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Levy Economics Institute
(139 results)-
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Can Robbery And Other Theft Help Explain The Textbook Currency-Demand Puzzle? Two Dreadful Models Of Money Demand With An Endogenous Probability Of Crime
March 1, 2008, 12:00am PST
This paper attempts to explain one version of an empirical puzzle noted by Mankiw (2003): a Baumol-Tobin inventory-theoretic money demand equation predicts that the average U.S. adult should have...
Provided by Levy Economics Institute
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Promotion Nationale: Forty-Five Years Of Experience Of Public Works In Morocco
December 1, 2007, 12:00am PST
Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects,...
Provided by Levy Economics Institute
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Lessons From The Subprime Meltdown
December 1, 2007, 12:00am PST
This paper uses Hyman P. Minsky's approach to analyze the current international financial crisis that was initiated by problems in the U.S. real estate market. In a 1987 manuscript, Minsky had...
Provided by Levy Economics Institute
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Earnings Functions And The Measurement Of The Determinants Of Wage Dispersion: Extending Oaxaca's Approach
November 1, 2007, 12:00am PDT
This paper extends the famous Blinder (1973) and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. Second, a decomposition...
Provided by Levy Economics Institute
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Public Employment And Women: The Impact Of Argentina's Jefes Program On Female Heads Of Poor Households
November 1, 2007, 12:00am PDT
In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes,...
Provided by Levy Economics Institute
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Fiscal Deficit, Capital Formation, And Crowding Out In India
October 1, 2007, 12:00am PDT
This paper analyzes the real (direct) and financial crowding out in India between 1970-71 and 2002-03. Using an asymmetric Vector AutoRegressive (VAR) model, the paper finds no real crowding out...
Provided by Levy Economics Institute
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What Are The Relative Macroeconomic Merits And Environmental Impacts Of Direct Job Creation And Basic Income Guarantees?
October 1, 2007, 12:00am PDT
There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals - the basic income proposal and...
Provided by Levy Economics Institute
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The Right To A Job, The Right Types Of Projects: Employment Guarantee Policies From A Gender Perspective
September 1, 2007, 12:00am PDT
There is now widespread recognition that in most countries, private-sector investment has not been able to absorb surplus labor. This is all the more the case for poor unskilled people. Public...
Provided by Levy Economics Institute
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Minsky's Approach To Employment Policy And Poverty: Employer Of Last Resort And The War On Poverty
September 1, 2007, 12:00am PDT
While Hyman P. Minsky is best known for his work on financial instability, he was also intimately involved in the postwar debates about fiscal policy and what would become the War on Poverty....
Provided by Levy Economics Institute
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The Continuing Legacy Of John Maynard Keynes
September 1, 2007, 12:00am PDT
This working paper examines the legacy of Keynes's General Theory of Employment, Interest, and Money (1936), on the occasion of the 70th anniversary of the publication of Keynes's masterpiece and...
Provided by Levy Economics Institute
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The Fed's Real Reaction - Function Monetary Policy, Inflation, Unemployment, Inequality - And Presidential Politics
August 1, 2007, 12:00am PDT
Using a VAR model of the American economy from 1984 to 2003, the authors find that, contrary to official claims, the Federal Reserve does not target inflation or react to "Inflation signals."...
Provided by Levy Economics Institute
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On Various Ways Of Measuring Unemployment, With Applications To Switzerland
August 1, 2007, 12:00am PDT
This paper begins with an examination of various ways of measuring unemployment and, borrowing ideas from the poverty measurement literature, proposes four new general unemployment indices. The...
Provided by Levy Economics Institute
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The American Jewish Committee's Annual Opinion Surveys: An Assessment Of Sample Quality
July 1, 2007, 12:00am PDT
The American Jewish Committee (AJC) surveys of Jewish opinion are unique both in being conducted annually and in the subject matter covered. This paper assesses the quality of these samples. The...
Provided by Levy Economics Institute
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Who's A Jew In An Era Of High Intermarriage? Surveys, Operational Definitions, And The Contemporary American Context
July 1, 2007, 12:00am PDT
The old ways in which surveys of Jews handled marginal cases no longer make sense, and the number of cases involved is no longer small. The author examines in detail the public-use samples of the...
Provided by Levy Economics Institute
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The Effects Of A Declining Housing Market On The U.S. Economy
July 1, 2007, 12:00am PDT
Longstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall and how much damage...
Provided by Levy Economics Institute
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Implementation Of The National Rural Employment Guarantee Act In India: Spatial Dimensions And Fiscal Implications
July 1, 2007, 12:00am PDT
Since its enactment in 2005, the National Rural Employment Guarantee Act (NREGA) has been implemented in 200 districts in India. Based on state-by-state employment demand-supply data and the use...
Provided by Levy Economics Institute
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Female Land Rights, Crop Specialization, And Productivity In Paraguayan Agriculture
July 1, 2007, 12:00am PDT
Previous work has shown a pattern of lower household incomes for those Paraguayan farms with female landowners in the household. The study of agricultural production reveals that Paraguayan women...
Provided by Levy Economics Institute
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A Simplified "Benchmark" Stock-Flow Consistent (SFC) Post-Keynesian Growth Model
June 1, 2007, 12:00am PDT
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...
Provided by Levy Economics Institute
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Gender Disparities In Employment And Aggregate Profitability In The United States
May 1, 2008, 12:00am PDT
The authors 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...
Provided by Levy Economics Institute
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An Alternative View Of Finance, Saving, Deficits, And Liquidity
October 1, 2009, 12:00am PDT
This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points...
Provided by Levy Economics Institute
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Money In Finance
March 1, 2011, 12:00am PST
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. The authors next examine the role played by financial...
Provided by Levy Economics Institute
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The International Monetary (Non-)Order And The "Global Capital Flows Paradox"
April 1, 2008, 12:00am PDT
This paper sets out to investigate the forces behind the so-called "Global capital flows paradox" and related "Dollar glut" observed in the era of advancing financial globalization. The supposed...
Provided by Levy Economics Institute
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Money Manager Capitalism And The Global Financial Crisis
September 1, 2009, 12:00am PDT
This paper applies Hyman Minsky's approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis...
Provided by Levy Economics Institute
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The Global Financial Crisis And The Shift To Shadow Banking
February 1, 2010, 12:00am PST
While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that the financial...
Provided by Levy Economics Institute
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Does Excessive Sovereign Debt Really Hurt Growth? A Critique Of This Time Is Different
June 1, 2010, 12:00am PDT
The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt...
Provided by Levy Economics Institute
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Gendered Aspects Of Globalization
September 1, 2010, 12:00am PDT
We need to go beyond the accepted notions relating to the role of women in the economy and society, especially in terms of what is recognized in mainstream theory and policy as "Work" done by...
Provided by Levy Economics Institute
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The Meltdown Of The Global Economy: A Keynes-Minsky Episode?
September 1, 2010, 12:00am PDT
The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to...
Provided by Levy Economics Institute
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The Impact Of Geography And Natural Resource Abundance On Growth In Central Asia
October 1, 2010, 12:00am PDT
This paper examines the growth experience of the Central Asian economies after the breakup of the Soviet Union. In particular, it evaluates the impact of being landlocked and resource rich. The...
Provided by Levy Economics Institute
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Financial Stability, Regulatory Buffers, And Economic Growth: Some Postrecession Regulatory Implications
November 1, 2010, 12:00am PDT
Over the past 40 years, regulatory reforms have been undertaken on the assumption that markets are efficient and self-corrective, crises are random events that are unpreventable, the purpose of an...
Provided by Levy Economics Institute
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White Papers
US "Quantitative Easing" Is Fracturing The Global Economy
November 1, 2010, 12:00am PDT
The Federal Reserve's quantitative easing is presented as injecting $600 billion into "The economy." But instead of getting banks lending to Americans again - households and firms - the money is...
Provided by Levy Economics Institute
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China In The Global Economy
December 1, 2010, 12:00am PST
China occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative...
Provided by Levy Economics Institute
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Modeling Technological Progress And Investment In China: Some Caveats
December 1, 2010, 12:00am PST
Since the early 1990s, the number of papers estimating econometric models and using other quantitative techniques to try to understand different aspects of the Chinese economy has mushroomed. A...
Provided by Levy Economics Institute
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Minsky?s Money Manager Capitalism And The Global Financial Crisis
March 1, 2011, 12:00am PST
The world's worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax regulation and oversight to...
Provided by Levy Economics Institute
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The Rise And Fall Of Export-Led Growth
July 1, 2011, 12:00am PDT
This 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...
Provided by Levy Economics Institute
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The Global Crisis And The Remedial Actions: A Nonmainstream Perspective
July 1, 2011, 12:00am PDT
The 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...
Provided by Levy Economics Institute
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Using Capabilities To Project Growth, 2010-30
August 1, 2010, 12:00am PDT
The authors forecast growth rates for 2010-2030 by estimating a cross-country reduced form conditional-convergence regression, augmented with variables that account for a country's accumulated...
Provided by Levy Economics Institute
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Global Imbalances, The U.S. Dollar, And How The Crisis At The Core Of Global Finance Spread To "Self-insuring" Emerging Market Economies
March 1, 2010, 12:00am PST
This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the...
Provided by Levy Economics Institute
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The Global Crisis And The Future Of The Dollar: Toward Bretton Woods III?
February 1, 2010, 12:00am PST
This paper investigates the U.S. dollar's role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007 - 09, and...
Provided by Jerome Levy Economics Institute of Bard College
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