[PART 1] U.S. Current Account Deficits and German Surpluses: The Role of Income Distribution in Global Imbalances
Nov 25, 2013
Germany’s economic policies are under attack from all sides.
[PART 2] U.S. Current Account Deficits and German Surpluses: The Role of Income Distribution in Global Imbalances
Nov 6, 2013
In our two papers, we analyze how changes in personal and functional (wages versus profits) income distribution interact to produce different macroeconomic outcomes in different countries. On the basis of a stock-flow consistent model calibrated for the United States, Germany, and China, simulations suggest that a substantial part of the increase in household debt and the decrease in the current account in the United States since the early 1980s can be explained by the interplay of rising (top-end) household income inequality and certain institutions (e.g. easy access to credit, privately financed education and health care systems).
Feb 26, 2016
The Romer/Romer letter to Professor Gerald Friedman marks a turning point. It concedes that there are indeed important issues at stake when evaluating the proposed economic policies of Presidential Candidate Bernie Sanders. These issues go beyond the political debate and should be discussed seriously between and among professional economists.
Oct 15, 2015
The Institute recently sponsored several panels at the Kiel Global Economic Symposium. In particular, the panel on Income Distribution and Mobility struck us as likely to be of especially wide interest. We are grateful for the participation of all the scholars on them and are pleased to present summaries of their presentations here.
Mar 5, 2015
Jan 13, 2015
How can we better protect Main Street from the externalities of Wall Street?
Mar 30, 2014
What is “capital”? To Karl Marx, it was a social, political, and legal category—the means of control of the means of production by the dominant class. Capital could be money, it could be machines; it could be fixed and it could be variable. But the essence of capital was neither physical nor financial. It was the power that capital gave to capitalists, namely the authority to make decisions and to extract surplus from the worker.
Apr 29, 2014
In late 2007, the United States started feeling the effects of the Great Recession. And over the ensuing two years the economic disaster spread across the globe.
Mar 18, 2014
We are not “all in it together.”
Oct 11, 2013
“You are now leaving the world as you know it.”
Aug 30, 2013
The battle for a living wage for the nation’s poorest workers is set against the backdrop of mass unemployment and the highest level of economic inequality in the U.S. in almost a century.
Jul 8, 2013
A review of The Entrepreneurial State: Debunking Public vs. Private Sector Myths, the new book by Mariana Mazzucato
Apr 13, 2013
A minimum wage is a small minnow in an ocean of deficient aggregate demand
Mar 9, 2020
Establishing legal responsibility in the fissured workplace
Apr 30, 2020
States can be sorted into two groups with statistically significantly different productivity regimes. In this sense, the US economy shows signs of dualism—which is the idea that the economy consists of heterogeneous units that exhibit different behaviors and levels of performance.