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Policy Notes No. 2
Those “D” Words
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 national debt grow without limit. The United States is already the world’s largest debtor nation, and unconstrained trade deficits are said to raise the specter […] -
Summary No. 2
Summary Spring 2004
The sharp reversal from surplus to deficit of the federal budget has prevented a deep recession, but long-term strategic economic difficulties remain. A new Strategic Analysis suggests that the government continue its substantial fiscal stimulus while enhancing the country’s international competitiveness, so as to stimulate export growth and use the domestic jobs thereby created to […] -
Press Release
Rescinding Tax Cuts Would Benefit US Economy More Than Enacting Budget Cuts, According to New Levy Institute Study
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Conference Proceedings
14th Annual Hyman P. Minsky Conference on Financial Structure
Topics at the 2004 Minsky conference included fiscal and monetary policies for the expansion of national economies as well as the global economy; exchange rate misalignments resulting from “brutal” gyrations in the currency markets, and their possible cures; and trade and capital flows as they might impinge upon the conduct of monetary and fiscal policies. […] -
Press Release
Official Measures Underestimate US Poverty Rates by Ignoring Asset and Wealth Levels, New Levy Study Asserts
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Public Policy Brief Highlight No. 76
Asset Poverty in the United States
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 official, income-based poverty measure, which exhibited a sharp decline. According to Senior Scholar Edward N. Wolff and Research Scholar Asena Caner, poverty measures should include […] -
Working Paper No. 405
Some Simple, Consistent Models of the Monetary Circuit
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 many authors who adopt this approach can be solved by integrating a simple Circuit model with a consistent set of stock-flow accounts. We then discuss […] -
Working Paper No. 404
The “War on Poverty” after 40 Years
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 advocacy of the “employer of last resort” as part of his “big government” intervention to help maintain stability. However, very little research has been undertaken […] -
Public Policy Brief No. 76
Asset Poverty in the United States
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 official, income-based poverty measure, which exhibited a sharp decline. According to Senior Scholar Edward N. Wolff and Research Scholar Asena Caner, poverty measures should include […] -
Policy Notes No. 1
Inflation Targeting and the Natural Rate of Unemployment
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 targeting. One notable exception is the United States, where the Federal Reserve has a dual mandate to pursue both price stability and full employment. Some […] -
Strategic Analysis
Is Deficit-financed Growth Limited?
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 also warned that when these trends were reversed, as has happened in other countries, the expansion would come to a halt unless there were major […] -
Press Release
Leading Policymakers and Economists to Explore Economic Recovery at Levy Institute Conference April 23–24