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Levy Economics Institute
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Bernanke?s Paradox: Can He Reconcile His Position On The Federal Budget With His Recent Charge To Prevent Deflation?
November 1, 2010, 12:00am PDT
This paper examines Federal Reserve Chairman Ben Bernanke's recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his...
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Exploring The Philippine Economic Landscape And Structural Change Using The Input-Output Framework
November 1, 2010, 12:00am PDT
This paper explores the degree of structural change of the Philippine economy using the input-output framework. It examines how linkages among economic sectors evolved over 1979-2000, and...
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Technical Change In India's Organized Manufacturing Sector
October 1, 2010, 12:00am PDT
The authors use the real wage-profit rate schedule to examine the direction of technical change in India's organized manufacturing sector during 1980-2007. They find that technical change was Marx...
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Innocent Frauds Meet Goodhart's Law In Monetary Policy
September 1, 2010, 12:00am PDT
This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith's "Innocent fraud," including the idea that money is a thing rather than a relationship, the fallacy of...
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Measuring Poverty Using Both Income And Wealth
September 1, 2010, 12:00am PDT
This paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been proposed in the literature. Two types of approaches are considered: those that...
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Quality Of Match For Statistical Matches Used In The 1992 And 2007 Limew Estimates For The United States
September 1, 2010, 12:00am PDT
The quality of match of four statistical matches used in the LIMEW estimates for the United States for 1992 and 2007 is described. The first match combines the 1992 Survey of Consumer Finances...
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How To Sustain The Chinese Economic Miracle? The Risk of Unraveling The Global Rebalancing
September 1, 2010, 12:00am PDT
This paper investigates China's role in creating global imbalances, and the related call for a massive renminbi revaluation as a (supposed) panacea to forestall their reemergence as the world...
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Product Complexity And Economic Development
September 1, 2010, 12:00am PDT
The authors rank 5,107 products and 124 countries according to the Hidalgo and Hausmann (2009) measures of complexity. They find that: the most complex products are in machinery, chemicals, and...
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Quality Of Match For Statistical Matches Used In The 1999 And 2005 LIMEW Estimates For Canada
September 1, 2010, 12:00am PDT
The quality of match of four statistical matches used in the LIMEW estimates for Canada for 1999 and 2005 is described. The first match combines the 1999 Survey of Financial Security (SFS) with...
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As You Sow So Shall You Reap: From Capabilities To Opportunities
August 1, 2010, 12:00am PDT
The authors develop an Index of Opportunities for 130 countries based on their capabilities to undergo structural transformation. The Index of Opportunities has four dimensions, all of them...
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Why China Has Succeeded-And Why It Will Continue To Do So
August 1, 2010, 12:00am PDT
The key factor underlying China's fast development during the last 50 years is its ability to master and accumulate new and more complex capabilities, reflected in the increase in diversification...
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Changes In Central Bank Procedures During The Subprime Crisis And Their Repercussions On Monetary Theory
August 1, 2010, 12:00am PDT
The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have...
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Three Futures For Postcrisis Banking In The Americas: The Financial Trilemma And The Wall Street Complex
June 1, 2010, 12:00am PDT
This would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a crisis of...
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Fiscal Responsibility: What Exactly Does It Mean?
June 1, 2010, 12:00am PDT
The use of government fiscal stimulus to support the economy in the recent economic crisis has brought increases in government deficits and increased government debt. This has produced an interest...
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Racial Preferences In A Small Urban Housing Market: A Spatial Econometric Analysis Of Microneighborhoods In Kingston, New York
May 1, 2010, 12:00am PDT
This paper uses spatial econometric models to test for racial preferences in a small urban housing market. Identifying racial preferences is difficult when unobserved neighborhood amenities vary...
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Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
May 1, 2010, 12:00am PDT
This paper sets out to investigate the forces and conditions that led to the emergence of global imbalances preceding the worldwide crisis of 2007-09, and both the likelihood and the potential...
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The Recycling Problem In A Currency Union
May 1, 2010, 12:00am PDT
The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units - that is, everywhere - adjustment in real terms can be either upward...
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Revisiting ?New Cambridge?: The Three Financial Balances In A General Stock-flow Consistent Applied Modeling Strategy
May 1, 2010, 12:00am PDT
This paper argues that modified versions of the so-called "New Cambridge" approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and...
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The Euro And Its Guardian Of Stability: The Fiction And Reality Of The 10th Anniversary Blast
November 1, 2009, 12:00am PDT
This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks,...
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Minsky Moments, Russell Chickens, And Gray Swans: The Methodological Puzzles Of The Financial Instability Analysis
November 1, 2009, 12:00am PDT
The recent revival of Hyman P. Minsky's ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime...
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A Perspective On Minsky Moments: The Core Of The Financial Instability Hypothesis In Light Of The Subprime Crisis
October 1, 2009, 12:00am PDT
This paper aims to help bridge the gap between theory and fact regarding the so-called "Minsky moments" by revisiting the "Financial Instability Hypothesis" (FIH). The authors limit the analysis...
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Market Failure And Land Concentration
August 1, 2009, 12:00am PDT
Utilizing a 2002 household-level World Bank Survey for rural Turkey, this paper explores the link between concentration of land ownership and rural factor markets. The authors construct a unique...
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Revisiting (And Connecting) Marglin-Bhaduri And Minsky: An SFC Look At Financialization And Profit-Led Growth
June 1, 2009, 12:00am PDT
Many 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...
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New Consensus Macroeconomics: A Critical Appraisal
May 1, 2009, 12:00am PDT
This 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...
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Whither New Consensus Macroeconomics? The Role Of Government And Fiscal Policy In Modern Macroeconomics
May 1, 2009, 12:00am PDT
In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the subject of...
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The Social And Economic Importance Of Full Employment
April 1, 2009, 12:00am PDT
Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults: because...
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Hypothetical Integration In A Social Accounting Matrix And Fixed-Price Multiplier Analysis
December 1, 2008, 12:00am PST
This paper proposes a simple modification to a Social Accounting Matrix (SAM) in order to analyze the multiplier effects of a new sector. A different input composition, or technology, of the...
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Small Is Beautiful: Evidence Of An Inverse Relationship Between Farm Size And Yield In Turkey
December 1, 2008, 12:00am PST
This paper examines the relationship between farm size and yield per acre in Turkey using heretofore untapped data from a 2002 farm-level survey of 5,003 rural households. After controlling for...
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Excess Capital And Liquidity Management
November 1, 2008, 12:00am PDT
This paper presents a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and...
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Minsky And Economic Policy: "Keynesianism" All Over Again?
October 1, 2008, 12:00am PDT
Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that Hyman P. Minsky provides a valuable framework for understanding the world in...
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Do The Innovations In A Monetary VAR Have Finite Variances?
October 1, 2008, 12:00am PDT
Since Christopher Sims's "Macroeconomics and Reality" (1980), macroeconomists have used structural VARs, or Vector AutoRegressions, for policy analysis. Constructing the impulse-response functions...
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Promoting Equality Through An Employment Of Last Resort Policy
November 1, 2008, 12:00am PDT
To put an economy on an equitable growth path, economic development must be based on social efficiency, equity, and job creation. It has been shown that unemployment has far-reaching effects, all...
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Keynes's Approach To Full Employment: Aggregate Or Targeted Demand?
August 1, 2008, 12:00am PDT
This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to "Close the demand gap," are inconsistent...
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The Unpaid Care Work-Paid Work Connection
July 1, 2008, 12:00am PDT
Since the 1960's a substantial amount of research has been undertaken to take stock of differences in the socio-economic status between men and women. At the same time, mobilization and awareness...
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The Return Of Fiscal Policy: Can The New Developments In The New Economic Consensus Be Reconciled With The Post-Keynesian View?
July 1, 2008, 12:00am PDT
The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for...
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The Keynesian Roots Of Stock-Flow Consistent Macroeconomic Models: Peering Over The Edge Of The Short Period
July 1, 2008, 12:00am PDT
This paper argues that institutionally rich stock-flow consistent models - that is, models in which economic agents are identified with the main social categories/institutional sectors of actual...
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Deficient Public Infrastructure And Private Costs: Evidence From A Time-Use Survey For The Water Sector In India
July 1, 2008, 12:00am PDT
This paper presents new evidence on the links between public-infrastructure provisioning and time allocation related to the water sector in India. An analysis of time-use data reveals that...
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Statistical Matching Using Propensity Scores: Theory And Application To The Levy Institute Measure Of Economic Well-Being
May 1, 2008, 12:00am PDT
This paper summarizes the background, type, logic, and working procedure of the statistical matching used in the Levy Institute Measure of Economic Well-Being (LIMEW) project to combine the...
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Argentina: A Case Study On The Plan Jefes Y Jefas De Hogar Desocupados, Or The Employment Road To Economic Recovery
May 1, 2008, 12:00am PDT
After the 2001 crisis, Argentina - once the poster-child for pro-market structural-adjustment policies - had to define a new strategy in order to manage the societal demands that had led to the...
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The Discrete Charm Of The Washington Consensus
April 1, 2008, 12:00am PDT
Over the last two centuries in Latin America a Washington Consensus development strategy based on integration in the global trading system has dominated both domestic demand management and...
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Infinite-Variance, Alpha-Stable Shocks In Monetary SVAR: Final Working-Paper Version
August 1, 2011, 12:00am PDT
This 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...
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The "Keynesian Moment" In Policymaking, The Perils Ahead, And A Flow-of-funds Interpretation Of Fiscal Policy
April 1, 2010, 12:00am PDT
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal...
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Fiscal Policy Effectiveness: Lessons From The Great Recession
January 1, 2011, 12:00am PST
This paper reconsiders fiscal policy effectiveness in light of the recent economic crisis. It examines the fiscal policy approach advocated by the economics profession today and the specific...
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What Ended The Great Depression? Reevaluating The Role Of Fiscal Policy
July 1, 2011, 12:00am PDT
Conventional 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...
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Nurkse And The Role Of Finance In Development Economics
November 1, 2007, 12:00am PDT
Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in...
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The Natural Instability Of Financial Markets
December 1, 2007, 12:00am PST
This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading...
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Financialization: What It Is And Why It Matters
December 1, 2007, 12:00am PST
Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms...
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Financing Job Guarantee Schemes By Oil Revenue: The Case Of Iran
January 1, 2008, 12:00am PST
Iran's constitution emphasizes social justice and obliges government to provide a job for every citizen. But in fact, the government's duty to provide jobs has shifted to government support for a...
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Financial Flows And International Imbalances - The Role Of Catching Up By Late Industrializing Developing Countries
February 1, 2008, 12:00am PST
While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such...
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Changes In The U.S. Financial System And The Subprime Crisis
April 1, 2008, 12:00am PDT
This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the...
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On Democratizing Financial Turmoil: A Minskian Analysis Of The Subprime Crisis
November 1, 2008, 12:00am PDT
The paper uses Minsky's financial instability hypothesis as an analytical framework for understanding the subprime mortgage crisis and for introducing adequate reforms to restore economic...
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Macroeconomic Imbalances In The United States And Their Impact On The International Financial System
January 1, 2009, 12:00am PST
The argument put forward in this paper is twofold: first that the financial crisis of 2007-08 was made global by the U.S. current account deficit. This is because the outflow of dollars from the...
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Financial Stability: The Significance And Distinctiveness Of Islamic Banking In Malaysia
January 1, 2009, 12:00am PST
This paper explores the significance of Islamic banking in Malaysia for stability in the country's economy as a whole. Neither conventional theory nor Islamic economics puts forward a systematic...
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Background Considerations To A Regulation Of The U.S. Financial System: Third Time A Charm? Or Strike Three?
March 1, 2009, 12:00am PST
U.S. financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the...
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The Current Economic And Financial Crisis: A Gender Perspective
May 1, 2009, 12:00am PDT
Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global...
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Fiscal Policy And The Economics Of Financial Balances
June 1, 2009, 12:00am PDT
This 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...
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Securitization, Deregulation, Economic Stability, And Financial Crisis, Part I: The Evolution Of Securitization
August 1, 2009, 12:00am PDT
The past 30 years were a classical example of the transition from hedge to Ponzi financing that Minsky analyzed in detail (Minsky 1986; Tymoigne 2009): from cash-flow cash CDO to market-value...
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Securitization, Deregulation, Economic Stability, And Financial Crisis, Part II: Deregulation, The Financial Crisis, And Policy Implications
August 1, 2009, 12:00am PDT
Maintaining competitive profitability requires that financial institutions constantly innovate by creating new financial products or by using existing financial products in riskier deals. Over...
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A Critical Assessment Of Seven Reports On Financial Reform: A Minskyan Perspective, Part I: Key Concepts And Main Points
August 1, 2009, 12:00am PDT
Traditionally, the regulatory financial framework has been organized in order to detect frauds and "Imprudent" risk management, and to make sure that economic incentives are set "Properly" to...
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A Critical Assessment Of Seven Reports On Financial Reform: A Minskyan Perspective, Part II: Treasury, CRMPG Reports, Financial Stability Forum
August 1, 2009, 12:00am PDT
The paper argues that the crisis was caused by four basic factors: a long period of economic growth, low interest rates, financial innovations, and regulatory and accounting incentives to use...
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A Critical Assessment Of Seven Reports On Financial Reform: A Minskyan Perspective, Part IV: Summary Tables
August 1, 2009, 12:00am PDT
The paper uses Minsky's framework of analysis and focuses on the implications of Ponzi finance for regulatory and supervisory policies. The main conclusion of the paper is that, while all reports...
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A Financial Sector Balance Approach And The Cyclical Dynamics Of The U.S. Economy
September 1, 2009, 12:00am PDT
This paper investigates the relationship between asset markets and business cycles with regard to the U.S. economy. The authors consider the Goldman Sachs approach (2003) developed to study the...
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Is Reregulation Of The Financial System An Oxymoron?
February 1, 2010, 12:00am PST
The extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the U.S. financial system. However, that reregulation has been slow in...
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Is This The Minsky Moment For Reform Of Financial Regulation?
February 1, 2010, 12:00am PST
The current financial crisis has been characterized as a "Minsky" moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the New Deal...
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The Global Financial Crisis And A New Capitalism?
May 1, 2010, 12:00am PDT
The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s; and the hegemony of a...
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A Contribution To The Theory Of Financial Fragility And Crisis
May 1, 2010, 12:00am PDT
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to...
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Revisiting "New Cambridge": The Three Financial Balances In A General Stock-Flow Consistent Applied Modeling Strategy
May 1, 2010, 12:00am PDT
This paper argues that modified versions of the so-called "New Cambridge" approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and...
Provided by Levy Economics Institute
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The Economic And Financial Crises In CEE And CIS Gender Perspectives And Policy Choices
May 1, 2010, 12:00am PDT
This paper looks at the countries of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), where economies have been most dramatically hit by the global crisis and its...
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Too Big To Fail In Financial Crisis: Motives, Countermeasures, And Prospects
June 1, 2010, 12:00am PDT
Regulatory forbearance and government financial support for the largest U.S. financial companies during the crisis of 2007-09 highlighted a "Too big to fail" problem that has existed for decades....
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Detecting Ponzi Finance: An Evolutionary Approach To The Measure Of Financial Fragility
June 1, 2010, 12:00am PDT
Different frameworks of analysis lead to different conceptions of financial instability and financial fragility. On one side, the static approach conceptualizes financial instability as an...
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The Transition From Industrial Capitalism To A Financialized Bubble Economy
October 1, 2010, 12:00am PDT
For the past decade, the U.S. economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading example of industrial...
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Managing Finance In Emerging Economies: The Case Of India
October 1, 2010, 12:00am PDT
India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has...
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The Household Sector Financial Balance, Financing Gap, Financial Markets, And Economic Cycles In The US Economy: A Structural VAR Analysis
November 1, 2010, 12:00am PDT
This paper investigates private net saving in the US economy - divided into its principal components, households and (nonfinancial) corporate financial balances - and its impact on the GDP cycle...
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How Brazil Can Defend Against Financialization And Keep Its Economic Surplus For Itself
November 1, 2010, 12:00am PDT
The post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure, and living standards. In...
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Financial Keynesianism And Market Instability
March 1, 2011, 12:00am PST
In this paper, the author will follows Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "Robust" to one...
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A Minskyan Road To Financial Reform
March 1, 2011, 12:00am PST
In the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some have...
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Financial Markets
March 1, 2011, 12:00am PST
This paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes's path-breaking insights into the role of liquidity and finance in...
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The Financial Crisis Viewed From The Perspective Of The "Social Costs" Theory
March 1, 2011, 12:00am PST
This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein...
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Causes Of Financial Instability: Don't Forget Finance
April 1, 2011, 12:00am PDT
Given the economy's complex behavior and sudden transitions as evidenced in the 2007-08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice...
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Quality Of Match For Statistical Matches Used In The 1989 And 2000 LIMEW Estimates For France
July 1, 2011, 12:00am PDT
The 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...
Provided by Levy Economics Institute
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