In Capital in the Twenty-First Century, the French economist Thomas Piketty develops a new and rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return, and has proposed as well some "laws of capitalism". At the core of his theoretical argument...

Este documento ofrece un modelo para el estudio de la inflación panameña para los últimos seis años. Desagrega el índice de precios al consumidor y lo coteja con una medida construida de inflación raíz que excluye elementos volátiles. Los modelos econométricos sustentan que los...

This study assesses the role of Social Security (OASI) and Social Security Disability Insurance, 401(k) plans, unemployment insurance, Medicare, and the federal income tax system in moderating the business cycle in the United States. Using Instrumental Variable (IV) estimation, we demonstrate...

This paper investigates how various retirement institutions impact the macroeconomy. We find that for every 1 percentage point increase in the output gap, net flows of various government programmes including Social Security decrease by 0.34 percentage points, while net flows of 401(k) plans...

We use here a new measure of household economic well-being called LIMEW. LIMEW is different in scope from the official United States Census Bureau measure of gross money income (MI) in that it includes taxes, noncash transfers, public consumption, income from wealth, and household production. We...

In this Special Report, Levy scholars Ajit Zacharias, Thomas Masterson, and Kijong Kim provide a preliminary assessment of the 2009 American Recovery and Reinvestment Act (ARRA), a package of transfers and tax cuts that is expected to provide relief to low-income and vulnerable households...

To mobilize Greece's severely underemployed labor potential and confront the social and economic dangers of persistent unemployment, we propose the immediate implementation of a direct public benefit job creation program--a Greek "New Deal." The Job Guarantee (JG) program would offer the...

Poverty status is an important factor influencing household production and the unpaid work time associated with it due to the role of household production as a coping strategy in mitigating the impact of economic downturns. In this paper, we examine the presence of poverty-based asymmetries in...

This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework and, in very broad terms, states that the expenditure of ï¬rms for investment is at the same...