Publications

1699 publications found

• Book Series
  May 19, 2008

  John Maynard Keynes

  Hyman P. Minsky
  Abstract

  This reissue of Hyman P. Minsky’s classic book offers a timely reconsideration of the work of economics icon John Maynard Keynes. In it, Minsky argues that what most economists consider…more

• Working Paper No. 535
  May 13, 2008

  Statistical Matching Using Propensity Scores

  Hyunsub Kum and Thomas Masterson
  Abstract

  This paper summarizes the background, type, logic, and working procedure of the statistical matching used in the Levy Institute Measure of Economic Well-Being (LIMEW) project to combine the various data…more

  Download Working Paper No. 535 PDF (615.81 KB)
• Working Paper No. 534
  May 08, 2008

  Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery

  Daniel Kostzer
  Abstract

  After the 2001 crisis, Argentina—once the poster-child for pro-market structural-adjustment policies—had to define a new strategy in order to manage the societal demands that had led to the fall of…more

  Download Working Paper No. 534 PDF (312.54 KB)
• Working Paper No. 533
  April 29, 2008

  The Discrete Charm of the Washington Consensus

  Jan Kregel
  Abstract

  Over the last two centuries in Latin America a Washington Consensus development strategy based on integration in the global trading system has dominated both domestic demand management and industrialization "from…more

  Download Working Paper No. 533 PDF (220.92 KB)
• Working Paper No. 532
  April 28, 2008

  Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences

  Michael Mah-Hui Lim
  Abstract

  This paper seeks to explain the causes and consequences of the United States subprime mortgage crisis, and how this crisis has led to a generalized credit crunch in other financial…more

  Download Working Paper No. 532 PDF (324.17 KB)
• Working Paper No. 531
  April 23, 2008

  The International Monetary (Non-)Order and the “Global Capital Flows Paradox”

  Jörg Bibow
  Abstract

  This paper sets out to investigate the forces behind the so-called “global capital flows paradox” and related “dollar glut” observed in the era of advancing financial globalization. The supposed paradox…more

  Download Working Paper No. 531 PDF (194.54 KB)
• Working Paper No. 530
  April 14, 2008

  Changes in the US Financial System and the Subprime Crisis

  Jan Kregel
  Abstract

  This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan…more

  Download Working Paper No. 530 PDF (374.06 KB)
• Strategic Analysis
  April 09, 2008

  Fiscal Stimulus—Is More Needed?

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  As the government prepares to dispense the tax rebates that largely make up its recently approved $168 billion stimulus package, President Dimitri B. Papadimitriou and Research Scholars Greg Hannsgen and…more

  Download Strategic Analysis, April 2008 PDF (272.57 KB)
• Public Policy Brief No. 94
  April 01, 2008

  Financial Markets Meltdown

  L. Randall Wray
  Abstract

  In this new Public Policy Brief, Senior Scholar L. Randall Wray explains today’s complex and fragile financial system, and how the seeds of crisis were sown by lax oversight, deregulation,…more

  Download Public Policy Brief No. 94, 2008 PDF (1.79 MB)
• Working Paper No. 529
  March 06, 2008

  Can Robbery and Other Theft Help Explain the Textbook Currency-demand Puzzle?

  Abstract

  This paper attempts to explain one version of an empirical puzzle noted by Mankiw (2003): a Baumol-Tobin inventory-theoretic money demand equation predicts that the average adult American should have held…more

  Download Working Paper No. 529 PDF (309.06 KB)
• Working Paper No. 528
  February 18, 2008

  Financial Flows and International Imbalances

  Jan Kregel
  Abstract

  While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the…more

  Download Working Paper No. 528 PDF (252.81 KB)
• Working Paper No. 527
  January 25, 2008

  Financing Job Guarantee Schemes by Oil Revenue

  Zahra Karimi
  Abstract

  Iran’s constitution emphasizes social justice and obliges government to provide a job for every citizen. But in fact, the government’s duty to provide jobs has shifted to government support for…more

  Download Working Paper No. 527 PDF (220.84 KB)
• Public Policy Brief No. 93
  January 08, 2008

  Minsky’s Cushions of Safety

  Jan Kregel
  Abstract

  In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of…more

  Download Public Policy Brief No. 93, 2008 PDF (1.35 MB)
• Research Project Report No. 34
  January 02, 2008

  Joint Project of UNDP and Levy Institute on Public Employment

  Rania Antonopoulos and Kijong Kim
  Abstract

  Joint UNDP—Levy Institute Study Focuses on Employment Guarantee Strategies The recent financial turmoil has brought with it worldwide acceptance of the fact that, when markets fail, government intervention is indispensable….more

• Working Paper No. 526
  December 21, 2007

  American Jewish Opinion about the Future of the West Bank

  Joel Perlmann
  Abstract

  American Jewish opinion about the Arab-Israel conflict matters for both American and Israeli politics as well as for American Jewish life. This paper undertakes an analysis of that opinion based…more

  Download Working Paper No. 526 PDF (393.72 KB)
• Working Paper No. 525
  December 20, 2007

  Financialization

  Thomas I. Palley
  Abstract

  Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both…more

  Download Working Paper No. 525 PDF (521.30 KB)
• Working Paper No. 524
  December 19, 2007

  Promotion Nationale

  Hind Jalal
  Abstract

  Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple…more

  Download Working Paper No. 524 PDF (247.47 KB)
• Working Paper No. 523
  December 13, 2007

  The Natural Instability of Financial Markets

  Jan Kregel
  Abstract

  This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading to market stability to provide…more

  Download Working Paper No. 523 PDF (130.68 KB)
• Working Paper No. 522
  December 10, 2007

  Lessons from the Subprime Meltdown

  L. Randall Wray
  Abstract

  This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky…more

  Download Working Paper No. 522 PDF (416.23 KB)
• Strategic Analysis
  November 30, 2007

  The US Economy: Is There a Way Out of the Woods?

  Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza
  Abstract

  In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets…more

  Download Strategic Analysis, November 2007 PDF (316.57 KB)
• Working Paper No. 521
  November 29, 2007

  Earnings Functions and the Measurement of the Determinants of Wage Dispersion

  Jacques Silber and Joseph Deutsch
  Abstract

  This paper extends the famous Blinder and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. Second, a decomposition technique is proposed…more

  Download Working Paper No. 521 PDF (315.12 KB)
• Working Paper No. 520
  November 14, 2007

  Nurkse and the Role of Finance in Development Economics

  Jan Kregel
  Abstract

  Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in…more

  Download Working Paper No. 520 PDF (277.17 KB)
• Working Paper No. 519
  November 09, 2007

  Public Employment and Women

  L. Randall Wray and Pavlina R. Tcherneva
  Abstract

  In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes, offered…more

  Download Working Paper No. 519 PDF (208.28 KB)
• Public Policy Brief No. 92
  October 26, 2007

  The US Credit Crunch of 2007

  Charles J. Whalen
  Abstract

  It is now clear that most economists underestimated the widening economic impact of the credit crunch that has shaken American financial markets since at least mid-July. A credit crunch is…more

  Download Public Policy Brief No. 92, 2007 PDF (476.11 KB)