Publications

1699 publications found

• Working Paper No. 573
  August 14, 2009

  Securitization, Deregulation, Economic Stability, and Financial Crisis, Part I

  Abstract

  This study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the…more

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• Working Paper No. 572
  August 13, 2009

  The Unequal Burden of Poverty on Time Use

  Emel Memiş and Burca Kizilirmak
  Abstract

  This study uses the first time-use survey carried out in South Africa (2000) to examine women’s and men’s time use, with a focus on the impacts of income poverty. We…more

  Download Working Paper No. 572 PDF (232.59 KB)
• Working Paper No. 571
  August 11, 2009

  How Well Do Individuals Predict the Selling Prices of Their Homes?

  Selçuk Eren, Hugo Benítez-Silva, Frank Heiland, and Sergi Jiménez-Martín
  Abstract

    Self-reported home values are widely used as a measure of housing wealth by researchers; the accuracy of this measure, however, is an open empirical question, and requires some type…more

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• Working Paper No. 570
  July 23, 2009

  From Unpaid to Paid Care Work

  Rania Antonopoulos and Taun Toay
  Abstract

  This paper considers public employment guarantee programs in the context of South Africa as a means to address the nexus of poverty, unemployment, and unpaid work burdens—all factors exacerbated by…more

  Download Working Paper No. 570 PDF (211.16 KB)
• Testimony
  July 14, 2009

  Statement of Professor James K. Galbraith to the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, US House of Representatives

  James K. Galbraith
  Abstract

  On July 9, 2009, Senior Scholar James K. Galbraith testified before the House Financial Services Committee regarding the functions of the Federal Reserve under the Obama administration’s proposals for financial…more

  Download Testimony, July 9, 2009 PDF (225.61 KB)
• Policy Notes
  June 16, 2009

  Special Report: Who Gains from President Obama’s Stimulus Package … And How Much?

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  In this Special Report, Levy scholars Ajit Zacharias, Thomas Masterson, and Kijong Kim provide a preliminary assessment of the 2009 American Recovery and Reinvestment Act (ARRA), a package of transfers…more

  Download Special Report, June 12, 2009 PDF (446.17 KB)
• Working Paper No. 569
  June 15, 2009

  Fiscal Policy and the Economics of Financial Balances

  Gennaro Zezza
  Abstract

  This paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking…more

  Download Working Paper No. 569 PDF (224.03 KB)
• Public Policy Brief No. 101
  June 09, 2009

  Promoting Gender Equality through Stimulus Packages and Public Job Creation

  Rania Antonopoulos
  Abstract

  Beyond loss of income, joblessness is associated with greater poverty, marginalization, and social exclusion; the current global crisis is clearly not helping. In this new Public Policy Brief, Research Scholar…more

  Download Public Policy Brief No. 101, 2009 PDF (123.71 KB)
• Working Paper No. 568
  June 04, 2009

  Distributional Impact of the American Recovery and Reinvestment Act

  Ajit Zacharias, Thomas Masterson, and Kijong Kim
  Abstract

  Over the last two decades, those at the bottom of the income scale have seen their incomes stagnate, while those at the top have seen theirs skyrocket; without intervention, the…more

  Download Working Paper No. 568 PDF (350.09 KB)
• Policy Notes No. 8
  June 01, 2009

  Some Simple Observations on the Reform of the International Monetary System

  Jan Kregel
  Abstract

  The demand for reform of the financial system has focused on the dollar’s loss of international purchasing power (the Triffin dilemma) and its substitution by an international reserve currency that…more

  Download Policy Note 2009/8 PDF (81.94 KB)
• Working Paper No. 567
  June 01, 2009

  Revisiting (and Connecting) Marglin-Bhaduri and Minsky

  Claudio H. Dos Santos and Antonio C. Macedo e Silva
  Abstract

  Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models…more

  Download Working Paper No. 567 PDF (571.01 KB)
• Policy Notes No. 7
  May 28, 2009

  “Enforced Indebtedness” and Capital Adequacy Requirements

  Jan Toporowski
  Abstract

  The capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its…more

  Download Policy Note 2009/7 PDF (83.40 KB)
• Working Paper No. 566
  May 20, 2009

  Caste and Wealth Inequality in India

  Ajit Zacharias and Vamsi Vakulabharanam
  Abstract

  In this paper, we conduct the novel exercise of analyzing the relationship between overall wealth inequality and caste divisions in India using nationally representative surveys on household wealth conducted during…more

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• Working Paper No. 565
  May 19, 2009

  Housing Inequality in the United States

  Yuval Elmelech and Sanjaya DeSilva
  Abstract

  In recent years, as the homeownership rate in the United States reached its highest level in history, homeownership itself remained unevenly distributed, particularly along racial and ethnic lines. By using…more

  Download Working Paper No. 565 PDF (247.13 KB)
• Working Paper No. 564
  May 14, 2009

  New Consensus Macroeconomics: A Critical Appraisal

  Philip Arestis
  Abstract

  This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking…more

  Download Working Paper No. 564 PDF (237.43 KB)
• Working Paper No. 563
  May 13, 2009

  Whither New Consensus Macroeconomics?

  Giuseppe Fontana
  Abstract

  In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the…more

  Download Working Paper No. 563 PDF (193.84 KB)
• Policy Notes No. 6
  May 11, 2009

  The “Unintended Consequences” Game

  Martin Shubik
  Abstract

  A simple consideration of history tells us that each new piece of legislation contains loopholes that benefit a new class of entrepreneurs; some of these loopholes are small, but others…more

  Download Policy Note 2009/6 PDF (46.67 KB)
• Working Paper No. 562
  May 08, 2009

  The Current Economic and Financial Crisis

  Rania Antonopoulos
  Abstract

  Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis—often…more

  Download Working Paper No. 562 PDF (202.47 KB)
• Working Paper No. 561
  May 06, 2009

  The Return of the State: The New Investment Paradigm

  Marshall Auerback
  Abstract

  To save America—indeed, the global economy as a whole—the private/public sector balance has to shift, and the neoliberal economic model on which the country has been based for the past…more

  Download Working Paper No. 561 PDF (203.85 KB)
• Policy Notes No. 5
  April 09, 2009

  A Proposal for a Federal Employment Reserve Authority

  Martin Shubik
  Abstract

  There is already considerable talk about the possible need for a massive public works program in response to the deepening recession and rising unemployment; however, an ad hoc emergency approach…more

  Download Policy Note 2009/5 PDF (133.88 KB)
• Strategic Analysis
  April 09, 2009

  Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover

  Dimitri B. Papadimitriou
  Abstract

  Federal government and Federal Reserve (Fed) liabilities rose sharply in 2008. Who holds these new liabilities, and what effects will they have on the economy? Some economists and politicians warn…more

  Download Strategic Analysis, April 2009 PDF (369.83 KB)
• Research Project Report
  April 09, 2009

  New Estimates of Economic Inequality in America, 1959—2004

  Edward N. Wolff, Ajit Zacharias, and Thomas Masterson
  Abstract

  In this latest LIMEW report, the authors present new evidence on the pattern of economic inequality in the United States that indicates higher inequality in 2004 than in 1959. According…more

  Download LIMEW Report, April 2009 PDF (434.52 KB)
• Public Policy Brief No. 100
  April 08, 2009

  It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed

  Jan Kregel
  Abstract

  The Federal Reserve’s response to the current financial crisis has been praised because it introduced a zero interest rate policy more rapidly than the Bank of Japan (during the Japanese…more

  Download Public Policy Brief No. 100, 2009 PDF (202.39 KB)
• Policy Notes No. 4
  April 08, 2009

  A Crisis in Coordination and Competence

  Martin Shubik
  Abstract

  The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale…more

  Download Policy Note 2009/4 PDF (71.12 KB)