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Policy Note No. 1Inflation 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. 76Asset 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 -
Working Paper No. 405Some Simple, Consistent Models of the Monetary Circuit
April 01, 2004 We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by...more Publication -
Working Paper No. 404
The “War on Poverty” after 40 Years
April 01, 2004 Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his...more Publication -
Working Paper No. 403
A Stock-flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies
February 25, 2004 This paper reviews the general tenets of "stock-flow consistent" and the "formal Minskyan" literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the...more Publication -
Research Project ReportLevy Institute Measure of Economic Well-Being
February 12, 2004 The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone...more Publication -
Working Paper No. 402
A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model
February 01, 2004 Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way,...more Publication -
Working Paper No. 401
Borrowing Alone
January 01, 2004 Over the past 20 years, finance has become commodified. Firms increasingly obtain finance from securities markets, instead of borrowing from commercial banks with which they have long-term relationships, while Fannie...more Publication -
Working Paper No. 400
Fiscal Consolidation
January 01, 2004 This paper analyzes the issues of public finance sustainability and suitability of strategies aimed at fiscal consolidation. Contrasting growth-based versus thrift-based consolidation strategies, it is argued that in the light...more Publication -
Working Paper No. 399
Does Financial Structure Matter?
January 01, 2004 We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view....more Publication -
Working Paper No. 398
Inequality of the Distribution of Personal Wealth in Germany, 1973–1998
January 01, 2004 This paper reports on trends in inequality of the distribution of household disposable wealth in West Germany from 1973 to 1998, and compares the changes in the size distribution of...more Publication -
Research Project Report
Levy Institute Measure of Economic Well-Being
December 09, 2003 The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone...more Publication -
Policy Note No. 7
The Future of the Dollar
December 01, 2003 The big question is whether the dollar—the world’s reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States...more Publication -
Working Paper No. 397
Financial Globalization and Regulation
December 01, 2003 This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed...more Publication -
Public Policy Brief No. 75
Is Financial Globalization Truly Global?
December 01, 2003 In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together...more Publication -
Working Paper No. 393
A Rolling Tide
November 01, 2003 From 1989 to 2001, wealth in real terms increased overall among families in the United States. But characterizing distributional changes is much more complex; it depends on the specific questions...more Publication -
Working Paper No. 396
The Evolution of Wealth Inequality in Canada
November 01, 2003 Using data from the Assets and Debts Survey of 1984 and the Survey of Financial Security of 1999, the authors document the evolution of wealth inequality in Canada between 1984...more Publication -
Public Policy Brief No. 74
Understanding Deflation
November 01, 2003 Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring...more Publication -
Working Paper No. 395
On Household Wealth Trends in Sweden over the 1990s
November 01, 2003 Influenced by major tax reform in the early 1990s and by the exceptional boom in the stock market at the end of that decade, overall wealth in Swedish households increased....more Publication -
Working Paper No. 394
Wealth Transfer Taxation
November 01, 2003 The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure...more Publication -
Strategic AnalysisDeficits, Debts, and Growth
October 01, 2003 These are fast-moving times. Two years ago, the Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. Within a year, the projected...more Publication -
Working Paper No. 392
Understanding Deflation
October 01, 2003 Deflation can be defined as a falling general price level utilizing one of the common price indices.the consumer price index; the GDP deflator or other, narrower indices as the wholesale...more Publication -
Policy Note No. 6
Is International Growth the Way Out of US Current Account Deficits?
September 03, 2003 The current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over...more Publication -
Policy Note No. 5
Deflation Worries
September 02, 2003 For the first time since the 1930s, many worry that the world’s economy faces the prospect of deflation—accompanied by massive job losses—on a global scale. In a rather hopeful sign,...more Publication