Narrow search
Showing 1 - 10 of 71
Cover Image
"Lessons from the New Deal--Did the New Deal Prolong or Worsen the Great Depression?"
Hannsgen, Greg; Papadimitriou, Dimitri B. - Levy Economics Institute - 2009
Since the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key facts about two kinds of policy that were important during the Great Depression and have since become the focus...
Persistent link: https://www.econbiz.de/10008531420
Cover Image
"A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India"
Felipe, Jesus; Kumar, Utsav - Levy Economics Institute - 2010
We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of income. We use data from India’s organized manufacturing sector and show that while India’s ULC displays a clear...
Persistent link: https://www.econbiz.de/10008678208
Cover Image
"Unit Labor Costs in the Eurozone: The Competitiveness Debate Again"
Felipe, Jesus; Kumar, Utsav - Levy Economics Institute - 2011
Current discussions about the need to reduce unit labor costs (especially through a significant reduction in nominal wages) in some countries of the eurozone (in particular, Greece, Ireland, Italy, Portugal, and Spain) to exit the crisis may not be a panacea. First, historically, there is no...
Persistent link: https://www.econbiz.de/10008835432
Cover Image
"Inequality and Household Finance during the Consumer Age"
Cynamon, Barry Z.; Fazzari, Steven M. - Levy Economics Institute - 2013
One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because … higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and … inequality could be one explanation for the stagnant recovery in the recession’s aftermath. …
Persistent link: https://www.econbiz.de/10011141200
Cover Image
"What Ended the Great Depression? Reevaluating the Role of Fiscal Policy"
Perry, Nathan; Vernengo, Matias - Levy Economics Institute - 2011
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 gold inflows to increase the money supply. Often, this is shown by measuring the fiscal multipliers,...
Persistent link: https://www.econbiz.de/10009207518
Cover Image
"Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis"
Ekinci, Nazim Kadri - Levy Economics Institute - 2011
The paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by Keynes. In a monetary economy, capital is a fund that must be maintained. This idea is captured in...
Persistent link: https://www.econbiz.de/10009024924
Cover Image
"What Do We Know About the Labor Share and the Profit Share? Part I: Theories"
Giovannoni, Olivier - Levy Economics Institute - 2014
This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income--the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the...
Persistent link: https://www.econbiz.de/10010775075
Cover Image
"What Do We Know About the Labor Share and the Profit Share? Part II: Empirical Studies"
Giovannoni, Olivier - Levy Economics Institute - 2014
conclude by noting that the falling US wage shares cointegrates with rising inequality and a rising top 1 percent income share … inequality by raising top incomes, unless institutions are strongly redistributive. The labor share has also fallen, for …
Persistent link: https://www.econbiz.de/10010775077
Cover Image
"What Do We Know About the Labor Share and the Profit Share? Part III: Measures and Structural Factors"
Giovannoni, Olivier - Levy Economics Institute - 2014
Economic theory frequently assumes constant factor shares and often treats the topic as secondary. We will show that this is a mistake by deriving the first high-frequency measure of the US labor share for the whole economy. We find that the labor share has held remarkably steady indeed, but...
Persistent link: https://www.econbiz.de/10010776492
Cover Image
"Income Distribution Macroeconomics"
Giovannoni, Olivier - Levy Economics Institute - 2014
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...
Persistent link: https://www.econbiz.de/10010779378