Publications

Report

  • Report Vol. 22, No. 1 | January 2012

    Papers highlighted in the January issue include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.

    NEW STRATEGIC ANALYSIS

    • Is the Recovery Sustainable?

    NEW PUBLIC POLICY BRIEFS

    • Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?

    NEW POLICY NOTES

    • Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
    • Toward a Workable Solution for the Eurozone

    NEW WORKING PAPERS

    • Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
    • Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working-Paper Version
    • Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-market Economies
    • Central Banking in an Era of Quantitative Easing
    • Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
    • Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
    • Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines
    • An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
    • Effects of Legal and Unauthorized Immigration on the US Social Security System
    • The Measurement of Time and Income Poverty
    • Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
    • Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
    • Euroland in Crisis as the Global Meltdown Picks Up Speed
    • Reducing Economic Imbalances in the Euro Area
    • Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s
    • Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10
    • Distribution and Growth: A Dynamic Kaleckian Approach

    INSTITUTE NEWS

    • Upcoming Event: 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
    • Upcoming Event: The Hyman P. Minsky Summer Seminar, June 16–24, 2012
    • Levy Institute Launches Greek Website
    • 1967 Census of the West Bank and Gaza Strip Now Available Online
    • New Research Associate and Policy Fellow
    • New Research Associate

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    Michael Stephens

  • Report Vol. 21, No. 3 | October 2011

    In this issue of the Report, papers focus on the prospects for US economic growth, including public-sector job initiatives; the eurozone’s sovereign-debt crisis; economic tensions between emerging market and industrialized economies; the role of global finance in real-world economies; the impact of fiscal policy on economic recovery; and estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada.

    NEW STRATEGIC ANALYSIS

    • Jobless Recovery Is No Recovery: Prospects for the US Economy

    NEW PUBLIC POLICY BRIEFS

    • Will the Recovery Continue? Four Fragile Markets, Four Years Later
    • The Contradictions of Export-led Growth

    NEW POLICY NOTES

    • Is the Federal Debt Unsustainable?
    • A Modest Proposal for Overcoming the Euro Crisis
    • Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?

    NEW WORKING PAPERS

    • The Dismal State of Macroeconomics and the Opportunity for a New Beginning
    • Financial Keynesianism and Market Instability
    • Measuring Macroprudential Risk: Financial Fragility Indexes
    • A Minskyan Road to Financial Reform
    • Money in Finance
    • What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
    • Keynes after 75 Years: Rethinking Money as a Public Monopoly
    • Minsky Crisis
    • Financial Markets
    • Minsky’s Money Manager Capitalism and the Global Financial Crisis
    • The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
    • Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
    • Can Portugal Escape Stagnation without Opting Out from the Eurozone?
    • Causes of Financial Instability: Don’t Forget Finance
    • Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
    • The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
    • The Freedom Budget at 45: Functional Finance and Full Employment
    • Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
    • The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
    • Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States
    • Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
    • Effective Demand in the Recent Evolution of the US Economy
    • Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of “Institutional Fragility”
    • The Rise and Fall of Export-led Growth
    • Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
    • The Global Crisis and the Remedial Actions: A Nonmainstream Perspective
    • What Ended the Great Depression? Reevaluating the Role of Fiscal Policy
    • The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
    • The Levy Institute Measure of Economic Well-Being, Estimates for Canada, 1999 and 2005

    INSTITUTE NEWS

    • 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
    • The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
    • The Hyman P. Minsky Summer Seminar
    • New Research Associate
    • New Senior Editor and Policy Fellow

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle Michael Stephens

  • Report Vol. 21, No. 2 | April 2011

    This issue leads off with a public policy brief by Scott Fullwiler and Senior Scholar L. Randall Wray about reining in the Federal Reserve. In addition, it includes a policy note by Research Associate Marshall Auerback about the impact of Germany exiting the eurozone and 17 working papers by Levy Institute scholars and associates, as well as other authors.

    NEW PUBLIC POLICY BRIEFS

    • It’s Time to Rein In the Fed

    NEW POLICY NOTES

    • What Happens if Germany Exits the Euro?

    NEW WORKING PAPERS

    • Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
    • International Trade Theory and Policy: A Review of the Literature
    • Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?
    • Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
    • Exports, Capabilities, and Industrial Policy in India
    • US “Quantitative Easing” Is Fracturing the Global Economy
    • The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
    • Disaggregating the Resource Curse: Is the Curse More Difficult to Dispel in Oil States than in Mineral States?
    • China in the Global Economy
    • Modeling Technological Progress and Investment in China: Some Caveats
    • How Rich Countries Became Rich and Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!
    • Quantitative Easing and Proposals for Reform of Monetary Policy Operations
    • A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
    • Money
    • Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910
    • Fiscal Policy Effectiveness: Lessons from the Great Recession
    • Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It
    • Unit Labor Costs in the Eurozone: The Competitiveness Debate Again

    INSTITUTE NEWS

    • Upcoming Event: 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
    • Upcoming Event: The Wynne Godley Memorial Conference, May 25–26, 2011
    • Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Report Vol. 21, No. 1 | January 2011

    The January Report highlights a new policy brief by Senior Scholar Jan Kregel that offers an alternative view of global imbalances and international reserve currencies. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. In a series of working papers, members of the Asian Development Bank examine technological change in India’s manufacturing sector, the role of trade facilitation and the impact of natural resource abundance in Central Asia, and the key to China’s continuing “economic miracle.”

    NEW PUBLIC POLICY BRIEFS

    • An Alternative Perspective on Global Imbalances and International Reserve Currencies
    • What Should Banks Do? A Minskyan Analysis

    NEW POLICY NOTES

    • Why the IMF Meetings Failed, and the Coming Capital Controls
    • A New “Teachable” Moment

    NEW WORKING PAPERS

    • Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
    • Product Complexity and Economic Development
    • How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
    • Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
    • Asia and the Global Crisis: Recovery Prospects and the Future
    • Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain
    • Gendered Aspects of Globalization
    • Innocent Frauds Meet Goodhart’s Law in Monetary Policy
    • The Meltdown of the Global Economy: A Keynes-Minsky Episode?
    • A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
    • A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
    • Technical Change in India’s Organized Manufacturing Sector
    • The Transition from Industrial Capitalism to a Financialized Bubble Economy
    • The Role of Trade Facilitation in Central Asia: A Gravity Model
    • The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
    • Managing Finance in Emerging Economies: The Case of India
    • Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
    • The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis
    • Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel
    • How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself

    INSTITUTE NEWS

    • New Research Associates
    • Upcoming Event: 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
    • Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011
    • New Levy Institute Book: The Elgar Companion to Hyman Minsky

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Report Vol. 20, No. 3 | October 2010

    This issue highlights the 2010 Minsky Conference on the State of the US and World Economies, as well as a series of policy briefs and notes that examine the efficacy of sustained budget deficits, the role of the economics profession in the current crisis, proposals to restructure the eurozone, and the financial balances approach to global rebalancing. Working papers in the areas of monetary policy, gender equality and the economy, employment policy, ethnicity and social structure, and theory and empirical analysis are also summarized.

    CONFERENCE

    • 19th Annual Hyman P. Minsky Conference on the State of the US and World Economies: After the Crisis: Planning a New Financial Structure

    NEW PUBLIC POLICY BRIEFS

    • Deficit Hysteria Redux? Why We Should Stop Worrying about US Government Deficits
    • The Great Crisis and the American Response
    • Endgame for the Euro? Without Major Restructuring, the Eurozone is Doomed
    • Debts, Deficits, Economic Recovery, and the US Government

    NEW POLICY NOTES

    • Economic Policy for the Real World
    • Global Central Bank Focus: Facts on the Ground

    NEW WORKING PAPERS

    • Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
    • Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies
    • The Global Financial Crisis and a New Capitalism?
    • A Contribution to the Theory of Financial Fragility and Crisis
    • Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
    • The Recycling Problem in a Currency Union
    • Infinite-variance, Alpha-stable Shocks in Monetary SVAR
    • Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
    • The Economic and Financial Crises in CEE and CIS: Gender Perspectives and Policy Choices
    • Racial Preferences in a Small Urban Housing Market: A Spatial Econometric Analysis of Microneighborhoods in Kingston, New York
    • Time and Poverty from a Developing Country Perspective
    • Too Big to Fail in Financial Crisis: Motives, Countermeasures, and Prospects
    • Fiscal Responsibility: What Exactly Does It Mean?
    • Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff
    • Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
    • Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility
    • Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
    • Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
    • Assessing the Returns to Education in Georgia
    • Using Capabilities to Project Growth, 2010–30
    • Investing in Care: A Strategy for Effective and Equitable Job Creation
    • Why China Has Succeeded—and Why It Will Continue to Do So
    • What Do Banks Do? What Should Banks Do?
    • As You Sow So Shall You Reap: From Capabilities to Opportunities
    • The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy

    INSTITUTE NEWS

    • The Hyman P. Minsky Summer Seminar and Conference, June 19–29, 2010
    • Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011
    • New Research Associate

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Report Vol. 20, No. 2 | April 2010

    The April Report highlights a brief by Institute scholars that finds that social sector investment generates more jobs than infrastructure spending or investing in green energy. The issue also includes a summary of our latest Strategic Analysis, which concerns the various policy actions required to emerge from the current recession.

    NEW PUBLIC POLICY BRIEF

    • Why President Obama Should Care about “Care”: An Effective and Equitable Investment Strategy for Job Creation

    NEW STRATEGIC ANALYSIS

    • Getting Out of the Recession?

    NEW PUBLIC POLICY BRIEFS

    • No Going Back: Why We Cannot Resolve Glass-Steagall’s Segregation of Banking and Finance
    • The Trouble with Pensions: Toward an Alternative Public Policy to Support Retirement
    • Toward True Health Care Reform: More Care, Less Insurance

    NEW POLICY NOTE

    • Observations on the Problem of “Too Big to Fail/Save/Resolve”

    NEW WORKING PAPERS

    • The Euro and Its Guardian of Stability: The Fiction and Reality of the 10th Anniversary Blast
    • The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
    • Is Reregulation of the Financial System an Oxymoron?
    • Is This the Minsky Moment for Reform of Financial Regulation?
    • The Global Financial Crisis and the Shift to Shadow Banking
    • Decomposition of the Black-White Wage Differential in the Physician Market
    • Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—An Update to 2007

    INSTITUTE NEWS

    Upcoming Events

    • The 19th Annual Hyman P. Minsky Conference on the State of the US and World Economies, April 14–16, 2010
    • The Hyman P. Minsky Summer Seminar, June 19–29, 2010

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Report Vol. 20, No. 1 | January 2010

    After unprecedented efforts by the Federal Reserve and Congress, and the adoption of “big government” policies, the financial system is more stable but the official unemployment level is 10.2 percent—and rising. According to the Institute’s latest Strategic Analysis, the nascent recovery is still very fragile, so a good policymaking strategy will require a clear assessment of US economic prospects over the medium term (i.e., six years).

    NEW STRATEGIC ANALYSIS

    • The Current Recession And Beyond: Medium-term Prospects for the US Economy

    NEW PUBLIC POLICY BRIEFS

    • It Isn’t Working: Time for More Radical Policies
    • Can Euroland Survive?

    NEW POLICY NOTES

    • Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
    • Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?

    NEW LEVY INSTITUTE MEASURE OF ECONOMIC WELL-BEING (LIMEW)

    • Has Progress Been Made in Alleviating Racial Economic Inequality?

    NEW WORKING PAPERS

    • The Unequal Burden of Poverty on Time Use Securitization, Deregulation, Economic Stability, and Financial Crisis, Parts I and II
    • A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Parts I–IV
    • Market Failure and Land Concentration
    • A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy Explaining the Gender Wage Gap in Georgia
    • Money Manager Capitalism and the Global Financial Crisis
    • A Perspective on Minsky Moments: The Core of the Financial Instability
    • Hypothesis in Light of the Subprime Crisis
    • An Alternative View of Finance, Saving, Deficits, and Liquidity Lessons from the New Deal: Did the New Deal Prolong or Worsen the Great Depression?
    • Minsky Moments, Russell Chickens, and Gray Swans: The Methodological Puzzles of the Financial Instability Analysis

    INSTITUTE NEWS

    Upcoming Events

    • The 19th Annual Hyman P. Minsky Conference on the State of the US and World Economies, April 14–16, 2010
    • The Hyman P. Minsky Summer Seminar, June 19–29, 2010

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Report Vol. 19, No. 4 | October 2009

    The Obama administration estimates that the 2009 American Recovery and Reinvestment Act (ARRA) will create or save approximately three and a half million jobs by the end of 2010. A Special Report featured in this issue points toward the necessity for a comprehensive employment strategy that goes well beyond ARRA–and concludes that the government could have achieved far more at the same cost.

    CONFERENCE

    • Employment Guarantee Policies: Responding to the Current Economic Crisis and Contributing to Long-Term Development

    SPECIAL REPORT

    • Who Gains from President Obama’s Stimulus Package … And How Much?

    NEW PUBLIC POLICY BRIEFS

    • Promoting Gender Equality through Stimulus Packages and Public Job Creation: Lessons Learned from South Africa’s Expanded Public Works Programme
    • The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?
    • Financial and Monetary Issues as the Crisis Unfolds
    • The New New Deal Fracas: Did Roosevelt’s “Anticompetitive” Legislation Slow the Recovery from the Great Depression?

    NEW POLICY NOTE

    • Some Simple Observations on the Reform of the International Monetary System

    NEW WORKING PAPERS

    • Revisiting (and Connecting) Marglin-Bhaduri and Minsky: An SFC Look at Financialization and Profit-led Growth
    • Distributional Impact of the American Recovery and Reinvestment Act: A Microsimulation Approach
    • Fiscal Policy and the Economics of Financial Balances
    • From Unpaid to Paid Care Work: The Macroeconomic Implications of HIV and AIDS on Women’s Time-tax Burdens
    • How Well Do Individuals Predict the Selling Prices of Their Homes?

    LEVY INSTITUTE NEWS

    • Conference: Gender and the Global Economic Order
    • New Program Director
    • New Research Associates

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Barbara Ross

  • Report Vol. 19, No. 3 | July 2009

    The July Report highlights the Institute’s annual Minsky conference, held April 16–17, 2009, at the Ford Foundation in New York City. Over 150 top policymakers, economists, and analysts gathered to offer their insights into the extraordinary challenges posed by the current global crisis, with topics ranging from financial market reregulation to the rehabilitation of mortgage financing to the institutional shape of the future financial system.

    CONFERENCE

    • 18th Annual Hyman P. Minsky Conference on the State of the US and World Economies: Meeting the Challenges of Financial Crisis

    NEW STRATEGIC ANALYSES

    • A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
    • Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover

    NEW PUBLIC POLICY BRIEF

    • It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed

    NEW POLICY NOTES

    • What Role for Central Banks in View of the Current Crisis?
    • An Assessment of the Credit Crisis Solutions
    • A Crisis in Coordination and Competence
    • A Proposal for a Federal Employment Reserve Authority
    • The “Unintended Consequences” Game
    • “Enforced Indebtedness” and Capital Adequacy Requirements

    NEW WORKING PAPERS

    • Background Considerations to a Regulation of the US Financial System: Third Time a Charm? Or Strike Three?
    • Managing the Impact of Volatility in International Capital Markets in an Uncertain World
    • Labor-market Performance in the OECD: An Assessment of Recent Evidence
    • The Social and Economic Importance of Full Employment
    • The Return of the State: The New Investment Paradigm
    • The Current Economic and Financial Crisis: A Gender Perspective
    • Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics
    • New Consensus Macroeconomics: A Critical Appraisal
    • Housing Inequality in the United States: A Decomposition Analysis of Racial and Ethnic Disparities in Homeownership
    • Caste and Wealth Inequality in India

    LEVY INSTITUTE NEWS

    • Event: Conference on Employment Guarantee Policies
    • Events: Conference and Seminar on Gender and the Global Economic Crisis

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 19, No. 2 | May 2009

    There is broad consensus that the prospects for the domestic economy have become dire, requiring extensive government intervention. In a new Strategic Analysis highlighted in the current issue of the Report, Levy scholars take a more skeptical view of the effectiveness of the policy prescriptions currently on offer—and argue that the global economy must be run in an entirely new way. 

    NEW STRATEGIC ANALYSES

    • Prospects for the United States and the World: A Crisis that Conventional Remedies Cannot Resolve
    • Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years

    NEW PUBLIC POLICY BRIEFS

    • After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy
    • The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare
    • The Return of Big Government: Policy Advice to President Obama

    NEW POLICY NOTE

    • Obama’s Job Creation Promise: A Modest Proposal to Guarantee That He Meets and Exceeds Expectations

    NEW LIMEW REPORTS

    • Postwar Trends in Economic Well-Being in the United States, 1959–2004
    • What Are the Long-Term Trends in Intergroup Economic Disparities?

    NEW WORKING PAPERS

    • Small Is Beautiful: Evidence of an Inverse Relationship between Farm Size and Yield in Turkey
    • Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis
    • Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?
    • Macroeconomic Imbalances in the United States and Their Impact on the International Financial System
    • Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia
    • Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004

    LEVY INSTITUTE NEWS

    • 2008 Economists for Peace and Security Conference
    • 18th Annual Hyman P. Minsky Conference

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 19, No. 1 | January 2009

    This issue of the Report opens with Senior Scholar L. Randall Wray’s new Public Policy Brief on money market capitalism (financialization), which has resulted in a series of boom-and-bust cycles in equities, real estate, and, most recently, commodities. Wray maintains that policymakers must fundamentally change the structure of our economic system in order to break this damaging cycle and reduce the influence of managed money.

    NEW PUBLIC POLICY BRIEF

    • The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities

    NEW POLICY NOTES

    • A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
    • Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
    • Time to Bail Out: Alternatives to the Bush-Paulson Plan

    NEW WORKING PAPERS

    • Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment
    • Inflation Targeting in Brazil
    • Promoting Equality Through an Employment of Last Resort Policy
    • Do the Innovations in a Monetary VAR Have Finite Variances?
    • Minsky and Economic Policy: “Keynesianism” All Over Again?
    • On Democratizing Financial Turmoil: A Minskyan Analysis of the Subprime Crisis
    • Excess Capital and Liquidity Management
    • An Empirical Analysis of Gender Bias in Education Spending in Paraguay

    LEVY INSTITUTE NEWS

    • Conference: Economists for Peace and Security
    • Upcoming Event: The 18th Annual Hyman P. Minsky Conference

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 18, No. 4 | October 2008

    Recent experience has bolstered the view that asset prices must come under the central bank’s purview in order for the economy to retain some semblance of stability. However, in a new Public Policy Brief, Pedro Nicolaci da Costa argues that attitude changes among regulators will be even more important than shifts in mandate in ensuring that regulators like the Federal Reserve do their jobs properly. In a related Policy Note, Senior Scholar L. Randall Wray examines the Fed’s unsuccessful efforts to curtail the widening financial crisis in the United States, and outlines an alternative framework for monetary policy formation.

    NEW PUBLIC POLICY BRIEF

    • Shaky Foundations: Policy Lessons from America’s Historic Housing Crash

    NEW POLICY NOTE

    • What’s a Central Bank to Do? Policy Response to the Current Crisis

    NEW WORKING PAPERS

    • Deficient Public Infrastructure and Private Costs: Evidence from a Time-use Survey for theWater Sector in India
    • The Keynesian Roots of Stock-flow Consistent Macroeconomic Models: Peering Over the Edge of the Short Period
    • The Buffett Plan for Reducing the Trade Deficit
    • The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post Keynesian View?
    • The Effects of International Trade on Gender Inequality:Women CarpetWeavers of Iran The Unpaid CareWork–PaidWork Connection
    • Keynes’s Approach to Full Employment: Aggregate or Targeted Demand?

    LEVY INSTITUTE NEWS

    • New Research Scholar
    • New Research Grants

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 18, No. 3 | July 2008

    This issue of the Report  highlights the Institute’s annual Minsky conference, which this year focused on credit, markets, and the real economy, and the fiscal policies needed to counter recession. A new Strategic Analysis argues in favor of a fiscal stimulus much larger than the $150 million currently allocated, and that it should apply over a longer period—especially if the slowdown proves longer than expected.

    Contents:

    CONFERENCE

    • 17th Annual Hyman P. Minsky Conference on the State of the US and World Economies:
      Credit, Markets, and the Real Economy: Is the Financial System Working?

    NEW STRATEGIC ANALYSIS

    • Fiscal Stimulus: Is More Needed?

    NEW PUBLIC POLICY BRIEF

    • Financial Markets Meltdown: What Can We Learn from Minsky?

    NEW WORKING PAPERS

    • Can Robbery and Other Theft Help Explain the Textbook Currency-demand Puzzle? Two Dreadful Models of Money Demand with an Endogenous Probability of Crime
    • Changes in the US Financial System and the Subprime Crisis
    • The International Monetary (Non-)Order and the “Global Capital Flows Paradox”
    • Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences
    • The Discrete Charm of the Washington Consensus
    • Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados,
      or the Employment Road to Economic Recovery
    • Statistical Matching Using Propensity Scores: Theory and Application to
      the Levy Institute Measure of Economic Well-Being

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 18, No. 2 | April 2008

    In a new Public Policy Brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility, and concludes that the current financial crisis is the result of insufficient margins, or "cushions," of safety based on how creditworthiness is assessed in the new originate-and-distribute financial system.

    Contents:

    NEW PUBLIC POLICY BRIEF

    • Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the US Subprime Mortgage Market

    NEW WORKING PAPERS

    • Public Employment and Women: The Impact of Argentina’s Jefes Program on Female Heads of Poor Households
    • Nurkse and the Role of Finance in Development Economics
    • Earnings Functions and the Measurement of the Determinants of Wage Dispersion: Extending Oaxaca’s Approach
    • Lessons from the Subprime Meltdown
    • The Natural Instability of Financial Markets
    • Promotion Nationale: Forty-Five Years of Experience of Public Works in Morocco
    • Financialization: What It Is and Why It Matters
    • American Jewish Opinion about the Future of the West Bank: A Reanalysis of American Jewish Committee Surveys
    • Financing Job Guarantee Schemes by Oil Revenue: The Case of Iran
    • Financial Flows and International Imbalances—The Role of Catching Up by Late-industrializing Developing Countries

    LEVY INSTITUTE NEWS

    • Upcoming Event: 17th Annual Hyman P. Minsky Conference, April 17–18, 2008

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
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  • Report Vol. 18, No. 1 | January 2008

    A new Strategic Analysis by the Levy Institute's Macro-Modeling Team reviews the domestic economy and where things might be headed. It argues that a significant drop in borrowing is likely to take place in the coming quarters unless the dollar is allowed to continue its fall and thus complete the recovery in the external imbalance, and fiscal policy shifts its course—as it did in the 2001 recession.

    Contents:

    NEW STRATEGIC ANALYSIS

    • The US Economy: Is There a Way Out of the Woods?
    NEW PUBLIC POLICY BRIEFS
    • Globalization and the Changing Trade Debate: Suggestions for a New Agenda
    • The US Credit Crunch of 2007: A Minsky Moment

    NEW WORKING PAPERS

    • Endogenous Money: Structuralist and Horizontalist
    • Inequality of Life Chances and the Measurement of Social Immobility
    • The Continuing Legacy of John Maynard Keynes
    • Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
    • The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective
    • What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?
    • Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model

    LEVY INSTITUTE NEWS

    • Workshop: International Comparisons of Well-Being

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:

  • Report Vol. 17, No. 4 | October 2007

    The optimistic view of the subprime mortgage sector is that it makes the availability of credit for home purchases more egalitarian, extending it to those otherwise regarded as a high credit risk. The authors of a new Levy Institute Public Policiy Brief, however, are not as sanguine about such developments.

    Contents:

    NEW PUBLIC POLICY BRIEF

    • Cracks in the Foundations of Growth: What Will the Housing Debacle Mean for the US Economy?

    CONFERENCE

    • Economists for Peace and Security: War and Poverty, Peace and Prosperity

    WORKSHOP

    • Future National Survey of American Jews

    NEW WORKING PAPERS

    • Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze
    • A Simplified “Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model
    • Female Land Rights, Crop Specialization, and Productivity in Paraguayan Agriculture
    • Implementation of the National Rural Employment Guarantee Act in India: Spatial Dimensions and Fiscal Implications
    • The Effects of a Declining Housing Market on the US Economy
    • Who’s a Jew in an Era of High Intermarriage? Surveys, Operational Definitions, and the Contemporary American Context
    • The American Jewish Committee’s Annual Opinion Surveys: An Assessment of Sample Quality
    • On Various Ways of Measuring Unemployment, with Applications to Switzerland
    • A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate
    • The Fed’s Real Reaction Function: Monetary Policy, Inflation, Unemployment, Inequality—and Presidential Politics

    LEVY INSTITUTE NEWS

    • New Research Scholar
    • Upcoming Event
    • Workshop: International Comparisons of EconomicWell-Being

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:

  • Report Vol. 17, No. 3 | July 2007

    In April, scholars, policymakers, and financial analysts gathered at the Levy Institute’s headquarters in Annandale-on-Hudson, New York, to explore themes from the work of the late Levy Institute economist Hyman Minsky. A summary of their discussions appears in this issue of the Report.

    Contents:

    CONFERENCE

    • 16th Annual Hyman P.Minsky Conference on the State of the US and World Economies
      Global Imbalances: Prospects for the US and World Economies

    NEW STRATEGIC ANALYSIS

    • The US Economy: What’s Next?

    NEW LEVY INSTITUTE MEASURE OF ECONOMIC WELL-BEING REPORT

    • How Well Off Are America’s Elderly? A New Perspective

    WORKSHOP

    • From Unpaid Work to Employment Guarantee Policy: A Social Accounting Matrix Exercise

    NEW WORKING PAPERS

    • Are the Costs of the Business Cycle “Trivially Small”? Lucas’s Calculus of Hardship and Chooser-dependent, Non–Expected Utility Preferences
    • State, Difference, and Diversity: Toward a Path of Expanded Democracy and Gender Equality
    • Fiscal Policy in a Stock-Flow Consistent (SFC) Model
    • Gender Inequalities in Allocating Time to Paid and Unpaid Work: Evidence from Bolivia
    • Gender Disparities in Employment and Aggregate Profitability in the United States
    • Surveying American Jews and Their Views on Middle East Politics: The Current Situation and a Proposal for a New Approach
    • Employment Guarantee Programs: A Survey of Theories and Policy Experiences
    • ELR-led Economic Development: A Plan for Tunisia
    • Economic Perspectives on Aging
    • Two National Surveys of American Jews, 2000–01: A Comparison of the NJPS and AJIS

    LEVY INSTITUTE NEWS

    • New Board Member
    • New Appointments
    • Candidates Sought
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 17, No. 2 | April 2007

    Who's really at the top of the economic ladder? A new Levy Institute Measure of Economic Well-Being report by Senior Scholars Edward N. Wolff and Ajit Zacharias examines how comparisons of economic well-being are affected by the inclusion of an accurate measure of well-being derived from wealth.

    Contents:

    NEW LEVY INSTITUTE MEASURE OF ECONOMIC WELL-BEING REPORT

    • Wealth and Economic Inequality: Who’s at the Top of the Economic Ladder?

    NEW POLICY NOTE

    • The April AMT Shock: Tax Reform Advice for the New Majority

    NEW PUBLIC POLICY BRIEFS

    • Maastricht 2042 and the Fate of Europe: Toward Convergence and Full Employment
    • US Household Deficit Spending: A Rendezvous with Reality
    • The Economics of Outsourcing: How Should Policy Respond?

    NEW WORKING PAPERS

    • Methodology and Microeconomics in the Early Work of Hyman P. Minsky
    • An Inquiry into the Nature of Money: An Alternative to the Functional Approach
    • Net Intergenerational Transfers from an Increase in Social Security Benefits
    • Fisher’s Theory of Interest Rates and the Notion of “Real”: A Critique
    • Expensive Living: The Greek Experience under the Euro
    • The Balance Sheet Approach to Financial Crises in Emerging Markets
    • Global Imbalances, Bretton Woods II, and Euroland’s Role in All This
    • Class Structure and Economic Inequality
    • Demand Constraints and Big Government
    • Fixed and Flexible Exchange Rates and Currency Sovereignty
    • Productivity, Technical Efficiency, and Farm Size in Paraguayan Agriculture
    • Land Rental and Sales Markets in Paraguay

    LEVY INSTITUTE NEWS

    • New Senior Scholars
    • New Research Scholar
    • New Editor

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):

  • Report Vol. 17, No. 1 | January 2007

    Many believe that the value of the dollar will eventually collapse, succumbing to pressure from the deficit in the current account. A new Strategic Analysis by the Levy Institute Macro-modeling Team finds that further devaluation is inevitable, but they emphasize its beneficial effects.

    Contents:

    NEW STRATEGIC ANALYSIS

    • Can Global Imbalances Continue? Policies for the US Economy

    CONFERENCE

    • Employment Guarantee Policies: Theory and Practice

    NEW PUBLIC POLICY BRIEF

    • Rethinking Trade and Trade Policy: Gomory, Baumol, and Samuelson on Comparative Advantage

    NEW WORKING PAPERS

    • Capital Stock and Unemployment: Searching for the Missing Link
    • The “New Consensus” View of Monetary Policy: A New Wicksellian Connection?
    • When Knowledge Is an Asset: Explaining the Organizational Structure of Large Law Firms
    • On Lower-bound Traps: A Framework for the Analysis of Monetary Policy in the “Age” of Central Banks
    • European Welfare State Regimes and Their Generosity toward the Elderly

    LEVY INSTITUTE NEWS

    • New Research Associates
    • Levy Institute Awarded Grant from UNDP
    • New Levy Institute Book

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 16, No. 4 | October 2006

    Most people are not accustomed to thinking of taxation as a gender issue. But research presented at the recent Levy Institute conference on gender equality, tax policies, and tax reform, summarized in this issue, show that taxes affect men and women quite differently.

    Contents:

    CONFERENCE

    • Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective

    NEW POLICY NOTES

    • The Burden of Aging: Much Ado About Nothing, or Little to Do About Something?

    NEW PUBLIC POLICY BRIEF

    • The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's International Financial System Is Unsustainable

    NEW WORKING PAPERS

    • Extending Minsky's Classifications of Fragility to Government and the Open Economy
    • Time and Money: Substitutes in Real Terms and Complements in Satisfactions
    • The Minskyan System, Part I: Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy
    • The Minskyan System, Part II: Dynamics of the Minskyan Analysis and the Financial Fragility Hypothesis
    • How Does Household Production Affect Earnings Inequality? Evidence from the American Time Use Survey
    • The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow–Consistent Minskyan Model
    • Asset Prices, Financial Fragility, and Central Banking 14 Why Central Banks (and Money) "Rule the Roost"
    • Dissent and Discipline in Ben Gurion's Labor Party: 1930–32 15 Banking, Finance, and Money: A Socioeconomics Approach
    • How the Maastricht Regime Fosters Divergence as Well as Fragility
    • Wage Growth and the Measurement of Social Security's Financial Condition
    • Quick Impact Initiatives for Gender Equality: A Menu of Options
    • Working for a Good Retirement
    • Differing Prospects for Women and Men: Young Old-Age, Old Old-Age, and Elder Care
    • The Local Geographic Origins of Russian-Jewish Immigrants, Circa 1900
    • Net Government Expenditures and the Economic Well-Being of the Elderly in the United States, 1989–2001
    • The Financial Requirements of Achieving Gender Equality and Women's Empowerment
    • Global Demographic Trends and Provisioning for the Future 19 The Changing Role of Employer Pensions: Tax Expenditures, Costs, and Implications for Middle-Class Elderly
    • Retiree Health Benefit Coverage and Retirement
    • Population Forecasts, Fiscal Policy, and Risk
    • The Adequacy of Retirement Resources among the Soon-to-Retire, 1983–2001
    • The American Jewish Periphery: An Overview
    • On the Minskyan Business Cycle

    LEVY INSTITUTE NEWS

    • New Grants
    • Upcoming Symposium: Employment Guarantee Policies: Theory and Practice
    • New Levy Institute Book
    • Publications and Presentations
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 16, No. 3 | July 2006

    Can the growth in the current account deficit be sustained? A new Strategic Analysis by President Dimitri B. Papadimitriou and Research Scholars Edward Chilcote and Gennaro Zezza focuses on net income as an important component of the deficit, particularly the interest paid by the United States on American debt held abroad.

    Contents:

    NEW STRATEGIC ANALYSIS

    • Can the Growth in the USCurrent Account Deficit Be Sustained? The Growing Burden of Servicing Foreign-Owned USDebt

    CONFERENCE

    • Government Spending on the Elderly

    NEW POLICY NOTES

    • Twin Deficits and Sustainability
    • Debt and Lending: A Cri de Coeur
    NEW PUBLIC POLICY BRIEF

    • Can Basel II Enhance Financial Stability? A Pessimistic View
    NEW WORKING PAPERS

    • Tinbergen Rules the Taylor Rule
    • A Random Walk Down Maple Lane? A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth
    • Feminist-Kaleckian Macroeconomic Policy for Developing Countries
    • Household Wealth and the Measurement of Economic Well-Being in the United States
    • Gibson’s Paradox II
    • The Temporal Welfare State: A Cross-national Comparison
    LEVY INSTITUTE NEWS

    • Symposium
    • New Positions for Levy Institute Scholars
    • New Research Associates
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 16, No. 2 | April 2006

    The latest Levy Institute Strategic Analysis depicts a household sector that is struggling under an unprecedented burden of debt and relying upon an unsustainable upward trend in real estate prices. The authors find that a reversal of this trend could severely dampen economic growth.

    Contents:

    NEW STRATEGIC ANALYSIS

    • Are Housing Prices, Household Debt, and Growth Sustainable?

    NEW POLICY NOTES

    • Reforming Deposit Insurance: The Case to Replace FDIC Protection with Self-Insurance

    NEW WORKING PAPERS

    • Are Long-run Price Stability and Short-run Output Stabilization All that Monetary Policy Can Aim For?
    • Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the US
    • Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster
    • All Types of Inequality are Not Created Equal: Divergent Impacts of Inequality on Economic Growth
    • Time to Eat: Household Production under Increasing Income Inequality
    • Speculation, Liquidity Preference, and Monetary Circulation
    • Importing Equality or Exporting Jobs? Competition and Gender Wage and Employment Differentials in USManufacturing
    • Enhancing Livelihood Security through the National Employment Guarantee Act: Toward Effective Implementation of the Act
    • Keynes’s Approach to Money: An Assessment after 70 Years
    • Where Do They Find the Time? An Analysis of How Parents Shift and Squeeze Their Time around Work and Child Care
    • Parental Child Care in Single Parent, Cohabiting, and Married Couple Families: Time Diary Evidence from the United States and the United Kingdom
    • Prolegomena to Realistic Monetary Macroeconomics: A Theory of Intelligible Sequences
    • Government Effects on the Distribution of Income: An Overv
    • Personality and Earnings

    LEVY INSTITUTE NEWS

    • Russell Sage Foundation Grant Supports Perlmann Book
    • Upcoming Events
      • Conference: Government Spending on the Elderly
      • Symposium: Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 16, No. 1 | January 2006

    When a woman works for General Motors, she is paid for her work, and her work is counted as part of GDP. But what of the work she might do in her own home? In a recent conference coorganized by the Levy Institute, the United Nations Development Programme, and the Bureau of Development Policy, scholars and policymakers challenged the traditional distinction between paid and unpaid work performed by women and men.

    Contents:

    CONFERENCES

    • Unpaid Work and the Economy: Gender, Poverty, and the Millennium Development Goals
    • Time Use and Economic Well-Being

    NEW WORKING PAPERS

    • Europe’s Quest for Monetary Stability: Central Banking Gone Astray
    • Bad for Euroland,Worse for Germany—The ECB’s Record

    LEVY INSTITUTE NEWS

    • New Research Scholar
    • New Research Associates
    • New Levy Institute Book
    • Upcoming Events
    • Publications and Presentations
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 15, No. 4 | October 2005

    A new Levy Institute Strategic Analysis examines the current states of the economy’s main balances and proposes an alternative to the piecemeal protectionist measures that some have advocated. The authors argue that some of the dire events in their baseline scenario—which shows that the balance of trade is likely to deteriorate by the end of the decade—could be avoided if direct action were taken to mitigate the current account deficit.

     

    Contents:

    New Strategic Analysis

    • The United States and Her Creditors: Is the Symbiosis Viable?

    New Levy Institute Measure of Economic Well-Being Report

    • Interim Report 2005: The Effects of Government Deficits and the 2001–02 Recession on Well-Being

    New Public Policy Briefs

    • Breaking Out of the Deficit Trap: The Case Against the Fiscal Hawks
    • The Ownership Society: Social Security Is Only the Beginning . . .

    New Policy Notes

    • Some Unpleasant American Arithmetic
    • Social Security’s 70th Anniversary: Surviving 20 Years of Reform

    New Working Papers

    • Macroeconomics of Speculation
    • Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
    • Gender Inequality in a Globalizing World
    • Liquidity Preference Theory Revisited—To Ditch It or to Build on It?

    Levy Institute News

    • New Research Scholar
    • New Research Associate
    • Levy Institute Awarded Grant from Smith Richardson, Inc.
    • Upcoming Event: Time Use and Economic Well-Being: A Conference of The Levy Economics Institute of Bard College

    Publications and Presentations

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 15, No. 3 | July 2005

    The July Report leads off with a summary of the Levy Institute's Annual Hyman P. Minsky Conference, which this year examined the fiscal and monetary policies required for sustainable growth.

    Contents:

    Conference:

    • 15th Annual Hyman P. Minsky Conference on the State of the US and World Economies;
    • Economic Imbalance: Fiscal and Monetary Policy for Sustainable Growth.

    New Policy Notes:

    • Is the Dollar at Risk?;
    • Imbalances Looking for a Policy.

    New Levy Institute Measure of Economic Well-Being Report:

    • Economic Well-Being in US Regions and the Red and Blue States.

    New Working Papers:

    • Asset Ownership along Gender Lines: Evidence from Thailand;
    • FDIC-Sponsored Self-Insured Depositors: Using Insurance to Gain Market Discipline and Lower the Cost of Bank Funding;
    • Is the Equalizing Effect of Retirement Wealth Wearing Off?;
    • A Simplified Stock-Flow Consistent Post-Keynesian Growth Model;
    • The Disutility of International Debt: Analytical Results and Methodological Implications;
    • Is More Mobility Good? Firm Mobility and the Low Wage–Low Productivity Trap.

    Levy Institute News:

    • New Program Codirector and Senior Scholar;
    • Upcoming Events:
      • Conferences,
      • Unpaid Work and the Economy: Gender, Poverty, and the Millennium Development Goals,
      • Time Use and Economic Well-Being;
    • Recent Levy Institute Publications.
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    Author(s):

  • Report Vol. 15, No. 2 | April 2005

    A new Strategic Analysis by the Levy Institute's Macro-Modeling Team assesses the main sector balances, all of which are now deficits. The private sector, led by personal borrowing, is now running a deficit approaching 2 percent of GDP; although this trend has helped support the economy in the short term, it is unsustainable, given the private sector's existing pile of debt.

     

    Contents:

    New Strategic Analysis

    • "How Fragile Is the US Economy?"

    New Policy Notes

    • "The Case for an Environmentally Sustainable Jobs Program,"
    • "Manufacturing a Crisis: The Neocon Attack on Social Security"

    New Publication

    • "Levy Institute Measure of Economic Well-Being: How Much Does Public Consumption Matter for Well-Being?"

    New Public Policy Briefs

    • "The Fed and the New Monetary Consensus: The Case for Rate Hikes, Part Two"

    New Working Papers

    • "The Transmission Mechanism of Monetary Policy: A Critical Review,"
    • "Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's Political Economics, and the Methodology of Ecological Economics,"
    • "Household Wealth Distribution in Italy in the 1990s,"
    • "Measuring Capacity Utilization in OECD Countries: A Cointegration Method,"
    • "Occupational and Industrial Mobility in the United States 1969–93,"
    • "Determinants of Minority-White Differentials in Child Poverty"

    Levy Institute News

    • New Research Associate, New Book in Levy Institute Book Series

    Upcoming Events

    • Conferences: Economic Imbalance: Fiscal and Monetary Policy for Sustainable Growth; Time Use and Economic Well-Being

    Publications and Presentations by Levy Institute Scholars

    Recent Levy Institute Publications

    Download:
    Author(s):

  • Report Vol. 15, No. 1 | January 2005

    The Levy Institute's October 2004 conference on the distributional effects of government spending and taxation addressed topics ranging from the social benefits of various types of economic development to the economic fortunes of future retirees, and included keynote speaker David Cay Johnston's stinging indictment of the distributional properties of the American tax system. A synopsis of the conference proceedings is included in this issue of the Report.

     

    Contents:

    CONFERENCE

    • The Distributional Effects of Government Spending and Taxation

    NEW PUBLICATION

    • Levy Institute Measure of Economic Well-Being: How Much Does Wealth Matter for
      Well-Being? Alternative Measures of Income from Wealth

    NEW PUBLIC POLICY BRIEF

    • The Case for Rate Hikes: Did the Fed Prematurely Raise Rates?

    LEVY INSTITUTE NEWS

    • New Appointments
    • Rebitzer Wins Award

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):

  • Report Vol. 14, No. 3 | October 2004

    The American economy has grown reasonably fast since the second half of 2003, and the general expectation seems to be that satisfactory growth will continue more or less indefinitely. In this issue of the Report, a new Strategic Analysis argues that the expansion may indeed continue through 2004, and for some time beyond.

    Contents: New Strategic Analysis - "Prospects and Policies for the US Economy: Why Net Exports Must Now Be the Motor for US Growth" * New Publication - "Levy Institute Measure of Economic Well-Being: United States, 1989, 1995, 2000, and 2001" * New Policy Note - "Those 'D' Words: Deficits, Debt, Deflation, and Depreciation" * New Working Papers - "Some Simple, Consistent Models of the Monetary Circuit," "Investigating the Intellectual Origins of Euroland's Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany After the War," "Changes in Household Wealth in the 1980s and 1990s in the US," "Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics," "Assessing the ECB's Performance since the Global Slowdown: A Structural Policy Bias Coming Home to Roost?," "Gibson's Paradox, Monetary Policy, and the Emergence of Cycles", "Financial Liberalization and Poverty: Channels of Influence" * Conference - 14th Annual Hyman P. Minsky Conference on Financial Structure: Can the Recovery Be Sustained? US and International Perspectives * Levy Institute News - Upcoming Event, Conference: The Distributional Effects of Government Spending and Taxation * New Board Members * New Book * Publications and Presentations by Levy Institute Scholars * Recent Levy Institute Publications"

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    Author(s):

  • Report Vol. 14, No. 2 | June 2004

    In this issue, Senior Scholar L. Randall Wray's comments on President Bush’s tax relief and spending stimulus, and all that red ink.

    Contents: Comment, "Greenspan and All That Red Ink" * New Strategic Analysis, "Is Deficit-Financed Growth Limited? Policies and Prospects in an Election Year" * New Policy Note, "Inflation Targeting and the Natural Rate of Unemployment" * New Working Papers, "Does Financial Structure Matter?," "Fiscal Consolidation: Contrasting Strategies and Lessons from International Experiences," "Borrowing Alone: The Theory and Policy Implications of the Commodification of Finance," "A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results," "A Stock-Flow Consistent General Framework for Formal Minskyan Analysis of Closed Economies," "The 'War on Poverty' after 40 Years: A Minskyan Assessment" * Levy Institute News, "Upcoming Event," "14th Annual Hyman P. Minsky Conference" * Publications And Presentations, "Publications and Presentations by Levy Institute Scholars," "Recent Levy Institute Publications"

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    Author(s):

  • Report Vol. 14, No. 1 | February 2004

    Like a recurrent nightmare, the Bush administration, apparently emboldened by its success in getting Congress to start down the road to privatizing Medicare, seems ready to resurrect its proposals to privatize Social Security. Senior Scholar Thomas Hungerford comments in this issue of the Report.

    Contents: Comment, "Saving Social Security from Those Who Would 'Save' It" * Summary of Conference, "International Perspectives on Household Wealth" * New Publication, "The Levy Institute Measure of Economic Well-Being" * Strategic Anaylsis, "Deficits, Debts, and Growth: A Reprieve But Not a Pardon" * New Policy Notes, "Pushing Germany Off the Cliff Edge," "Deflation Worries," "Is International Growth the Way Out of US Current Account Deficits? A Note of Caution," "The Future of the Dollar: Has the Unthinkable Become Thinkable?" * New Working Paper Titles, "Financial Sector Reforms in Developing Countries with Special Reference to Egypt," "Minsky's Acceleration Channel and the Role of Money," "Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges," "Household Wealth, Public Consumption, and Economic Well-Being in the United States," "Measures of the Real GDP of US Trading Partners: Methodology and Results," "Inflation Targeting: A Critical Appraisal," "Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year? Implications for Social Security Reform," "Savings of Entrepreneurs," "Aggregate Demand, Conflict, and Capacity in the Inflationary Process," "Understanding Deflation: Treating the Disease, Not the Symptoms," "A Rolling Tide: Changes in the Distribution of Wealth in the US, 1989-2001," "Wealth Transfer Taxation: A Survey," "On Household Wealth Trends in Sweden over the 1990s," "The Evolution of Wealth Inequality in Canada, 1984-1999," "Financial Globalization and Regulation, "Inequality of the Distribution of Personal Wealth in Germany 1973-1998" * Levy Institute News: New Website, Upcoming Event: 14th Annual Hyman P. Minsky Conference * Publications and Presentations by Levy Institute Scholars, Recent Levy Institute Publications

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    Author(s):

  • Report Vol. 13, No. 3 | September 2003

    The slowdown in economic growth and rising unemployment in the euro area have revealed serious fault lines in the stability and growth pact governing the zone's macroeconomic policies. In an editorial, Philip Arestis and Malcolm Sawyer state that the pact threatens to become an "instability and no growth pact," with the thrust of fiscal and monetary policies pushing the Eurozone economies in a deflationary direction.

    Contents: Editorial - Europe's Imposed Stability, Now It Has to Create Growth * New Working Papers topics include: US Workers' Investment Decisions for Participant-Directed Defined Contribution Pension Assets; Mexicans Now, Italians Then: Intermarriage Patterns; Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory; The Conditions for a Sustainable US Recovery: The Role of Investment; Is Europe Doomed to Stagnation? An Analysis of the Current Crisis and Recommendations for Reforming Macroeconomic Policymaking in Euroland; How Long Can the US Consumers Carry the Economy on Their Shoulders?; Reinventing Fiscal Policy; The Case for Fiscal Policy * New Policy Notes: Reforming the Euro's Institutional Framework * Caring for a Large Geriatric Generation: The Coming Crisis in US Health Care * Levy Institute News: Upcoming Event

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    Author(s):

  • Report Vol. 13, No. 2 | June 2003

    This issue provides an overview of the Institute's Annual Hyman P. Minsky Conference, the focus of which was the formulation of economic policy for sustainable growth; topices included the effects of low interest rates and the reemergence of budget deficits, the implications of ongoing current account deficits, and the potential for deflation in the American economy in the near future.

    Contents: 13th Annual Hyman P. Minsky Conference on the State of the US and World Economies: Economic Policy for Sustainable Growth * New Working Paper topics include: How Far Can US Equity Prices Fall under Asset and Debt Deflation?; On the Effectiveness of Monetary Policy and Fiscal Policy; Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis; Credibility of Monetary Policy in Four Accession Countries: A Markov Regime-Switching Approach; The Levy Institute Measure of Economic Well-Being; Does Trade Promote Gender Wage Equity? Evidence from East Asia; and The Nature and Role of Monetary Policy When Money Is Endogenous * New Strategic Analysis: The US Economy: A Changing Strategic Predicament * Levy Institute News: Leon Levy-In Memoriam; New Research Associate

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    Author(s):

  • Report Vol. 13, No. 1 | February 2003

    Despite the collapse in stock prices, consumers have taken advantage of rising property values and low interest rates to continue borrowing and spending; debt in the personal sector now stands at nearly 130 percent of disposable income. What will happen to the economy when this buildup comes to an end? Our latest Strategic Analysis assesses the ways in which the economy will be affected in future years by its burden of debt.

    Contents: Strategic Analysis: Is Personal Debt Sustainable? * Policy Note: The Big Fix: The Case for Public Spending. * New Working Paper topics include: Financial Policies and the Aggregate Productivity of the Capital Stock; Does the Stock of Money Have Any Causal Significance?; "New Consensus," New Keynesianism, and the Economics of the "Third Way"; Is There an American Way of Aging?; Why the Tobin Tax Can Be Stabilizing; and the Persistence of Hardship over the Life Course. In Institute News: Announcement of a new research director and the Institute's publication of Leon Levy's The Mind of Wall Street.

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  • Report Vol. 12, No. 4 | December 2002

    An overview of the Institute's recent conference "Economic Mobility in America and Other Advanced Countries" leads off this issue of the Report. The conference encompassed sessions on a range of issues, from the effect of education on intergenerational mobility to the persistence of hardship over the life cycle.

    Contents: Conference: "Economic Mobility in America and other Advanced Countries" * New Working Paper topics include: Polish and Italian Schooling Then, Mexican Schooling Now?; Race, Ethnicity, and the Gender-Poverty Gap; the Political Economy of the Euro; Managed Care, Physician Incentives, and Norms of Medical Practice; Should Banks Be Narrowed?; Threshold Effects in the US Budget Deficit; and Financial Globalization * Summaries of Policy Notes on Brazil and the Larger International Monetary Problem and European Integration and the "Euro Project" * New Chair of the Board of Governors * New research staff

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  • Report Vol. 12, No. 3 | September 2002

    Newly released Congressional Budget Office figures show that the government’s fiscal stance in 2000 was tighter than at any time in the previous 40 years, with imbalances financed in recent years by dramatic increases in the level of private debt—a trend that cannot be sustained indefinitely. Summarized in this issue of the Report, the Institute's latest Strategic Analysis assesses the likely implications of the coming adjustments in private borrowing for the economy as a whole.

    Contents: Strategic Analysis: Strategic Prospects and Policies for the US Economy * New Working Paper topics include: prospects for the renewal of the Community Reinvestment Act; an assessment of monetarism; asset prices, liquidity preference, and the business cycle; and state policies and growth. * Project Report: Economic Well-Being. * Also included are the names of new research associates and members of the Board of Governors.

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  • Report Vol. 12, No. 2 | June 2002

    Included in this issue of the Report are summaries of the presentations made at the Institute's Annual Hyman P. Minsky Conference; this year's topic: "Recession and Recovery: Economic Policy in Uncertain Times."

    Contents: Conference: 12th Annual Hyman P. Minsky Conference on Financial Markets * Symposium: "New Directions in Research on Gender-Aware Macroeconomics and International Economics." * New Working Paper topics include: Dollarization in Argentina and Challenges to EMU Macropolicies

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  • Report Vol. 12, No. 1 | March 2002

    The 1990s expansion was powered uniquely and exceptionally by a huge fall in net saving by the private sector. In a new Policy Note summarized in this issue, Distinguished Scholar Wynne Godley argues that the public sector must now step in and be the new motor that drives the economy.

    Contents: Editorials: "Shouldering Governmental Responsibility" (L. Randall Wray) and "The Economy and the Need for Action" (James K. Galbraith) * New Policy Note: Kick-Start Strategy Fails to Fire Sputtering US Economic Motor * New Working Paper topics include: Inter vivos transfers, a Hicksian concept of income, and Immigrant-to-native wage ratios.

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  • Report Vol. 11, No. 4 | December 2001

    The United States is in the early stages of a recession that could be as deep and intractable as any since the Second World War, with serious consequences for the rest of the world. In his editorial for this issue of the Report, Distinguished Scholar Wynne Godley argues that the situation can be remedied, but only if there are large changes in policy, in the United States and elsewhere.

    Contents: Editorial: "Recession USA" (Wynne Godley) * New Policy Notes: The New Old Economy; The War Economy; Hard Times, Easy Money?; Are We All Keynesians (Again)? * New Working Paper topics include: Central bank independence; institutions and European unemployment; common currency and fiscal policy; uncertainty, conventional behavior, and economic sociology; incentives in HMOs

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  • Report Vol. 11, No. 3 | September 2001

    In remarks delivered at the Levy Institute's recent conference on educational policy, summarized in this issue, Bard College President Leon Botstein stated that schools will never function well if the general culture does not express an excitement and joy about learning. Botstein stressed the need for afterschool programs, which provide a more peer-supported environment that can instill a motivation to learn.

    Contents: Conferences: "What Has Happened to the Quality of Life in America and Other Advanced Industrialized Nations?" and "After the Bell: Education Solutions outside the School" * New Working Paper topics include: The economics of German unification, the new multiracial categories contained in the 2000 Census, and the polarization of wealth in the United States * Four new Policy Notes

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  • Report Vol. 11, No. 2 | June 2001

    At the Annual Hyman P. Minsky Conference, summarized in this issue, participants discussed changes in the financial structure and their impact on the financial market and on policy, the current state of the American economy and the ability of monetary and/or fiscal policy to stem what appears to be a slowdown, and the causes of and cures for global financial crises.

    Contents: 11th Annual Hyman P. Minsky Conference on Financial Structure, "Can the Financial Structure Avert an Economic Downturn?" * New Working Papers: The Causes of Euro Instability * Endogenous Money in a Coherent Stock-flow Framework * Making EMU Work * Part-year Operation in 19th-century American Manufacturing

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  • Report Vol. 11, No. 1 | March 2001

    In this issue's editorial, Senior Scholar James K. Galbraith predicts that the recent rise in wage inequality will lead to an economic slowdown in the United States.

    Contents: Editorial: "Inequality Ticks Up, Bringing Bad News for the Economy" (James K. Galbraith) * New Public Policy Briefs: Is There a Skills Crisis? * The Future of the Euro * New Working Papers include: Harrod versus Thirwall: A Reassessment of Export-led Growth * Origins of the GATT * Testing Profit Rate Equalization in the US Manufacturing Sector * Will the Euro Bring Economic Crisis to Europe?

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  • Report Vol. 10, No. 4 | December 2000

    The Federal Reserve has raised interest rates six times over the past 12 months in an effort to slow economic growth, arguing that the economy is overheated and that the low unemployment rate will lead to inflation as workers in scant supply begin to demand higher salaries. A new Levy Institute Policy Note, summarized in this issue, argues that there is little evidence that low unemployment leads to inflation, and that the Fed's actions will merely hasten a downturn that will impose huge costs on society's most disadvantaged.

    Contents: Conference on multiraciality and the 2000 Census * New Policy Note: Why Does the Fed Want Slower Growth? * New Working Papers include: Race and the Value of Owner-occupied Housing, 1940-1990 * Racial Wealth Disparities * Demographic Outcomes of Ethnic Intermarriage in American History * CRA Grade Inflation * Levy Institute News: Report Issued by US Trade Deficit Review Commission * Announcement of upcoming conferences

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  • Report Vol. 10, No. 3 | September 2000

    As part of its research program into the causes of, and solutions to, income inequality, the Levy Institute held a conference in June 2000 on the distribution of wealth. Participants' remarks are summarized in this issue of the Report.

    Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth * Workshop on Earnings Inequality * Editorial on the Death of Monetarism * New Working Papers include: Trends in Direct Measures of Job Skill Requirements * A Minskian Analysis of Japan's Lost Decade * New Policy Notes: Welfare College Students and Welfare Reform * Health Care Finance in Need of Rethinking * Can the Expansion Be Sustained * Drowning in Debt

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  • Report Vol. 10, No. 2 | June 2000

    Proponents of globalization have expressed frustration with the reluctance of some members of Congress to support it. At the Levy Institute's annual Minsky conference in April, summarized in this issue, Representative Barney Frank explained that it is not globalization per se that he and other members oppose, but globalization absent safety nets for those who are harmed by it.

    Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure * New Working Paper topics include: Recent Trends in Wealth Ownership * Why Inflation Won't Bring Recovery in Japan * The Public Commodities Problem * New Policy Noes: Explaining the US Trade Deficit * Is the New Economy Rewriting the Rules? * Lectures on: Phoenician Port Power * The Views of Jerome Levy and Michal Kalecki * International Banking Regulation in the 21st Century

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  • Report Vol. 10, No. 1 | March 2000

    Senior Scholar James K. Galbraith discusses what is perhaps the most important economic question facing the United States today: Are President Clinton's fiscal policies sustainable, or are changes needed to keep the current expansion going? A new Strategic Analysis by Distinguished Scholar Wynne Godley examines recent trends and prospects for the trade deficit, debt, and property income.

    Contents: Editorial: "Full Employment and How to Keep It" (James K. Galbraith) * Strategic Analysis: Notes on the US Trade and Balance of Payments Deficits * New Public Policy Briefs: A New Approach to Tax-Exempt Bonds * A Dual Mandate for the Federal Reserve * New Policy Note: Social Security Privatization * New Working Paper topics include: Employment Inequalities * The History of Wage Inequality in America, 1820 to 1970 * Computers and the Wage Structure * New Perspectives on the Guaranteed Income

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  • Report Vol. 9, No. 4 | November 1999

    In a Special Report, Distinguished Scholar Wynne Godley argues that the long expansion of the American economy has been propelled by forces that cannot be sustained into the medium term. These forces include a wholly exceptional rise in private expenditure relative to disposable income: at no time during the last 40 years has private expenditure exceeded income by such a large amount or for so long a time.

    Contents: Conference: "The Macrodynamics of Inequality in the Industrialized and Developing Countries" * Editorial: "Overcoming America's Infrastructure Deficit" * New Working Paper topics include: Minsky's Analysis of Financial Capitalism * A Central Banker's Perspective on the Asian Crisis * The Stock Market and Psychology * Open Economy Macroeconomics Using Models of Closed Systems * A New America with Less Government * Monetary Policy in an Era of Capital Market Inflation * Special Report: Seven Unsustainable Processes * Levy Institute News: Lectures by Leon Levy, Joan R. and John L. Rodgers, Leonard Greene, and Christopher Magee

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  • Report Vol. 9, No. 3 | August 1999

    A new Public Policy Brief argues that the prediction of a coming crisis in Social Security is based on overly pessimistic assumptions about revenues and costs. Even if the prediction were to come to pass, the resulting financial shortfall could be resolved by relatively minor adjustments in the tax system at that time; cutting benefits now, the authors say, simply lowers living standards prematurely without in any way reducing burdens on future workers.

    Contents: Levy Institute Workshop on Earnings Inequality, Technology, and Institutions * Workshop: Association for Evolutionary Economics/Levy Institute Summer School on Institutional Economics * Symposium on Behavioral Economics and Policy * Breaux Plan Slashes Social Security Unnecessarily * New Working Paper topics include: Can Social Security Be Saved? * Functional Finance and Full Employment * Keynesian Alternatives to the Independent European Central Bank * New Policy Notes: The Minimum Wage Can Be Raised * Capital Income Taxes and Economic Performance * Breaux Plan Slashes Social Security Benefits Unnecessarily * New Public Policy Brief: Down and Out in the United States

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  • Report Vol. 9, No. 2 | May 1999

    In The Levy Report Interview, James K. Galbraith discusses his views on the state of the American economy and the economics profession, including the Federal Reserve's focus on controlling inflation, monetary policy's role in lowering unemployment, and the connection between unemployment and inequality in the wage structure.

    Contents: Ninth Annual Hyman P. Minsky Conference on Financial Structure * James K. Galbraith on the State of the American Economy and the Economics Profession * New Working Paper topics include: Risk Reduction in the New Financial Architecture * Potential for Financial Instability in the European Union * Union Density and the Minimum Wage * Distributional Effects of Disinflationary Monetary Policy* * New Policy Note topics include: How Negative Can US Saving Get? * Surplus Mania: A Reality Check * Providing for Baby Boomers in Their Old Age * Levy Institute News: Lectures on Computers and the Wage Structure * The Psychology and Institutional Determinants of Foreign Exchange Rates * Social Security: Is There a Real Problem? * Sectoral Changes in Employment

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  • Report Vol. 9, No. 1 | February 1999

    Jeffrey G. Madrick talks with Levy Institute Vice Chairman Leon Levy about hedge funds' influence over financial markets, and what went wrong with Long-Term Capital.

    Contents: Hedge Fund Mysteries: An Interview with Leon Levy by Jeffrey Madrick * New Working Paper topics include: Modern Money * Government Spending and Growth Cycles * The Minimum Wage in Historical Perspective * An Irreverent Overview of the History of Money * Levy Institute News: Lectures on Strategic Prospects for the US and World Economies * The Asian Financial Turmoil * Do Employees Behave the Way Economists Think They Do?

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  • Report Vol. 8, No. 4 | November 1998

    In this issue's editorial, James K. Galbraith and George Purcell trace the chain of worldwide events that followed from the Federal Reserve's failure to pursue interest rate cuts.

    Contents: Symposium: Employment Policies to Reduce Poverty * Wall Street Blues: An Interview with Leon Levy by Jeffrey Madrick * Editorial: The Butterfly Effect (James K. Galbraith and George Purcell) * New Working Paper topics include: An Ethical Framework for Cost-Effective Medicine * Derivatives and Global Capital Flows: Applications to Asia * Can Expenditure Cuts Eliminate a Budget Deficit? * The American Wage Structure, 1920-1947 * New Policy Notes: Small Business and the Minimum Wage * Small Business and the New Welfare * Levy Institute News: Scholars Brief Members of Congress * Upcoming Conferences on Financial Structure

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  • Report Vol. 8, No. 3 | August 1998

    In this issue, Senator Daniel Patrick Moynihan talks with Sanjay Mongia about Social Security, tax reform, income inequality, and trade. Moynihan argues that Social Security should return to a pay-as-you-go system that allows participants to invest part of their contribution in a savings plan.

     

    Contents: Symposium on Employment Policy and Labor Markets: Is There a Shortage of Information Technology Workers? * Editorial: Toward Full Employment without Inflation: The Job Opportunity Program (Dimitri B. Papadimitriou, L. Randall Wray, and Mathew Forstater) * The Levy Report Interview: Senator Daniel Patrick Moynihan Discusses Social Security, Tax Reform, Income Inequality, and Trade * New Working Papers: The Hierarchy of Money * The Asian Disease: Plausible Diagnoses, Possible Remedies * Public Capital and Economic Growth: Issues of Quantity, Finance, and Efficiency * Yes, 'It' Did Happen Again—A Minsky Crisis Happened in Asia * East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations * An Important Inconsistency at the Heart of the Standard Macroeconomic Model * Speed of Technical Progress and Length of the Average Interjob Period * The Macroeconomics of Industrial Strategy * New Public Policy Brief: Overcoming America's Infrastructure Deficit * New Policy Notes: Welfare Graduates: College and Financial Independence * How Should the Surpluses Be Spent? * Levy Institute News: Lectures and Seminars * New Scholars

     

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  • Report Vol. 8, No. 2 | May 1998

    Alice M. Rivlin, vice chair of the Board of Governors of the Federal Reserve System, and other participants at the Levy Institute's annual Minsky conference on financial structure discuss the causes and worldwide effects of the Asian crisis and policies to prevent similar crises in the future.

    Contents: Editorial Can We Grow Faster? (Stephanie Bell and L. Randall Wray) * New Working Papers: Employment Policy, Community Development, and the Underclass * Policy Innovation as a Discovery Procedure: Exploring the Tacit Fringes of the Policy Formulation Process * Money and Taxes: The Chartalist Approach * The Kaleckian Analysis and the New Millennium * The Diagnostic Imaging Equipment Industry: What Prognosis for Good Jobs? * The Development and Reform of the Modern International Financial System * The Political Economy of Corporate Governance in Germany * The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity * Education's Hispanic Challenge * E Pluribus Unum: Bilingualism and Language Loss in the Second Generation * The Romance of Assimilation: Studying the Demographic Outcomes of Ethnic Intermarriage in American History * Levy Institute News

     

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  • Report Vol. 8, No. 1 | February 1998

    The Asian financial crisis has indeed brought the globalization of financial markets home to policymakers, academics, and the American public. In his editorial, Visiting Senior Scholar Jan Kregel questions the appropriateness of IMF policies in managing recent crises and also calls for democratic accountability in an institution of global financial governance.

    Contents: The Levy Report Interview: Paula Stern Discusses Global Trade Policy * Editorial: The Strong Arm of the IMF (Jan Kregel) * Symposium: The Second Generation Then and Now: Education and Early Job Market Experiences * New Working Papers: On Budget Deficits and Capital Expenditure * Cumulative Regional Decline, Institutional Inadequacy, and the Democratic Deficit: Is European Monetary Union Economically and Politically Sustainable? * The Effects of Immigrants on African-American Earnings: A Jobs-Level Analysis of the New York City Labor Market, 1979-1989 * Income Distribution, Macroeconomic Analysis, and Barriers to Full Employment * An Efficiency Argument for the Guaranteed Income * Government as Employer of Last Resort: Full Employment without Inflation * The School to Work Transition of Second Generation * Immigrants in Metropolitan New York: Some Preliminary Findings * Achievement and Ambition among Children of Immigrants in Southern California * The Impact of Racial Segregation on the Education and Work Outcomes of Second Generation West Indians in New York City * The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform * Selective Use of Discretionary Public Employment and Economic Flexibility * Linking the Minimum Wage to Productivity * Levy Institute News: David A. Levy Appointed to Presidential Capital Budget Commission * Scholars Brief Members of Congress * Levy Institute Conducts National Survey

     

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  • Report Vol. 7, No. 4 | November 1997

    Distinguished Scholar Wynne Godley warns of the "headless monster" that might be created if European nations plunge into monetary union before establishing new political processes and institutions to replace the powers the nations surrender. In the Levy Report Interview, Congressman Tom Campbell discusses the Federal Reserve, tax reform, immigration, and affirmative action.

    Contents: The Levy Report Interview: Tom Campbell Discusses the Federal Reserve, Tax Reform, Immigration, and Affirmative Action * Editorial: Is the Monetary Cart Leading the Political Horse? ( Wynne Godley) * New Working Papers: "Multiracials," Racial Classification, and American Intermarriage—The Public's Interest * Skiki vono ko shtuvalo? The Seignorage Loss from Monetary Stabilization in Ukraine * Minimum Wage and Justice? * Earnings Inequality and the Quality of Jobs: The Status of Current Research and Proposals for an Expanded Research Agenda * Good Jobs and the Cutting Edge: The US Machine Tool Industry and Sustainable Prosperity * Second Generations: Past, Present, Future * Organizational Learning and International Competition: The Skill-Base Hypothesis * Aggregate Demand, Investment, and the NAIRU * The NAIRU: A Critical Appraisal * The Growth in Work Time and the Implications for Macro Policy * Macroeconomics without Equilibrium or Disequilibrium * Are Good Jobs Flying Away? US Aircraft Engine Manufacturing and Sustainable Prosperity * Reasserting the Role of Keynesian Policies for the New Millennium * Levy Institute News: A New Look for the Forecasting Center's Publication

     

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  • Report Vol. 7, No. 3 | August 1997

    In an exploration of policy proposals to expand employment opportunities, participants at this year's Levy Institute employment conference discuss workforce development, welfare-to-work, institutional and structural labor market changes, and economic growth. In an interview with Sanjay Mongia, author and editor William Grieder calls for a global perspective to save the worldwide economic system from its own contradictions.

    Contents: The Levy Report Interview: William Greider Discusses Contradictions in the Global Economic System, Corporate Responsibility, and Progressive Policy * Editorial: Mend It, Don't End It: A Case for a Skill-Based Immigration Policy (Sanjay Mongia) * New Working Papers: Do States Optimize? Public Capital and Economic Growth * Output and Employment Effects of Public Capital * Dynamic Output and Employment Effects of Public Capital * Social Security: The Challenge of Financing the Baby Boom's Retirement * The Impact of Declining Union Membership on Voter Participation among Democrats * The Working Poor: Lousy Jobs or Lazy Workers? * Levy Institute News: Upcoming Symposium on Immigration

     

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  • Report Vol. 7, No. 2 | May 1997

    Alicia H. Munnell, member of the Council of Economic Advisers, discusses Social Security, the Consumer Price Index, and income inequality in The Levy Report Interview.

    Contents: Seventh Annual Conference on Financial Structure: Developments in the Financial System: National and International Perspectives * The Levy Report Interview: Alicia H. Munnell Discusses the Future of Social Security, the Consumer Price Index, and Income Inequality in America * Debates-Debates: European Monetary Union; Trade Sanctions and Human Rights * Seminar: Leonard Nakamura Raises Questions about the CPI * Editorial: On Bridges to the Twenty-first Century: Figuratively and Literally (David Alan Aschauer) * New Working Papers: Disinflationary Monetary Policy and the Distribution of Income * Gender Wage Differentials, Affirmative Action, and Employment Growth on the Industry Level * Real Estate and the Capital Gains Debate * No Easy Answers: Comparative Labor Market Problems in the United States versus Europe * Levy Institute News: Reconceiving Liberalism, a New Book by Resident Scholar Oren M. Levin-Waldman * Research on Alternative Plans for Financing Social Security * Distinguished Scholar Hyman P. Minsky Remembered

     

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  • Report Vol. 7, No. 1 | February 1997

    With the discussion of the balanced budget amendment intensifying as it comes up for a vote again, the February Report highlights analysis of how the amendment might affect the future of the economy, including an editorial by President Dimitri B. Papadimitriou and an interview with Alan Blinder, former vice chairman of the Board of Governors of the Federal Reserve.

    Contents: The Levy Report Interview: Alan S. Blinder Discusses the Balanced Budget Amendment, the Federal Reserve, Tax Reform, and the Role of the Economist in Policy Making * Debates-Debates: The Balanced Budget Amendment * Editorial: Balanced Budget Amendment Is Good Rhetoric, Bad Policy (Dimitri B. Papadimitriou) * New Working Papers: Protracted Frictional Unemployment as a Heavy Cost of Technical Progress * The Utilization of Human Capital in the United States, 1975-1992: Patterns of Work and Earnings among Working-Age Males * Which Immigrant Occupational Skills? Explanations of Jewish Economic Mobility in the United States and New Evidence, 1910-1920 * Literacy among the Jews of Russia in 1897: A Reanalysis of the Census Data * Corporate Governance and Corporate Employment: Is Prosperity Sustainable in the United States? * The New Welfare: How Can It Be Improved?

     

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  • Report Vol. 6, No. 6 | December 1996

    This issue features the Debates-Debates program on the advisability of implementing tax cuts, Katherine Newman's findings on the ability of the working poor to find work, Eugene R. Dattel's view of structural flaws in the Japanese financial sector, and Resident Scholar Neil Buchanan's critique of several tax proposals and analysis of the relation between taxes and saving.

    Contents: Debates-Debates: Tax Cuts: Reducing the Burden or Robin Hood for the Rich? * Lecture Series: Rachel Friedberg: Russian Jews, Palestinians . . . and Thais: Immigrants, "Guest Workers," and the Undocumented in Israel * Eugene R. Dattel: Cultural Captivity: Japan's Financial Dinosaurs Resist Change * Katherine Newman: The Working Poor in the Inner City * New Working Papers: Selective Migration as a Basis for Upward Mobility? The Occupations of the Jewish Immigrants to the United States, ca. 1900 * A Critique of Competing Plans for Radical Tax Restructuring * The Politics of the Minimum Wage * Taxes, Saving, and Macroeconomics

     

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  • Report Vol. 6, No. 5 | October 1996

    In this issue: a summary of a Debates-Debates program on the economics of aging, with Chairman S. Jay Levy; an examination of the "Wisconsin plan" for welfare reform; an analysis of the source of the collapse of wages for low-skill workers; and an interview with New York State Lieutenant Governor Betsy McCaughey Ross.

    Contents: Debates-Debates: Chairman S Jay Levy Participates in PBS Debate on the Economics of Aging * The Levy Report Interview: Betsy McCaughey Ross Discusses Health Care Reform, Education, and Welfare * The Cost of Meaningful Welfare Reform Policy Analysis * New Public Policy Briefs: Making Work Pay: Wage Insurance for the Working Poor * Institutional Failure and the American Worker * New Working Paper: Rethinking Health Care Policy: The Case for Retargeting Tax Subsidies * Levy Institute News: In Memoriam: Hyman P. Minsky, Distinguished Scholar * Alan S. Blinder Rejoins the Board of Advisors * New Scholars and Projects * Levin-Waldman Discusses Unemployment Insurance Reform on CNN

     

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  • Report Vol. 6, No. 4 | August 1996

    Is the marketplace a social enemy? Is there a role for government intervention? Is downsizing good or bad? These were among the questions considered in a recent Firing Line debate taped at the Levy Institute. Also in this issue: Senator Bill Bradley talks about economic policy, race, aging, and the public's disenchantment with government.

    Contents: Firing Line * Debates-Debates * Forum: Immigration and Ethnicity * The Levy Report Interview: Senator Bill Bradley Discusses Domestic and International Economic Policy, Race, Aging, and Public Disenchantment with Government * Lecture Series: Susan G. Regan: Ethical Problems in Managing Health Care: Onions in the Petunia Patch * New Working Papers: Assimilation: The Second Generation and Beyond, Then and Now * Money, Finance, and National Income Determination: An Integrated Approach * The Minimum Wage and the Path Toward a High-Wage Economy * Comparing Alternative Methods of Adjusting US Federal Fiscal Deficits for Cyclical and Price Effects

     

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  • Report Vol. 6, No. 3 | June 1996

    Speaking at the Levy Institute's sixth annual conference on the financial structure, summarized in this issue, Federal Reserve Governor Janet L. Yellen expresses concern that financial innovation has complicated regulating traditional measures of financial soundness.

    Contents: Annual Conference on Employment * Sixth Annual Conference on the Financial Structure * Forums: Immigration and Ethnicity * The Levy Report Interview: J. Kenneth Blackwell Discusses Derivatives, Tax Reform and Affirmative Action * New Working Papers: Uncertainty and the Institutional Structure of Capitalist Economies * Economic Insecurity and the Institutional Prerequisites for Successful Capitalism * Lecture Series: Alan Krueger: The Legacy of Separate and Unequal Schooling * Robert Frank: Economic Policy for a Winner-Take-All Society * Richard J. Murnane: The New Basic Skills

     

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  • Report Vol. 6, No. 2 | April 1996

    Highlights of this issue are a synopsis of the Levy Institute symposium on the globalization of financial markets, a summary of Clair Brown's lecture on standard of living indexes for American families, and an interview with Edward V. Regan, chairman of the Municipal Assistance Corporation.

    Contents: Lecture Series: Clair Brown: American Standards of Living * The Levy Report Interview: Edward V. Regan Discusses Fiscal Responsibility, General Economic Conditions, and Politics * Symposium: Global Capital Flows in Economic Development * New Working Papers: Technology and the Demand for Skills * The Consumer Price Index as a Measure of Inflation and Target of Monetary Policy * Understanding the 1994 Election: Still No Realignment * Unemployment, Inflation, and the Job Structure * New Public Policy Brief: Reforming Unemployment Insurance: Toward Greater Employment * Levy Institute News: New Member of the Board of Advisors * Levy Institute Participants in National Conferences * Forum on Immigration and Ethnicity * The Levy Institute on the World Wide Web

     

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Publication Highlight

Working Paper No. 810
When Good Intentions Pave the Road to Hell
Monetization Fears and Europe’s Narrowing Options
Author(s): Andrea Terzi
June 2014

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