Report 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