy needs a recalibration that facilitates a new paradigm of domestic demand-led growth. Globalization has so diversified global economic activity that no country or […]
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Working Paper No. 674
July 05, 2011
Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis
AbstractThe relevancy of Minsky’s Financial Instability Hypothesis (FIH) in the current (and still unfolding) crisis has been clearly acknowledged by both economists and regulators. While most papers focus on discussing to what extent the FIH or Minsky’s Big Bank/Big Government interpretation is appropriate to explain and sort out the crisis, some authors have also emphasized […]
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One-Pager No. 10
June 21, 2011
Will the Recovery Continue?
AbstractWith quantitative easing winding down and the latest payroll tax-cut measures set to expire at the end of this year, pressing questions loom about the current state of the US economic recovery and its ability to sustain itself in the absence of support from monetary and fiscal policy.
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Working Paper No. 673
June 13, 2011
Effective Demand in the Recent Evolution of the US Economy
AbstractWe present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR model constructed on a quarterly basis from 1980 to 2008. US output is our variable of interest, and it depends (in our specification) on (1) […]
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Working Paper No. 672
May 27, 2011
Income Distribution in a Monetary Economy
AbstractThe paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by Keynes. In a monetary economy, capital is a fund that must be maintained. This idea is captured in the circuit of capital as first defined […]
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Working Paper No. 671
May 19, 2011
Public Job-creation Programs: The Economic Benefits of Investing in Social Care
AbstractThis paper demonstrates the strong impacts that public job creation in social care provisioning has on employment creation. Furthermore, it shows that mobilizing underutilized domestic labor resources and targeting them to bridge gaps in community-based services yield strong pro-poor income growth patterns that extend throughout the economy. Social care provision also contributes to promoting gender […]
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