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Policy Note No. 7July 01, 1998
Goldilocks and the Three Bears
AbstractUnlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis, global deflation and excess capacity (or insufficient…more
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Policy Note No. 6June 01, 1998
What to Do with the Surplus
AbstractNeither Congress nor the president is on the right track. Rather than protecting the surplus, we should be increasing spending and cutting taxes to contain the looming world recession.
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Working Paper No. 238June 01, 1998
The Macroeconomics of Industrial Strategy
AbstractThis paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasize the role of the output and investment activities…more
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Public Policy Brief No. 40May 02, 1998
Overcoming America’s Infrastructure Deficit
AbstractCondemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects…more
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Policy Note No. 5May 01, 1998
The Fed Should Lower Interest Rates More
AbstractSome analysts have argued against monetary ease, fearing that it might fuel a speculative boom. Alas, given the recent substantial “market correction,” this objection may safely be put away.
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Public Policy Brief No. 39May 01, 1998
The Unmeasured Labor Force
AbstractIs the current labor market as tight as official statistics would seem to indicate? If incumbent workers increase their hours of work, it is irrelevant to the unemployment rate, but…more
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Working Paper No. 237May 01, 1998
Speed of Technical Progress and Length of the Average Interjob Period
AbstractThe mean duration of unemployment approximately doubled in the United States between the early 1950s and the mid-1990s, with most of the increase occurring since the early 1970s. Using a…more
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Working Paper No. 236May 01, 1998
An Important Inconsistency at the Heart of the Standard Macroeconomic Model
AbstractThe standard neoclassical model is the foundation of most mainstream macroeconomics. Its basic structure dominates the analyis of macroeconomic phenomena, the teaching of the subject, and even the formation of…more
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Working Paper No. 235May 01, 1998
East Asia Is Not Mexico
AbstractWhat was different about the collapse of the Asian emerging markets in 1997? The free fall of the Mexican peso and the collapse of the Mexican Bolsa produced a “Tequila…more
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Working Paper No. 233April 01, 1998
Public Capital and Economic Growth
AbstractEmpirical research largely suggests that there is a positive role for public capital and a negative role for taxation and debt, and the effectiveness of public capital depends critically on…more
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Working Paper No. 232April 01, 1998
The Asian Disease
AbstractThe Asian crisis is a textbook case of the “financial instability hypothesis” first expressed in 1966 by the late Hyman P. Minsky. Minsky’s “hypothesis” was proposed to explain instability in…more
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Working Paper No. 231April 01, 1998
The Hierarchy of Money
AbstractThis paper attempts to bring together several of Hyman P. Minsky’s insights in order to suggest a relationship between the state’s ability to tax and the money of the economy….more
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Policy Note No. 4April 01, 1998
Small Business and the New Welfare
AbstractTo what extent have small businesses hired former welfare recipients and what might induce them to hire more? The Levy Institute conducts a national survey of small firms in many…more
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Working Paper No. 234April 01, 1998
Yes, “It” Did Happen Again
AbstractThe title of Visiting Senior Scholar Jan Kregel’s working paper is a reference to Hyman P. Minsky’s book Can “It” Happen Again? The Minskian “it” is the debt deflation scenario…more
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Working Paper No. 230March 01, 1998
The Romance of Assimilation?
AbstractLittle research has been done on the role of intermarriage in the blending of peoples in the American past, and even less has been done on the effect of past…more
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Policy Note No. 3March 01, 1998
Small Business and the Minimum Wage
AbstractTo what extent have small businesses hired former welfare recipients and what might induce them to hire more? Do small businesses change their hiring and employment practices in response to…more
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Working Paper No. 229March 01, 1998
E Pluribus Unum
AbstractKnowledge of English is near universal, and preference for that language is dominant among most immigrant nationalities. However, only a minority remain fluent in the parental languages, and there are…more
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Working Paper No. 228March 01, 1998
Education’s Hispanic Challenge
AbstractTwo family characteristics are consistently associated with educational attainment: the level of education of parents and the material resources available to support the education of the children. Hispanic parents have…more
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Working Paper No. 227March 01, 1998
The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity
AbstractBefore the Japanese stock market crash of 1990, Japanese industry was a phenomenal success. A recent unemployment rate of under 4 percent, although low by world standards, is the highest…more
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Policy Note No. 2February 01, 1998
How Should the Surpluses Be Spent?
AbstractThe federal budget deficit is disappearing; some shadows linger, but the latest Congressional Budget Office projections put the government budget in deficit by only $5 billion in fiscal year 1998,…more
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Working Paper No. 226February 01, 1998
The Political Economy of Corporate Governance in Germany
AbstractResearch Associate Mary O’Sullivan, of INSEAD and the Center for Industrial Competitiveness at the University of Massachusetts–Lowell, is investigating systems of corporate governance to find which lead to successful decisions…more
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Working Paper No. 222January 01, 1998
Money and Taxes
AbstractSenior Scholar L. Randall Wray traces the development of the chartalist approach to money from Adam Smith, Georg Friedrich Knapp, and John Maynard Keynes to the later theorists, including Hyman…more
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Policy Note No. 1January 01, 1998
Welfare Graduates
AbstractAre the effects of college-level education on income and financial independence positive enough to make it worthwhile for states to extend support to qualified welfare recipients to enable them to…more
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Working Paper No. 225January 01, 1998
The Development and Reform of the Modern International Financial System
AbstractThe international financial system might be said to be in crisis. It requires frequent intervention by central banks and other national and international bodies to reduce fluctuations of currencies. It…more
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