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  Public Policy Brief No. 61

  Whither the Welfare State?

  The idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers and the general public. Even though the empirical evidence that increased household saving will directly stimulate private investment and economic growth is scant, the idea […]
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  Public Policy Brief Highlight No. 61

  Whither the Welfare State?

  The idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers and the general public. Even though the empirical evidence that increased household saving will directly stimulate private investment and economic growth is scant, the idea […]
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  Working Paper No. 317

  Productivity in Manufacturing and the Length of the Working Day

  Data from the manuscript census of manufacturing are used to estimate the effects of the length of the working day on output and wages. We find that the elasticity of output with respect to daily hours worked was positive but less than one—implying diminishing returns to increases in working hours. When the annual number of […]
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  Working Paper No. 316

  Harrod versus Thirlwall

  This paper contrasts the different approaches to export-led growth used by Harrod and Thirlwall. It argues that, unlike Thirlwall’s model, Harrod emphasized the importance of both demand- and supply-sides in his analysis of growth. The fundamental difference between the two authors lies in their differing characterizations of the long run. While both authors assume unemployment, […]
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  Conference Proceedings

  The Macrodynamics of Inequality in the Industrialized and Developing Countries

  Undertaken in conjunction with the University of Texas Inequality Project and supported by the Ford Foundation, this conference afforded participants an opportunity to exchange new ideas and research results on the measurement of inequality, and the relationship between inequality and unemployment, economic growth, and economic development. The conference was held October 28–29, 2000, at the […]
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  Working Paper No. 315

  Crowding In or Crowding Out?

  This paper investigates the effects of budget deficits within a classical-Harrodian framework in a closed economy. In this framework, growth and cycles are endogenous, underutilized capacity is a recurrent phenomenon, capacity utilization fluctuates around the normal level in the long run, and unemployment is persistent. Give the normal rate of profit, the key determinant of […]
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  Working Paper No. 314

  Asset Ownership across Generations

  This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the direct transfer of dollars from parents to children. Its analysis of data from the Panel Study of Income Dynamics (PSID) reveals intergenerational correlations in asset […]
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  Working Paper No. 313

  CRA Grade Inflation

  Community Reinvestment Act of 1977 (CRA) ratings and performance evaluations are the only bank and thrift exam findings disclosed by financial institution regulators. Inflation of CRA ratings has been alleged by community activists for two decades, but there has been no quantification or empirical investigation of grade inflation. Using a unique grade inflation methodology on […]
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  Report No. 3

  Report September 2000

  As part of its research program into the causes of, and solutions to, income inequality, the Levy Institute held a conference in June 2000 on the distribution of wealth. Participants’ remarks are summarized in this issue of the Report. Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth * Workshop on Earnings Inequality […]
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  Press Release

  Levy Institute Conference Assesses Policy Implications of First Multiracial Census

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  Working Paper No. 312

  Demographic Outcomes of Ethnic Intermarriage in American History

  This paper presents a new approach to measuring the extent of intermarriage among Americans of different ethnic origins. Using Census Bureau microdata and CPS data, measurements of the rates of Italian-American intermarriages across four generations are made to demonstrate that these rates were not merely high following the immigrant generation, but that even low estimates […]
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  Working Paper No. 311

  Racial Wealth Disparities

  A vast literature in economics has examined the economic progress of African Americans during this century. Most of these studies have focused on income–or on even narrower measures of economic well-being, such as earnings–to assess the extent to which any gains made relative to other racial groups can be attributed to such factors as declining […]