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Working Paper No. 806
May 30, 2014
The Great Recession and Unpaid Work Time in the United States
AbstractPoverty 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 the impact of economic downturns. In this paper, we examine the presence of poverty-based asymmetries in the unpaid work time changes of men and women […]
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Working Paper No. 805
May 30, 2014
What Do We Know About the Labor Share and the Profit Share? Part III
AbstractEconomic 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 US labor share for the whole economy. We find that the labor share has held remarkably steady indeed, but that the quasi-stability masks a sizable […]
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Working Paper No. 804
May 21, 2014
What Do We Know About the Labor Share and the Profit Share? Part II
AbstractIn 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 trade, and financialization. All contribute to the fluctuations of the labor share, and there is a significant amount of self-reinforcement among these factors. For the […]
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Working Paper No. 803
May 21, 2014
What Do We Know About the Labor Share and the Profit Share? Part I
AbstractThis 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 theories of income distribution. Some provide a technology-based account of the relative shares while others provide a demand-driven explanation (Keynes, Kalecki, Kaldor, Goodwin). Two questions […]
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Working Paper No. 802
May 21, 2014
Shadow Banking
AbstractCentral 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 markets. Many want central banks to embrace this expanded role as “market maker of last resort” going forward. This would provide a liquidity backstop for […]
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Working Paper No. 801
May 21, 2014
The Political Economy of Shadow Banking
AbstractThis 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 dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy […]
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Public Policy Brief No. 133
May 14, 2014
Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
AbstractThe “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, Research Associate and Policy Fellow C. J. Polychroniou argues in this policy brief that, contrary to the burgeoning optimism in official communications, these countries’ economies […]
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Working Paper No. 800
May 08, 2014
Autonomy-enhancing Paternalism
AbstractBehavioral 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 of “libertarian paternalism.” This type of “soft” paternalism aims at helping individuals without reducing their freedom of choice. We highlight three problems of libertarian paternalism: […]
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Working Paper No. 799
May 06, 2014
Monetary Mechanics
AbstractThis 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 by an object but rather on its financial characteristics. Anything issued by anybody can be a monetary instrument and any type of material can be […]
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Working Paper No. 799
May 06, 2014
Νομισματική μηχανική
AbstractΗ 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 στις λειτουργίες που επιτελούνται από ένα αντικείμενο, αλλά στα χρηματοοικονομικά χαρακτηριστικά του. Οτιδήποτε έχει εκδοθεί από οποιονδήποτε μπορεί να αποτελέσει ένα νομισματικό μέσο και κάθε […]
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Public Policy Brief No. 132
May 05, 2014
How Poor Is Turkey? And What Can Be Done About It?
AbstractGauging 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 to be an obvious point, and yet, in most cases, our official poverty metrics fail that test, often due to a crucial omission. In this […]
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Public Policy Brief No. 132
May 05, 2014
Πόσο φτωχή είναι η Τουρκία και τι μπορεί να γίνει
AbstractH 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 όσον αφορά την υλική ευημερία. Ωστόσο, αν και αυτό το σημείο πιθανώς να φαίνεται προφανές, στις περισσότερες περιπτώσεις οι επίσημες μετρήσεις της φτώχειας αποτυγχάνουν αυτή […]
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Research Project Report
May 01, 2014
Time Deficits and Poverty
AbstractOfficial poverty lines in Turkey and other countries often ignore the fact that unpaid household production activities that contribute to the fulfillment of material needs and wants are essential for the household to reproduce itself as a unit. This omission has consequences. Taking household production for granted when measuring poverty yields an unacceptably incomplete picture, […]
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Working Paper No. 798
May 01, 2014
Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011
AbstractThis paper describes the quality of the statistical matching between the March 2011 supplement to the Current Population Survey and the 2010 American Time Use Survey and Survey of Consumer Finances, which are used as the basis for the 2010 LIMEW estimates for the United States. In the first part of the paper, the alignment […]
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Strategic Analysis
April 25, 2014
Is Rising Inequality a Hindrance to the US Economic Recovery?
AbstractThe US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and the unemployment rate has fallen to 6.7 percent. The restrictive fiscal policy stance of the past three years has exerted a negative influence on aggregate […]
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Strategic Analysis
April 25, 2014
Αποτελεί η αυξανόμενη ανισότητα εμπόδιο στην οικονομική ανάκαμψη των ΗΠΑ;
AbstractΗ οικονομία των Ηνωμένων Πολιτειών αναπτύσσεται με μέτριο ρυθμό μετά από την επίσημη λήξη της Ύφεσης το 2009. Το έλλειμμα του προϋπολογισμού μειώνεται σταθερά, ο πληθωρισμός βρίσκεται υπό έλεγχο και το ποσοστό ανεργίας μειώθηκε από 9,8% στο 6,7% (τον Μάρτιο του 2014). Η περιοριστική δημοσιονομική πολιτική των τελευταίων τριών ετών έχει ασκήσει αρνητική επίδραση στη […]
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Working Paper No. 797
April 23, 2014
Gender-responsive Budgeting as Fiscal Innovation
AbstractGender-responsive budgeting (GRB) is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional mechanisms in which a benefit meets identified problems. GRB is a fiscal innovation in that it translates gender commitments into fiscal commitments by applying a […]
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Research Project Report
April 11, 2014
Federal Reserve Bank Governance and Independence during Financial Crisis
AbstractThis 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. This is the third in a series of reports examining the Federal Reserve Bank’s response to the global financial crisis, with particular emphasis […]
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Public Policy Brief No. 131
April 08, 2014
Minsky and Dynamic Macroprudential Regulation
AbstractIn the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky’s […]
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Public Policy Brief No. 131
April 08, 2014
Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση
AbstractΣτο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel εξετάζει το έργο του Μίνσκι ως σύμβουλος κυβερνητικών υπηρεσιών που διερευνούσαν το ζήτημα της ρυθμιστικής μεταρρύθμισης τη δεκαετία του 1960. Όπως εξηγεί ο Kregel, αυτή […]
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Working Paper No. 796
April 04, 2014
Minsky and the Subprime Mortgage Crisis
AbstractThe aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market […]
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Working Paper No. 795
April 04, 2014
Growth with Unused Capacity and Endogenous Depreciation
AbstractThis paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis […]
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Working Paper No. 794
March 31, 2014
Structural Asymmetries at the Roots of the Eurozone Crisis
AbstractIn this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring about on center–periphery divergence/convergence patterns, and derive some implications as to the design of future industrial policy at the European level. We stress that future […]
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Working Paper No. 793
March 27, 2014
Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
AbstractThe quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS 2009) with the 2009 Korean Welfare Panel Study (KWPS 2009). The alignment of the two datasets is examined, after which various aspects of the match […]
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