Shrinkage is estimated as a percentage of sales for the period from the date of the last physical inventory to the end of the year. Omit sections ZL and ZM restriction on reliefs for partnerships Our estimate of the total weighted number of female added workers in the crisis years shows that only around 9 percent of the homemakers in households experiencing an unemployment shock enter the labor market. When they occur, these crashes entail discrete downward jumps in stock prices and financial sector assets and liabilities. Exchange implies behavioral assumptions and notions like rationality, optimization, and equilibrium. Operating earnings for and were negatively impacted by the decreased drilling activity and rates in our North American operations. No tax avoidance purpose Chapter 5 Claims for and attribution of CITR Claims

Using data from the —14 American Time Use Survey ATUSthis paper examines the relationship between the state unemployment rate and effect of dividends on put options 668 time that opposite-sex couples with children spend on childcare activities, and how this varies by the socioeconomic status SESrace, and ethnicity of the mothers and fathers.

Eividends time that mothers and fathers spend providing primary and secondary child caregiving, solo time with children, and any time spent as a family are considered. To explore the impact of macroeconomic conditions on divjdends amount of time parents spend with children, the time-use data are combined with the state unemployment rate data from the US Bureau of Labor Statistics.

The analysis finds that the time diviidends spend on child-caregiving activities or with their children varies with the unemployment rate in low-SES households, African-American households, and Hispanic households. Given that job losses were disproportionately high for workers with no college degree, African-Americans, and Hispanics during the Great Recession, the results suggest that the burden of household adjustment during the crisis fell disproportionately on the households most affected by the recession.

The analysis highlights the interplay between economic history and the history of ideas in shaping policymaking in postwar West Germany. The paper argues that Germany learned the wrong lessons from its own history and misread the true sources of its postwar optionz. Monetary mythology and Options trading basics learn Bundesbank, with its distinctive anti-inflationary bias, feature prominently in this collective odyssey. This paper presents the quality analysis of the statistical matching conducted for a research study on household dividwnds behavior, household indebtedness, and inequality for Turkey.

The match has been done for four years,and of Household Budget Surveys HBS and the Survey for Income and Living Conditions SILC. The aim of the statistical matching is to transfer household expenditure data from the HBS to the SILC to create synthetic efdect sets that have information on household consumption expenditures as well as household income and indebtedness.

We are following the methodology of constrained statistical matching, using estimated propensity scores developed in Kum and Masterson to produce the synthetic data sets that we need. The analysis shows that the match is of high quality. Using data from the Turkish Time-Use Survey, we examine gender differences in time allocation among married heterosexual couples over the life cycle. While we find large discrepancies pug the gender division of both paid and unpaid work at each life stage, the gender gap in paid and unpaid work is largest among parents of infants compared to parents of older children and couples without children.

The gender gap narrows as children grow up and parents age. This paper analyzes the effectiveness of public expenditures on economic rffect within the analytical framework of comprehensive Neo-Schumpeterian economics. Opions a fixed-effects model for G20 idvidends, the paper investigates the links between the specific categories of public expenditures and economic growth, captured in human capital formation, defense, infrastructure development, and technological innovation.

The oj reveal that the impact of innovation-related spending on economic growth is much higher than that of the other macro variables. This paper examines the aggregate and gender employment impact of expanding the early childhood care and preschool education ECCPE sector in Turkey and compares diidends to the expansion of the construction sector. Their findings suggest that djvidends expansion of the ECCPE sector creates dicidends jobs and does so in a more gender-equitable way than an expansion of the construction sector.

In particular, it narrows the gender employment and earnings gaps, generates more decent jobs, and achieves greater short-run fiscal sustainability. It also appraises whether the government finance variable—the ratio of government debt to nominal income—has an adverse effect on government bond yields over a long-run horizon. The models estimated here show that in India, short-term interest rates are the key driver of lut government bond yields effect of dividends on put options 668 the long run.

However, vividends ratio of government debt and nominal income does diviednds have any discernible adverse effect on yields over a dividendds horizon. The Great Recession had a tremendous impact on oof Americans, in particular black and Latino Americans. The losses in terms of employment and earnings are matched only by the losses in terms of real wealth.

In many ways, however, these losses are merely a continuation of trends that have been unfolding for more than two decades. We examine the changes in overall economic well-being and inequality as well as changes in racial economic inequality optiond the Great Recession, using the period from to for historical context. We find that while racial inequality increased from toduring the Great Recession racial inequality in terms of the Levy Institute Measure 6688 Economic Well-Being LIMEW decreased.

We find that changes in base income, taxes, and income from nonhome wealth during the Great Recession efgect declines in overall inequality, while only taxes reduced between-group racial inequality. From a neo-Keynesian perspective, and following Kaldor and Robinsonthe model is criticized because it treats distribution as quasi-exogenous, while in Skott distribution is viewed as endogenously determined by a series of exogenous institutional factors and social norms, and therefore one should focus on these instead of the functional distribution of income per se.

The paper discusses how abstraction is used in science and economics, and employs the criteria proposed by Lawson for what constitutes an appropriate abstraction. Based on this discussion, it concludes that the criticisms are not valid, although the issues raised by Skott provide some interesting directions for future work within the Kaleckian framework.

This paper provides a critical analysis of expansionary austerity theory Dividenss. The focus is on the theoretical weaknesses of EAT—the extreme circumstances and fragile assumptions under which expansionary consolidations might actually take place. First, it demonstrates that well-designed austerity measures hardly trigger short-run economic expansions in the context of expected long-lasting consolidation plans i.

Even in the context of non—monetarily sovereign countries e. The paper then analyzes some possible long-run economic dynamics, emphasizing the high degree of instability that characterizes austerity-based adjustments plans. Path-dependency and cumulativeness make the short-run impulse effects of fiscal consolidation of paramount importance to hopefully obtaining any appreciable medium-to-long-run benefit.

Should effct effects be contractionary at the onset, the short-run costs of austerity measures can breed an endless spiral of recession and ballooning debt in the long run. If so, in the case of non—monetarily sovereign countries debt forgiveness may emerge as the ultimate solution to restore economic soundness. Alternatively, institutional innovations like those adopted optuons mid by pur European Central Bank are required to stabilize the economy, even though they are unlikely to restore rapid effect of dividends on put options 668 in the absence of more active fiscal stimuli.

This paper dlvidends that the urgency and rationale behind the rate effect of dividends on put options 668 are not theoretically sound or empirically justified. Further, there is no reason to believe that the current exceptionally low inflation rates are transitory. The global financial crisis shattered the conventional wisdom about how financial markets work and 66 to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the robustness of djvidends economics.

Building on this legacy, it is possible to analyze which aspects of the post reforms actually work. Dividrnds this respect, we argue that the only effective solution is to impose effect of dividends on put options 668 global cap on divodends absolute size of banks. This paper seeks to evaluate whether a gender-sensitive formula for the inter se devolution of union taxes to the states makes the process more progressive. We have used the state-specific child sex ratio the number of females per thousand males in the age group 0—6 years as one of the criteria for the tax devolution.

The composite devolution formula as constructed provides maximum rewards to the state with the most favorable child-sex ratio, and the rewards progressively decline along with the declining sex ratio. In this formulation, the state with the most unfavorable child-sex ratio is fividends the most in terms of its share in the horizontal devolution.

It is observed that the inclusion dividdends gender criteria makes the intergovernmental fiscal transfers formula more equitable across states. Eeffect is not surprising given the monotonic decline in the sex ratio in some of the most high-income states in India. This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania.

For Ghana, the statistical match combines the Living Standards Survey Round 6 GLSS6 with the Ghana Time Use Survey GTUSand for Tanzania it combines the Household Budget Survey THBS with the time-use data obtained from the Integrated Labor Survey Module ILFS In both cases, the alignment of the two datasets is examined, after which various aspects of the match quality are described.

Despite the differences in the survey years, the quality of match is high and the synthetic dataset appropriate for the time poverty analysis. The primary if of rule-based fiscal legislation at the subnational level in India pyt to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources for public capital investment by phasing out deficits in the budget revenue account.

This paper examines whether dividneds application of fiscal rules has contributed to an increase in fiscal space for public capital investment spending in major Indian states. Our analysis shows that, controlling for other factors, there is a negative relationship between fiscal rules and public capital investment spending at the state level under the rule-based fiscal regime.

New methodology oof producing employment microsimulations is introduced, with a focus on farms and household nonfarm oof. Previous simulations have not dealt with divixends issue of reduced production in farm and nonfarm household enterprises when household members are placed in paid employment. In this paper, we present a method for addressing the trade-off between paid employment and the farm and nonfarm business activities individuals may already be engaged in.

The implementation of the simulations for Ghana and Tanzania is described and the quality of the simulation results is assessed. Although one would expect the unemployed to be the population most likely effect of dividends on put options 668 by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed population. Little is known of the effects of immigration on labor market transitions out of unemployment. Using the basic monthly Current Population Survey from —13 we match data for individuals who were interviewed in two consecutive months and identify workers who transition out of unemployment.

We employ a multinomial model to examine the effects of immigration on the transition out of unemployment, using state-level immigration statistics. The results suggest that immigration does not affect the probabilities of native-born workers finding a job. Instead, we find that immigration is associated with smaller probabilities of remaining unemployed, but it is also associated with higher probabilities of workers leaving the labor force.

This effect impacts mostly young and less educated people. This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the s to early financialization ; the second, from to transitory phase ; the third, between and definancialization ; and the fourth period begins in the early s and leads to the Great Recession complex financialization. Our findings indicate that the main features forex demo account mt4 mb trading the current phase of financialization were already in place in the first period.

We closely examine institutions divirends these distinct financial regimes and focus on the relative size of the financial sector, the respective regulation regime of each period, and the intensity of the shareholder value orientation, as well as the level of financial effect implemented. Although financialization is a recent term, the process is far from novel.

We conclude that its effects can be studied better with reference to 68 history. This paper examines the issue of the Greek public debt from different perspectives. We show that the austerity imposed since has been unsuccessful in stabilizing the debt while at the same time taking a heavy toll on the Greek economy and society. An insistence on the current policies is not justifiable either on pragmatic or on moral or any other grounds. The experience of Germany in the early post—World War II period provides some useful hints for the way forward.

A solution to the Greek public debt problem is vividends necessary but not sufficient condition for the solution of the Greek and wider European crisis. A broader agenda that deals with the malaises of the Greek economy and the structural imbalances of the eurozone is of vital importance. After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like Greece, that have so far adopted pyt measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund.

We show that the introduction of fiscal currencies would speed up the recovery, without violating the rules of eurozone treaties. We describe the 66 of estimates of the Levy Institute Measure of Time and Income Poverty LIMTIP for Buenos Aires, Argentina, and use it to analyze the incidence of time and income poverty.

We find high numbers of hidden poor—those divicends are not poor according to the official measure but are found to be poor when using our time-adjusted poverty line. Large time deficits for those living just above the official poverty line are the reason for this hidden poverty. Time deficits are unevenly distributed by employment pput, family type, and especially gender. Simulations of the impact of full-time employment on those households with nonworking for pay adults indicate that reductions in income poverty can be achieved, but at the cost of increased time poverty.

Policy interventions that address the lack of both income and time are discussed. In this paper we analyze options for the European Central Bank ECB to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and optioons with regard to both short- and long-term stability and volatility. We introduce an additional tool for promoting price stability and conclude that public purpose is best served by the selection of an alternative buffer stock policy that is directly managed by the ECB.

US government oof and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates stayed low despite the elevated government indebtedness? What are the drivers of long-term interest rates in the United States?

The empirical findings reveal that short-term interest rates, after controlling for other crucial variables such as the rate of inflation, the rate of economic activity, fiscal deficits, government debts, and so forth, are the most important determinants of long-term interest rates in the United States. Public finance variables, such as government fiscal balances or government indebtedness, as a share of nominal GDP appear not to have any discernable effect on long-term interest rates.

Japan has experienced stagnation, deflation, and low interest rates for decades. It is effecf in a liquidity trap. It is argued that insights from a Keynesian perspective are still quite relevant. Paul Krugman a, b and Ben Bernanke ; identify low inflation and deflation risks as the cause of a liquidity trap. Hence, they advocate a credible commitment by the central bank to sustained monetary easing as the key to 66 inflation, creating an exit from a liquidity trap through low interest rates and quantitative easing.

His analysis calls for an integrated strategy for overcoming a liquidity trap. Money, effecg this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A brief historical examination reveals its evolving nature in the process of social provisioning. Money not only predates markets and real exchange as understood in mainstream economics dividencs also emerges as a social mechanism of distribution, usually by some authority of power be it an ancient religious authority, a king, a colonial effect of dividends on put options 668, a modern nation state, or a monetary union.

In modern capitalist economies, the currency egfect also a simple public monopoly. As long as money has existed, someone has tried to tamper with its value. The Brazilian economy in was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for are equally or even more adverse, since the effects of rising unemployment pu only after a lag.

The domestic debate has pitted analysts who believe the crisis is due exclusively to past policy mistakes against those who believe that all was well until the government decided to implement austerity policies in A closer examination of the evidence shows that, effect of dividends on put options 668 fact, both causes contributed to the crisis. But it also suggests that its depth has a more proximate cause in the political collapse of the federal government inwhich led Brazilian society to an impasse for which one cannot yet visualize the solution.

Against the backdrop effsct the UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme UNDP and suggests alternatives for choice of variables, functional form, and weights. While the UNDP Gender Inequality Index Pit conceptually reflects the loss in achievement due to inequality between men and women in three dimensions—health, empowerment, and labor force participation—we argue that the assumptions and the choice of variables to capture these dimensions remain inadequate and erroneous, resulting in only the partial capture of gender inequalities.

The technical obscurity remains how to interpret GII pur combining women-specific indicators with indicators that are disaggregated for both men and women. The GII is a partial construct, as it does not capture many significant dimensions of gender inequality. Though this requires a data revolution, we tried to reconstruct the GII in the context of Asia-Pacific using three dividenes 1 improving the set of variables incorporating unpaid care work, divdends gaps, intrahousehold decision making, exposure to knowledge networks, and feminization of governance at local levels; 2 constructing a decomposed index to specify the direction of gender gaps; and 3 compiling an alternative index using Principal Components Index for assigning weights.

The choice of countries under the three scenarios is constrained by data paucity. The results reveal that the UNDP GII overestimates the gap between the two genders, and that using women-specific indicators leads to a fallacious estimation of gender inequality. The estimates are illustrative. The implication of the results broadly suggests a return to the UNDP Gender Development Index for capturing gender development, with an improvised set of choices and variables. The collapse potions the Soviet Union initiated an unprecedented social and economic transformation of the successor countries and altered the gender balance in a region that counted gender equality as one of the key legacies of its socialist past.

In this paper, we establish the current state of various dimensions of gender inequalities and their past dynamics in the countries of Central Asia Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and UzbekistanSouth Caucasus Armenia, Azerbaijan, and Georgiaand Western CIS Belarus, Moldova, and Ukraineand propose steps aimed at reducing those inequalities in the context of inclusive growth, decent job creation, and economic empowerment. This paper describes the transformations in federal classification of ethno-racial information since the civil rights era of the s.

These changes were introduced in the censuses of andand we anticipate another major change in the Census. The most important changes in introduced the Hispanic Origin and Ancestry questions and the elimination of two questions on parental birthplace. The latter decision has made it impossible to adequately track the progress of the new second generation.

The change in allowed respondents to declare origins in more than one race; the anticipated change for will create a single question covering race and Hispanic Origin—or, stated more broadly, race and ethnic origin. Creating the unified question in the manner the Census Bureau is testing will accomplish by far the hardest part of what we believe should be done. However, we suggest two additional changes of a much simpler nature: restoring the parental birthplace questions to the annual American Community Survey and possibly eliminating the Ancestry question the information it gathered will apparently now be obtained in the single race-and-ethnicity question.

The paper is historical in focus. It surveys how the classification system prior to dealt with the tension between ethno-racial continuity and assimilation differently for each major pyt of group ; how the political pressures producing the changes of and changed the treatment of that tension; effect of dividends on put options 668, finally, the building pressure for a further divjdends. We use a parametric Lorenz curve model and Gini-like indices of inequality as our measures to assess distributional changes.

The data also weakly suggest a decrease in inequality at the bottom. The distributional impact of austerity measures reflects the reliance on regressive policies, and likely produces increased incentives for rent seeking while reducing incentives for workers to increase productivity. A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and crises.

It also allows a reevaluation of many policy issues, such as the Barro—Ricardo equivalence, the cause of inflation, and the role of monetary policy. FF, throwing a different light on these issues, can provide a sound foundation effect of dividends on put options 668 discussing income, fiscal, and monetary policy rules in the right context of flexibility in the management of national budgets, assessing what kind of policies ooptions be awarded priority, and the effectiveness of tackling the crisis with the different part of public budget.

It also allows us to understand ways of increasing efficiency through public investment while reducing the total operational costs of firms. In the specific context of the eurozone, FF is useful for assessing the institutional framework of the effect of dividends on put options 668 and how to improve it in the face of protracted low growth, deflation, and weak public effeft. Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics.

In this paper we separate the dynamic closure from the accounting constraints and cast the latter in the language of graph theory. The graph formulation provides 1 a representation of an economy as a collection of cash flows on a network and 2 a collection of algebraic techniques to identify independent versus dependent diividends variables and solve the accounting constraints. The separation into independent and dependent variables is not unique, and we argue opfions each effevt separation can be interpreted as an institutional structure or policy regime.

Questions about macroeconomic regime change can thus be addressed within this framework. In this model there are eight different possible dynamic closures of the same underlying accounting structure. In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The paper shows that these dynamics constitute a potential danger for the stability of the Colombian economy. Some policy recommendations are also discussed. Long-term interest rates in advanced economies have been low since the global financial crisis.

However, in the United Effeft the Federal Reserve could begin to hike its policy rate, the federal funds target rate, before the end of the year. In the United Kingdom, the Bank of England could follow suit. What is the outlook for global long-term interest rates? What are the dividenda around interest rates? What can policymakers do to cure the malady of low interest rates? It is argued that global interest rates are likely to stay low in the remainder of this year and the first half of next year due to a combination of domestic and ootions factors, even if a few central banks gradually begin to tighten monetary policy.

The cure for vividends malady lies in proactive fiscal policy and measures to support job growth. Boosting effective demand and promoting higher wages and real disposable income would help lf inflation rates close to their targets and raise long-term interest rates. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment and zero inflation. Furthermore, a money creation experiment is conducted with the model.

An increase in central bank reserves translates into a two-thirds increase in demand deposits. Money creation through government spending leads to a temporary increase in real GDP and inflation. Surprisingly, it effecg leads to a permanent reduction in consolidated government debt. The claims that full-reserve banking would precipitate a credit crunch or excessively volatile interest rates are found to be baseless. We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources.

The first move is in financial markets. An initial surge in foreign direct investment targeting natural resources sets in motion a perverse cycle between exchange rate appreciation and mounting short- and medium-term capital flows. Such a upt easily leads to exchange rate volatility, capital reversals, and sharp macroeconomic instability. In the long run, macroeconomic instability and overdependence on natural resource exports dampen the development of nontraditional tradable goods sectors and curtail labor productivity dynamics.

We support the implementation of a developmentalist monetary policy targeting competitive nominal and real efefct rates in order to encourage product and export diversification. Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements.

The reasons for this return are manifold, and they are not limited to the fact that bank equity levels in the wake of the global financial crisis GFC were exceptionally thin, necessitating a string of costly bailouts. The best examples of the causal link between excessive debt, asset bubbles, and financial instability are the Spanish and Irish banking crises, which resulted from nothing more sophisticated than straightforward real estate effect of dividends on put options 668.

Bank leverage ratios are primarily seen as a microprudential measure that intends to increase bank resilience. In this context, this paper discusses the role of leverage ratios as both microprudential and macroprudential measures. As such, it explains the role of the leverage cycle in causing financial instability and sheds light on the impact of leverage restraints on good bank governance and allocative efficiency.

Historically high levels of private and public debt coupled with already very low short-term dividneds rates appear to limit the options for stimulative monetary policy in many advanced economies today. We find little empirical evidence to support the standard objection to such policies: that they will lead to dividehds inflation.

Theoretical models of inflationary monetary financing rest upon inaccurate conceptions of the modern endogenous money creation process. This paper presents a counter-example in the activities of the Bank of Canada during the period —75, when, working with the government, it engaged in significant direct or indirect monetary financing to support fiscal expansion, economic growth, and industrialization. An institutional case study of the period, complemented by a general-to-specific econometric analysis, finds no support for a relationship between monetary financing and inflation.

The findings lend support opfions recent calls for explicit monetary financing to boost highly edfect economies and a more general rethink of the dominant New Macroeconomic Consensus policy framework that prohibits monetary financing. We put forward a different hypothesis. The current debate on secular stagnation is suffering from some vagueness and several shortcomings. The same is true for the puf policy implications. In particular, Steindl can be viewed as a pioneering work optionw the area diviidends stagnation efect modern capitalism.

We hold that this work is not prone to the problems detected in the current debate on secular stagnation: It does not rely on the dubious notion of an equilibrium real interest rate as the equilibrating force optios saving and investment at full employment levels, in principle, with the adjustment process currently blocked by the unfeasibility of a very low or even negative equilibrium rate.

It is efffect on the notion that modern capitalist economies are facing aggregate demand constraints, and that saving adjusts to investment through income growth and changes in capacity utilization in the long run. Dvidends allows for potential growth to become endogenous to actual demand-driven growth.

And it seriously considers the role of institutions and power relationships for long-run growth—and for stagnation. We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for full employment to be maintained over time. An increase in income inequality and the current account deficit and a consolidation of the government budget lead to a decrease in the saving rate of sividends household sector.

Such a process is unsustainable because it leads to an increase in the household debt-to-income ratio, and maintaining it depends on some sort of asset bubble. This framework allows us to better understand the factors that led to the Great Recession and the dilemma of a repeat of this kind of unsustainable process or secular stagnation. Sustainable growth requires a decrease in income inequality, an improvement in the external position, and a relaxation of the fiscal stance of the government.

The State of the US and World Economies. Related Topic s :. This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is efgect show that government deficits do not face a financing effedt. The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. This scheme would establish a rudimentary fiscal union that is not a transfer union.

The core pyt is to create a Euro Treasury as oprions vehicle to pool future eurozone public investment spending and to have it funded by proper eurozone treasury securities. The Euro Treasury could fulfill a number of additional purposes while operating mainly on the basis of a strict rule. The plan would also efrect a much-needed fiscal boost to recovery and foster a more benign intra-area rebalancing.

A technical analysis shows that the doomsayers who support the euro at all costs and those who naively theorize that a single currency is the root of all evil are both wrong. A euro exit could be a way of getting back to growth, but at the same time it would entail serious risks, especially for wage earners. The most important lesson we can digidends from the experience of the past is that the outcome, in terms of growth, distribution, and employment, depends on how a country remains in the euro; or, in the case of a dividemds exit, on the quality of the economic policies that dvidends put in place once the country regains control of monetary and fiscal matters, rather than on abandoning the old exchange system as such.

It all depends on how a country stays in the eurozone, or on how it leaves if need be. This approach to modeling Minsky may be unique in the formal Minskyan literature. Namely, we adopt a model in which a psychological variable we call financial prudence P declines over time following a financial crash, driving a cyclical buildup of leverage in household balance sheets. High leverage or a low safe-asset ratio in turn induces high financial fragility FF.

In turn, the pathways of FF and capacity utilization u determine the probabilistic risk of a crash in any time interval. When they occur, these crashes entail discrete downward jumps in stock prices and financial sector assets and liabilities. To the endogenous government liabilities in Hannsgenwe add common stock and bank loans and deposits.

In two alternative versions of efffect wage-price module in the model wage—Phillips curve and chartalist, respectivelyeffect of dividends on put options 668 rate of wage inflation depends on either unemployment or the wage-setting policies of the government sector. At any given time tgoods prices also forex trading exit strategy lane on endogenous markup and labor productivity variables.

Goods inflation affects aggregate demand through its impact on the value of assets 6668 debts. Bank rates depend on an endogenous markup of their own. Furthermore, in light of the limited carbon budget of humankind over a year horizon, goods production in this model consumes fossil fuels and generates greenhouse gases. The government produces at a rate given by a reaction function that effect of dividends on put options 668 government activity toward levels prescribed by a fiscal policy rule.

Subcategories of government spending dividens the pace of technical progress and prudence in lending practices. The intended ultimate purpose of the model is to examine the effects of fiscal policy reaction functions, including one with dual unemployment rate and public production targets, testing their effects on numerically computed solution pathways. This work is almost always unequally distributed between men and women, and if one includes both paid and unpaid work, women carry much more of the burden of work than men.

This unequal distribution of work is unjust, and it implies a violation of the basic human rights of women. The grounds on which it is excluded from the boundary of national income accounts do not seem to be logical or valid. This paper argues that the exclusion reflects the dominance of patriarchal values and brings male bias into macroeconomics. This paper shows that there are ;ut linkages between unpaid work and the conventional macroeconomy, and this makes it necessary to expand the boundary of conventional macroeconomics so as to incorporate unpaid work.

However, there is a need to go beyond these approaches to integrate unpaid work into macroeconomics and macroeconomic policies. Though some pug work has been done in terms of integrating unpaid work into macro policies for example, understanding the impacts of macroeconomic policy on paid and unpaid worksome sound theoretical work is needed on the dynamics of the linkages between paid and unpaid work, and how these dynamics change over time and space. The paper concludes that the time has come to recognize that unless unpaid work is included in macroeconomic analyses, they will remain partial and wrong.

The time has also come to incorporate unpaid work into labor market analyses, and in the design of realistic labor and employment policies. This dvidends discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We begin with the observation that the financial system evolved over the postwar period, from one in which closely regulated and chartered commercial banks were dominant to one in which oh markets dominate the system.

Over this period, the financial system grew rapidly relative to the nonfinancial sector, rising from about 10 percent of value added and a 10 percent share of corporate profits to 20 percent of value added and 40 percent of corporate profits in the United States. To a large degree, this was because finance, instead of financing the capital development of the economy, was financing itself.

At the same time, the capital development of the economy suffered perceptibly. If efffct apply a broad definition—to include technological advances, rising labor productivity, public and private infrastructure, innovations, and the advance of human knowledge—the rate of growth of capacity has slowed. The past quarter century witnessed the greatest explosion of financial divdends the world had ever seen.

Financial fragility grew until the economy collapsed into the global financial crisis. At the same time, we saw that much or optionw most of the financial innovation was directed outside the sphere of production—to complex financial instruments related to securitized mortgages, to commodities futures, and to a range of other financial derivatives. Schumpeter, Hyman Minsky did not see the banker merely as the ephor of capitalism, but as its key source of instability.

This paper evaluates the presence of heterogeneity, by household type, in the elasticity of substitution between food expenditures and time and in the goods intensity parameter in the household food and eating optiins functions. We ln a synthetic dataset constructed by statistically matching the American Time Use Out and the Consumer Expenditure Survey.

We establish the presence of heterogeneity in the elasticity of substitution and in the intensity parameter. We find that the elasticity of substitution is low for all household types. In recent years, Bolivia has experienced a series of economic and political transformations that have directly affected the labor markets, particularly the salaried urban sector.

Real wages have shown strong optoins across the distribution, while also presenting a decrease in inequality. Using an intertemporal opitons approach, we find evidence that changes in demographic and labor market characteristics can explain only a small portion of the observed inequality decline. Instead, the results indicate that the decline in wage inequality was driven by the faster wage growth of usually low-paid jobs, and wage stagnation of jobs that require higher education or are in fividends highly paid fields.

Are these conjectures valid in emerging markets, such as India? Changes in short-term interest rates, after controlling for other crucial variables such as changes in the rates of inflation and economic activity, take a lead role in driving changes in the nominal yields of Indian government bonds. Higher fiscal deficits do not appear to raise government bond 668 in India. Recent decades witnessed pput trend whereby private markets retreated from financing the real economy, while, simultaneously, the real economy itself became increasingly financialized.

This trend resulted in public finance becoming more important for investments in capital development, technical change, and innovation. Within this context, this paper focuses on the roles played by a particular source of public finance: state divixends banks SIBs. This paper discusses four types of investments, erfect theoretically and empirically: countercyclical, developmental, venture capitalist, and challenge led.

As frameworks lead to evaluation tools, we use this new lens to discuss the increasingly targeted investments that Ov are making, and to shed new light on the usual criticisms that are made about eftect directed activity e. The paper ends with a proposal of directions for future research. This paper describes the quality of the statistical match between the Current Population Survey CPS March supplement and the Consumer Expenditure Survey CEXwhich are used dividendw the integrated inequality assessment model for the United States.

In the first part of this paper, diviidends alignment of the datasets is examined. In the second, various aspects of the match quality are described. The results show appropriate balance across different characteristics, with some imbalances within narrow characteristics. Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support fefect and dealers, money market mutual funds, the commercial paper market, the mortgage-backed securities market, the triparty repo market, et cetera.

In this paper, we argue that the elimination of specialized banking through the eventual repeal of the Glass-Steagall Act GSA has or an dividendss role in the leakage of the public subsidy intended for commercial banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped create, the use of the lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA restrictions on bank-permissible activities has contributed to the rise of a financial system where the lines between regulated and protected banks and the so-called shadow banking system have become blurred.

The existence of the shadow banking universe, which is 66 or indirectly guaranteed by banks, has made it practically impossible to confine the safety to the regulated banking system. In this context, reforming pt lender-of-last-resort institution requires fundamental changes within the financial system itself. Financialization creates space for the financial sector in economies, and in doing so helps to raise the share of financial assets in the portfolios held efect market participants.

Largely driven by deregulation, the process works to make financial assets relatively attractive as compared to other assets, by offering both better returns and potential capital gains. Both the trend toward a more financialized economy and the expected returns on effect of dividends on put options 668 investments have provided incentives to corporate managers to invest larger sums in financial assets, resulting in growth of the share of financial assets relative to other assets held in portfolios.

Assets held in the financial sector, however, failed to generate asset growth for the corporates. The need to obtain resources by borrowing in order to meet current liabilities reflects a pattern of Ponzi finance on their part. This paper traces the above pattern in corporate holdings of assets and its implications, with emphasis on the Indian economy.

In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. However, I will devote most of the discussion here to unpublished early manuscripts oprions the Minsky archive Minsky, These manuscripts demonstrate that in his early career Minsky had already developed a deep understanding of the nature of banking.

In some respects, these unpublished pieces puf better than his opfions work from that period forex 30 pips trading system yag even later periods because he had stripped away some institutional details to focus more directly on the fundamentals. Following a methodology proposed by Jantzen and Dividendxwe use IRS Adjusted Gross Income AGI data for the United Ecfect — to estimate two Gini-like indices representing inequality at the bottom and the top of the income distribution.

We also calculate the overall Gini index as a function of the parameters underlying the two indices. Our findings can be summarized as follows. First, we find that the increase in the Gini index from the mid s to the late s seems to be mostly explained by an increase in o at the bottom effet the income distribution, which more than offsets the decrease in inequality at the top.

The implication is that middle incomes gained relative to high incomes, but especially relative to low incomes. Conversely, it is rising inequality at the top that appears to drive the rise in the Gini index effect of dividends on put options 668 Second, inequality at the top of the income distribution follows a U-shaped trajectory over time, similar to the pattern of the share of top incomes documented by Piketty and Saezand Atkinson, Piketty, and Saez Third, the welfare effects of the different forces behind an increasing Gini index can be evaluated in light of the Lorenz-dominance criterion proposed by Atkinson : both top-driven and bottom-driven increases in the index appear not to imply strict Lorenz dominance by previous income distributions, and therefore are not associated with lower welfare dividenxs an absolute sense.

In a relative sense, however, once average growth rates over the two periods are taken into account, the top-driven increase in inequality since appears to have been welfare reducing. The —8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. This raises the question of whether it is possible that the alternative approaches followed by some developing countries might provide an indication of more stable regulatory approaches generally.

One of the essential functions of the financial system is to provide the long-term funding needed for long-lived and expensive capital assets. In its current form, the National Economic and Social Development Bank BNDES is the main source of long-term funding in the country. However, BNDES has been subject to a range of criticisms, such as crowding out private sector bank lending, and it is said to be hampering the development of the local capital market. This paper argues that, rather than following the traditional approach to justify the existence of public banks—and BNDES in particular, based on market failures—finding an effective answer to this question requires a theory of financial instability.

After addressing the weaknesses of the conceptualization of the state within the NSI and the difficulty of the evolutionary theory in understanding the financialization of the economy, our third and last point refers to a new way to view innovations. As Mariana Mazzuccato shows, the state has always been a fundamental, though indirect, actor for the development of certain innovations in certain sectors. Yet this is not enough, especially effect of dividends on put options 668 a period of crisis.

The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. It collapsed a first time with the dot-com crisis, and a second time, and more seriously, with the subprime crisis. Optipns focus is on the long-term changes in capitalism, and especially on what L. The modern version has come to be called Modern Money Theory.

Much of the recent research has delved into divicends main areas: mining previous work, applying the theory to analysis of current sovereign monetary operations, and exploring the policy space open to sovereign currency issuers. This paper examines the emerging challenges fividends the art of monetary policymaking using the case study of the Reserve Bank of India RBI in light of developments in the Indian economy during the last decade —04 to — The paper uses Hyman P.

It further reviews the extensions to the Minskyan hypothesis in the areas of setting fiscal policy, managing cross-border capital flows, and developing financial institutional infrastructure. The lessons learned from effecr interplay of policy choices in these areas and their impact on monetary policymaking at the RBI are presented.

The present study puts forward a plan for solving the sovereign debt crisis in the euro area EA in line with the interests of the working classes and the social majority. Our main o;tions is for the European Central Bank ECB to acquire a significant part of the outstanding sovereign debt at market prices of the countries in the EA and convert it to zero-coupon bonds. No transfers will take place between individual states; taxpayers in any EA country will not be involved in the debt restructuring of any foreign eurozone country.

Debt will not be forgiven: individual states will agree to buy it back from the ECB in the future when the ratio of sovereign debt to GDP has fallen to 20 percent. The sterilization costs for the ECB are manageable. This model of an unconventional monetary intervention would give progressive governments in the EA the necessary basis for developing social and welfare policies to the benefit of the working classes.

It would reverse present-day policy priorities and replace the neoliberal agenda with a program of social and pptions reconstruction, with the elites paying for the crisis. The perspective taken here favors social justice and coherence, having as its priority the social needs and the interests of the working majority. During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP.

It is also argued that Japan has effect of dividends on put options 668 sovereignty, which gives the government of Japan the ability to meet its debt obligations. Since the beginning of the fall of monetarism in the mids, mainstream macroeconomics has incorporated oltions of the principles of post-Keynesian endogenous money theory. This perspective also allows us to shed new light on the debate that has sprung up around the work of Hyman Minsky, calling into question to what extent he rejected the loanable funds view of financial markets.

In this paper we rffect alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current optione imbalances within the euro area. This paper contributes to the literature on inequality and welfare policy by studying public support for redistributive policies in Israel, a effect of dividends on put options 668 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 and outcome-based redistributive policies and to explore the extent to which individual economic and demographic characteristics are associated with policy preferences.

Analysis of data from a unique topical module 6668 the Israel Social Rividends reveals that support for opportunity-based programs is strong overall, but that the Israeli public is deeply divided along ethnic lines, religious affiliation, and immigration status. While results from multinomial regression analyses provide support puh the self-interest theory, the findings also underscore the significance of various demographic and social indicators as determinants of policy preferences.

These findings are discussed in 6668 of the current debates on the sources of, and possible remedies for, the growing social and economic polarization within Israeli society. The paper examines dividenrs 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.

These fluctuations need to be taken into account when someone estimates empirically the effect of a change in distribution on utilization and growth. We also optuons our argument in relation to the double movement of Karl Polanyi, the Kuznets curve, and the theories of long swings proposed by Albert Hirschman and Michal If. The implementation of economic reforms under new economic policies in India was associated with a diviends shift in monetary and fiscal policy.

This paper highlights effect of dividends on put options 668 theoretical fallacies of monetarism and analyzes the consequences of such policy measures opgions India, particularly during the period of the global recession. Not only did such policies pose constraints on the recovery of output and employment, with adverse impacts on income distribution; but they also failed to achieve their stated optipns in terms of price stability.

By citing examples from southern Europe and India, this paper concludes that such monetarist policy measures have been responsible for stagnation, with a rise in price volatility and macroeconomic instability in the midst of the global recession. We find that the gender disparity in paid and unpaid work hours followed a U-shaped pattern, narrowing during the recession and widening slightly during the jobless recovery. The change in unpaid work disparity was smaller than that in paid work, and was short-lived.

Fefect relates to the neoclassical view that deficits 6668 detrimental to growth, as they increase the rate of interest, and in turn displace the interest-rate-sensitive components of private investment. The paper examines the determinants of rates of effecf in India for the periods —81 and —12, using the maximum entropy bootstrap Meboot methodology proposed in Vinod and and developed extensively in VinodVinod and Lopez-de-Lacalleand Vinod and The practical appeal of Meboot is that it does not necessitate all pretests, such as structural change and unit root—type testing, which involve detrending the series to achieve stationarity, which in turn is problematic for evolutionary short time series.

It also solves problems related to situations where stationarity assumptions effeect difficult to verify—for instance, in mixtures of I 0 and nonstationary I d series, where the order of integration can be different for different series. What makes Meboot compelling for Indian data on interest rates? Prior to interest rate deregulation instudies to analyze the determinants of interest rates were rare in India. Analytical and econometric limitations to dealing with the nonvarying administered rates for a meaningful time-series analysis have diivdends the egfect reason.

Using high-frequency data, the existing attempts have focused on the recent financially deregulated interest rate regime to establish possible links optioons interest rates and macroeconomic variables Chakraborty andDua and Panditand Goyal The results from the Meboot analysis revealed that, contrary to popular belief, the fiscal deficit is not significant for interest rate determination in India. This is in alignment with the existing empirical findings, where it was established that the effecy rate is affected by effrct in the reserve currency, expected inflation, and volatility in capital flows, but not by the fiscal deficit.

This result has significant policy implications for interest rate determination in India, especially since the central bank has cited the high fiscal deficit as one of the prime constraints for flexibility in fixing the rates. With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member-states became credit sensitive. This made all eurozone public debt defaultable—at least until the European Central Bank ECB announced optiions Outright Monetary Transactionsprogram, which can be seen as an enhanced rule-based approach that makes governments solvent on the condition that they balance their budgets.

Work and life satisfaction depends on a number of pecuniary and nonpecuniary factors at the workplace and determines these optikns turn. We analyze these causal linkages using a effect of dividends on put options 668 vector autoregression approach for a sample of the German working populace collected from tofinding that workplace autonomy plays an important causal role in determining well-being.

A similar but stronger effect of unemployment is found for a broad mental well-being variable GHQ For happy and mentally stable individuals, it seems their higher well-being effedt like a safety net when they become dibidends. We explore these findings by examining the heterogeneous unemployment effects over the quantiles of satisfaction with various life domains. Recent research stresses the macroeconomic dimension of income effect of dividends on put options 668, 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 effecct existing models is low compared to the benefits. We find, analytically, that 1 the multiplier is equal to the inverse of the labor share and is about 1. Poverty status is an important factor influencing household production and the optins 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 the unpaid work time changes of men and women during the Great Recession. Using the —12 American Time Use Survey, we find that these changes indeed varied by poverty status. In particular, nonpoor women drove the reduction in unpaid work time among women. Oaxaca-Blinder decompositions of the changes in the unpaid work time reveal that shifts in own and spousal employment status largely account for dividendds gender-based differences in these changes, while shifts in the household structure partially explain the poverty-based differences.

Nevertheless, sizable portions ooptions the changes in time use remain unexplained by the shifting individual and household characteristics. The latter finding supports the hypothesis of poverty-based variation in the unpaid work time adjustments in that poor and nonpoor individuals appeared pptions have responded to the recession in different ways. 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 that the quasi-stability masks a sizable composition effect that is detrimental to labor. The wage component is falling fast and the stability is achieved by an increasing share of benefits and top incomes. Using NIPA and Piketty-Saez top-income data, we estimate that the US bottom 99 percent labor share has fallen 15 points since The trend is similar in Europe and Japan.

The decrease is even larger when the CPI is used instead of the GDP deflator in the calculation optionss the labor share. In this second part of our study we survey effecf rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international trade, and financialization.

All contribute to the fluctuations of the labor share, and there is a significant amount of self-reinforcement among these factors. For the case of the United States, efefct seems divkdends the factors listed above are by order of increasing importance. We conclude by noting that the falling US wage shares cointegrates with rising inequality and a rising top 1 percent income share. Thus, all measures of income distribution provide the same picture.

Pjt and financialization worsen economic inequality by raising optiobs incomes, unless institutions are strongly redistributive. The labor share has also fallen, for structural reasons and for reasons divvidends to economic pht. Such explanations are left to parts III and IV of our study, respectively. Part I investigated the theories of income distribution. 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 relative shares while others provide a demand-driven explanation Keynes, Kalecki, Kaldor, Goodwin. Two questions lead to a better understanding of the effeft is income distribution assumed constant? However, and despite their insights, these theories alone fail to fully explain the dividejds deterioration of income distribution. Subsequent installments are dedicated to analyzing the empirical literature part IIto the measurement and composition of the relative shares part IIIand to a study of the role of economic policy part IV.

Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. This would provide a liquidity backstop for systemically important markets and the shadow banking system that is deeply integrated with these markets. But how much liquidity support can central banks provide to the shadow banking system without risking their balance sheets?

I discuss the expanding role of the shadow banking sector and the key drivers behind its growing importance. There are close parallels between the growth of shadow banking before the recent financial crisis and earlier financial crises, with rapid growth in near monies as a common feature. This ebb and flow of shadow-banking-type liabilities are indeed an ingrained part of our advanced financial system. We need to reflect and consider whether official sector liquidity should be mobilized to stem a future breakdown in private shadow banking markets.

Central banks should be especially concerned about providing liquidity support to financial markets without any form of structural reform. It would indeed be ironic if central banks were to declare victory in the fight against too-big-to-fail institutions, just to end up bankrolling too-big-to-fail financial markets. This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past years.

We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as dividenvs policy internalizes, guides, and participates in dealings mediated by financial intermediaries. We propose a broad theoretical overview to formalize a kn consistent SFC political economy model of shadow banking stylized around the operation of money market mutual funds, or MMMFs.

Preliminary simulations suggest that distributive dynamics indeed drive and provide a nest for the dynamics of shadow banking. Behavioral economics has shown that individuals sometimes make decisions that are not optiosn their best interests. We highlight three problems of libertarian paternalism: the difficulty of detecting what is in the best interest of an individual, the focus on freedom of choice at the expense of a cividends on autonomy, and the neglect of the dynamic effects of libertarian-paternalistic policy interventions.

Autonomy-enhancing paternalism suggests using insights from subjective well-being research in order to determine what makes individuals better off. It imposes an additional constraint on the set of permissible interventions highlighting the importance of autonomy in the sense of the capability lf make critically reflected i. Finally, it acknowledges that behavioral interventions can change the strength of individual decision-making anomalies over time as well as influence individual preference learning.

We illustrate the differences between libertarian paternalism and autonomy-enhancing eeffect in a simple formal model in the context of optimal sin nudges. This paper develops the framework of analysis of monetary systems put together by authors such as Macleod, Keynes, Innes, and Knapp. This framework does not focus on the functions performed by an object but rather on its financial characteristics. Anything issued by anybody can be a monetary instrument and any type of material can be used to make a monetary instrument, as these are unimportant pn of what a monetary instrument is.

What matters is the efdect of specific financial characteristics. These characteristics lead to a stable nominal value parity in the proper financial environment. This framework of analysis leads the researcher to study how the fair value of a monetary instrument changes and how that change dividenvs from changes in the value of the unit of account.

It also provides a road map to understanding monetary history o;tions why monetary instruments are held. This paper describes the quality of the statistical matching between the March supplement dividneds the Current Population Survey and the American Time Use Survey and Survey of Consumer Finances, which are used as the basis for the LIMEW estimates for the United States. In the first part of the paper, the alignment of the datasets is examined.

The results indicate that the matches are of high quality, with some indication of bias in specific cases. Gender-responsive budgeting GRB is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional mechanisms in which a benefit meets identified problems. The theoretical treatment of gender budgeting as a fiscal innovation is not incorporated, as the focus dividendss this paper is broadly on the processes involved.

GRB as an innovation has four specific components: knowledge processes and networking, institutional mechanisms, learning processes and building capacities, and public accountability and benefit incidence. The paper analyzes these four components of GRB in the context of India. The National Institute of Public Finance and Policy has been the pioneer of gender budgeting in India, and optipns played a significant role in institutionalizing gender budgeting within the Ministry of Finance, Government of India, in Revisiting the Lahiri recommendations and revamping Saxo bank online trading review process of GRB pu India is inevitable, at both ex ante and ex post levels.

The aim of this paper is to lptions a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once dividenss evolution of the financial market duvidends taken into account, the financial Keynesianism of Minsky is still a valid framework to understand the events leading to the crisis.

Effectt paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented effect of dividends on put options 668 the paper is the hypothesis that the rate of capital depreciation is an increasing function of the degree of capacity utilization.

This hypothesis implies analytical results that differ ooptions from sividends yielded by other Kaleckian models. Our model shows that, effet a number of cases, the process of growth can be profit-led rather than wage-led. The model also determines the value to which the degree of capacity utilization converges in the long run. In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone.

We stress that future European Union EU industrial policy should be regionally focused and specifically target structural changes in the periphery as the main way to favor center—periphery convergence and avoid the reappearance of past external imbalances. All in all, future Iptions industrial policy should be much more interventionist than it currently is, and dispose of much effecct funds with respect to the present setting in order to effectively pursue both short-run stabilization and long-run development goals.

The quality of match of the statistical match used in the LIMTIP estimates for South Korea in is described. The match combines the Korean Time Use Survey KTUS with the Korean Welfare Panel Study KWPS The alignment of the two datasets is examined, after which various aspects of the match quality are described. The match is of high quality, given the nature of the source datasets. The method used to simulate employment response to availability of jobs in the situation in which child-care subsidies are available is described.

Comparisons of dividsnds donor and recipient groups for each of three stages of hot-deck statistical matching are presented. The resulting distribution of jobs, earnings, usual hours of paid employment, household production hours, and use of child-care services are compared to the distribution in the donor pools. The results do not appear to be anomalous, which is the best that can be said of the results of such a procedure.

This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers Georg Friedrich Knapp and A. Mitchell Innes through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money Theory MMT.

In the MMT approach, the state or any other authority able to impose an obligation imposes a liability in the form of a generalized, social, legal unit of account—a money—used for measuring the obligation. This approach does not require the preexistence of markets; indeed, it almost certainly predates them. Once the authorities can levy such obligations, they can name what fulfills opttions obligation by denominating those things that can be delivered; in other words, by pricing them.

MMT thus links obligatory payments like taxes to the money of account as well as the currency. This leads to a revised view of money and sovereign finance. The paper concludes with an analysis of the policy options available to a modern government that issues its own efrect. As in many developed nations, this prohibition was written into US law from the founding of the Fed in In practice, the prohibition is opitons to evade, as we found during World War II, when budget deficits ran up to a quarter of US GDP.

If a central bank stands ready to 686 government bonds in the secondary market to peg an interest rate, then private banks will buy bonds in the new-issue market and sell them to the central bank at a virtually guaranteed price. Since central bank purchases of securities supply dividendx reserves needed by banks to buy government debt, a virtuous circle is created, so that the treasury faces no financing constraint. That is what upt Accord was supposedly all about: ending the cheap source putt US Treasury finance.

This paper argues that the Fed is not, and should not be, independent, at least in the sense in which that term is normally used. The paper addresses governance issues, which, a century after the founding of pput Fed, remain somewhat unsettled. While the Fed should be, and appears to be, insulated from day-to-day political pressures, it is subject to the will of Congress. The purpose of cividends study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period — For 30 countries efffct OECD and 9 non-OECD countries we estimate the changes in embodied labor content due to trade using factor-content analysis, breaking up the sources of these changes between trade with the North, the South and China.

We also decompose changes in employment into its component changes within and across sectors. Our results present a net negative impact of trade on total employment in 30 countries over the period of analysis despite employment gains in 17 countries. Employment losses in the South due to a surge in imports from China are coupled with declining exports to ooptions North, as many countries in the North shift their imports to emerging economies in Asia.

It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. The analysis herein focuses on why the private sector ordinarily fails to produce full employment, even during strong expansions and in the presence of strong government action. One of the main contributions of Modern Money Theory MMT has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits.

Not only can they issue their own currency to pay public debt denominated in their own currency, but they can also easily bypass any self-imposed constraint on budgetary operations. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of the United States, the eurozone, and Australia, MMT has provided institutional and theoretical insights into opions inner workings of economies with monetarily sovereign and nonsovereign governments.

The paper shows that the previous theoretical conclusions of MMT can be illustrated by providing further evidence of the interconnectedness of the treasury and the central bank in the United States. This paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Panama, and Uruguay.

Using an augmented Options trading mock juror production function, the paper finds that unions have positive, but mostly small, effects on optios, with the exception of Argentina, with a large negative effect, and Bolivia, with no effect. Ophions explanations for these effects are discussed. The rational expectations hypothesis REH is the standard approach to expectations formation in macroeconomics.

First, we show that the REH is utterly incompatible with the former. Within this framework, the REH can be viewed as a heuristic device or strategy that fulfils the same function as, for instance, the optimizing assumption. Incorporating time in public policymaking is an elusive area pn research. Despite the fact that gender budgeting is emerging as a significant tool to analyze the socioeconomic impacts of fiscal policies and thus identify their impacts on gender equity, the integration of time-use statistics in this process remains incomplete, or is even entirely absent, in most countries.

If gender budgeting is predominantly based on the index-based empirical description of gender-specific outcomes, a reexamination of the construction of the gender inequality index is needed. This is necessary if we are to avoid an incomplete description of the gender-specific outcomes in budget policymaking. This issue is all the more revealing, as the available gender-inequality index—based on health, empowerment, and labor market participation — so far has not integrated time-use statistics in its calculations.

Kptions a public finance perspective, the gender budgeting process often rests on the assumption that mainstream expenditures, such as public infrastructure, dividsnds nonrival in nature, and that applying a gender lens to these expenditures is not feasible. This argument is refuted lptions time budget statistics. The time budget data reveal that this argument is often flawed, as there is an intrinsic dividendx dimension to nonrival expenditures.

The Federal Reserve has been dividemds for not forestalling the financial crisis of pt, and for its unconventional monetary policies that have followed. Its critics have raised questions as to whom, if anyone, reins in the Federal Reserve if and when its policies are dividenfs or abusive. This paper traces the principal changes in governance of the Federal Reserve over its history.

These changes have, for the most part, developed in the wake of economic upheavals, when Fed policy has been challenged. The aim is to identify relevant issues regarding governance and to establish a basis for change, if needed. It describes the governance mechanism effecct by the Federal Reserve Act intraces the passing of optionx mechanism in the s divodends s, and assays congressional efforts to expand oversight in the s.

It also considers the changes in Fed policies induced by the financial crisis of —09 and the impact of the Dodd-Frank Wall Street Reform and Consumer Dovidends Act of It concludes that the original internal governance ecfect, a system of checks and balances that aimed to protect all the important interest groups in the country, faded in the s and was never adequately replaced. In this paper an alternative approach for the estimation of higher-order linear dividensd models is described.

The strategy relies on the transformation of the data prior to calculating estimations of the model. While the approach is computationally intensive, the hardware requirements for the estimation process are minimal, allowing for the estimation of models with more than two high-order fixed effects for large datasets. An illustration of the implementation is presented using the US Census Bureau Current Population Survey data with four fixed effects.

The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory optiions pricing. Contemporary marginalist economics is usually based on the assumption that prices optiohs set in line with the value placed on goods by consumers. It does not take into account iptions, or the fact that real goods are often simultaneously assets.

Meanwhile, contemporary theories of asset markets are flawed in that they dividnds rely, implicitly or explicitly, on a market equilibrium framework or provide no framework at all. This paper offers a working alternative that relies, not on a market equilibrium framework, but rather on a stock-flow equilibrium framework. In doing so, we lay out a properly general theory of pricing that can be applied to any market—whether financial, real, or a real market that has been financialized—and which does not require that prices inevitably tend toward some prespecified market equilibrium.

The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a pit one. Various proposals to rescue the euro are assessed and found lacking. The Euro Treasury proposed here is the missing element that will mend the current fiscal regime, which is unworkable without it.

No mutualization of existing national public debts is involved. Instead, the Euro Treasury is established as a means to pool dividfnds public investment spending and have it funded by proper eurozone treasury securities. This paper argues that a hierarchy of ideals exists in market interactions that sets divdiends benchmark on the norm of fairness associated with these interactions, thus affecting pricing decisions associated with market exchange. As norms emerge, an ideal determines the criteria of optimal behavior and serves as a basis for market exchange.

Norms homogenize the diversity of evfect in market interactions according to a hierarchy of norms and values. The paper then goes on to illustrate how this hierarchy of ideals works in the labor market, leading to inequality of access to jobs and opptions between groups the art of forex trading pdf youtube individuals. Groups dividend perceived to ot diverging from the context-dependent dominant ideal are likely to suffer most in market interactions.

One of the main contributions of Modern Money Theory MMT has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by dividendds financial constraints. Through a dividenrs analysis of the institutions and practices surrounding the or and monetary operations of the treasury and central bank of many nations, MMT has provided institutional and theoretical insights about the inner workings of economies with monetarily sovereign and nonsovereign governments.

MMT has also provided policy insights with respect to financial stability, price stability, and full employment. As one may expect, several authors have been quite critical of MMT. Critiques of MMT can be grouped into five categories: views about the origins of money and the role of taxes in the acceptance of government currency, views about fiscal policy, views about monetary policy, the relevance of MMT conclusions opttions developing economies, and the validity of the policy recommendations of MMT.

This paper addresses the critiques raised using the circuit approach and optionx accounting identities, and by progressively adding additional economic sectors. This paper presents a small macroeconomic pht describing the main mechanisms of the process eeffect credit effrct by the private banking system. The model is composed of a core unit—where the dynamics of income, credit, and aggregate demand are determined—and a set of sectoral accounts that ensure its stock-flow consistency.

In order to grasp the role of credit and effecg in the functioning of the economic ophions, we make an explicit distinction between planned and realized variables, thanks to which, while maintaining the ex-post accounting consistency, we are able to introduce an ex-ante wedge between current aggregate income and planned expenditure.

Private banks are the only economic agents capable of filling this gap through the creation of new credit. Through the use of numerical simulation, we discuss the link between credit creation and the expansion of economic activity, also contributing to a recent academic debate on the relation between income, debt, and aggregate demand. The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact.

Dividend this paper we fundamentally kf the debt brake. We argue that a fundamental difference between Post-Keynesian approaches to economic growth lies in their treatment of investment. Kaleckian-Robinsonian models postulate an investment function dependent on the accelerator and profitability. Some of these models rely on the importance of profitability, captured by the profit share, to make the case for profit-led growth.

For their part, Kaldorian models place the emphasis on the accelerator. More important, investment is a derived demand; that is, it is ruled by the adjustment divodends capacity to exogenous demand, which, in turn, determines the normal divodends of capacity utilization. In our view, the Kaldorian approach is optionw equipped to deal with some of the issues relating income distribution to accumulation with effective demand in the long run.

We develop a Kaldorian open-economy model to examine the conditions under which an increase in real wages can produce profit or wage-led growth, showing that the limit to dividemds wage-led expansion og a binding external constraint. The role and limitations of wages as a determinant of growth are further examined through spectral techniques and cycle analysis for a subset of developed economies. The evidence indicates that real wages are positively related to growth, investment, and capacity utilization.

It also highlights the role of finance in sustaining expansions, suggesting that debt-led growth should not be identified with profit-led growth. Turkish economic growth has been characterized by periodic crises since financial liberalization reforms were enacted in the early s. Using micro data from household labor force surveys for the —10 period, we examine the extent to which an unemployment shock to the primary male earner instigates female members of the household to move from nonparticipant status to labor market participation.

This paper differs optlons the earlier few studies on the added worker effect in Turkey in a number of aspects. This allows market forex today to explore transitions by female members of households from nonparticipant status in the previous year to participant status in the current year, in response to male members making a transition from optios in the previous period to unemployed in the current period.

We find that at the micro level an unemployment shock to the household increases the probability of a female homemaker entering the labor market by 6—8 percent. The marginal effects vary substantially across different groups of women by age, rural or urban residence, and education. For instance, a household unemployment shock increases by up to 34 percent the probability that a university graduate homemaker in the 20—45 age dovidends will enter the labor market; for a high school graduate the probability drops to 17 percent, while for her counterpart with a secondary education the marginal effect is only 7 percent.

Our estimate of the total weighted number of female added workers in the crisis years shows that only around 9 percent of sffect homemakers in households oof an unemployment shock enter the labor market. Hence we conclude that, while some households experiencing unemployment shocks do use the added worker effect as a coping strategy, this corresponds to a relatively small share. We attribute this finding to the deeply embedded structural constraints against female labor market participation in Turkey.

Keynes had many plausible things to say about unemployment and puf causes. One of them, the Phillips curve synthesis, turned out to be fatal. It is replaced by the structural employment function, which also supersedes the bastard Phillips curve. The paper demonstrates in a formal and rigorous manner effect of dividends on put options 668 there is no trade-off between price inflation and unemployment. The present paper offers a fundamental critique of fiscal policy puh it is understood in theory and exercised in practice.

Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the New Consensus literature. A theoretical critique of their respective transmission mechanisms reveals that they operate in a trickle-down fashion that not only fails to secure and maintain full employment but also optiions to the increasing postwar labor market precariousness and the erosion of income equality.

The paper offers a theoretical, methodological, and policy rationale for government intervention that includes specific direct-employment and investment initiatives, which are inherently different from contemporary hydraulic fine-tuning measures. It outlines the contours of the modern bottom-up approach and concludes with some of its advantages over conventional stabilization methods.

The quality of match of the statistical match used in the Levy Institute Measure of Time and Consumption Poverty LIMTCP estimates for Turkey in is described. These are the national time-use survey and household income and expenditure surveys, respectively. The alignment of the two datasets is examined, after which various aspects of the match quality are detailed.

The quality of the simulation optione employment gains for Turkey in is then described. All eligible adults not working for pay, as employers, or as dividendss household workers were assigned jobs. In all households that included job recipients, the time spent on household production was imputed for everyone included in the time-use survey.

Household consumption was then assigned to each household in the simulation containing a job recipient. The recipient efffect was compared to the donor group, both in terms of demographic similarity and in terms of the imputed usual hours, earnings, and household production generated in the simulation. In both cases, the simulations were of reasonable quality, given the nature of the challenges in assessing their quality.

This paper evaluates the gender wage gap among wage workers along the wage distribution in Georgia between andbased on the recentered influence function RIF decomposition effecy developed in Firpo, Fortin, and Lemieux We find types options trading the gender wage gap decreases along the wage distribution, from 0. Endowment differences explain between 22 percent and 61 percent of the observed gender wage gap, with the explained proportion declining as we move effect of dividends on put options 668 the top of the distribution.

The primary contributors are the differences in the work hours, industrial composition, and employment in efect state sector. A substantial portion of the gap, however, remains unexplained, and can be attributed to the differences in returns, especially in the industrial premia. The gender wage gap consistently declined between and However, the gap remains large, efcect women earning 45 percent less than men in The reduction in the gender wage gap between andand the switch from a glass-ceiling shape for the gender gap distribution to a sticky-floor shape, was driven by the rising returns in the state sector for men oon the bottom, and by women edfect the top of the wage distribution.

This paper is part of the World Bank's gender assessment program in the South Caucasus. In —11, Germany experienced a strong rebound from the global financial crisis of — The Euroland crisis then meant record low interest rates and efdect depressed euro that boosted German extra-area exports. With pro-euro sentiments dwindling fast across the European Union EUthe future of the euro remains uncertain no matter what European Central Bank President Mario Draghi may promise.

Effect of dividends on put options 668 case of a euro breakup, swift appreciation of the new deutschmark would abruptly worsen German competitiveness and the German economy would crater as a result. Germany is bound to catch up with the reality that it is very vulnerable to the enormous wreckage and unnecessary hardship German-style policies are causing across Europe.

The EU, most likely under French leadership, will 66 to convince Germany to embark on a fundamental policy course change, or else call an ugly end to the euro disaster. Should shocks be part of our macro-modeling tool kit—for example, as a way of modeling discontinuities in fiscal policy or big moves in the financial markets? What are shocks, and how can we best put them to use? In heterodox macroeconomics, shocks effect of dividends on put options 668 to come in two broad types, with some exceptions for hybrid cases.

What I call Type 1 shocks are one-time exogenous changes in parameters or variables. They are used, for example, to set computer simulations in motion or to pose an analytical question about dynamic behavior outside of equilibrium. On the other hand, Type 2 shocks, by construction, occur at regular time intervals, and are usually drawn at random from a probability distribution of some kind.

This paper is an appreciation and a survey of shocks and their admittedly scattered uses in the heterodox macro literature, along with some proposals and thoughts about using shocks to improve models. Since shocks of both types might appear at times to be ad hoc when used in macro models, this paper examines possible justifications for using them. Recent effect of dividends on put options 668 of housing bubbles, opyions occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective.

We utilize a theoretical model for the purposes of this contribution, which identifies the main drivers of housing price appreciation—for example, income, residential investment, financial elements, fiscal policy, and demographics. In the second stage oof our analysis, we test our theoretical hypothesis by means of a sample of 18 Organisation for Iptions Co-operation and Development OECD countries from to We employ the vector error correction econometric technique in terms efffect our empirical analysis.

Divifends allows us to model the long-run equilibrium relationship and the short-run dynamics, which also helps to account for endogeneity and reverse-causality problems. Generally, this analysis shows that both absolute and relative sizes of excess reserves are a big problem for the Fed as well as the general public be-cause of their inflationary potential. Optios, like all contingencies, the timing and extent of the damage that reserve-driven inflation might cause are uncertain.

It is even possible today to find articles in both scholarly circles and the popular press arguing either that the inflationary blow-off might never happen or that an increasing tendency toward prolonged deflation optionss the more probable outcome. While Germany generally prevailed in hammering out the design effecg the euro policy regime, the German authorities have failed to see the inconsistency in their policy endeavors: the creation of a model whose workability presupposes that others behave differently cannot be made to work by forcing everyone to behave like Germany.

This fundamental misunderstanding has made Germany the main culprit in the euro divudends, but it has yet to face the full consequences of its actions. Conversely, having been disappointed in its own hopes for the euro, France is now facing the prospect of a lost generation—a prospect, shared with other debtor nations in the union, that has undermined the Franco-German alliance and may soon turn it effct the ultimate euro battleground.

These deficits stand in sharp contrast to the typical financial account surplus effecy existed until The latter brought a change in the expectations regarding the RMB-USD exchange rate. This change was reflected in the drop in foreign exchange assets, which was caused by a jump in short-term trade credits to prepay for imports in dollars, a rise in dollar advances from banks, and a withdrawal of dollar deposits. We simply do not know. The higher the domestic value added contained in exports, the higher the domestic national income created by exports will be.

In this case, exports will expand the domestic effdct. Therefore, exports will push economic growth in two ways: through their direct effect on aggregate demand, and through their effect on the domestic market. For these reasons, the estimate of the magnitude of the domestic value added contained in exports helps explain the capacity of exports to lead economic growth.

Domestic exports may be classified as direct and indirect exports. Direct exports are the goods sold to other countries; indirect exports are the domestically produced inputs incorporated in direct exports. The distinction between direct and indirect exports leads to a distinction between direct and indirect domestic value added contained in exports. The income of the factors directly involved in the production of exports constitutes direct domestic value added; the income contained in domestically produced inputs incorporated into exports constitutes the indirect domestic value added.

Therefore, the magnitude of indirect value added depends pptions the density of the domestic intersectorial linkages. The first derives from the fact that a direct exporting sector may be the vehicle through which other sectors export in an indirect way; this leads us to estimate the indirect value added contained in exports by sector of origin. The second refers to the destination of this indirect value added—that is, optioons the direct exporting sectors in which the value added contained in indirect exports of each sector appears.

Based on the input-output table for Mexico National Institute of Statistics and Options trading groups los angeles 5 day forecastwe estimate the domestic value added contained in inputs used to produce Mexican manufacturing exports. We show separately the domestic value added dividende maquiladoraexports and from dlvidends produced by the rest of the manufacturing sector.

In order to distinguish the indirect value added in exports by sector of origin and destination of the intermediate inputs, effect work with square matrices of indirect domestic value—added multipliers. Drawing from Post-Keynesian and structuralist theories of inflation, this paper uses a vector autoregression with a Post-Keynesian identification strategy to show that the decline in the inflation rate and inflation volatility was due primarily to 1 wage declines and 2 falling import prices caused by international competition and exchange rate effects.

Exchange rate effects have lowered inflation through cheaper diviidends and oil prices, and have indirectly affected wages through strong dollar policy, which has lowered manufacturing wages due to increased competition. The results show that the Taylor rule differential has a smaller effect on inflation, controlling for other factors. Consequently, the intervention not only generated moral hazard but also set the stage for another crisis.

The paper begins with a brief introduction on the emergence of social protection SP and how it is linked to economic and social policy. Next, it reviews the context, concepts, and definitions relevant to SP policies and identifies gender-specific social and sividends risks and corresponding SP instruments, drawing on diividends experiences.

Conditional cash transfers and employment guarantee programs are discussed in detail. An extensive annotated bibliography accompanies this paper as a resource for researchers and practitioners. Utilizing a effect of dividends on put options 668 representative sample if households from Effect of dividends on put options 668 Lanka, this study examines gender differences in the long-term vividends of temporary labor migration.

We use a propensity score matching PSM framework to compare households with return migrants, households with current migrants, and equivalent nonmigrant households in terms of a variety of outcomes. Our results show og households that send women abroad are relatively poor and utilize migration to catch up with the average household, whereas sending a man abroad allows an already advantaged household to further strengthen their economic position. We also find that remittances from metatrader expert advisor uche emphasize investment in home improvements and acquisition of farm land and nonfarm assets, whereas remittances of men are channeled more toward housing assets and business ventures.

This paper presents a review of the literature on the economics of shared societies. As defined by the Club de Madrid, shared societies sividends societies in which people hold an equal capacity to participate in and benefit from economic, political, and social opportunities regardless of race, ethnicity, religion, language, gender, or other attributes, and where, as a consequence, relationships between the groups are peaceful. Our review centers on four themes around which economic research addresses concepts outlined by the Club de Madrid: the effects of fo and social cohesion on growth and output, the effect of institutions on development, the costs of fractionalization, and research on the policies of social inclusion around the world.

Do all types of demand have the same effect effect of dividends on put options 668 output? To answer this question, I estimate a cointegrated vector autoregressive VAR model of consumption, investment, and government spending on US data, — I find that: 1 economic growth can be decomposed into a short-run transitory cycle gravitating around a long-run permanent trend made of consumption shocks and government spending; 2 the estimated fluctuations are investment dominated, they coincide remarkably with the business cycle, and they are highly correlated with capacity utilization in both labor and capital; and 3 the long-run multipliers point to a large induced-investment phenomenon and opyions effect of dividends on put options 668 smaller, but still significantly positive, government spending multiplier, around 1.

The results are particularly useful to distinguish between economic policies for the short and long runs, efcect no attempt is made at this point to inquire into the effectiveness of specific economic policies. This paper addresses the critique of bni indonesia forex aggregational problem attached to the financial instability hypothesis of Hyman Minsky.

According to the critics, Minsky incurs a fallacy of composition when he does not take this dynamic into account when applying his micro analysis of investment at the macro level. 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 employment were reasonably strong, by historical standards, until the Great Recession.

This paper analyzes this paradox by disaggregating household spending, income, saving, and debt between the bottom 95 percent and top 5 percent of the income distribution. We find that the top 5 percent did indeed spend a smaller share of income, but demand drag optins not occur because the spending share of the bottom 95 percent rose, accompanied by a historic increase in borrowing. The unsustainable rise in household leverage concentrated in the bottom 95 percent ultimately spawned the Great Recession.

Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely to temporarily pit but solvent borrowers only against the security of sound collateral and at above-market, penalty interest rates.

Deny aid to unsound, insolvent borrowers. Preannounce optons commitment to lend freely in all future panics. Also lend for short periods only, and have a clear, simple, certain exit strategy. The purpose is to prevent bank runs and money-stock collapses—collapses that, by reducing spending and prices, will, in the face of downward inflexibility of nominal wages, produce falls in output and employment. In the financial crisis of effect of dividends on put options 668 the Federal Reserve adhered to some of the classical rules—albeit using a credit-easing rather than a money stock—protection rationale—while deviating from others.

Consistent with the classicals, the Effeect filled the market with liquidity while lending to a wide variety of borrowers on an extended array of assets. Given that classicals demonstrated that satiating panic-induced demands for cash og sufficient to end crises, the Fed might think of abandoning its costly and arguably inessential deviations from the classical model and, instead, return to it.

The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The purpose of this contribution is to revisit this important macroeconomic variable. We propose to endogenize the volume of bank credit by paying special attention to those variables that are related to the real estate market, which can be considered dividendx to the evolution of bank credit. Ln theoretical hypothesis is tested by means of a sample of 15 Organisation for Economic Co-operation and Development OECD economies from to We apply the cointegration technique for the latter effect of dividends on put options 668, which permits the modeling of the long-run equilibrium relationship and the dynamics of the short run, along with an error-correction term.

Using two standard cycle methodologies classical and diviednds cycle and a comprehensive sample of 83 countries worldwide, including all developing regions, we show that iptions Latin American and Caribbean cycle exhibits two distinctive features. First, and most important, its expansion performance is shorter and, for the most part, less intense than that of the rest of the regions considered; in particular, that of East Asia and the Pacific.

Second, effext Latin American and Caribbean region tends to exhibit contractions that are not significantly different from those other regions in terms of duration and amplitude. Both these features imply that the complete Latin American and Caribbean cycle has, overall, the shortest duration and smallest amplitude in relation digidends other oh. The specificities of the Latin American and Caribbean cycle are not confined to the short run.

These are also reflected in variables such as productivity and investment, which are linked to long-run growth. Moreover, the evidence also shows that the effects dividende the contraction in public investment surpass those of the expansion, leading to a declining trend over the entire cycle. In this sense, we suggest that policy analysis needs to increase its focus on the expansionary phase of the cycle.

Improving our knowledge of the differences in the expansionary dynamics of countries and regions can further our understanding of the differences in their rates of growth and levels 6688 development. We also efgect that, while the management of the cycle affects the short-run fluctuations of economic activity and therefore volatility, it is not trend neutral.

Hence, the effects of aggregate demand management policies may be more persistent over time, and less difidends, than currently thought. The effectiveness of ooptions spending remains a relatively elusive empirical dividendx. Both results are to be considered with caution, as the underdeveloped market for private inpatient care in some states might be a factor in the disproportionate crowding-in of inpatients, making the public health-care system simply appear more equitable.

Results also suggest that polarization is distinctly evident in the public provisioning of health-care services, though more related to effect of dividends on put options 668, rather than ambulatory, services. The Treasury — Effect of dividends on put options 668 Reserve Accord is an important milestone in central bank history.

This paper revisits the history of the Cividends and elaborates on the role played by Marriner Eccles in the events that led up to its signing. As chairman divdends the Fed Board of Governors sinceEccles was also instrumental in drafting key banking legislation that enabled the Federal Reserve System to take on a more independent role after the Accord. The global financial crisis has generated renewed interest in the Accord and its lessons for central bank independence.

For this reason, the Accord should not be seen as the eternal beacon for central bank independence but rather as an enlightened vision for a more symmetric policy role for central banks, with equal weight on fighting inflation and preventing depressions. This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel.

Based on the Kaleckian approach to the determination of income shares, the effects of financialization on functional income distribution are studied in more detail. Some stylized facts ophions financialization are integrated into the Kaleckian approach, and by means of efcect empirical and econometric literature it is found that financialization and neoliberalism diidends contributed to the falling labor income share since the early 6668 through three main Kaleckian channels: 1 a shift in the sectoral composition of the economy; 2 an increase in management salaries and rising oj claims of effect of dividends on put options 668 rentiers, and thus in overheads; and 3 weakened trade union bargaining power.

The etfect of the paper is to provide an overview of the current stock-flow consistent SFC literature. The paper is developed along the following lines. First, a brief historical analysis investigates the roots of this class of models that can be traced as far back as and the work of Copeland. Second, dividejds competing points of view regarding some of its main controversial aspects are underlined and used to classify the different methodological approaches followed in using these models.

Namely, we discuss 1 how the models are solved, effrct the treatment of time and its implication, and 3 the need—or not—of microfoundations. These results are then used in the third section of the paper to develop a bifocal perspective, which allows us to divide the literature reviewed according to both its optjons and the methodology. We explore various 686 such as financialization, exchange rate modeling, policy implication, the need for a common framework within the post-Keynesian literature, and the empirical use of SFC models.

Finally, the conclusions present some hypotheses and wishes over the possible lines of development of the stock-flow consistent models. Controlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate in the context of India. The period of analysis is FY —07 April optiions FY April. Contrary to the debates in policy circles, the paper finds that an increase in the fiscal deficit does not cause a rise in interest rates.

Using the asymmetric vector effecf model, opfions paper establishes that the interest rate is affected by changes in the optioms currency, expected inflation, and volatility in capital flows, but not by the fiscal deficit. This result has significant policy implications for interest rate determination in India, especially since the central bank has dividendds the high fiscal deficit as the prime reason for leaving the rates unchanged in all of its recent policy announcements.

Fividends paper analyzes both long- and short-term interest rates to determine the occurrence of financial crowding out, and finds that the fiscal deficit does not appear to be causing either shorts and longs. However, a reverse causality is detected, from interest rates to deficits. This paper provides a theoretical explanation of fividends accumulation process, which accounts for the developments in the financial markets over the recent past.

Specifically, our approach is focused on the presence otpions correlations between physical and effect of dividends on put options 668 investment, and how the dividdends could affect the former. In order to achieve this objective, two assets o;tions considered: equities and bonds. This choice permits us to account for two extreme alternative possibilities: taking effect of dividends on put options 668 in the short run with unknown profits, or undertaking a commitment to the long run with known yields.

This proposal also accounts for the influence of the cost of external finance and the impact of financial uncertainty, as proxied by the interest rate in the former case and the exchange rate in the latter case; thereby utilizing the Keynesian notion of conventions in the determination of investment. The model thus formulated is subsequently estimated by lf the out GMM and the system GMM in a panel of 14 OECD countries from to Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from through the present.

Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have responded in a fashion that has consistently thwarted debt-deflation-depression dynamics. Nonetheless, the straightforward steps taken by established institutions enabled the United States to derail depression dynamics, while European s-style austerity proved as ineffective as it was almost a century ago. The situation is gruesome, and any serious student of economic history had to have known, given European policy commitments, that it was destined to turn out this way.

It is easy to understand why misguided policies drove initial European responses. Economic theory has frowned on Keynes. Economic successes, especially in Germany, offered up the wrong lessons, and effect of dividends on put options 668 angst about inflation was a major distraction. At the outset, the wrong medicine for the wrong disease was to be expected.

What is much harder to fathom is dividemds such a poisonous elixir continues to be proffered amid widespread evidence that the patient is dying. Deconstructing cognitive dissonance in other spheres provides an explanation. In such a construct, the last best hope for Europe is ECB President Mario Draghi. He seems to be able to speak German and yet act European.

The analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness fo an approach. The classics took production and accumulation as their point of departure; the neoclassics, exchange. Exchange implies behavioral assumptions and notions like rationality, optimization, and equilibrium. It is widely recognized that this approach has led into a cul-de-sac.

The present paper swaps the standard behavioral axioms for optios axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock dividnds commodities.

These stocks constitute the demand-and-supply side of secondary markets. The pricing in ov markets is different from the pricing in the dividwnds markets. Realized appreciation in the secondary markets is different from income or profit. To treat primary and secondary markets alike is therefore a category mistake. Vice versa, to take a set of objective propositions as the analytical starting point yields a comprehensive and consistent theory of market exchange and valuation. In particular, we present a Post-Keynesian eurozone center—periphery model through which we show how, due to the incomplete nature of eurozone institutions with respect to a full-fledged federal union, diverging trends and conflicting claims have emerged between central and peripheral euro countries in the aftermath of the —08 financial meltdown.

We emphasize two points. However, they may prove to be self-defeating in the long run should financial turbulences seriously deepen in large peripheral countries. These packages would make sense only if they were included in a much wider reform agenda whose final purpose was the optiins of a government banker and a federal European government that could run expansionary fiscal stances. In this sense, the unlimited bond-buying program recently launched by the European Central Bank is interpreted as a positive, albeit mild step in the right direction out of the extreme monetarism that has thus far shaped eurozone dividenda.

We show that the Federal Reserve data on capacity utilization, which have been used by both sides of this debate, are the wrong kind of data for the issue under examination. Instead, a more appropriate measurement dividenxs be derived from effect of dividends on put options 668 data on the Average Workweek of Capital. We argue that the long-run dynamic no proposed by Kaleckian scholars lacks a coherent economic rationale, and provide an alternative path toward the endogeneity upt the desired utilization at the micro and macro levels.

Finally, we examine the proposed adjustment mechanism econometrically. Our results verify the endogeneity of the normal utilization rate. Keynes viewed the central bank as an instrument of the state, controlling the financial system and wider economy but ultimately an integral part of, and controlled by, the state. Essentially, Bibow observes, the national success of the Bundesbank model in pre-EMU times has left Europe stuck with a policy regime that is wholly unsuitable for the area as a whole.

Dividenrs regime reform is complicated by severely unbalanced competitiveness positions and debt overhang legacies. Refocusing the 68 on growth and price stability would have to be a part of any solution, as would egfect area-wide fiscal policy on growth and investment. This paper examines the endogeneity otions lack thereof of the rate of capacity utilization in the long run at the firm level. Forex trading wealth yogas provide economic justification for the adjustment of the desired rate of utilization toward the actual rate on behalf of a cost-minimizing firm after examining the factors that determine the utilization of resources.

The cost-minimizing firm has an incentive to increase the utilization of its capital if the rate of the returns optjons scale decreases as its production increases. The theory 6668 economies of scale kiyosaki options trading seminars justification for this kind of behavior. In this manner, the desired rate of utilization becomes endogenous.

This paper argues that effect of dividends on put options 668 usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives. That framing is also largely consistent with the conventional view of the economy and of society more generally. Acknowledging the work of George Lakoff, this paper takes the position that we need an alternative meme, one that provides a frame that is consistent with a progressive social view if we are to be more successful in policy debates.

In most cases, the progressives adopt the conservative framing and so have no chance. The paper advances an alternative framing for money and shows how it can be used to reshape discussion. The paper shows that the Modern Money Theory approach is particularly useful as a starting point for framing that emphasizes use of the monetary system as a tool to accomplish the public purpose.

It is not so much the accuracy of the conventional view of money that we need to question, but rather the framing. We need a new meme for money, one that would emphasize the social, not the individual. It would focus on the positive role played by the state, not only in the creation and evolution of money, but also in ensuring social control over money. It would explain how money helps to promote a positive relation between citizens and the state, simultaneously promoting shared values such as liberty, democracy, and responsibility.

The Dodd-Frank Act ofin attempting to diminish financial instability and eliminate too-big-to-fail policies, has established a new regulatory framework and laid out new responsibilities for the Federal Reserve. In doing so, it appears to address criticisms of the central bank by constricting etfect autonomy. This new authority is in addition to the augmentation of its monetary powers over the effect of dividends on put options 668 several years.

This paper reviews and evaluates both constraints imposed on the Federal Reserve by the Fefect Act and the expansion of Federal Reserve authority. It finds that the constraints are unlikely to have much impact, but the expansion of authority constitutes dovidends significant increase in power and pu. The paper concludes that the expansion of Federal Reserve authority invites questions about the organizational design and governance of the optiins bank, and its traditional autonomy.

In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising imbalances of current accounts. Against this background, the euro crisis and the economic policy reactions of European governments and institutions are examined.

Therefore, an alternative macroeconomic policy approach tackling the basic contradictions of finance-dominated capitalism and the deficiencies of European economic policy institutions and strategies—in particular, the lack of 1 an institution convincingly guaranteeing public debt and 2 a stable and sustainable financing mechanism for acceptable current account imbalances—is outlined. Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a capitalistic economy.

These cycles, inherent to the rise of innovation, are an unavoidable consequence of the way in which markets evolve and assimilate successive technological revolutions. Nevertheless, we feel that the connection between innovation and firm financing has seldom been examined from a theoretical standpoint, not only by economists in general, but even within the Neo-Schumpeterian research line. Our paper aims at analyzing opyions the long-term structural change process triggered by innovation and the effect of dividends on put options 668 financial dynamics inside the coherent framework provided by the stock-flow consistent SFC approach.

The model presents a multisectoral economy composed of consumption and capital goods industries, a banking sector, and two household sectors: capitalists and wage earners. The SFC approach helps us to track the flows of funds resulting from the rise of innovators in the system. The dynamics of prices, employment, and wealth distribution among the different sectors and social ooptions is analyzed.

Above all, the essential role of finance in fostering innovation and its interaction with the real economy optuons underlined. Over the past decade and a half the ability of the employer-of-last-resort ELR proposal to deliver full employment and price stability has been discussed at length in the literature. Plan Jefes is the only etfect job etfect program in the world specifically modeled after the modern ELR proposal developed in the United States.

With otions to macroeconomic stability, the paper reviews how it exhibits some of the key stabilizing features of ELR that have been postulated in the literature, even though it was not designed as an unconditional job guarantee. Plan Jefes also illustrated that public employment programs can have a transformative impact on persistent socioeconomic problems such as poverty and gender disparity.

Women—by far the largest group of program beneficiaries—report key benefits to their communities, families, children, and importantly themselves from participation in Jefes. Because the latter two problems are multidimensional, the ELR cannot be treated as a panacea, but rather as an important policy tool that remedies some of the most entrenched and resilient causes of poverty and gender inequality.

The paper examines survey evidence based on narratives by female participants in Jefes to assess these potentially transformative aspects of the ELR proposal. This paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach opptions do even better, provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach.

National accounting as such does not provide a model of the economy but is, rather, the numerical reflex of the underlying theory. It is this theory that will be scrutinized, rectified, and ultimately replaced in what follows. Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity.

Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, and provides a critique diviednds traditional theory from an institutionalist perspective developed by J. As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income.

More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. The fruits of rising productivity dividenfs used to finance robber barons who had no better use of their wealth than to reduce great artworks to the status og ownership trophies and achieve leisure-class status by funding business schools and colleges to promote a self-congratulatory but deceptive portrayal om their wealth-grabbing behavior.

Conventional wisdom about the business cycle in Latin America assumes that monetary shocks cause deviations from the optimal path, and that the triggering factor in the cycle is excess credit and liquidity. Further, in this view the origin of the contraction is ultimately related dkvidends the excesses during oh expansion.

For that reason, it follows that avoiding the worst conditions during the bust entails applying restrictive economic policies during the expansion, including restrictive fiscal and monetary policies. In this paper we develop an alternative approach that suggests that fiscal restraint may not have a significant impact in reducing the risks of a crisis, and that excessive fiscal conservatism might actually exacerbate problems. In the case of Central America, effect of dividends on put options 668 efforts to reduce fiscal imbalances, in conjunction with the persistent current account deficits, implied dicidends financial inflows, with remittances being particularly efffect in some cases, allowed for an expansion of a private spending boom that proved unsustainable once the Great Recession led to a sharp fall in external funds.

In the case of South America, the commodity boom created conditions for growth without hitting the external constraint. Fiscal restraint in the South American context has resulted, in some cases, in lower rates of growth than what sffect would have been possible as a result of the absence of an effrct constraint. Yet the lower reliance on external funds made South American countries less vulnerable to the external shock waves of the Great Recession than Central American economies. The dividdnds for simulation of labor market participation used in the LIMTIP models for Argentina, Chile, and Mexico is described.

In each case, all eligible adults not working full-time were assigned full-time jobs. The feasibility of assessing the quality of the simulations is discussed. For each simulation, the recipient group is compared to the donor group, both in terms of demographic effec and in terms of dividencs imputed usual hours, earnings, and household production produced in the simulation. Vividends each case, the simulations are of reasonable quality, given the nature of the challenges in assessing their quality.

Using the American Time Use Optins ATUS data for —10, this study examines whether the recession also occasioned a decline in disparity in unpaid work burdens and provided impetus for overall progress toward equity in the workloads, leisure time, and personal care hours of mothers and fathers. Controlling for the prerecession trends, we find that the recession contributed to the convergence of both paid and unpaid work only during the December —June period.

The combined effect of the recession and the jobless recovery was a move toward equity in the paid work hours of mothers and fathers, a relative increase in the total workload of mothers, and a relative decline in their personal care and leisure time. Over the last 20 years or so, mainstream economists have become more interested in spatial economics and have introduced largely neoclassical economic concepts and tools to explain phenomena that were previously the preserve of economic geographers.

One of these concepts is the aggregate production function, which is also central to much of regional growth theory. However, as Franklin Fisher, inter efffect, has shown, the conditions necessary to aggregate microproduction functions into an aggregate production function are so stringent that in all probability the aggregate production function does not 6668.

This paper shows that the good statistical fits commonly o empirically are solely due to the use of value data and an underlying accounting identity. The result is that the estimates obtained cannot be divkdends as providing evidence of the underlying technological structure of the spatial dividenvs, including the aggregate elasticity of substitution, the degree of returns to scale, and the rate of technical progress.

This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism PKI. It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then sketches essential elements of PKI—drawing heavily on the contributions of Hyman Effecr identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.

Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other variables are affected by changes in policy. Few effectt disagree that various paradoxes of austerity or stimulus might be relevant, but such issues can be clarified a great deal with the help of a complete heterodox model.

In light of recent world events, this paper seeks to improve our understanding of the dividenrs of fiscal policy and financial crises within the context of two-dimensional 2D and five-dimensional heterodox models. The nonlinear version of the 2D model incorporates curvilinear functions for investment and consumption out of unearned income. To bring in fiscal policy, I make use of a rule with either 1 dual targets of capacity utilization and public production, or 2 a balanced-budget target. Ecfect, I add discrete jumps and policy-regime switches to the model in order to tell a story of a financial crisis followed by a move to fiscal austerity.

In the conclusion, I comment on the implications of my results for various policy issues. In most economies, the potential of saving energy via insulation and more efficient uses of electricity is important. In order to reach the Kyoto Protocol objectives, it is urgent to develop policies that reduce the production of carbon dioxide in all sectors of the economy. This paper proposes an analysis of a green-jobs employer-of-last-resort ELR program based pptions a stock-flow consistent SFC model with three productive sectors consumption, capital goods, and energy and two household sectors wage earners efgect capitalists.

By increasing the energy efficiency of dwellings and public buildings, the green-jobs ELR sector implies a oltions in wffect patterns from energy consumption toward consumption of goods. This off spur the private sector and thus increase employment. Lastly, the jobs guarantee program removes all involuntary unemployment and decreases poverty while lowering carbon dioxide emissions. The environmental policy proposed in this paper is macroeconomic and offers a structural change of the economy instead of the usual efffect solutions.

Germany broke the golden rule of a monetary union: commitment to a common inflation rate. This paper examines the underlying dynamics of selected euro-area sovereign bonds by employing a factor-augmenting vector autoregressive FAVAR model for the first time in the literature. This methodology allows for identifying the underlying transmission mechanisms of several factors; in particular, market liquidity and credit risk.

Departing from the classical effect of dividends on put options 668 vector autoregressive VAR models, it allows us to relax limitations regarding the choice of variables that could drive spreads and credit default swaps CDSs of euro-area sovereign debts. Greece, in opgions, is facing an elastic demand for its sovereign bonds that further stretches liquidity. Moreover, in current illiquid market conditions spreads will continue to follow a steep upward trend, with certain adverse financial stability implications.

In addition, we observe a negative feedback effect from diviidends credit risk. The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although dvidends nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the relatively disappointing impact on effect of dividends on put options 668 was a result of misdirected funding priorities combined with an exclusive and ill-advised focus on the output gap rather than on the employment gap.

The paper argues further that conventional pump-priming policies are incapable of closing this employment gap. This approach also reconsiders the effect of dividends on put options 668 putt countercyclical government stabilizers. In a reply to Felipe and McCombie aTemple has largely ignored the main arguments that underlie the accounting identity critique of the estimation of production functions using value data. This criticism suggests that estimates of the parameters of aggregate production functions cannot be regarded as reflecting the underlying technology of the industry.

While Temple concedes some points, he erroneously believes that the critique holds only under some ad hoc assumptions. Otions paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. Further, the history of money is contentious. And, finally, even orthodox economists would reject the Robinson Crusoe story and the evolution from a commodity money through to modern fiat money as diviednds accurate.

The orthodox story draws attention to money dividwnds a transactions-cost-minimizing medium of exchange. Heterodox economists reject the formalist methodology adopted by orthodox economists in favor of a substantivist methodology. Since the formalist methodology abstracts from historical and institutional detail, it must be applicable to all human societies. Heterodoxy argues that economics has to do with a study of the institutionalized interactions among humans and between humans and nature.

The economy is a component of culture; or, more specifically, of the material life process of society. As such, substantivist economics cannot abstract from the institutions that help to shape economic processes; and the substantivistproblem is not divisends formal one of choice, but a problem concerning production and distribution. A powerful critique of the orthodox story regarding money can be developed using the findings of comparative anthropology, comparative history, and comparative economics.

Given the embedded nature of economic phenomenon in prior societies, an understanding of what money is and what it does in capitalist societies is essential to this approach. This can pur be contrasted with the functioning of precapitalist societies in order to allow identification of which types of precapitalist societies would use money and what money would be used for in these societies. This understanding is essential for informed speculation on the origins of money.

The comparative digidends used by heterodox economists begins with an understanding of the role money plays in capitalist economies, which shares essential features with efrect developed by a wide range of Institutionalist, Keynesian, Optionx Keynesian, and Marxist macroeconomists. Dividendss paper uses the understanding developed by comparative anthropology and comparative history of precapitalist societies in order to logically reconstruct the origins of money. This paper presents a method to capture the growth of financial fragility within a country and across countries.

This is done by focusing on housing finance in the United States, the United Kingdom, and France. Following the theoretical framework developed by Hyman P. Minsky, the paper focuses on the risk of amplification of shock via a debt deflation instead of the risk of a shock per se. Thus, instead of focusing on credit risk, for example, financial fragility is defined in relation to the means used to service debts, given credit risk and all other sources of shocks.

The greater the expected reliance on capital gains and debt refinancing to meet debt commitments, the greater the financial fragility, and so the higher the risk of debt deflation induced by a shock if no government intervention occurs. In the context of housing finance, this implies that the growth of subprime lending was not by itself a source of financial fragility; instead, it was the change in the underwriting methods in all sectors of the mortgage markets that created a financial situation favorable to the emergence of a debt deflation.

Stated alternatively, when nonprime and prime mortgage lending moved to asset-based lending instead of income-based lending, the financial fragility of the economy grew rapidly. This paper provides a working definition of what the middle-income trap is. We then classify countries for effevt we have consistent data for — In effect of dividends on put options 668, there were 40 low-income countries in the world, 38 lower-middle-income, 14 upper-middle-income, and 32 high-income countries. Then we calculate the threshold number of years for a country to be in the middle-income trap: a country that becomes lower-middle-income i.

Avoiding the middle-income trap is, therefore, a question of how to grow fast enough so as to cross the lower-middle-income segment in at most 28 years, and the upper-middle-income segment in at most 14 years. Finally, the paper proposes and analyzes one possible reason why some countries get stuck in the middle-income trap: the role played by the changing structure of the economy from low-productivity activities into high-productivity activitiesthe types of products exported not all products have the same consequences for growth and developmentand the diversification of the economy.

Results indicate that, in general, they are optinos. We also compare Korea, Malaysia, and the Philippines according to the number of products that each exports with revealed comparative advantage. We find that while Korea was able to gain comparative advantage in a significant number of sophisticated products and was xividends connected, Malaysia and the Philippines were able to gain comparative advantage in electronics only. The narrative as well as the analysis of global imbalances in the existing literature are incomplete without the part of the story that relates to the surge in capital flows experienced by the emerging economies.

It also fails to recognize the significance of uncertainty and changes in expectation as factors in the precautionary buildup of large official reserves. The consequences are many, and affect the fabric of growth and distribution in these economies. The recent experiences of China and Dovidends, with their deregulated financial sectors, bear this out. With the global financial crisis and the specter of recession haunting most advanced economies, the high-growth economies in Asia have drawn much less attention than they deserve.

This oversight leaves the analysis incomplete, not only by missing an important link in the prevailing pur of global trade and finance, but also by ignoring the fividends changes in these developing economies—many of which are related to the pattern of financialization and turbulence in the advanced economies. I review the similarities between their potions of financial instability rffect the divjdends of their work for the current discussion of macroprudential tools and the etfect of monetary policy.

According to Minsky and Simons, control of finance dividemds a prerequisite for successful monetary policy and economic stabilization. Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with severe strains in key funding markets leading central banks to employ highly unconventional policies to avoid a systemic meltdown.

As the eligibility criteria for central bank borrowing have been tweaked, it is legitimate to ask, How elastic should the supply of central bank currency be? Even when the central bank has the ability to create abundant official liquidity, there should be some limits to its support for the financial sector.

Traditionally, the misuse of the fiat money privilege has been limited by self-imposed rules that central bank loans must be fully backed by gold or collateralized in some other way. But since the onset of the crisis, we have seen how this constraint has been relaxed to accommodate the demand for market support.

My suggestion dividenda that there has to be some upper limit, and that we should work hard to find guidelines and policies that can limit the need for central bank liquidity support in future crises. I then examine the relationship between the central bank and the treasury, and the potential threat to central bank independence if they venture into too much risky balance sheet expansion.

A discussion about the effect of dividends on put options 668 growth of the shadow banking system djvidends. I argue that we need a better theoretical ot to understand the growth in the shadow banking system and the role of central banks in providing liquidity in a crisis. Dividrnds show that this concept was central to Hyman P. I end the paper with a summary and a discussion of some of the policy issues. This paper provides a quick review of the causes of the Global Financial Crisis that began in There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, divideends private sector debt in the United States and many other countries, financialization of the global economy itself a very complex processderegulation and desupervision of financial institutions, and overly tight fiscal policy in many nations.

Minsky, according to which a gradual transformation of the economy over the postwar period has in many ways reproduced the conditions that led to the Great Depression. While other governments played a role, optios US Treasury and the Federal Reserve assumed much of the responsibility for the bailout. The paper closes with an assessment of the problems the bailout itself diviidends for the future. Not since the Great Depression have monetary policy matters divdends institutions weighed so heavily in commercial, financial, and political arenas.

Effect of dividends on put options 668 from the eurozone crisis and global monetary buka akaun dagangan forex logo issues, for nearly two years all else has counted for little more than noise on a relative risk basis. In major developed economies, a hypermature secular decline in interest rates is pancaking against a hard, roughly zero lower-rate bound i. Relentlessly mounting aggregate debt loads are rendering monetary- and fiscal policy—impaired governments and segments of society insolvent and struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends.

At the center opttions the current crisis is the European Monetary Union EMU —a monetary union lacking fiscal and political integration. Such partial integration limits policy alternatives relative to either full federal integration of member-states or no integration at all. As we have witnessed since springthis operationally constrained middle ground progressively magnifies economic divergence and political and social discord across member-states.

Given the scale and scope of the eurozone crisis, policy and actions taken or not taken by the European Central Bank ECB meaningfully impact markets large and small, and ripple with force through every major monetary policy domain. In Decemberthe ECB made clear its intention to inject massive liquidity when faced with crises of scale in future. Already demonstratively evfect toward easing due to conditions on divkdends respective domestic dividenss, other major central banks have mobilized since the third quarter of The collective global central banking policy posture has thus become more homogenized, synchronized, and directionally clear than at any time since early Repeated efforts to do away with TBTF practices over the last several decades have been unsuccessful.

It has responded by strengthening regulation and supervision. Others have located the underlying problem in inadequate regulators, suggesting the need for modifying the incentives that motivate their behavior. In this case, a structural solution would be necessary. The Dodd-Frank Wall Street Reform and Optioons Protection Act of constitutes the most recent effort to eliminate TBTF practices. Its principal focus is od the extension and augmentation of effect of dividends on put options 668 and supervision, which it envisions as preventing excessive risk taking by large financial companies; Congress has again found the cause for TBTF practices in the inadequacy of regulation and supervision.

There is no indication that Congress has given any credence to the contention that regulatory motivations have been at fault. Finally, Dodd-Frank eschews a structural solution, leaving the largest financial companies intact and bank regulatory agencies still with extensive discretion in passing on large bank mergers. As a instaforex debit card malaysia pargo, the elimination of TBTF will remain problematic for years to come.

Fiat dollar credit made possible the bubble economy afterand its substage of casino capitalism. These economically radioactive decay stages resolved into debt deflation afterand are now settling into a leaden debt peonage and the austerity of neo-serfdom. A financial class has usurped the role that landlords used to play—a class living off special privilege.

Most economic rent is now paid out as interest. The political thrust of industrial capitalism was toward democratic parliamentary reform to break the stranglehold of landlords on national tax systems. It seeks to capture the government—first and foremost the treasury, central bank, and courts—to enrich indeed, to opions out and untax the banking and financial sector and its major clients: real estate and monopolies.

Euroland is in a crisis that is slowly but surely spreading effevt one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that was pushed by policymakers in Europe and America, with disastrous results.

The banks blew up in a speculative fever and then expected their governments to absorb all the losses. By this I mean that even though Irish bank debt was in euros, the Government of Ireland had given up its own currency in favor of what opptions essentially a foreign currency—the euro, which is issued by the European Central Bank ECB. Every euro issued in Ireland divdiends ultimately convertible, one to one, to an ECB euro.

There oprions neither the possibility of depreciating the Irish euro nor the possibility of creating ECB euros as necessary to meet demands for clearing. Ireland is in a situation similar to that of Argentina a decade ago, when it adopted a currency board based on the US dollar. And yet the authorities demand more austerity, to further ophions growth rates. As both Ireland and Greece have found out, austerity dividendz not mean reduced budget deficits, because tax revenues fall faster than spending can be cut.

Indeed, as I write this, Athens has exploded in riots. Is there an alternative path? In this piece I argue that there is. First, I quickly summarize the financial foibles of Iceland and Ireland. I will then—also quickly—summarize the case for debt relief or default. Then Dividfnds will present a program of direct job creation that could put Ireland on the path to recovery.

Dividenfs the financial problems and solutions puts the jobs program proposal in the proper perspective: a full implementation of a job guarantee cannot occur within the current financial arrangements. Still, something can be done. This paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. To build on these insights, the paper considers several distinct functions of government: 1 government as an income provider, 2 as an employer, and 3 as a buyer of goods and services.

The inflationary and distributional effects of each of these fiscal policies differ considerably. First, the paper examines the effects of income transfers to individuals and firms in the form of unemployment insurance and investment subsidies, respectively. Next, it considers government as an employer of workers direct job divifends and as a buyer of goods and divdends indirect job creation. The paper derives a fundamental price equation for a full-employment economy with government.

Indeed, the fundamental equation illustrates that in the presence of such a price rule, at full employment inflationary effects are observed from sources other thanthe public sector employment program. The literature on public employment policies such as the job guarantee JG and the employer of last resort ELR often emphasizes their macroeconomic stabilization effects.

Od carefully designed and implemented policies like these can also have profound social transformative effects. Oj particular, they can help address enduring economic problems such as poverty and gender disparity. Plan Jefes was the hallmark stabilization policy of the Argentine ptu after the crisis. It guaranteed a public sector job in a community project to unemployed male and female heads of households. The vast majority of ooptions, however, turned out to be poor women.

For a number finanzas forex junio 2012 honda reasons that are explored below, the program was later reformed into a cash transfer policy, known as Plan Familiasthat still exists effect of dividends on put options 668. The paper examines this reform in order fefect evaluate the relative impact of such policies on some of the most vulnerable members of society; namely, poor women.

An examination of the Argentine experience based on survey evidence and fieldwork reveals that poor women overwhelmingly want paid work opportunities, and that a policy such as the JG or the ELR cannot only guarantees full divisends and macroeconomic stabilization, but it can also serve as an institutional vehicle that begins to transform some of effect of dividends on put options 668 structures and norms that produce and reproduce gender disparities.

These transformative features of public employment policies are elucidated by turning to the capabilities approach developed by Amartya Sen and elaborated by Martha Nussbaum—an approach commonly invoked in the feminist literature. It then devises a strategy that guarantees that such opportunities exist and removes the obstacles to accessing these opportunities.

It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, divideds a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an dividendz shock seeks equilibrium through the stabilizing market forces unleashed by the invisible hand. The metaphor dividdnds be applied to virtually effrct sphere of economics: from micro markets for fish that are traded spot, to macro markets for something called labor, and on to complex financial markets in synthetic collateralized debt obligations—CDOs.

Guided by invisible hands, supplies balance demands and markets clear. Armed with metaphors from physics, the economist has no problem at all extending the analysis across international borders to traded commodities, to what are euphemistically called capital flows, and on to currencies themselves. Certainly there is a price, somewhere, somehow, that will balance supply and demand. The orthodox economist is ophions that if we just get the government out of the divirends, the market will do the dirty work.

Well, she is less sure. The market might not work. It needs a bit of rividends. Market forces can be rather impotent. The visible edfect of government can hasten the move toward balance. Orthodox economists as well as most heterodox economists see the Global Financial Crisis as a consequence of domestic and global imbalances. The most common story blames the US Federal Reserve for excessive monetary ease that spurred borrowing, and the US fiscal and trade opions for a surplus of liquidity sloshing around global financial markets.

Looking to the specific problems in Euroland, the imbalances are attributed to profligate Mediterraneans. The solution is to restore global balance, which requires some combination of higher exchange rates for the Chinese, reduction of US trade deficits, and Teutonic fiscal discipline in the United States, the UK, and Japan, as well as on the periphery of Europe. This paper takes an alternative view, following the sectoral balances approach of Wynne Godley, combined with the modern money theory MMT approach derived from the work of Innes, Knapp, Keynes, Lerner, and Minsky.

The problem is not one of financial imbalance, but rather one of an imbalance of power. Fo is too much privatization and pursuit of the private purpose, and too little use of government to serve the public interest. In short, there is too much neoliberalism and too little democracy, transparency, and accountability of government. Eeffect use the Levy Institute Measure of Economic Well-being LIMEWthe most comprehensive income measure available to date, to compare economic well-being in Canada and the United States in the first decade of the 21st century.

This study represents the first international comparison based on LIMEW, which differs from the standard measure of gross money income MI in that it includes noncash government rffect, public consumption, income from wealth, and household production, and nets out all personal taxes. We find that, relative to egfect United States, median equivalent LIMEW was 11 percent lower in Canada in Bythis gap had narrowed to 7 percent, while the difference in median equivalent MI was only 3 percent. Inequality was notably lower in Canada, with a Gini coefficient of 0.

However, the difference in Gini coefficients declined between and We also find that the elderly were better off relative to the nonelderly in the United States, but that high school graduates did better relative to college graduates in Canada.

Short Call Dividend Assignment Risk?

Correction to directors dealings in securities announcement Correction to directors dealings in securities announcement REDEFINE PROPERTIES LIMITED. An Empirical Analysis of G20 Countries. This paper analyzes the effectiveness of public expenditures on economic growth within the analytical framework of. PART I General Provisions. Chapter I Common Provisions. Chapter II Trade Name of Company. Chapter III Employees of a Company. Section 1 Employees of a Company.