Working Papers
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Working Paper Series
Intra-Financial Lending, Credit, and Capital Formation
Dec 2014
This paper examines the effects of intra-financial lending – claims between financial institutions – on aggregate investment and credit to the non-financial sector in the United States.
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Working Paper Series
Skill Development and Sustainable Prosperity: Cumulative and Collective Careers versus Skill-Biased Technical Change
Dec 2014
There is widespread and growing concern about the availability of good jobs in the U.S. economy. Inequality has been growing for thirty years and is now at levels not seen since the 1920s. Stable and remunerative employment has become harder for U.S. workers to find.
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Working Paper Series
Long-term trends in intra-financial sector lending in the U.S. 1950 - 2012
Nov 2014
This paper examines the evolution of intra-financial sector lending in the United States, 1950- 2012, presenting estimates constructed from the Federal Reserve’s Flow of Funds Accounts.
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Working Paper Series
Inequality, the Great Recession, and Slow Recovery
Oct 2014
Rising inequality reduced income growth for the bottom 95 percent of the US personal income distribution beginning about 1980.
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Working paper
Community Networks and the Process of Development
Sep 2014
Anyone who has spent time in a developing country knows the importance of social connections. Among their many roles, these connections help individuals land jobs, and provide them with credit and other forms of support.
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Working paper
Please Don't Throw Me In The Briar Patch
Sep 2014
The flummery of capital-requirement repairs undertaken in response to the Great Financial Crisis.
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Grantee paper
The Emergence of a Finance Culture in American Households, 1989-2007
Aug 2014
As the financial economy has expanded beginning in the mid-1980s, it has done so in part by selling more products to individuals and households.
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Grantee paper
Financial Crises, Political Constraints, and Policy Responses
Aug 2014
We analyze the political environment in the wake of financial crises and try to infer its implications on decision making and economic policies.
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Grantee paper
Visualising Stock-Flow-Consistent Models as Directed Acyclic Graphs
Aug 2014
We show how every stock-flow consistent model of the macroeconomy can be represented as a directed acyclic graph.
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Grantee paper
U.S. Public Pension Funds and Alternative Investments
Aug 2014
In the past decade and a half, state and local public employee retirement systems in the United States have significantly shifted their fund investment strategies toward a greater allocation in alternative investments. Today, roughly $660 billion of public pension funds are invested in hedge funds and private equity funds. These alternative investments typically require new governance structures within the pension funds in order to adequately monitor accompanying risks and returns, management fee arrangements and investment complexity.
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Working Paper Series
The Political Movement that Dared not Speak its own Name: The Neoliberal Thought Collective Under Erasure
Aug 2014
Why do so many people who should know better argue that Neoliberalism ‘does not exist’?
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Grantee paper
The Rich Stay Richer: The Effects of the Financial Crisis on Household Well-being, 2007-2009
Jul 2014
The 2007-2009 financial crisis initially appeared to have destroyed a huge amount of wealth in the U.S.
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Grantee paper
Network Efficiency and the Banking System
Jun 2014
Inspired by the Coasean “market vs firm” dichotomy, we offer a new definition of efficiency by applying the notions of network cost and network efficiency as developed in complex network theory.
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Grantee paper
Classical Competition and Freedom of Contract in American Laissez Faire Constitutionalism
Jun 2014
It is impossible to tell the history of American antitrust law and economics during the so-called formative era (1890- 1915) without a preliminary understanding of the economic rationale underlying that major phase of American constitutional law commonly called laissez faire constitutionalism, or Lochner era.
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Working Paper Series
Who Invests in the High-Tech Knowledge Base?
May 2014
A nation must accumulate a high-tech knowledge base to prosper.