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Working Paper No. 575
August 30, 2009
Market Failure and Land Concentration
AbstractUtilizing a 2002 household-level World Bank Survey for rural Turkey, this paper explores the link between concentration of land ownership and rural factor markets. We construct a unique index that measures market malfunctioning based on the neoclassical model linking land and labor endowments through factor markets to household income. We further test whether land ownership […]
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Public Policy Brief No. 104
August 28, 2009
The New New Deal Fracas
AbstractA wave of revisionist work claims that “anticompetitive” New Deal legislation such as the National Industrial Recovery Act (NIRA) and the National Labor Relations Act (NLRA) greatly slowed the recovery from the Depression; in this new public policy brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen review these claims in light of current […]
Download Public Policy Brief No. 104, 2009 PDF (130.77 KB) -
Public Policy Brief No. 103
August 21, 2009
Financial and Monetary Issues as the Crisis Unfolds
AbstractA group of experts associated with the Economists for Peace and Security and the Initiative for Rethinking the Economy met recently in Paris to discuss financial and monetary issues; their viewpoints, summarized here by Senior Scholar James K. Galbraith, are largely at odds with the global political and economic establishment. Despite noting some success in […]
Download Public Policy Brief No. 103, 2009 PDF (149.60 KB) -
Public Policy Brief No. 102
August 20, 2009
The Global Crisis and the Implications for Developing Countries and the BRICs
AbstractThe term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China–a class of middle-income emerging market economies of relatively large size that are capable of self-sustained expansion. Their combined economies could exceed the combined economies of today’s richest countries by 2050. However, there are […]
Download Public Policy Brief No. 102, 2009 PDF (1.33 MB) -
Working Paper No. 574
August 19, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part IV
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and focuses on the implications of Ponzi finance for regulatory and supervisory policies. The main conclusion of the study is that, while all reports make some […]
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Working Paper No. 574
August 18, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part III
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and focuses on the implications of Ponzi finance for regulatory and supervisory policies. The main conclusion of the study is that, while all reports make some […]
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Working Paper No. 574
August 17, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part II
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and focuses on the implications of Ponzi finance for regulatory and supervisory policies. The main conclusion of the study is that, while all reports make some […]
Download Working Paper No. 574.2 PDF (211.37 KB) -
Working Paper No. 574
August 16, 2009
A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part I
AbstractThis four-part study is a critical analysis of several reports dealing with the reform of the financial system in the United States. The study uses Minsky’s framework of analysis and focuses on the implications of Ponzi finance for regulatory and supervisory policies. The main conclusion of the study is that, while all reports make some […]
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Working Paper No. 573
August 15, 2009
Securitization, Deregulation, Economic Stability, and Financial Crisis, Part II
AbstractThis study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the current financial crisis and recession. Combined with a long period of economic expansion during which default rates were stable and low, deregulation and unsupervised financial […]
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Working Paper No. 573
August 14, 2009
Securitization, Deregulation, Economic Stability, and Financial Crisis, Part I
AbstractThis study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the current financial crisis and recession. Combined with a long period of economic expansion during which default rates were stable and low, deregulation and unsupervised financial […]
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Working Paper No. 572
August 13, 2009
The Unequal Burden of Poverty on Time Use
AbstractThis study uses the first time-use survey carried out in South Africa (2000) to examine women’s and men’s time use, with a focus on the impacts of income poverty. We empirically explore the determinants of time spent on different paid and unpaid work activities, including a variety of household and individual characteristics, using bivariate and […]
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Working Paper No. 571
August 11, 2009
How Well Do Individuals Predict the Selling Prices of Their Homes?
AbstractSelf-reported home values are widely used as a measure of housing wealth by researchers; the accuracy of this measure, however, is an open empirical question, and requires some type of market assessment of the values reported. In this study, the authors examine the predictive power of self-reported housing wealth when estimating housing prices, utilizing […]
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Working Paper No. 570
July 23, 2009
From Unpaid to Paid Care Work
AbstractThis paper considers public employment guarantee programs in the context of South Africa as a means to address the nexus of poverty, unemployment, and unpaid work burdens—all factors exacerbated by HIV/AIDS. It further discusses the need for genderinformed public job creation in areas that mitigate the “time-tax” burdens of women, and examines a South African […]
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Testimony
July 14, 2009
Statement of Professor James K. Galbraith to the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, US House of Representatives
AbstractOn July 9, 2009, Senior Scholar James K. Galbraith testified before the House Financial Services Committee regarding the functions of the Federal Reserve under the Obama administration’s proposals for financial regulation reform—specifically, the extent to which the newly proposed role of systemic risk regulator might conflict with the Fed’s traditional role as the independent authority […]
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Policy Notes
June 16, 2009
Special Report: Who Gains from President Obama’s Stimulus Package … And How Much?
AbstractIn this Special Report, Levy scholars Ajit Zacharias, Thomas Masterson, and Kijong Kim provide a preliminary assessment of the 2009 American Recovery and Reinvestment Act (ARRA), a package of transfers and tax cuts that is expected to provide relief to low-income and vulnerable households especially hurt by the economic crisis, while at the same time […]
Download Special Report, June 12, 2009 PDF (446.17 KB) -
Working Paper No. 569
June 15, 2009
Fiscal Policy and the Economics of Financial Balances
AbstractThis paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking the current financial and economic crisis. We investigate the connections of the model to the “New Cambridge” approach, and discuss other recent approaches to the […]
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Public Policy Brief No. 101
June 09, 2009
Promoting Gender Equality through Stimulus Packages and Public Job Creation
AbstractBeyond loss of income, joblessness is associated with greater poverty, marginalization, and social exclusion; the current global crisis is clearly not helping. In this new Public Policy Brief, Research Scholar Rania Antonopoulos explores the impact of both joblessness and employment expansion on poverty, paying particular attention to the gender aspects of poverty and poverty-reducing public […]
Download Public Policy Brief No. 101, 2009 PDF (123.71 KB) -
Working Paper No. 568
June 04, 2009
Distributional Impact of the American Recovery and Reinvestment Act
AbstractOver the last two decades, those at the bottom of the income scale have seen their incomes stagnate, while those at the top have seen theirs skyrocket; without intervention, the recession that began in December 2007 was likely to exacerbate this trend. Will the American Recovery and Reinvestment Act of 2009 (ARRA) be able to […]
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Working Paper No. 567
June 01, 2009
Revisiting (and Connecting) Marglin-Bhaduri and Minsky
AbstractMany heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. The authors of this new working paper suggest (1) that this strategy is potentially misleading, and (2) that the stock-flow consistent […]
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Policy Notes No. 8
June 01, 2009
Some Simple Observations on the Reform of the International Monetary System
AbstractThe demand for reform of the financial system has focused on the dollar’s loss of international purchasing power (the Triffin dilemma) and its substitution by an international reserve currency that is not a national currency. The problem, however, is not the particular asset that serves as the international currency but rather the operation of the […]
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Policy Notes No. 7
May 28, 2009
“Enforced Indebtedness” and Capital Adequacy Requirements
AbstractThe capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its financial liabilities without affecting the financial liabilities of other firms. In practice, says author Jan Toporowski, capital adequacy regulations for banks are a way of […]
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Working Paper No. 566
May 20, 2009
Caste and Wealth Inequality in India
AbstractIn this paper, we conduct the novel exercise of analyzing the relationship between overall wealth inequality and caste divisions in India using nationally representative surveys on household wealth conducted during 1991–92 and 2002–03. According to our findings, the groups in India that are generally considered disadvantaged (known as Scheduled Castes or Scheduled Tribes) have, as […]
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Working Paper No. 565
May 19, 2009
Housing Inequality in the United States
AbstractIn recent years, as the homeownership rate in the United States reached its highest level in history, homeownership itself remained unevenly distributed, particularly along racial and ethnic lines. By using data from the 2000 Integrated Public Use Microdata Series (IPUMS) and 2006 American Community Survey (ACS) to study the trajectory into homeownership of black, Asian, […]
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Working Paper No. 564
May 14, 2009
New Consensus Macroeconomics: A Critical Appraisal
AbstractThis paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems with this particular theoretical framework. We […]
Download Working Paper No. 564 PDF (237.43 KB)