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Working Paper No. 429Bad for Euroland, Worse for Germany
November 14, 2005 This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the...more Publication -
Policy Note No. 6Social Security’s 70th Anniversary
September 28, 2005 Social Security turned 70 on August 14, although no national celebration marked the occasion. Rather, our top policymakers in Washington continue to suggest that the system is “unsustainable.” While our...more Publication -
Strategic AnalysisThe United States and Her Creditors
September 06, 2005 The main arguments in this paper can be simply stated: 1) If output in the United States grows fast enough to keep unemployment constant between now and 2010, and if...more Publication -
Working Paper No. 428
Europe’s Quest for Monetary Stability
August 25, 2005 This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking...more Publication -
Working Paper No. 427
Liquidity Preference Theory Revisited
August 12, 2005 This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance...more Publication -
Public Policy Brief No. 82The Ownership Society
August 03, 2005 As his new term begins, President George W. Bush has been trying to focus his domestic agenda on what he calls the “ownership society,” a sweeping vision of an America...more Publication -
Working Paper No. 426
Gender Inequality in a Globalizing World
July 20, 2005 Emphasis on market-friendly macroeconomic and development strategies in recent years has resulted in deleterious effects on growth and well-being, and has done little to promote greater gender equality. This paper...more Publication -
Working Paper No. 425
Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
July 11, 2005 Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role...more Publication -
Public Policy Brief No. 81
Breaking Out of the Deficit Trap
June 27, 2005 For some time, Levy Institute scholars have been engaged with issues related to the current account, government, and private sector balances. We have argued that the existing imbalances in these...more Publication -
Policy Note No. 5
Some Unpleasant American Arithmetic
June 16, 2005 Is it sufficiently realized how intractable those account imbalances—and how dangerous their potential consequences at home and abroad—have now become? Publication -
Working Paper No. 424
Macroeconomics of Speculation
June 15, 2005 Despite his emphasis on the speculative character of investment decisions, Minsky paid little attention to asset price speculation per se, ignoring asset price bubbles and their macroeconomic effects. That is...more Publication -
Working Paper No. 423
Is More Mobility Good? Firm Mobility and the Low Wage–Low Productivity Trap
May 06, 2005 This paper explores the possibility that unregulated FDI flows are causally implicated in the decline in labor productivity growth in semi-industrialized economies. These effects are hypothesized to operate through the...more Publication -
Research Project ReportInterim Report
May 01, 2005 This interim report compares the LIMEW and official measures of economic well-being for 1989–2002, a period marked by the economic boom of the late 1990s and a mild recession in...more Publication -
Policy Note No. 4
Imbalances Looking for a Policy
April 29, 2005 The latest batch of numbers from the United States makes for a disturbing read. The GDP growth rate of GDP has been adequate. However, the current account deficit was 6.3...more Publication -
Working Paper No. 422
The Disutility of International Debt
April 29, 2005 In dealing with the problematic relationship of morality to rational choice theory, neoclassical economists since Lionel Robbins have often argued that they can incorporate moral values into consumer theory by...more Publication -
Policy Note No. 3
Is the Dollar at Risk?
April 26, 2005 A massive fiscal stimulus and, until recently, aggressive monetary easing have been successful in raising bond and real estate prices to unprecedented levels, inducing a credit boom that has prevented...more Publication -
Working Paper No. 421
A Simplified Stock-flow Consistent Post-Keynesian Growth Model
April 07, 2005 Despite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining...more Publication -
Working Paper No. 420
Is the Equalizing Effect of Retirement Wealth Wearing Off?
March 25, 2005 Retirement wealth is often viewed as a great equalizer, offsetting the inequality in standard household net worth. One of the most dramatic changes in the retirement income system over the...more Publication -
Working Paper No. 419
FDIC-sponsored Self-Insured Depositors
March 08, 2005 Insured depositors have no reason to care how their banks perform or how safe they are. Only uninsured depositors have that incentive. This paper offers a plan to replace some...more Publication -
Research Project Report
Economic Well-Being in US Regions and the Red and Blue States
March 01, 2005 This report analyzes regional aspects of economic well-being according to four regions identified by the United States Census Bureau: the Northeast, Midwest, South, and West. Using the official measures and...more Publication -
Strategic Analysis
How Fragile Is the US Economy?
March 01, 2005 As we projected in a previous Strategic Analysis, the United States’ economy experienced growth rates higher than 4 percent in 2004. The question we want to raise in this Strategic...more Publication -
Working Paper No. 418
Asset Ownership along Gender Lines
February 24, 2005 Gender differences have long been documented in earnings, employment opportunities, and time spent within the unpaid care economy. This paper joins the recent efforts in the economics literature on gender...more Publication -
Policy Note No. 2
Manufacturing a Crisis
February 08, 2005 For seven decades, the far right has never veered from its avowed mission to gut America’s most comprehensive, successful, and popular safety net: Social Security. While it had won a...more Publication -
Working Paper No. 417
Determinants of Minority–White Differentials in Child Poverty
January 22, 2005 This paper uses data from the 1993–2001 March Current Population Survey to estimate the extent to which child living arrangements, parental work patterns, and immigration attributes shape racial and ethnic...more Publication