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Articles 1 - 30 of 520

Full-Text Articles in Macroeconomics

The Specter Of Caste, Kabir Raj Khanna Jan 2018

The Specter Of Caste, Kabir Raj Khanna

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.


The Arts In The United States: Can The Arts Become A Public Good?, Alexander Van Der Veen Jan 2018

The Arts In The United States: Can The Arts Become A Public Good?, Alexander Van Der Veen

Senior Projects Fall 2018

Senior Project submitted to The Division of Social Studies of Bard College.


The Zambian Consensus, Stefan Jan Briggs Jan 2018

The Zambian Consensus, Stefan Jan Briggs

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.


Does Financial Liberalization Increase Corruption?: Evidence From A Panel Analysis, Pranjal Sudhir Ghate Jan 2018

Does Financial Liberalization Increase Corruption?: Evidence From A Panel Analysis, Pranjal Sudhir Ghate

Senior Projects Spring 2018

This project investigates whether financial liberalization increases corruption on a global level. Arguments put forward by international institutions such as the World Bank and the IMF claim that financial globalization will reduce corruption. However, the experience of India suggests that opening up financial markets might have increased corruption. This project tests whether this experience is generalizable worldwide. I find evidence for the conjecture that financial liberalization increased corruption in a panel analysis using random effects and lagged independent variable.


The Road Ahead For Chinese Soes, Jingyu Mao Jan 2018

The Road Ahead For Chinese Soes, Jingyu Mao

Senior Projects Spring 2018

Many Chinese State Owned Enterprises are facing problems of over-capacity and inefficient productivity. These problems have contributed to the slowdown of Chinese economic growth. Some people believe that this is the time for SOEs to improve their productivity and financial system in order to be more efficient to support future Chinese economic growth. However, the central government has decided to not reform the current SOE system and continue funding SOEs in order to let them play an important role in the "Belt and Road Initiative." Many people think that this is a way to vindicate SOEs, or to excuse the ...


Assessing The Effectiveness Of The Federal Reserve’S Quantitative Easing Policy In Lowering Long-Term Interest Rates, Lee Philip Perry Jan 2018

Assessing The Effectiveness Of The Federal Reserve’S Quantitative Easing Policy In Lowering Long-Term Interest Rates, Lee Philip Perry

Senior Projects Spring 2018

This project looks at the effectiveness of Quantitative Easing on lowering long-term interest rates. To come up with an answer I look through three separate channels in which QE works to lower long-term rates: the speculation channel, inflations expectation channel, and portfolio balance channel. In examining these channels and their respective effects, I combine relative channel and general economic theory with data relative to each channel such as long-term yields, inflation expectation data, public holdings of federal debt, and much more in order to understand whether QE was at the forefront of the reduction in yields. Through these channels, we ...


Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet Jan 2017

Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet

Senior Projects Spring 2017

This project is composed of two essays examining the credit markets for the finance of automobiles. In particular, both chapters focus on subprime loans for the purchase of used cars, often financed by independent finance companies. In the first chapter, I review Hyman P. Minsky’s writing on credit and securitization to create a theoretical framework that explains how auto finance has evolved. This chapter’s analysis primarily compares the current period of subprime auto finance with short boom and bust cycle experienced by the auto finance sector in the 1990s. The second chapter reviews various evidence of discrimination in ...


From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes Jan 2017

From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes

Senior Projects Spring 2017

This project will analyze the historical foundation of the minimum wage in the United States prior to the first federal wage enactment in 1938 to the current federal wage as well as individual state wages. This paper will offer a historical overview along with economic ideology in determining appropriate minimum wage floors on state and federal levels of the economy. The question of raising either state or federal minimum wages has drawn great importance in the eyes of our country and in the eyes of economic thinkers, policymakers, and individuals. The minimum wage has been the backbone for working individuals ...


An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick Mcinerney Jan 2017

An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick Mcinerney

Senior Projects Spring 2017

This project explores the stock-flow consistent (SFC) approach to modeling with the goal of examining the effectiveness of different fiscal policy tools, specifically tax policies and government expenditure. By exploring the historical and theoretical elements of stock-flow consistent models, we aim to gather insight on past successful models proven to predict crises. This paper begins with a history and continues into a simple SFC model thought experiment, which emphasizes the flexibility of the models as well as a precursor to the shock approach we employ at the end of the paper. We create Model ECONOMY with several strong assumptions, such ...


The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn Jan 2017

The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn

Senior Projects Fall 2017

Governor Franklin D. Roosevelt created The New York State Temporary Emergency Relief Administration (TERA) in response to the Great Depression. Operating from 1931-37, this state-level jobs-and-income style policy featured comprehensive in-kind assistance, “home relief,” and emergency unemployment relief, “work relief.” Though the program is fascinating just in this respect, it has been systematically overshadowed by the alphabet soup of New Deal era relief policies. We revisit the TERA to shed light on what it offered to the people of NY and, overall, what it offered to the economy. We find significant evidence that the program stabilized the State economy by ...


Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones Jan 2017

Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones

Senior Projects Spring 2017

This Senior Project advances the modernization losers thesis, wherein the electoral successes of the far right in Western Europe are attributable to neoliberal fiscal policy, labor market shifts, and the institutional structure of the euro. Building on an existing body of literature that primarily assesses voting behavior through survey research, this paper assesses the relationship between right-wing electoral successes and the socioeconomic status of semi-skilled, blue-collar laborers thought to comprise the core voting base of extreme right parties, by using panel data at the national and provincial levels to answer the question, “To what extent has the declining position of ...


Examining Monetary Policy In The Absence Of A Central Bank And Sovereign Currency In Palestine, Salam Marwan Awartani Jan 2016

Examining Monetary Policy In The Absence Of A Central Bank And Sovereign Currency In Palestine, Salam Marwan Awartani

Senior Projects Spring 2016

There is extensive literature on the Israeli-Palestinian conflict that studies the historic, political, and social aspects. However, few scholars have examined the economic model that was born out of the conflict and the various implications behind it. According to Charles Goodhart: “A Central Bank has two main functions. Its first (macro-economic) function is the operation of discretionary monetary policy” and a “second (micro-economic) function, of providing support (e.g., via Lender of Last Resort assistance), and regulatory and supervisory services to maintain the health of the banking system”[1]. However, with the Israeli Occupation’s imposed restrictions on the PMA ...


Establishing Public Banks To Address State And Local Government Fiscal Problems, Erind Disha Jan 2016

Establishing Public Banks To Address State And Local Government Fiscal Problems, Erind Disha

Senior Projects Fall 2016

Unlike the Federal Government, which has the unique legal power to issue a national currency, state and local governments (SLGs) depend on their revenue capacity for spending. Thus, the quality of public services provided by SLGs depends on adequate, stable funding and long-term commitments. This paper begins with an evaluation of the general fiscal condition of SLGs, meanwhile discerning specific budget areas that have become particularly distressed, such as education, healthcare, and infrastructure. Chapter 3 deals with how SLGs engage in municipal finance with private financial institutions. Finally, the fourth chapter presents how arranging a system of public banks across ...


Roosevelt’S Recession, 1937: Lasting History And Contested Policy, Jonian Rafti Jan 2015

Roosevelt’S Recession, 1937: Lasting History And Contested Policy, Jonian Rafti

Senior Projects Spring 2015

Senior Project submitted to The Division of Social Studies of Bard College.


The Macroeconomics Of The Declining U.S. Labor Share: A Debt-Led Explanation, Alex Jianan Xu Jan 2015

The Macroeconomics Of The Declining U.S. Labor Share: A Debt-Led Explanation, Alex Jianan Xu

Senior Projects Spring 2015

This paper aims to answer two major conundrums in macroeconomic theory with regards to the U.S. economy. First, standard macroeconomic models such as Harrod-Domar and Solow theoryze that factor shares are constant; however, actual measures of the U.S. labor share have been on a downward trend since the early 1980s. The second conundrum relates to the Post-Kaleckian wage-led or profit-led view of economic growth. It indicates that a fall in the labor share in a wage-led economy will result in a fall in aggregate demand (due to deceases in consumption), and an increase in aggregate demand in a ...


Southeast Asia's International Production Networks: Implications For Macroeconomic Stability, Abigail Eliana Zwick Jan 2013

Southeast Asia's International Production Networks: Implications For Macroeconomic Stability, Abigail Eliana Zwick

Senior Projects Spring 2013

Using the case of five Southeast Asian countries - Indonesia, Malaysia, Thailand, Singapore, and the Philippines - this paper examines the relationship between participation in international production networks and the volatility of export values in small, open developing economies. The region’s growth has been driven by the electronics and automotive industries over the past two decades, industries that rely on a system of intra-regional intermediate goods trade. While these countries diversified out of the agricultural industries in part to reduce volatility, there is evidence that they face new volatility risks in the new industries, as a result of dependence on the ...


Welfare Versus Stability In "Stabilizing An Unstable Economy": A Minskyan Growth Model, Stergios Mentesidis Jan 2012

Welfare Versus Stability In "Stabilizing An Unstable Economy": A Minskyan Growth Model, Stergios Mentesidis

Senior Projects Spring 2012

The paper focuses on Minsky's financial fragility hypothesis incorporated in a growth model and investigates whether an inherently unstable economy can be stabilized by a big and proactive government. Using dynamical systems theory and expanding a supply-driven growth model developed by Lin, Day and Tse (1992), the paper explores how different government spending programs and financing paths can affect the growth, as well as the stability of a capitalist economy. The results and implications of the new frameworks are analyzed, using analytical and numerical methods of bifurcation, to examine the dependence of optimal government intervention on the economic environment ...


Sustaining Growth: A Projection Of China’S Rebalancing Efforts Towards Domestic Consumption, Yugai Zhu Jan 2011

Sustaining Growth: A Projection Of China’S Rebalancing Efforts Towards Domestic Consumption, Yugai Zhu

Senior Projects Spring 2011

According to the macroeconomic identity, combined private sector and public sector balance should match current account balance in any economy. This senior project applies the macroeconomic identity to Chinese data, and analyzes systematically China’s economic structure. The analysis finds that China is not as reliant on trade as people normally think despite that the private sector is running a large surplus. Furthermore, it also shows that the private sector can be induced to spend more, and the public sector has much potential to increase deficit spending. Based on these results, I recommend a combination of 10% to 20% exchange ...


Uncertainty And The Institutional Structure Of Capitalist Economies, Hyman P. Minsky Ph.D. Jun 1996

Uncertainty And The Institutional Structure Of Capitalist Economies, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.


Tariff For Revenue, Hyman P. Minsky Ph.D. Jul 1995

Tariff For Revenue, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

A shorter form of this is also attached.


The Employment System, Social Security And Structure Of Household Savings, Hyman P. Minsky Ph.D. Jun 1995

The Employment System, Social Security And Structure Of Household Savings, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.


Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D. Apr 1995

Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Journal of Financial Services Research, Vol 9, No. 3-4, 197-208.


Sources Of Financial Fragility: Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D. Mar 1995

Sources Of Financial Fragility: Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Originally, paper prepared for the conference, "Coping with Financial Fragility: A Global Perspective," 7-9 September 1994, Maasdricht. (sic)

Also included are handwritten and word processed pages showing original drafts of the paper.


The American Economy In 1994: Awaiting A New Policy Paradigm, Hyman P. Minsky Ph.D. Mar 1995

The American Economy In 1994: Awaiting A New Policy Paradigm, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

An outline for a possible paper.


Would Repeal Of The Glass Steagall Act Benefit The Us Economy, Hyman P. Minsky Ph.D. Mar 1995

Would Repeal Of The Glass Steagall Act Benefit The Us Economy, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Statement prepared for Hearing on Repeal of the Glass-Steagall Act. Committee on Banking and Financial Services, United States House of Representatives, Washington, DC,


Reforming Banking In 1995: Repeal Of The Glass Steagall Act, Some Basic Issues, Hyman P. Minsky Ph.D. Mar 1995

Reforming Banking In 1995: Repeal Of The Glass Steagall Act, Some Basic Issues, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.


Would Universal Banking Benefit The U.S. Economy?, Hyman P. Minsky Ph.D. Feb 1995

Would Universal Banking Benefit The U.S. Economy?, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper prepared for Session 8 of the Conference on Universal Banking held at the Salomon Center, Stern School of Business, New York University. There is also an earlier draft of the paper as well as a reworking of it dated 5 April 1995.


Forward: Political Economy For The Next Century, Hyman P. Minsky Ph.D. Feb 1995

Forward: Political Economy For The Next Century, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.


The Balanced Budget Amendment: A Time Bomb To Subvert American Prosperity, Hyman P. Minsky Ph.D. Feb 1995

The Balanced Budget Amendment: A Time Bomb To Subvert American Prosperity, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper dated Feb. 13, 1995.

Summary of a Report: ’A Time Bomb to Subvert American Prosperity’.


Keynes, In The End Of Laissez-Faire..., Hyman P. Minsky Ph.D. Jan 1995

Keynes, In The End Of Laissez-Faire..., Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Fragment of Minsky's work on Keynes.