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Working Paper No. 284October 01, 1999
The Distribution of Wages
AbstractThis paper presents a non-parametric procedure to analyze the effects of different factors on observed movements in any distribution. These effects are estimated by applying kernel density methods to weighted…more
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Working Paper No. 283October 01, 1999
Financing Long-Term Care
AbstractThe nation is ill-prepared to finance the quantum jump in long-term care spending that is on its way as the baby boom ages. By default rather than by design, Medicaid…more
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Working Paper No. 282October 01, 1999
The Economic and Monetary Union
AbstractThe euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1, 1999. The intention was that notes and coins…more
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Policy Note No. 10October 01, 1999
Social Security Privatization
AbstractWould privatization yield sufficient benefits to support low-income retirees and satisfy all others? Does a focus on private management of assets take attention away from the real issues in the…more
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Working Paper No. 281September 01, 1999
Open Economy Macroeconomics Using Models of Closed Systems
AbstractThe following paper presents a series of two-country models, each of which makes up a whole world. The models are all based on a rigorous and watertight system of stock…more
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Working Paper No. 280September 01, 1999
The Rhetorical Evolution of the Minimum Wage
AbstractThe concept of the minimum wage has undergone several rhetorical permutations. Originally conceived as a living wage, which would function as a family wage, it ultimately became a matter of…more
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Working Paper No. 279September 01, 1999
Monetary Policy in an Era of Capital Market Inflation
AbstractThe theory of capital market inflation argues that the values of long-term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting overcapitalization of companies…more
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Policy Note No. 9September 01, 1999
1999 Levy Institute Survey of Small Business
AbstractModest sales expectations and limited access to bank credit may be curtailing small businesses’ plans for hiring and capital investment.
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Policy Note No. 8August 20, 1999
More Pain, No Gain
AbstractNeither the Breaux plan nor President Clinton’s proposal for “saving” Social Security promises much gain, but the Breaux plan, unlike the president’s proposal, would inflict real pain in the form…more
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Public Policy Brief No. 55August 02, 1999
Does Social Security Need Saving?
AbstractProjections of an impending crisis in financing Social Security depend on unduly pessimistic assumptions about basic demographic and economic variables. Moreover, even if the assumptions are accepted, the projected gap…more
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Working Paper No. 278August 01, 1999
Minsky and the Mainstream
AbstractHyman Minsky’s research emphasized the central role of finance in modern economics at a time when finance was not important in most mainstream macroeconomic research. But in the 1980s, mainstream…more
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Working Paper No. 277August 01, 1999
Hyman Minsky’s Theory of Capitalist Development
AbstractDuring the last decade of his life, Hyman P. Minsky drew on insights acquired from Joseph Schumpeter in an effort to explore the long-term development of capitalism. He believed such…more
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Working Paper No. 276August 01, 1999
Lessons from the Asian Crisis
AbstractThis paper presents a central banker’s perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance…more
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Working Paper No. 274July 01, 1999
The Independent European Central Bank
AbstractIn this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency…more
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Public Policy Brief No. 54July 01, 1999
Down and Out in the United States
AbstractDespite a long period of strong economic growth, more than 28 million working-age persons were categorized by the Bureau of Labor Statistics as out of the labor force in 1998….more
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Working Paper No. 273July 01, 1999
Savings-Recycling Public Employment
AbstractWilliam Vickrey’s single-minded commitment to full employment is evident in a series of papers written in the last years of his life. In these works Vickrey formulated an assets-based approach…more
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Policy Note No. 7July 01, 1999
Capital Income Taxes and Economic Performance
AbstractTax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital…more
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Public Policy Brief No. 53July 01, 1999
Full Employment Has Not Been Achieved
AbstractClaims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions…more
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Working Paper No. 272July 01, 1999
Functional Finance and Full Employment
AbstractRecent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen…more
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Public Policy Brief No. 52July 01, 1999
Government Spending in a Growing Economy
AbstractBased on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of…more
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Working Paper No. 271July 01, 1999
Can Rescheduling Explain the New Jersey Minimum Wage Studies?
AbstractThis paper interprets the New Jersey minimum wage studies of Card and Krueger and their critics, Neumark and Wascher, through a scheduling model. The former found an increase in the…more
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Working Paper No. 275July 01, 1999
Minsky’s Analysis of Financial Capitalism
AbstractIn this paper, the authors discuss Minsky’s analysis of the evolution of one variety of capitalism—financial capitalism—which developed at the end of the nineteenth century and was the dominant form…more
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Policy Note No. 6June 01, 1999
The Minimum Wage Can Be Raised
AbstractSurvey responses make it clear the minimum wage can be raised. The question now is, How high can it be raised before serious employment consequences occur?
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Policy Note No. 5May 01, 1999
How Can We Provide for the Baby Boomers in Their Old Age?
AbstractThe search for the solution to the problems faced by the Social Security system should focus not on how to amend OASDI but on how best to achieve faster long-term…more
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