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  Policy Notes No. 10

  Social Security Privatization

  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 future of Social Security?
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  Working Paper No. 281

  Open Economy Macroeconomics Using Models of Closed Systems

  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 and flow accounts and can be used to generate numerical simulations of the way in which of the whole system evolves through time on various […]
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  Working Paper No. 280

  The Rhetorical Evolution of the Minimum Wage

  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 macroeconomic policy, the goals of which were to achieve greater efficiency and in some case economic development. In recent years, the rhetoric has narrowed to […]
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  Working Paper No. 279

  Monetary Policy in an Era of Capital Market Inflation

  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 leads to increased fragility of banking and undermines monetary policy and stable relationships between short- and long-term interests rates, such as that postulated by Keynes […]
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  Policy Notes No. 9

  1999 Levy Institute Survey of Small Business

  Modest sales expectations and limited access to bank credit may be curtailing small businesses’ plans for hiring and capital investment.
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  Press Release

  Levy Institute Conference Examines Economic Inequality

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  Policy Notes No. 8

  More Pain, No Gain

  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 of reduced benefits.
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  Public Policy Brief Highlight No. 55

  Does Social Security Need Saving?

  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 between Social Security revenues and expenditures would not constitute a “crisis” and could be eliminated with relatively simple adjustments when it occurs. The real issue […]
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  Press Release

  Levy Institute Report Finds Economic Underpinnings of the “Goldilocks Economy” Are Unsustainable

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  Public Policy Brief No. 55

  Does Social Security Need Saving?

  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 between Social Security revenues and expenditures would not constitute a “crisis” and could be eliminated with relatively simple adjustments when it occurs. The real issue […]
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  Press Release

  Is the Social Security System Really Facing a Crisis?

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  Working Paper No. 278

  Minsky and the Mainstream

  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 research began to explore the role of finance in firm and consumer behavior. This paper examines the extent to which this recent mainstream research captures […]