Publications

1681 publications found

• Working Paper No. 503 June 26, 2007

  A Simplified “Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model

  Claudio H. Dos Santos, and Gennaro Zezza
  Abstract

  Despite being arguably one of the most active areas of research in heterodox macroeconomics, the study of the dynamic properties of stock-flow consistent (SFC) growth models of financially sophisticated economies is still in its early stages. This paper attempts to offer a contribution to this line of research by presenting a simplified Post-Keynesian SFC growth […]

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• Working Paper No. 502 June 08, 2007

  Recent Trends in Household Wealth in the United States

  Edward N. Wolff
  Abstract

  I find here that the early 2000s witnessed both exploding debt and the middle-class squeeze. While median wealth grew briskly in the late 1990s, it fell slightly between 2001 and 2004, while the inequality of net worth increased slightly. Indebtedness, which fell substantially during the late 1990s, skyrocketed in the early 2000s. Among the middle […]

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• Working Paper No. 501 May 21, 2007

  Two National Surveys of American Jews, 2000–01

  Joel Perlmann
  Abstract

  While there have been very few national surveys of American Jews, two that we do have are from the same period, 2000–01. They were conducted by different researchers using different sampling methods. Known as the NJPS and the AJIS, these surveys are now available as public-use datasets, but they have not yet been systematically compared. […]

  Download Working Paper No. 501 PDF (71.25 KB)
• Working Paper No. 500 May 20, 2007

  Economic Perspectives on Aging

  Dimitri B. Papadimitriou
  Abstract

  The aging of the American population will be a critical public policy issue in the years ahead. This paper surveys the recent literature on the economics of aging, with a special emphasis on government spending on the aged. The US Census Bureau projects that the proportion of the elderly in the total population will increase […]

  Download Working Paper No. 500 PDF (92.19 KB)
• Policy Notes May 17, 2007

  State, Difference, and Diversity

  Rania Antonopoulos, and Francisco Cos-Montiel
  Abstract

  The centrality of the state in promoting gender equality is generally acknowledged, but a perplexing and complex issue confronts us: should the state treat men and women in identical ways, or should it legislate and enforce policies that are aware of gender differences? In other words, should the state be gender-blind or gender-sensitive? Gender, ethnic, […]

• Working Paper No. 499 May 14, 2007

  ELR-led Economic Development

  Fadhel Kaboub
  Abstract

  This paper establishes the financial feasibility of an employer-of-last-resort (ELR) program in a small developing country like Tunisia. It argues that an ELR-led economic development policy is vastly superior to the traditional import substitution industrialization (ISI), export-led, and FDI-led development models, all of which Tunisia has adopted without much success in reducing unemployment. Despite outperforming […]

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• Working Paper No. 498 May 09, 2007

  Employment Guarantee Programs

  Fadhel Kaboub
  Abstract

  This working paper provides a survey of the theoretical underpinnings for the various employment guarantee schemes, and discusses full employment policy experiences in the United States, Sweden, India, Argentina, and France. The theoretical and policy developments are delineated in a historical context. The paper concludes by identifying some questions that still need to be addressed […]

  Download Working Paper No. 498 PDF (338.15 KB)
• Working Paper No. 497 May 02, 2007

  Surveying American Jews and Their Views on Middle East Politics

  Joel Perlmann
  Abstract

  This working paper takes up three related themes. In section 1, I briefly describe the issues relevant to surveying American Jews and highlight the importance of authoritative national surveys; in section 2, I note that these surveys have not included much exploration of American Jewish divisions over Israeli and American Middle East policy. In section […]

  Download Working Paper No. 497 PDF (130.38 KB)
• Working Paper No. 496 May 01, 2007

  Gender Disparities in Employment and Aggregate Profitability in the United States

  Ajit Zacharias, and Melissa Mahoney
  Abstract

  We explore the relationships between aggregate profitability and women’s growing share of market work in the United States during the 1980s and 1990s. Using decomposition analysis and counterfactuals, we investigate whether the contribution of the declining wage share to the upswing in profitability was aided by the growing incorporation of women into the workforce. Results […]

  Download Working Paper No. 496 PDF (425.61 KB)
• Working Paper No. 495 April 30, 2007

  Gender Inequalities in Allocating Time to Paid and Unpaid Work

  Marcelo Medeiros, Rafael Guerreiro Osório, and Joana Costa
  Abstract

  This working paper analyzes paid and unpaid work-time inequalities among Bolivian urban adults using time use data from a 2001 household survey. We identified a gender-based division of labor characterized not so much by who does what type of work but by how much work of each type they do. There is a trade-off between […]

  Download Working Paper No. 495 PDF (167.14 KB)
• Strategic Analysis April 30, 2007

  The US Economy: What’s Next?

  Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza
  Abstract

  The collapse in the subprime mortgage market, along with multiple signals of distress in the broader housing market, has already drawn forth a large body of comment. Some people think the upheaval will turn out to be contagious, causing a major slowdown or even a recession later in 2007. Others believe that the turmoil will […]

  Download Strategic Analysis, April 2007 PDF (622.28 KB)
• Research Project Report April 30, 2007

  How Well Off Are America’s Elderly?

  Hyunsub Kum, Edward N. Wolff, and Ajit Zacharias
  Abstract

  Given the aging of the American population and the widening gap between rich and poor—not to mention the controversy surrounding the future viability of Social Security—the economic welfare of the elderly is an extremely topical issue. This report provides a new look at America’s elderly, and shows that the official measures drastically understate their level […]

  Download LIMEW Report, April 2007 PDF (2.93 MB)
• Working Paper No. 494 April 29, 2007

  Fiscal Policy in a Stock-flow Consistent (SFC) Model

  Wynne Godley, and Marc Lavoie
  Abstract

  This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashion—that is, at a well-defined level and growth rate—then full employment and low inflation will not be achieved in […]

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• Working Paper No. 493 March 21, 2007

  State, Difference, and Diversity

  Rania Antonopoulos, and Francisco Cos-Montiel
  Abstract

  Should the state treat men and women in identical ways, or should it legislate and enforce policies that are aware of gender differences? In other words, should the state be gender-blind or gender-sensitive? Gender, ethnic, religious, sexual orientation, ideological, economic, political, and cultural dimensions represent diversity among citizens. This paper argues that if the goal […]

  Download Working Paper No. 493 PDF (200.96 KB)
• Working Paper No. 492 March 02, 2007

  Are the Costs of the Business Cycle “Trivially Small”?

  Abstract

  In his presidential address to the American Economic Association, Robert Lucas claimed that the welfare costs of the business cycle in the United States equaled .05 percent of consumption. His calculation compared the utility of a representative consumer receiving actual per-capita consumption each year with that of a similar consumer receiving the expectation of consumption. […]

  Download Working Paper No. 492 PDF (263.51 KB)
• Working Paper No. 491 February 22, 2007

  Land Rental and Sales Markets in Paraguay

  Thomas Masterson
  Abstract

  This paper examines the claim that the land rental market can be an effective means of redistributing access to, if not ownership of, land to the rural poor, using Paraguay as our model. The land sales market is also examined. The land rental market in Paraguay’s rural areas is found to be very thin, due […]

  Download Working Paper No. 491 PDF (921.97 KB)
• Working Paper No. 490 February 21, 2007

  Productivity, Technical Efficiency, and Farm Size in Paraguayan Agriculture

  Thomas Masterson
  Abstract

  This essay assesses the relationship between farm size and productivity. Both parametric and nonparametric methods are used to derive efficiency measures. Smaller farms are found to have higher net farm income per hectare, and to be more technically efficient, than larger farms.

  Download Working Paper No. 490 PDF (621.06 KB)
• Working Paper No. 489 January 31, 2007

  Fixed and Flexible Exchange Rates and Currency Sovereignty

  Claudio Sardoni, and L. Randall Wray
  Abstract

  This paper provides an analysis of Keynes’s original “Bancor” proposal as well as more recent proposals for fixed exchange rates. We argue that these schemes fail to pay due attention to the importance of capital movements in today’s economy, and that they implicitly adopt an unsatisfactory notion of money as a mere medium of exchange. […]

  Download Working Paper No. 489 PDF (174.71 KB)
• Public Policy Brief No. 89 January 31, 2007

  The Economics of Outsourcing

  Thomas I. Palley
  Abstract

  According to Research Associate Thomas I. Palley, global outsourcing represents a new economic challenge that calls for a new set of institutions. In this brief, he expands upon the problems of offshore outsourcing as outlined in Public Policy Brief no. 86 and focuses on the microeconomic foundations. He argues that outsourcing is a central element […]

  Download Public Policy Brief No. 89, 2007 PDF (164.52 KB)
• Working Paper No. 488 January 23, 2007

  Demand Constraints and Big Government

  L. Randall Wray
  Abstract

  In a series of articles and books, Harold Vatter and John Walker attempted to make the case that the American economy suffers from chronically insufficient demand that leads to growth below capacity. Of particular interest are a 1989 Journal of Post Keynesian Economics article that extends Domar’s work on the supply side effects of investment […]

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• Working Paper No. 487 January 09, 2007

  Class Structure and Economic Inequality

  Edward N. Wolff, and Ajit Zacharias
  Abstract

  Existing empirical schemas of class structure do not specify the capitalist class in an adequate manner. We propose a schema in which the specification of capitalist households is based on wealth thresholds. Individuals in noncapitalist households are assigned class locations based on their position in the labor process. The schema is designed to address the […]

  Download Working Paper No. 487 PDF (540.50 KB)
• Policy Notes No. 1 January 07, 2007

  The April AMT Shock

  Dimitri B. Papadimitriou, and L. Randall Wray
  Abstract

  Anyone who reads a newspaper knows that most Americans have accumulated excessive levels of debt, and realizes that as interest rates climb, it becomes more difficult to service financial liabilities. To add insult to injury, wage growth has been slow, while prices—especially for energy—have risen sharply. What is not clear, however, is the fact that […]

  Download Policy Note 2007/1 PDF (263.94 KB)
• Book Series December 27, 2006

  International Perspectives on Household Wealth

  Edward N. Wolff
  Abstract

  The contributors to this comprehensive book compile and analyze the latest data available on household wealth using, as case studies, the United States, Canada, Germany, Italy, Sweden, and Finland during the 1990s and into the 21st century. The authors show that in the United States, trends are highlighted in terms of wealth holdings among the […]

• Working Paper No. 486 December 21, 2006

  Global Imbalances, Bretton Woods II, and Euroland’s Role in All This

  Jörg Bibow
  Abstract

  Approaching the issue of mounting global imbalances from the perspective of the "Bretton Woods II hypothesis," this paper argues that the popular preoccupation with China’s supposed export-led development strategy is misplaced. It also suggests, similar to Japan’s depression, subdued growth in Euroland for most of the time since the Maastricht Treaty has been of first-order […]

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