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    <title>EconStor Community: Bard College</title>
    <link>http://hdl.handle.net/10419/306</link>
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    <title>Endogenous money: structuralist and horizontalist</title>
    <link>http://hdl.handle.net/10419/31702</link>
    <description>Titel: Endogenous money: structuralist and horizontalist
&lt;br/&gt;
&lt;br/&gt;Autoren: Wray, L. Randall
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: While the mainstream long argued that the central bank could use quantitative constraints as a means to controlling the private creation of money, most economists now recognize that the central bank can only set the overnight interest ratewhich has only an indirect impact on the quantity of reserves and the quantity of privately created money. Indeed, in order to hit the overnight rate target, the central bank must accommodate the demand for reserves, draining the excess or supplying reserves when the system is short. Thus, the supply of reserves is best characterized as horizontal, at the central bank&amp;rsquo;s target rate. Because reserves pay relatively low rates, or even zero rates (as in the United States), banks try to minimize their holdings. Over time, they continually innovate, as they seek to minimize costs and increase profits. This includes innovations that reduce the quantity of reserves they need to hold (either to satisfy legal requirements, or to meet the needs of check cashing and clearing), and also innovations that allow them to increase the rate of return on equity within regulatory constraints, such as those associated with Basle agreements. Such behavior has been a central concern of the structuralist approachwhich argued that it is too simplistic to hypothesize simple horizontal loan-and-deposit supply curves.</description>
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  <item rdf:about="http://hdl.handle.net/10419/31703">
    <title>Does the stock of money have any causal significance?</title>
    <link>http://hdl.handle.net/10419/31703</link>
    <description>Titel: Does the stock of money have any causal significance?
&lt;br/&gt;
&lt;br/&gt;Autoren: Arestis, Philip; Sawyer, Malcolm
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: Recent developments in macroeconomics, and in economic policy in general, have produced a new consensus economy-wide model, in which the stock of money does not play any causal role, but operates as a mere residual in the economic process. The absence of the stock of money in many current debates over monetary policy has prompted the deputy governor of the Bank of England to note the irony of the situation: as central banks became more and more concerned with price stability, less and less attention is paid to money. Indeed in several countries, the decline of interest in money appears to have coincided with low inflation. In turn, a number of contributions have attempted, wittingly or unwittingly, to reinstate a more substantial role for money in this new macroeconomics. In this paper we argue that these attempts to reinstate money in current macroeconomic thinking entail two important problems. First, they contradict an important theoretical property of the new consensus macroeconomic model, namely, that of dichotomy between the monetary and the real sector. Second, some of these attempts either fail in terms of their objective or merely reintroduce the problem rather than solve it. We conclude that if money is to be given a causal role in the new consensus model, more substantial research is needed.</description>
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  <item rdf:about="http://hdl.handle.net/10419/31699">
    <title>European welfare state regimes and their generosity toward the elderly</title>
    <link>http://hdl.handle.net/10419/31699</link>
    <description>Titel: European welfare state regimes and their generosity toward the elderly
&lt;br/&gt;
&lt;br/&gt;Autoren: Börsch-Supan, Axel
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: This paper examines the generosity of the European welfare state toward the elderly. It shows how various dimensions of the welfare regimes have changed during the past 10 to 15 years and how this evolution is related to the process of economic integration. Dimensions include general generosity toward the elderly and, more specifically, generosity toward early retirement and generosity toward the poor. Using aggregate data (EUROSTAT, OECD) as well as individual data (SHARE, the new Survey of Health, Ageing, and Retirement in Europe), the paper looks at the statistical correlations among those types of system generosity and actual policy outcomes, such as unemployment and poverty rates among the young and the elderly, and the inequality in wealth, income and consumption. While the paper is largely descriptive, it also tries to explain which economic and political forces drive social expenditures for the elderly in the European Union and whether spending for the elderly crowds out spending for the young.</description>
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  <item rdf:about="http://hdl.handle.net/10419/31700">
    <title>Class structure and economic inequality</title>
    <link>http://hdl.handle.net/10419/31700</link>
    <description>Titel: Class structure and economic inequality
&lt;br/&gt;
&lt;br/&gt;Autoren: Wolff, Edward N.; Zacharias, Ajit
&lt;br/&gt;
&lt;br/&gt;Zusammenfassung: Existing empirical schemas of class structure do not specify the capitalist class in an adequate manner. We propose a schema in which the specification of capitalist households is based on wealth thresholds. Individuals in noncapitalist households are assigned class locations based on their position in the labor process. The schema is designed to address the question of the relationship between class structure and overall economic inequality. Our analysis of the U.S. data shows that class divisions among households, especially the large gaps between capitalist households and everyone else, contribute substantially to overall inequality.</description>
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