Publications

1681 publications found

• One-Pager No. 47 October 06, 2014

  Growth for Whom?

  Pavlina R. Tcherneva
  Abstract

  In the postwar period, income growth has become more inequitably distributed with virtually every subsequent economic expansion. From 2009 to 2012, while the economy was recovering from one of the biggest economic downturns in recent memory, the top 1 percent took home 95 percent of the income gains. To reverse this pattern, Research Associate Pavlina […]

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• One-Pager No. 47 October 06, 2014

  Ανάπτυξη για ποιόν;

  Pavlina R. Tcherneva
  Abstract

  Στη μεταπολεμική περίοδο, η αύξηση του εισοδήματος έχει γίνει πιο άνισα κατανεμημένη με κάθε επακόλουθη οικονομική επέκταση. Από το 2009 μέχρι το 2012, ενώ η οικονομία ανακάμπτει από μια από τις μεγαλύτερες οικονομικές υφέσεις στην πρόσφατη ιστορία, το 95% των εισοδηματικών κερδών πηγαίνει στο 1% του πληθυσμού. Για να αντιστραφεί αυτή η τάση, η ερευνήτρια […]

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• Working Paper No. 817 September 30, 2014

  Endogenous Money and the Natural Rate of Interest

  Philip Pilkington
  Abstract

  Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable […]

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• Working Paper No. 816 September 30, 2014

  Coping with Imbalances in the Euro Area

  Eckhard Hein, and Daniel Detzer
  Abstract

  In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of these alternative policy proposals is to generate sustainably high demand and output growth in the euro area as a whole, providing high levels of noninflationary […]

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• Working Paper No. 815 September 17, 2014

  Public Preferences for Redistributive Policies in Israel

  Yuval Elmelech
  Abstract

  This paper contributes to the literature on inequality and welfare policy by studying public support for redistributive policies in Israel, a society with an extreme level of socioeconomic inequality. Drawing on the relevant literature and taking into consideration the distinct demographic makeup of contemporary Israeli society, the study aims to describe public support for opportunity-enhancing […]

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• Public Policy Brief No. 137 September 15, 2014

  The ECB and the Single European Financial Market

  Mario Tonveronachi
  Abstract

  The flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain unfinished and the ability of the European Central Bank to implement effective monetary policies will continue to be hobbled. As Mario Tonveronachi observes in this […]

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• Public Policy Brief No. 137 September 15, 2014

  Η ΕΚΤ και η ενιαία ευρωπαϊκή χρηματοπιστωτική αγορά

  Mario Tonveronachi
  Abstract

  Οι ατέλειες της Συνθήκης του Maastrict είναι συχνά αντικείμενο σχολιασμού, ωστόσο, όμως, η Ευρώπη παραμένει ανίκανη ή μάλλον απρόθυμη να αντιμετωπίσει αυτές τις αδυναμίες. Το ευρωπαϊκό σχέδιο θα παραμείνει ημιτελές και η ικανότητα της Ευρωπαϊκής Κεντρικής Τράπεζας να εφαρμόζει αποτελεσματικές νομισματικές πολιτικές θα συνεχίσει να αντιμετωπίζει προβλήματα. Όπως παρατηρεί σε αυτό το κείμενο πολιτικής ο […]

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 137 PDF (645.09 KB)
• Working Paper No. 814 September 03, 2014

  Distribution-led Growth in the Long Run

  Michalis Nikiforos
  Abstract

  The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and profit-led periods. Our model is a linear version of Goodwin’s predator–prey model, […]

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• Research Project Report August 28, 2014

  The Measurement of Time and Income Poverty in Korea

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  This report presents findings from a joint project of the Levy Economics Institute and the Korea Employment Information Service, with the central objective of developing a measure of time and income poverty for Korea that takes into account household production (unpaid work) requirements. Standard measurements of poverty assume that all households have enough time to […]

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• Public Policy Brief No. 136 August 28, 2014

  Can Child-care Subsidies Reduce Poverty?

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  In partnership with the Korea Employment Information Service, Senior Scholar Ajit Zacharias and Research Scholars Thomas Masterson and Kijong Kim investigate the complex issues of gender, changing labor market conditions, and the public provisioning of child care in Korea using the Levy Institute Measure of Time and Income Poverty (LIMTIP), an alternative measure that factors […]

  Download Public Policy Brief No. 136, 2014 PDF (706.36 KB)
• Public Policy Brief No. 135 August 12, 2014

  The Euro Treasury Plan

  Jörg Bibow
  Abstract

  Contrary to German chancellor Angela Merkel’s recent claim, the euro crisis is not nearly over but remains unresolved, leaving the eurozone extraordinarily vulnerable to renewed stresses. In fact, as the reforms agreed to so far have failed to turn the flawed and dysfunctional euro regime into a viable one, the current calm in financial markets […]

  Download Public Policy Brief No. 135, 2014 PDF (203.54 KB)
• Public Policy Brief No. 135 August 12, 2014

  Το σχέδιο για ένα ευρω-υπουργείο Οικονομικών

  Jörg Bibow
  Abstract

  Σε αντίθεση με τoν πρόσφατο ισχυρισμό της γερμανίδας καγκελαρίου Άνγκελα Μέρκελ, η ευρω-κρίση δεν έχει σχεδόν τελειώσει, αλλά παραμένει άλυτη, αφήνοντας την ευρωζώνη εξαιρετικά ευάλωτη σε ανανεωμένες πιέσεις. Στην πραγματικότητα, καθώς οι συμφωνηθέντες μεταρρυθμίσεις έχουν αποτύχει μέχρι στιγμής να μετατρέψουν τον ελαττωματικό και δυσλειτουργικό σχεδιασμό του ευρώ σε ένα βιώσιμο καθεστώς, η σημερινή ηρεμία στις […]

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 135 PDF (522.71 KB)
• Working Paper No. 813 August 06, 2014

  Economic Policy in India

  Sunanda Sen, and Zico DasGupta
  Abstract

  The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price stability” in the neoliberal regime, fiscal policies were characterized by the objective of maintaining “sound finance” and “austerity.” Such monetarist principles and measures have also […]

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• Working Paper No. 812 August 01, 2014

  Time Use of Parents in the United States

  Günseli Berik, and Ebru Kongar
  Abstract

  Feminist and institutionalist literature has challenged the “Mancession” narrative of the 2007–09 recession and produced nuanced and gender-aware analyses of the labor market and well-being outcomes of the recession. Using American Time Use Survey (ATUS) data for 2003–12, this paper examines the recession’s impact on gendered patterns of time use over the course of the […]

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• Working Paper No. 811 July 14, 2014

  If Deficits Are Not the Culprit, What Determines Indian Interest Rates?

  Lekha S. Chakraborty, Hrishikesh Vinod, and Honey Karun
  Abstract

  This paper challenges two clichés that have dominated the macroeconometric debates in India. One relates to the neoclassical view that deficits are detrimental to growth, as they increase the rate of interest, and in turn displace the interest-rate-sensitive components of private investment. The second relates to the assumption of “stationarity”—which has dominated the statistical inference […]

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• Working Paper No. 810 June 27, 2014

  When Good Intentions Pave the Road to Hell

  Andrea Terzi
  Abstract

  With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member-states became credit sensitive. While the potentially destabilizing impact of adverse cyclical conditions on credit-sensitive debt was seriously underestimated, the design was intentional, framed within a Friedman-Fischer-Buchanan view that “no monetization” rules provide a powerful means to […]

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• Working Paper No. 810 June 27, 2014

  Ο δρόμος προς την κόλαση είναι στρωμένος με καλές προθέσεις

  Andrea Terzi
  Abstract

  Με τη δημιουργία της Οικονομικής και Νομισματικής Ένωσης και του ευρώ, το εθνικό δημόσιο χρέος των κρατών-μελών της ευρωζώνης έγινε πιστωτικά ευαίσθητο (credit sensitive). Ενώ οι δυνητικά αποσταθεροποιητικές επιπτώσεις των δυσμενών κυκλικών συνθηκών στο πιστωτικά ευαίσθητο χρέος είχε σοβαρά υποτιμηθεί, ο σχεδιασμός ήταν εκ προθέσεως, διαμορφωμένος στο πλαίσιο της άποψης που πρέσβευαν οι Friedman-Fischer-Buchanan ότι […]

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 810 PDF (534.47 KB)
• Working Paper No. 809 June 23, 2014

  Causal Linkages between Work and Life Satisfaction and Their Determinants in a Structural VAR Approach

  Martin Binder, and Alex Coad
  Abstract

  Work and life satisfaction depends on a number of pecuniary and nonpecuniary factors at the workplace and determines these in turn. We analyze these causal linkages using a structural vector autoregression approach for a sample of the German working populace collected from 1984 to 2008, finding that workplace autonomy plays an important causal role in […]

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• Working Paper No. 808 June 23, 2014

  Heterogeneity in the Relationship between Unemployment and Subjective Well-Being

  Martin Binder, and Alex Coad
  Abstract

  Unemployment has been robustly shown to strongly decrease subjective well-being (or “happiness”). In the present paper, we use panel quantile regression techniques in order to analyze to what extent the negative impact of unemployment varies along the subjective well-­being distribution. In our analysis of British Household Panel Survey data (1996–2008) we find that, over the […]

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• Policy Notes No. 4 June 04, 2014

  A Decade of Flat Wages?

  Fernando Rios-Avila, and Julie L. Hotchkiss
  Abstract

  In the late 1990s low unemployment rates, increases in the minimum wage, and improvements in labor productivity contributed to a boost in wages, which translated into 12.4 percent cumulative growth in real wages from the late ‘90s until 2002. Real wages then stagnated despite continued growth in labor productivity. This period between 2002 and 2013 […]

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• Policy Notes No. 4 June 04, 2014

  Μια δεκαετία στασιμότητας των μισθών

  Fernando Rios-Avila, and Julie L. Hotchkiss
  Abstract

  Στα τέλη της δεκαετίας του 1990, τα χαμηλά ποσοστά ανεργίας, οι αυξήσεις του κατώτατου μισθού και οι βελτιώσεις στην παραγωγικότητα της εργασίας συνέβαλαν στην άνοδο των μισθών, που μεταφράστηκε σε μια αθροιστική αύξηση των πραγματικών μισθών της τάξης του 12,4% από τα τέλη της δεκαετίας του 1990 μέχρι το 2002. Οι πραγματικοί μισθοί έμειναν στάσιμοι […]

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• Working Paper No. 807 June 04, 2014

  Income Distribution Macroeconomics

  Olivier Giovannoni
  Abstract

  Recent research stresses the macroeconomic dimension of income distribution, but no theory has yet emerged. In this note, we introduce factor shares into popular growth models to gain insights into the macroeconomic effects of income distribution. The cost of modifying existing models is low compared to the benefits. We find, analytically, that (1) the multiplier […]

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• Public Policy Brief No. 134 June 03, 2014

  A Sustainable Monetary Framework for an Independent Scotland

  Philip Pilkington
  Abstract

  This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s economic sovereignty and its future relationship to the UK will need to be made, particularly with respect to the question of its currency. As the […]

  Download Public Policy Brief No. 134, 2014 PDF (547.26 KB)
• Public Policy Brief No. 134 June 03, 2014

  Ένα βιώσιμο νομισματικό πλαίσιο μιας ανεξάρτητης Σκωτίας

  Philip Pilkington
  Abstract

  Οι ψηφοφόροι στη Σκωτία θα αποφασίσουν το Σεπτέμβριο αν θα παραμείνουν στο Ηνωμένο Βασίλειο. Αν ψηφίσουν υπέρ της ανεξαρτησίας, θα πρέπει να γίνουν στρατηγικής σημασίας επιλογές που αφορούν την έκταση της οικονομικής κυριαρχίας της Σκωτίας και τη μελλοντική της σχέση με το Ηνωμένο Βασίλειο. Με φόντο την καταστροφή στην ευρωζώνη, είναι σημαντικό να γίνουν οι […]

  Download Κείμενο Δημόσιας Πολιτικής No. 134 PDF (782.35 KB)