Archive
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Working Paper
Conference paperCentral banks and distribution
Apr 2015
Income and wealth inequality have been rising in the past three decades. Surprisingly, inequality has been largely ignored in the literature and practice of monetary policy. However, due to the crisis, this question has been gaining more attention.
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Working Paper
Conference paperDistributional Considerations in Climate Change Mitigation: Policy Design as if the Present Generation Matters
Apr 2015
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Conference Session
The Capital Account, Savings Gluts, and Global Imbalances
Apr 8, 2015 | 07:00—07:30
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Conference Session
Budget Deficits, Austerity and Deflation
Apr 8, 2015 | 07:15—07:40
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Conference Session
Central Banks & Distribution
Apr 8, 2015 | 10:00—10:30
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Conference Session
Inequality and Climate Change
Apr 8, 2015 | 10:15—10:30
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Working Paper
Conference paperThe Value of Political Connections in Fascist Italy — Stock Market Returns and Corporate Networks
Apr 2015
Recent years have witnessed the flourishing of a body of economic literature concerned with the search for empirical evidence of a positive relation between political connections, economic rent and the value of firms. The present paper contributes to the strand of this literature that deals with the quantitative measurement of the value of the political connections of firms.
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Working Paper
Conference paperFinancial Regulation That Might Have a Chance of Working
Apr 2015
Regulation of financial services has been an unmitigated policy disaster.
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Working Paper
Conference paperThe international monetary and financial system: its Achilles heel and what to do about it
Apr 2015
This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations.
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Working Paper
Conference paperGlobal Crises, Equalizing and Dis-equalizing Capitalist Regimes: The Case of 20th Century Asian Political Economy
Apr 2015
The logic of deep global capitalist crises needs to be incorporated centrally into an understanding of the changes in the within-country inequality levels. I present a theoretical framework that incorporates two levels of political economic processes. First,global capitalist crises lead to the creation of an institutional structure or a regime in the capitalist centers that influences inequality in these core countries and in the periphery. Second the class configuration in the non-core countries - a set of institutional arrangements that can be termed local political economy - also plays a key role in determining inequality outcomes.
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Working Paper
Conference paperGlobal Income Distribution: From the Fall of the Berlin Wall to the Great Recession
Apr 2015
The paper presents a newly compiled and improved database of national household surveys between 1988 and 2008. In 2008, the global Gini index is around 70.5 percent having declined by approximately 2 Gini points over this twenty year period. When it is adjusted for the likely under-reporting of top incomes in surveys by using the gap between national accounts consumption and survey means in combination with a Pareto-type imputation of the upper tail, the estimate is a much higher global Gini of almost 76 percent.
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Working Paper
Conference paperToo much saving... or too few financing channels?
Apr 2015
The global financial crisis led to widespread dislocation. Understanding the forces that led to such a crisis is no easy matter.
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Working Paper
Conference paperA strategy change for Europe is needed
Apr 2015
Ten hypotheses presented in the session “Beyond Deficits, Austerity and Deflation” at INET Conference 201
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Conference Session
Yanis Varoufakis Interviewed by Joseph Stiglitz
Apr 8, 2015 | 09:15—10:00
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Working Paper
Conference paperUnpacking and Reorienting Executive Subcultures of Modern Finance
Apr 2015
Recent weeks have surfaced an intense exchange of top-level finger pointing, both between Congress and the leadership of the Federal Reserve System, between Fed officials and executives in the private sector and within the Fed between the Board of Governors and the New York Reserve Bank.