Publications

1714 publications found

• Working Paper No. 409
  July 01, 2004

  Assessing the ECB’s Performance since the Global Slowdown

  Jörg Bibow
  Abstract

  This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding…more

  Download Working Paper No. 409 PDF (671.34 KB)
• Public Policy Brief No. 78
  June 03, 2004

  The War on Poverty after 40 Years

  Stephanie A. Kelton and L. Randall Wray
  Abstract

  Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty. One group of scholars argued that the war,…more

  Download Public Policy Brief No. 78, 2004 PDF (345.93 KB)
• Public Policy Brief No. 77
  June 02, 2004

  The Sustainability of Economic Recovery in the United States

  Philip Arestis and Elias Karakitsos
  Abstract

  A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States’ recovery from the 2001 recession is on a sustainable…more

  Download Public Policy Brief No. 77, 2004 PDF (547.07 KB)
• Book Series
  June 01, 2004

  What Has Happened to the Quality of Life in the Advanced Industrialized Nations?

  Edward N. Wolff
  Abstract

  Throughout the 1990s the United States expanded its lead over other advanced industrial nations in terms of conventionally measured per capita income. However, it is not clear that welfare levels…more

• Working Paper No. 408
  May 25, 2004

  Keynesian Theorizing during Hard Times

  Claudio H. Dos Santos
  Abstract

  This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and…more

• Working Paper No. 407
  May 01, 2004

  Changes in Household Wealth in the 1980s and 1990s in the US

  Edward N. Wolff
  Abstract

  I find that despite slow growth in income over the 1990s, there have been marked improvements in the wealth position of average families. Both mean and median wealth grew briskly…more

  Download Working Paper No. 407 PDF (446.39 KB)
• Research Project Report
  May 01, 2004

  Levy Institute Measure of Economic Well-Being

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  This report presents the latest findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. It enhances previous…more

  Download LIMEW Report, May 2004 PDF (450.31 KB)
• Working Paper No. 406
  May 01, 2004

  Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime

  Jörg Bibow
  Abstract

  This paper investigates the (re-)establishment of central banking in West Germany after 1945 and the history of the Bundesbank Act of 1957. The main focus is on the early emphasis…more

• Policy Note No. 2
  May 01, 2004

  Those “D” Words

  L. Randall Wray
  Abstract

  Recent economic commentary has been filled with “D” words: deficits, debt, deflation, depreciation. Deficits—budget and trade—are of the greatest concern and may be on an unsustainable course, as federal and…more

  Download Policy Note 2004/2 PDF (252.43 KB)
• Strategic Analysis
  April 01, 2004

  Is Deficit-financed Growth Limited?

  Claudio H. Dos Santos, Dimitri B. Papadimitriou, Anwar M. Shaikh, and Gennaro Zezza
  Abstract

  Wynne Godley, our Levy Institute colleague, has warned since 1999 that the falling personal saving and rising borrowing trends that had powered the US economic expansion were not sustainable. He…more

  Download Strategic Analysis, April 2004 PDF (728.10 KB)
• Book Series
  April 01, 2004

  After the Bell

  Karen M Albright and Dalton Conley
  Abstract

  Since the publication of the Coleman report in the United States many decades ago, it has been widely accepted that the evidence that schools are marginal in the grand scheme…more

• Working Paper No. 405
  April 01, 2004

  Some Simple, Consistent Models of the Monetary Circuit

  Gennaro Zezza
  Abstract

  We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by…more

• Working Paper No. 404
  April 01, 2004

  The “War on Poverty” after 40 Years

  L. Randall Wray
  Abstract

  Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his…more

• Public Policy Brief No. 76
  April 01, 2004

  Asset Poverty in the United States

  Asena Caner and Edward N. Wolff
  Abstract

  Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the…more

  Download Public Policy Brief No. 76, 2004 PDF (284.58 KB)
• Policy Note No. 1
  April 01, 2004

  Inflation Targeting and the Natural Rate of Unemployment

  Willem Thorbecke
  Abstract

  Inflation targeting has become an increasingly popular strategy for setting monetary policy during the last decade. While no countries had formal inflation targets before 1990, currently 22 countries use inflation…more

  Download Policy Note 2004/1 PDF (249.66 KB)
• Working Paper No. 403
  February 25, 2004

  A Stock-flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies

  Claudio H. Dos Santos
  Abstract

  This paper reviews the general tenets of "stock-flow consistent" and the "formal Minskyan" literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the…more

  Download Working Paper No. 403 PDF (400.93 KB)
• Research Project Report
  February 12, 2004

  Levy Institute Measure of Economic Well-Being

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone…more

  Download LIMEW Report, February 2004 PDF (640.75 KB)
• Working Paper No. 402
  February 01, 2004

  A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model

  Claudio H. Dos Santos and Gennaro Zezza
  Abstract

  Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way,…more

  Download Working Paper No. 402 PDF (523.78 KB)
• Working Paper No. 401
  January 01, 2004

  Borrowing Alone

  Abstract

  Over the past 20 years, finance has become commodified. Firms increasingly obtain finance from securities markets, instead of borrowing from commercial banks with which they have long-term relationships, while Fannie…more

  Download Working Paper No. 401 PDF (223.20 KB)
• Working Paper No. 400
  January 01, 2004

  Fiscal Consolidation

  Jörg Bibow
  Abstract

  This paper analyzes the issues of public finance sustainability and suitability of strategies aimed at fiscal consolidation. Contrasting growth-based versus thrift-based consolidation strategies, it is argued that in the light…more

  Download Working Paper No. 400 PDF (788.94 KB)
• Working Paper No. 399
  January 01, 2004

  Does Financial Structure Matter?

  Philip Arestis, Ambika D. Luintel, and Kul B. Luintel
  Abstract

  We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view….more

  Download Working Paper No. 399 PDF (382.19 KB)
• Working Paper No. 398
  January 01, 2004

  Inequality of the Distribution of Personal Wealth in Germany, 1973–1998

  Richard Hauser and Holger Stein
  Abstract

  This paper reports on trends in inequality of the distribution of household disposable wealth in West Germany from 1973 to 1998, and compares the changes in the size distribution of…more

  Download Working Paper No. 398 PDF (542.36 KB)
• Research Project Report
  December 09, 2003

  Levy Institute Measure of Economic Well-Being

  Asena Caner, Edward N. Wolff, and Ajit Zacharias
  Abstract

  The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone…more

  Download LIMEW Report, December 2003 PDF (609.84 KB)
• Working Paper No. 397
  December 01, 2003

  Financial Globalization and Regulation

  Philip Arestis
  Abstract

  This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed…more

  Download Working Paper No. 397 PDF (272.76 KB)