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Working Paper No. 447Household Wealth and the Measurement of Economic Well-Being in the United States
May 03, 2006 The standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial...more Publication -
Working Paper No. 446
Feminist-Kaleckian Macroeconomic Policy for Developing Countries
May 01, 2006 This paper reviews evidence of the gender effects of globalization in developing economies. It then outlines a set of macroeconomic and trade policies to promote gender equity. The evidence suggests...more Publication -
Policy Note No. 4Debt and Lending
April 30, 2006 Many papers published by the Levy Institute during the last few years have emphasized that the American economy has relied too much on the growth of lending to the private...more Publication -
Policy Note No. 3
Twin Deficits and Sustainability
April 17, 2006 In the mid-to-late 1980s, the American economy simultaneously produced—for the first time in the postwar period—huge federal budget deficits as well as large current account deficits, together known as the...more Publication -
Working Paper No. 445
A Random Walk Down Maple Lane?
April 04, 2006 The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics. According to George Akerlof, it "set the agenda" for modern neoclassical macroeconomics....more Publication -
Working Paper No. 444
Tinbergen Rules the Taylor Rule
March 06, 2006 This paper elaborates a simple model of growth with a Taylor-like monetary policy rule that includes inflation targeting as a special case. When the inflation process originates in the product...more Publication -
Policy Note No. 2
The Fiscal Facts
February 20, 2006 Today’s federal budget deficits are a preoccupation of many American citizens and more than a few political leaders. Is the American government going bankrupt? Does our fiscal condition warrant radical...more Publication -
Working Paper No. 443
Personality and Earnings
February 20, 2006 This paper studies personality as a potential explanation for wage differentials between apparently similar workers. This follows initial studies by Jencks (1979) that suggest that certain personality traits, such as...more Publication -
Working Paper No. 442
Government Effects on the Distribution of Income
February 19, 2006 This paper is the overview chapter of an edited volume on “The Distributional Effects of Government Spending and Taxation.” The paper offers the author’s perspective on the government’s role as...more Publication -
Working Paper No. 441
Prolegomena to Realistic Monetary Macroeconomics
February 18, 2006 This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, markup pricing, et cetera) with a model of the...more Publication -
Working Paper No. 440
Parental Child Care in Single Parent, Cohabiting, and Married Couple Families
February 17, 2006 This study uses time diary data from the 2003 American Time Use Survey and the United Kingdom Time Use Survey 2000 to examine the time that single, cohabiting, and married...more Publication -
Working Paper No. 439
Where Do They Find the Time?
February 16, 2006 Parents who undertake paid work are obliged to spend time away from their children, and to use nonparental childcare. This has given rise to concern that children are missing out...more Publication -
Working Paper No. 438
Keynes’s Approach to Money
January 17, 2006 This paper first examines two approaches to money adopted by John Maynard Keynes in his General Theory (GT). The first is the more familiar “supply and demand” equilibrium approach of...more Publication -
Public Policy Brief No. 83Reforming Deposit Insurance
January 17, 2006 The Federal Deposit Insurance Corporation (FDIC) currently insures bank deposit balances up to $100,000. According to some observers, statutory protection creates moral hazard problems for insurers because it allows banks...more Publication -
Policy Note No. 1
Credit Derivatives and Financial Fragility
January 17, 2006 On September 15, the Federal Reserve convened 14 large credit derivatives–dealer banks to an unusual meeting. The last such meeting occurred on September 16, 1998, in secret. At that time,...more Publication -
Working Paper No. 437
Enhancing Livelihood Security through the National Employment Guarantee Act
January 16, 2006 The National Rural Employment Guarantee Act of 2005 is a major development in the history of poverty reduction strategies and rural development policies in India. Though the successful passage of...more Publication -
Working Paper No. 436
Importing Equality or Exporting Jobs?
January 15, 2006 This study investigates the impact of increased import competition on gender wage and employment differentials in American manufacturing over the period from 1976 to 1993. Increased import competition is expected...more Publication -
Working Paper No. 435
Speculation, Liquidity Preference, and Monetary Circulation
January 14, 2006 The sharp exchanges that Keynes had with some of his critics on the loanable funds theory made it harder to appreciate the degree to which his thought was continuous with...more Publication -
Working Paper No. 434
Time to Eat
January 13, 2006 Eating requires the raw food materials that make up meals and also the time devoted to buying food, preparing meals and eating them, and cleaning up afterwards. Using time-diary and...more Publication -
Strategic AnalysisAre Housing Prices, Household Debt, and Growth Sustainable?
January 01, 2006 Rising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates...more Publication -
Working Paper No. 433
All Types of Inequality Are Not Created Equal
December 04, 2005 Evidence of an increase in various forms of inequality since the 1970s has motivated research on its relationship to growth and development. The findings of that research are contradictory and...more Publication -
Working Paper No. 432
Job-Hopping in Silicon Valley
December 02, 2005 Observers of Silicon Valley’s computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates...more Publication -
Working Paper No. 431
Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the US
November 23, 2005 In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the...more Publication -
Working Paper No. 430
Are Long-run Price Stability and Short-run Output Stabilization All That Monetary Policy Can Aim For?
November 22, 2005 A central tenet of the so-called "new consensus" view in macroeconomics is that there is no long-run trade-off between inflation and unemployment. The main policy implication of this principle is...more Publication