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Working Paper No. 416Occupational and Industrial Mobility in the United States 1969–93
January 20, 2005 Using the Panel Study of Income Dynamics, we investigate occupational and industrial mobility of individuals over the 1969–80 and 1981–93 periods in the United States. We find that workers changed...more Publication -
Policy Note No. 1The Case for an Environmentally Sustainable Jobs Program
January 01, 2005 The job numbers in the United States and around the globe continue to look bleak. Not only are the absolute numbers dismal, but also job growth has dragged on with...more Publication -
Public Policy Brief No. 80The Fed and the New Monetary Consensus
December 21, 2004 The most charitable interpretation of the Federal Reserve’s recent interest rate hikes is that they appear to have been premature. A convincing array of data on payrolls, employment-to-population ratios, and...more Publication -
Research Project ReportHow Much Does Public Consumption Matter for Well-Being?
December 01, 2004 This report supplements previous findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. Some readers have questioned...more Publication -
Working Paper No. 415
Measuring Capacity Utilization in OECD Countries
November 19, 2004 This paper derives measures of potential output and capacity utilization for a number of OECD countries, using a method based on the cointegration relation between output and the capital stock....more Publication -
Working Paper No. 414
Household Wealth Distribution in Italy in the 1990s
November 10, 2004 This paper describes the composition and distribution of household wealth in Italy. First, the evolution of household portfolios over the last 40 years is described on the basis of newly...more Publication -
Working Paper No. 413
Visions and Scenarios
October 05, 2004 Ecological economics is a transdisciplinary alternative to mainstream environmental economics. Attempts have been made to outline a methodology for ecological economics and it is probably fair to say that, at...more Publication -
Working Paper No. 412
The Transmission Mechanism of Monetary Policy
October 01, 2004 Recently, many economists have credited the late-1990s economic boom in the United States for the easy money policies of the Federal Reserve. On the other hand, observers have noted that...more Publication -
Research Project Report
How Much Does Wealth Matter for Well-Being?
September 22, 2004 Economic well-being refers to the command or access by members of a household over the goods and services produced in a modern market economy during a given period of time.The...more Publication -
Public Policy Brief No. 79
The Case for Rate Hikes
August 01, 2004 For a time, the Federal Open Market Committee (FOMC) seemed to have learned from the mistakes of the past. Instead of taking good economic performance as a sign of incipient...more Publication -
Strategic AnalysisProspects and Policies for the US Economy
August 01, 2004 The American economy has grown reasonably fast since the second half of 2003, and the general expectation seems to be that satisfactory growth will continue more or less indefinitely. This...more Publication -
Working Paper No. 411
Financial Liberalization and Poverty
July 25, 2004 Financial development and its effects on the economic development of a country has recently been one of the most prolific areas of research in the fields of development, finance, and...more Publication -
Working Paper No. 410
Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles
July 22, 2004 Many empirical studies have found that interest rate increases have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost...more Publication -
Working Paper No. 409
Assessing the ECB’s Performance since the Global Slowdown
July 01, 2004 This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding...more Publication -
Public Policy Brief No. 78
The War on Poverty after 40 Years
June 03, 2004 Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty. One group of scholars argued that the war,...more Publication -
Public Policy Brief No. 77
The Sustainability of Economic Recovery in the United States
June 02, 2004 A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States’ recovery from the 2001 recession is on a sustainable...more Publication -
Working Paper No. 408
Keynesian Theorizing during Hard Times
May 25, 2004 This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and...more Publication -
Policy Note No. 2
Those “D” Words
May 01, 2004 Recent economic commentary has been filled with “D” words: deficits, debt, deflation, depreciation. Deficits—budget and trade—are of the greatest concern and may be on an unsustainable course, as federal and...more Publication -
Research Project Report
Levy Institute Measure of Economic Well-Being
May 01, 2004 This report presents the latest findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. It enhances previous...more Publication -
Working Paper No. 407
Changes in Household Wealth in the 1980s and 1990s in the US
May 01, 2004 I find that despite slow growth in income over the 1990s, there have been marked improvements in the wealth position of average families. Both mean and median wealth grew briskly...more Publication -
Working Paper No. 406
Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime
May 01, 2004 This paper investigates the (re-)establishment of central banking in West Germany after 1945 and the history of the Bundesbank Act of 1957. The main focus is on the early emphasis...more Publication -
Strategic Analysis
Is Deficit-financed Growth Limited?
April 01, 2004 Wynne Godley, our Levy Institute colleague, has warned since 1999 that the falling personal saving and rising borrowing trends that had powered the US economic expansion were not sustainable. He...more Publication -
Policy Note No. 1
Inflation Targeting and the Natural Rate of Unemployment
April 01, 2004 Inflation targeting has become an increasingly popular strategy for setting monetary policy during the last decade. While no countries had formal inflation targets before 1990, currently 22 countries use inflation...more Publication -
Public Policy Brief No. 76
Asset Poverty in the United States
April 01, 2004 Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the...more Publication