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EPIC
A Coalition of Economic Policy Institutions

Index of papers by date

Index of papers by author

Index of papers by title

  • How To "Solve" The Budget Deficit
    It all comes down to which lens you look through.
    From NRO Financial 2/2/07
    By Thomas E. Nugent
    posted 2/2/07

  • ELR as an Alternative Development Strategy
    Employment Guarantee Policies: Theory and Practice: A Conference of the Levy Economics Institute of Bard College, October 13-14, 2006
    A PowerPoint Presentation
    By Jan Kregel
    posted 10/14/06

  • Twin Deficits and Sustainability
    From The Levy Economics Institute of Bard College, Policy Note, 2006/3 2006/3
    By L. Randall Wray
    posted 4/19/06

  • Are Housing Prices, Household Debt, and Growth Sustainable?
    From Strategic Analysis, January 2006
    By Dimitri B. Papadimitriou, Edward Chilcote, and Gennaro Zezza
    posted 2/10/06

  • Credit and State Theories of Money: The Contributions of A. Mitchell Innes
    By L. Randall Wray
    Cheltenham, UK and Northampton MA, USA
    Edward Elgar Publishing Limited, 2004.
    posted 1/27/06

  • Flexible Exchange Rates, FED Behavior, and Demand Constrained Growth In the USA
    By L. Randall Wray
    Professor of Economics
    Department of Economics
    5120 Rockhill Road
    211 Haag Hall
    Kansas City, MO 64110-2499
    University of Missouri--Kansas City
    posted 1/03/06

  • How Will America Pay for Katrina?
    (Why are we even asking this question?)
    By Tom Nugent
    NRO Financial, Contributing Editor
    September 27, 2005
    posted 9/30/05
  • Review of "Credit and State Theories of Money: The Contributions of A. Mitchell Innes,
    edited by L. Randall Wray (2004),"
    History of Economic Ideas
    13 (August 2005): 163-166.
    posted 9/14/05
  • Interest Rates and Fiscal Sustainability
    A PowerPoint Presentation by Scott T. Fullwiler, Ph.D.
    Wartburg College
    Prepared for the annual meetings of the Eastern Economics Association
    Manhattan, NY
    March 5, 2005
    posted 7/12/05
  • The Natural Rate Of Interest Is Zero
    By Mathew Forstater and Warren Mosler
    As published in the Journal of Economic Issues June 2005
    re-posted 6/20/05
  • Social Security: Another Case of Innocent Fraud?
    posted 4/7/05
  • Enter the Dragon - New Dynamics in the Oil Market
    By Tom Nugent and Warren Mosler
    from "Kudlow's Guest Commentary" March 29, 2005
    posted 3/29/05
  • Essential elements of a modern monetary economy with applications to social security privatization and the intergenerational debate
    By William Mitchell and Warren Mosler
    posted 2/19/05
  • Argentina's JEFES Program
    By L. Randall Wray and Pavlina Tcherneva
    posted 1/10/05
  • The Case for a Strong $US
    By Warren Mosler
    posted 1/5/05
  • U. of Newcastle, Australia presentation:
    0 is the Natural Rate of Interest

    posted 12/18/04
  • U. of Newcastle, Australia presentation:
    The Innocent Fraud of Fiscal Policy

    posted 12/18/04
  • The Natural Rate of Interest is Zero
    by Mathew Forstater, UMKC, and Warren Mosler, Cambridge University
    posted 12/11/04
  • Deficits That Need a Global Answer
    by WYNNE GODLEY and ALEX IZURIETA
    posted 12/8/04
  • Paying Interest on Reserve Balances: It's More Significant Than You Think
    by Scott T. Fullwiler
    posted 12/1/04
  • Revisiting the Liberal Agenda January 2005
    by Warren Mosler
    posted 1/6/05
  • Tax Driven Money
    by Mathew Forstater
    posted 9/11/04
  • Channel Surfing with the Fed
    by Philip Arestis and Warren Mosler
    posted 9/02/04
  • The Missing Piece of the Euro Model
    by Philip Arestis and Warren Mosler
    posted 8/24/04
  • The Demand For Tax Cuts
    by Thomas E. Nugent
    posted 7/01/04
  • The Ruben Recession
    by Wayne Angell
    posted 3/25/04
  • Debtor Nation, Without the Rhetoric
    By Warren Mosler and Thomas E. Nugent
    posted 2/24/04
  • LETTERS TO THE EDITOR: Dollar's weakness in perspective
    By Eileen M. Debold
    posted 1/25/04
  • Unemployment, Inequality and the Policy of Europe: 1984-2000
    by James K. Galbraith and Enrique Garcilazo
    posted 1/4/04
  • A few challenges for the future of U.S. economic policy
    by James K. Galbraith
    posted 10/27/03
  • On the full endogeneity of high-powered money
    by Marc Lavoie
    posted 10/16/03
  • A Historic Change in Monetary Policy
    by Tom Nugent
    posted 9/24/03
  • LETTERS TO THE EDITOR: Consumers cash in from trade gap
    by Warren B. Mosler
    posted 9/10/03
  • The RBA exposes the poverty of macroeconomic policy in Australia
    by William Mitchell
    posted 8/15/03
  • Letters to the Editor-Financial Times: Meaningless as melting clocks
    by Eileen M. Debold
    posted 7/14/03
  • Pilot Project Proposal: The Cruzan Economic Development Plan
    by Warren B. Mosler and Cesar Guerra
    posted 7/7/03
  • Limits of monetary policy
    by Eileen M. Debold
    posted 6/15/03
  • There are simply not enough jobs
    by William Mitchell
    posted 6/15/03
  • The Euro is Not a U.S. Problem
    by Warren B. Mosler and Cesar Guerra
    posted 5/9/03
  • The Credit Theory of Money?
    by A. Mitchell Innes
    posted 4/23/03
  • Paying For The War
    by Tom Nugent
    posted 3/12/03
  • The Budget Deficit/The Budget Surplus: The Real Story
    by Tom Nugent
    posted 3/4/03
  • Opposition to the Bush Tax Cuts
    by L. Randall Wray
    posted 2/16/03
  • Is Euroland the Next Argentina?
    by L. Randall Wray
    posted 2/13/03
  • Public Debt management and Australia's macroeconomic priorities
    by William Mitchell and Warren B. Mosler
    posted 11/27/02
  • Fiscal policy and financial fragility: why macroeconomic policy is failing
    by William Mitchell and Luke Reedman
    posted 11/06/02
  • Chairman Greenspan Still Doesn't Get It
    by L. Randall Wray
    posted 9/25/02
  • The Perfect Storm
    by L. Randall Wray
    posted 8/20/02
  • Feb 02 Letter to Bartley at the WSJ
    by Warren B. Mosler
    posted 5/5/02
  • An Open Letter to the Ratings Agencies
    Flawed Logic Destabilizing the World Financial System

    by Warren B. Mosler
    posted 3/2/02
  • Downgrading Japan
    by L. Randall Wray
    posted 2/28/02
  • The Mosler Way: A solid plan for the economic revitalization of Afghanistan
    National Review Online (12/11/01)
    by Tom Nugent
    posted 12/12/01
  • The Mosler Afghan Economic Development Plan
    by Warren B. Mosler
    posted 12/6/01
  • Downgrading Japan: A Letter to Standard & Poors
    by Warren B. Mosler
    posted 11/28/01
  • National Review Online - The Fiscal Counterattack A change of perspective
    by Tom Nugent
    posted 9/18/01
  • LETTERS TO THE EDITOR: Financial Times: Explaining why the dollar is too high
    by Eileen M. Debold
    posted 9/15/01
  • SCE Breaks Through to Mainstream!
    National Review Online (8/24/01) - Surplus+Slump=Stupidity

    by Tom Nugent
    posted 8/24/01
  • Rites of Passage for the Euro 12
    by Warren B. Mosler
    posted 5/9/01
  • The Mosler Palestinian Development Plan
    by Warren B. Mosler
    posted 4/16/01
  • A $10 Trillion Tax Cut - It's More Serious Than You Think
    by Warren B. Mosler and Thomas E. Nugent
    posted 3/29/01
  • WSJ Response to Laffer's Editorial
    by Eileen M. Debold
    posted 3/29/01
  • Letter to the Editor: New York Times: Response to Paul Krugman
    by Warren B. Mosler
    posted 3/18/01
  • Letter to the Editor, Financial Times: Quantitative easing is simply a 'Bank Tax'
    by Warren B. Mosler
    posted 2/30/01
  • Lesson in Deflation from the Last US Debt Payoff
    by Warren B. Mosler and Eileen Debold
    posted 2/6/01
  • Bush should triple his tax cuts
    by Wynne Godley
    posted 1/24/01
  • Large Tax Cuts Are Needed To Prevent A Hard Landing
    by L. Randall Wray
    posted 12/24/00
  • Interview of Professor L. Randall Wray
    Brazilian Magazine
    posted 10/9/00
  • Financial Engineers and The Brave New World
    by Warren B. Mosler and Eileen Debold
    posted 9/5/00
  • Letter to the Editor, Wall Street Journal: Why John Q Public Can't Sock It Away
    by Warren B. Mosler
    posted 8/9/00
  • Letter to the Editor, Financial Times: Downgrading would make no sense
    by Warren B. Mosler
    posted 6/30/00
  • Federal Reserve Leadership Education Program
    by L. Randall Wray
    posted 6/30/00
  • Can the Expansion Be Sustained?: A Minskian View
    by L. Randall Wray
    posted 5/2/00
  • The Automatic Stabilizers: Quietly Doing their Thing
    by Darrel S. Cohen and Glenn R. Follette
    posted 4/9/00
  • Functional Finance and US Government Budget Surplused In The New Millennium
    by L. Randall Wray
    posted 2/22/00
  • From The Banking Law Journal: What Is Money?
    by A. Mitchell Innes
  • PSE, Foreign Exchange and Trade
    by Warren B. Mosler
    posted 1/4/00
  • Subway Tokens and Social Security
    by L. Randall Wray
    posted 11/18/99
  • Intervention and the Bank of Japan
    by Warren B. Mosler
    posted 9/27/99
  • Abolish The Surplus
    by L. Randall Wray
    posted 9/16/99
  • Can Goldilocks Survive?
    by Wynne Godley and L. Randall Wray
    posted 1/29/99
  • Letter to the Editor, Financial Times
    by Wynne Godley and L. Randall Wray
    posted 1/29/99
  • The Squeeze is On: Budget Surplus Portends Big Trouble!
    by Warren B. Mosler
    posted 1/19/99
  • A General Analytical Framework for the Analysis of Currencies and Other Commodities
    by Warren B. Mosler and Mathew Forstater
  • Soft Currency Economics
    by Warren B. Mosler
  • Full Employment AND Price Stability
    by Warren B. Mosler
  • A Plan for Quebec Monetary Independence
    The Non-Conformist view of an American Investor

    by Warren B. Mosler
  • Comments on Budget Debate
    by Warren B. Mosler
  • A Critical Review Of Soft Currency Economics
    by Pavlina R. Tcherneva
  • Monopoly Money: The State As A Price Setter
    by Pavlina R. Tcherneva
  • A Balanced Budget Is Not the Answer
    by Michael Johns
  • Think big deficits cause recessions? Think again!
    by Frederick C. Thayer
  • Buffer Stock Employment model in a Small Open Economy
    by William Mitchell
    presented 12/3/97 - Newcastle Australia
  • Exchange Rate Policy and Full Employment
    by Warren Mosler
    presented 12/3/97 - Newcastle Australia
  • Selective use of Discretionary Public Employment and Economic Flexibility
    by Mathew Forstater
    presented 12/3/97 - Newcastle Australia
  • Theater of the Absurd Creates Global Collapse
    by Frederick C. Thayer

  • The following is from a recent interview with Chairman Greenspan:

    RYAN: "Do you believe that personal retirement accounts can help us achieve solvency for the system and make those future retiree benefits more secure?"

    GREENSPAN: "Well, I wouldn't say that the pay-as-you-go benefits are insecure, in the sense that there's nothing to prevent the federal government from creating as much money as it wants and paying it to
    somebody. The question is, how do you set up a system which assures that the real assets are created which those benefits are employed to purchase."

    Soft Currency Economics
    by Warren Mosler

    Introduction:


    In the midst of great abundance our leaders promote privation. We are told that national health care is unaffordable, while hospital beds are empty. We are told that we cannot afford to hire more teachers, while many teachers are unemployed. And we are told that we cannot afford to give away school lunches, while surplus food goes to waste.

    When people and physical capital are employed productively, government spending that shifts those resources to alternative use forces a trade-off. For example, if thousands of young men and women were conscripted into the armed forces the country would receive the benefit of a stronger military force. However, if the new soldiers had been home builders, the nation may suffer a shortage of new homes. This trade-off may reduce the general welfare of the nation if Americans place a greater value on new homes than additional military protection. If, however, the new military manpower comes not from home builders but from individuals who were unemployed, there is no trade-off. The real cost of conscripting home builders for military service is high; the real cost of employing the unemployed is negligible.

    The essence of the political process is coming to terms with the inherent trade-offs we face in a world of limited resources and unlimited wants. The idea that people can improve their lives by depriving themselves of surplus goods and services contradicts both common sense and any respectable economic theory. When there are widespread unemployed resources as there are today in the United States, the trade-off costs are often minimal, yet mistakenly deemed unaffordable.

    When a member of Congress reviews a list of legislative proposals, he currently determines affordability based on how much revenue the federal government wishes to raise, either through taxes or spending cuts. Money is considered an economic resource. Budget deficits and the federal debt have been the focal point of fiscal policy, not real economic costs and benefits. The prevailing view of federal spending as reckless, disastrous and irresponsible, simply because it increases the deficit, prevails.

    Interest groups from both ends of the political spectrum have rallied around various plans designed to reduce the deficit. Popular opinion takes for granted that a balanced budget yields net economic benefits only to be exceeded by paying off the debt. The Clinton administration claims a lower 1994 deficit as one of its highest achievements. All new programs must be paid for with either tax revenue or spending cuts. Revenue neutral has become synonymous with fiscal responsibility.

    The deficit doves and deficit hawks who debate the consequences of fiscal policy both accept traditional perceptions of federal borrowing. Both sides of the argument accept the premise that the federal government borrows money to fund expenditures. They differ only in their analysis of the deficit's effects. For example, doves may argue that since the budget does not discern between capital investment and consumption expenditures, the deficit is overstated. Or, that since we are primarily borrowing from ourselves, the burden is overstated. But even if policy makers are convinced that the current deficit is a relatively minor problem, the possibility that a certain fiscal policy initiative might inadvertently result in a high deficit, or that we may owe the money to foreigners, imposes a high risk. It is believed that federal deficits undermine the financial integrity of the nation.

    Policy makers have been grossly misled by an obsolete and non-applicable fiscal and monetary understanding. Consequently, we face continued economic under-performance.