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  Report No. 1

  Report February 1998

  The Asian financial crisis has indeed brought the globalization of financial markets home to policymakers, academics, and the American public. In his editorial, Visiting Senior Scholar Jan Kregel questions the appropriateness of IMF policies in managing recent crises and also calls for democratic accountability in an institution of global financial governance. Contents: The Levy Report […]
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  Press Release

  Investment in Innovation Is Key to Competitiveness and Sustained Prosperity

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  Working Paper No. 225

  The Development and Reform of the Modern International Financial System

  The international financial system might be said to be in crisis. It requires frequent intervention by central banks and other national and international bodies to reduce fluctuations of currencies. It does not tend to eliminate current account deficits or surpluses; exchange rate fluctuations do not lead to movements toward balanced trade, nor do they appear […]
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  Working Paper No. 224

  The Diagnostic Imaging Equipment Industry

  While diagnostic imaging equipment is not by any means a typical industry, it offers an example of a rapidly changing, high technology sector—the kind of industry in which, according to many observers, United States manufacturers ought to excel. And indeed, for most of the 100-year history of this industry, American producers have led the field, […]
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  Working Paper No. 223

  The Kaleckian Analysis and the New Millennium

  Visiting Scholar Malcolm Sawyer, of the University of Leeds, commemorates Michal Kalecki’s 100th birthday by considering how Kalecki’s macroeconomic analysis of developed capitalist economies should be adapted in light of the institutional changes that have occurred since he did his major work. Sawyer believes that although Kalecki’s reputation rests on his theoretical work, his theorizing […]
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  Working Paper No. 222

  Money and Taxes

  Senior Scholar L. Randall Wray traces the development of the chartalist approach to money from Adam Smith, Georg Friedrich Knapp, and John Maynard Keynes to the later theorists, including Hyman Minsky, Abba Lerner, and Kenneth Boulding, who follow the endogenous money approach.
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  Policy Notes No. 1

  Welfare Graduates

  Are the effects of college-level education on income and financial independence positive enough to make it worthwhile for states to extend support to qualified welfare recipients to enable them to pursue such education? Welfare reform around the country has tended to focus on immediate work experience as a means to achieve financial independence. While many […]
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  Summary No. 4

  Summary Fall 1998

  In this issue, a new Working Paper by Research Associates William J. Baumol and Edward N. Wolff finds a relationship between accelerating technological change and increased duration of unemployment. Contents: Speed of Technical Progress and Length of the Average Interjob Period · “Inability to Be Self-reliant” as an Indicator of Poverty · Symposium: Is There […]
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  Summary No. 3

  Summary Summer 1998

  The fragility of the international financial system continues as a topic of discussion in worldwide policy circles. Alice Rivlin, Martin Mayer, Jan Kregel, and others discuss the causes of and recovery from the Asian crisis in remarks at a Levy Institute conference and in working papers. Contents: New Working Papers: The Political Economy of Corporate […]
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  Summary No. 2

  Summary Spring 1998

  Of special interest in this issue is a summation of a congressional policy briefing by Wynne Godley and Jan Kregel. Also of note are summaries of working papers on an assessment of the contributions of Hyman Minsky to economic theory, the relevance of Kaleckian analysis to today’s capitalist economies, and policy formulation as a discovery […]
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  Summary No. 1

  Summary Winter 1997–1998

  Scholars take different approaches to the questions of the possibility and desirability of attaining full employment. Barry Bluestone and Stephen Rose explore the effects of labor market slack on the inflation-unemployment trade-off, Malcom Sawyer and Philip Arestis advocate a return to Keynesian policies to secure full employment, and Beth Almeida looks to corporate strategies to […]
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  Public Policy Brief No. 38

  Who Pays for Disinflation?

  Using theoretical predictions, econometric results, and the example of the Volcker disinflation, Willem Thorbecke establishes that through disinflation’s burden on the durable goods and construction industries, small firms, and low-wage workers and its benefits to bond market investors, it effects a redistribution of wealth from the poor to the rich. Because of this distributional consequence, […]