Report 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