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  Public Policy Brief Highlight No. 81

  Breaking Out of the Deficit Trap

  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 accounts are unsustainable and will ultimately present a serious challenge to the performance of the American economy. Other scholars are also concerned, but for reasons […]
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  Summary No. 2

  Summary Spring 2005

  This issue begins with a sensitivity analysis of public consumption—a major component of the Levy Institute Measure of Economic Well-Being—in relation to economic well-being in the United States. One of the notable observations contained in our report is that the distribution of public consumption is pro-rich.  
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  Working Paper No. 423

  Is More Mobility Good? Firm Mobility and the Low Wage–Low Productivity Trap

  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 negative impact of firm mobility on worker bargaining power and thus affecting wages. Downward pressure on wages can reduce the pressure on firms to raise […]
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  Research Project Report

  Interim Report

  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 2001–02. All measures show that the well-being of the average American household was significantly higher in 2000 than in 1989, with most of the improvement […]
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  Policy Notes No. 4

  Imbalances Looking for a Policy

  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 percent of GDP in the fourth quarter of 2004, and the terrible trade figures for January and February promise an even bigger deficit in the […]
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  Working Paper No. 422

  The Disutility of International Debt

  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 putting those values into the utility function. This paper tests the viability of such an approach in the context of international finance. The moral value […]
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  Policy Notes No. 3

  Is the Dollar at Risk?

  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 private consumption from falling. While it might still be too early to say that it worked, the strategy has indeed, for the time being, prevented […]
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  Conference Proceedings

  15th Annual Hyman P. Minsky Conference on the State of the US and World Economies

  Participants at the 15th Annual Hyman P. Minsky Conference offered their viewpoints on the American economy’s recovery following a short-lived recession, policy guidelines to be considered within the context of current economic trends, and the implications for both the national economy and international economies. What are the monetary and fiscal policy prescriptions for growth, employment, […]
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  Audio

  15th Annual Hyman P. Minsky Conference

  This year’s Hyman P. Minsky Conference drew upon public discussions on the state of the United States and world economies in the context of current economic trends and their implications. Topics included fiscal and monetary policies for continued growth and employment; brutal gyrations in the currency markets and the consequent exchange-rate misalignments, as well as […]
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  Press Release

  Gap Between Rich and Poor Grows in All Regions of United States Between 1989 and 2001, Says New Levy Institute Study

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  Press Release

  Levy Institute Distinguished Scholar Wynne Godley Issues Warning about Surging Trade Deficit and Private Debt

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  Working Paper No. 421

  A Simplified Stock-flow Consistent Post-Keynesian Growth Model

  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 the methodological advantages of the stock-flow consistent method, is intuitive enough to be taught at an undergraduate level. Moreover, the model can easily be made […]