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Working Paper No. 276Lessons from the Asian Crisis
August 01, 1999 This paper presents a central banker’s perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance...more Publication -
Public Policy Brief No. 53Full Employment Has Not Been Achieved
July 01, 1999 Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions...more Publication -
Public Policy Brief No. 52
Government Spending in a Growing Economy
July 01, 1999 Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of...more Publication -
Working Paper No. 275
Minsky’s Analysis of Financial Capitalism
July 01, 1999 In this paper, the authors discuss Minsky’s analysis of the evolution of one variety of capitalism—financial capitalism—which developed at the end of the nineteenth century and was the dominant form...more Publication -
Working Paper No. 274
The Independent European Central Bank
July 01, 1999 In this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency...more Publication -
Working Paper No. 273
Savings-Recycling Public Employment
July 01, 1999 William Vickrey’s single-minded commitment to full employment is evident in a series of papers written in the last years of his life. In these works Vickrey formulated an assets-based approach...more Publication -
Policy Note No. 7Capital Income Taxes and Economic Performance
July 01, 1999 Tax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital...more Publication -
Working Paper No. 272
Functional Finance and Full Employment
July 01, 1999 Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen...more Publication -
Working Paper No. 271
Can Rescheduling Explain the New Jersey Minimum Wage Studies?
July 01, 1999 This paper interprets the New Jersey minimum wage studies of Card and Krueger and their critics, Neumark and Wascher, through a scheduling model. The former found an increase in the...more Publication -
Public Policy Brief No. 54
Down and Out in the United States
July 01, 1999 Despite a long period of strong economic growth, more than 28 million working-age persons were categorized by the Bureau of Labor Statistics as out of the labor force in 1998....more Publication -
Policy Note No. 6
The Minimum Wage Can Be Raised
June 01, 1999 Survey responses make it clear the minimum wage can be raised. The question now is, How high can it be raised before serious employment consequences occur? Publication -
Working Paper No. 270
Can Social Security Be Saved?
May 01, 1999 The first part of this paper is an overview of projections of Social Security’s future and an explanation of why the projections have led many to believe there is a...more Publication -
Working Paper No. 269
Demand Constraints and Economic Growth
May 01, 1999 In recent years the United States has seemed to achieve the best of all possible worlds: robust economic growth, very low unemployment, and low inflation. Many attribute this performance to...more Publication -
Policy Note No. 5
How Can We Provide for the Baby Boomers in Their Old Age?
May 01, 1999 The search for the solution to the problems faced by the Social Security system should focus not on how to amend OASDI but on how best to achieve faster long-term...more Publication -
Policy Note No. 4
Can Goldilocks Survive?
April 01, 1999 Growing government budget surpluses combined with growing trade deficits have generated record private sector deficits. Unless households continue to reduce their saving—creating an increasingly unsustainable debt burden—the impetus that has...more Publication -
Working Paper No. 268
Risk Reduction in the New Financial Architecture
April 01, 1999 Five times in a decade not yet completed, financial markets have floated to the edge of a whirlpool. In October 1998, they were about to drown when Alan Greenspan threw...more Publication -
Policy Note No. 3
Surplus Mania
March 01, 1999 A federal government surplus has finally been achieved, and it has been met with pronouncements that it is a great gift for the future and with arguments about what to...more Publication -
Public Policy Brief No. 51
Small Business and Welfare Reform
March 01, 1999 The Levy Institute conducted a survey of small businesses to elicit information about their hiring and employment practices, especially the hiring of former welfare recipients; preferences regarding education, training, and...more Publication -
Working Paper No. 267
The Minimum Wage and Regional Wage Structure
March 01, 1999 When the minimum wage was first enacted in 1938, the fiercest opposition came from the South, where wages were considerably lower that in the industrial North. Today, that opposition is...more Publication -
Working Paper No. 266
Minsky’s Analysis, the European Single Currency, and the Global Financial System
March 01, 1999 The paper begins with a brief review of the main ideas associated with Hyman Minsky and their implications for economic policy and the achievement of full employment. There is a...more Publication -
Working Paper No. 265
Real Exchange Rates and the International Mobility of Capital
March 01, 1999 This paper demonstrates that the terms of trade are determined by the equalization of profit rates across international regulating capitals, for socially determined national real wages. This provides a classical/Marxian...more Publication -
Policy Note No. 2
The Emperor Has No Clothes
February 01, 1999 If you were to write yourself IOUs to provide for your retirement and put them in a safety deposit box, would you rest comfortably, assured that you would be able...more Publication -
Public Policy Brief No. 50
Public Employment and Economic Flexibility
February 01, 1999 Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in...more Publication -
Working Paper No. 264
Further Evidence on the Distributional Effects of Disinflationary Monetary Policy
February 01, 1999 The performance of the United States’ economy between 1994 and 1998 was so good that some pundits began to call for the Federal Reserve to increase interest rates to depress...more Publication