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Policy Note No. 1Explaining the US Trade Deficit
January 01, 2000 Conventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the...more Publication -
Public Policy Brief No. 58A New Approach to Tax-Exempt Bonds
December 10, 1999 The current system of tax-exempt bond financing is inefficient and inequitable because a large portion of the federal subsidy provided by the tax exemption does not reach state and local...more Publication -
Public Policy Brief No. 57
Do Institutions Affect the Wage Structure?
December 09, 1999 Union strength is capable of boosting wages for workers at the low end of the income scale. Even when differences in education and industry type are accounted for, workers in...more Publication -
Working Paper No. 291The Social Wage, Welfare Policy, and the Phases of Capital Accumulation
December 01, 1999 This paper addresses two broad questions. The first one relates to the economic rationale for the existence of the welfare state. To address this question, we review the marginalist arguments...more Publication -
Working Paper No. 290
Finance in a Classical and Harrodian Cyclical Growth Model
December 01, 1999 This paper is an extension of an earlier working paper (“Finance and the Macroeconomic Process in a Classical Growth and Cycles Model,” Working Paper No. 253). The basic structure of...more Publication -
Working Paper No. 293
Employment Inequalities
December 01, 1999 This paper documents the employment disadvantage faced by the less qualified part of the labor force and examines the factors that influence the differing extent of this disadvantage across OECD...more Publication -
Working Paper No. 292
Why Do Political Action Committees Give Money to Candidates?
December 01, 1999 This paper examines political action committees’ motivations for giving campaign contributions to candidates for political office. First, the paper estimates the effect of campaign contributions received by candidates on the...more Publication -
Public Policy Brief No. 56
Risk Reduction in the New Financial Architecture
November 02, 1999 The causes for the instability that has marked the financial system over the past decade lie deep in the economic theory that urges easy and efficient substitution of one piece...more Publication -
Working Paper No. 289
New Perspectives on the Guaranteed Income
November 01, 1999 Renewed interest in a guaranteed income is evident from the number of books that have been published on the topic in the 1990s. This paper compares seven of those books....more Publication -
Working Paper No. 288
Is There a Wage Payoff to Innovative Work Practices?
November 01, 1999 During the 1980s, wage inequality increased dramatically and the American economy lost many high wage, low- to medium-skill jobs, which had provided middle class incomes to less skilled workers. Increasingly,...more Publication -
Working Paper No. 287
Functional Finance
November 01, 1999 The purpose of this paper is threefold. First, the theory of functional finance, as explicated by its originator, Abba Ptachya Lerner, is put forward; second, the reader is introduced to...more Publication -
Working Paper No. 286
The History of Wage Inequality in America, 1820 to 1970
November 01, 1999 In recent decades the United States has experienced a pronounced widening of its wage structure. For the most part, analysis of the recent rise in wage inequality has taken place...more Publication -
Working Paper No. 283
Financing Long-Term Care
October 01, 1999 The nation is ill-prepared to finance the quantum jump in long-term care spending that is on its way as the baby boom ages. By default rather than by design, Medicaid...more Publication -
Working Paper No. 282
The Economic and Monetary Union
October 01, 1999 The euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1, 1999. The intention was that notes and coins...more Publication -
Working Paper No. 285
Computers and the Wage Structure
October 01, 1999 A leading explanation for the rapid growth in wage inequality in the United States in the last 20 years, consistent with both human capital and postindustrial theories, is that advanced...more Publication -
Working Paper No. 284
The Distribution of Wages
October 01, 1999 This paper presents a non-parametric procedure to analyze the effects of different factors on observed movements in any distribution. These effects are estimated by applying kernel density methods to weighted...more Publication -
Policy Note No. 10
Social Security Privatization
October 01, 1999 Would privatization yield sufficient benefits to support low-income retirees and satisfy all others? Does a focus on private management of assets take attention away from the real issues in the...more Publication -
Policy Note No. 9
1999 Levy Institute Survey of Small Business
September 01, 1999 Modest sales expectations and limited access to bank credit may be curtailing small businesses’ plans for hiring and capital investment. Publication -
Working Paper No. 281
Open Economy Macroeconomics Using Models of Closed Systems
September 01, 1999 The following paper presents a series of two-country models, each of which makes up a whole world. The models are all based on a rigorous and watertight system of stock...more Publication -
Working Paper No. 280
The Rhetorical Evolution of the Minimum Wage
September 01, 1999 The concept of the minimum wage has undergone several rhetorical permutations. Originally conceived as a living wage, which would function as a family wage, it ultimately became a matter of...more Publication -
Working Paper No. 279
Monetary Policy in an Era of Capital Market Inflation
September 01, 1999 The theory of capital market inflation argues that the values of long-term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting overcapitalization of companies...more Publication -
Policy Note No. 8
More Pain, No Gain
August 20, 1999 Neither the Breaux plan nor President Clinton’s proposal for “saving” Social Security promises much gain, but the Breaux plan, unlike the president’s proposal, would inflict real pain in the form...more Publication -
Public Policy Brief No. 55
Does Social Security Need Saving?
August 02, 1999 Projections of an impending crisis in financing Social Security depend on unduly pessimistic assumptions about basic demographic and economic variables. Moreover, even if the assumptions are accepted, the projected gap...more Publication -
Working Paper No. 278
Minsky and the Mainstream
August 01, 1999 Hyman Minsky’s research emphasized the central role of finance in modern economics at a time when finance was not important in most mainstream macroeconomic research. But in the 1980s, mainstream...more Publication