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Book Series
Money in Motion
In its analysis of money, contemporary economics has focused on money’s function as a store of value, neglecting its role as a medium of circulation. When circulation is put center stage, it becomes apparent that the supply of money does indeed adapt to the needs of trade, and it does so in myriad ways that […]
Public Policy Brief No. 25
Capital Gains Taxes and Economic Growth
This brief assesses the effect of a capital gains tax cut on firms’ decisions to undertake new investment projects and the possible effect of such projects on economic growth and employment. The authors’ analysis takes into account such factors as projects’ degree of uncertainty, investors’ degree of risk aversion, whether capital gains losses are deductible […]
Working Paper No. 156
Understanding the 1994 Election
The change in the composition of Congress resulting from the 1994 election was viewed by some Republicans as a “triumph of conservatism over the perceived abuses of liberalism.” In this working paper, Resident Scholar Oren Levin-Waldman examines polling data to explore whether the rejection of Congressional incumbents was a function of their perceived corruption or […]
Working Paper No. 155
Uncertainty and the Institutional Structure of Capitalist Economies
In this new working paper, Distinguished Scholar Hyman P. Minsky points out that capitalism in the United States is an evolving construct that recently entered a new stage: “money manager” capitalism. In money manager capitalism, nearly all businesses are organized as corporations, pension and mutual funds are the predominant owners of financial assets, and managers […]
Report No. 2
Report April 1996
Highlights of this issue are a synopsis of the Levy Institute symposium on the globalization of financial markets, a summary of Clair Brown’s lecture on standard of living indexes for American families, and an interview with Edward V. Regan, chairman of the Municipal Assistance Corporation. Contents: Lecture Series: Clair Brown: American Standards of Living * […]
Public Policy Brief No. 24
Revisiting Bretton Woods
Raymond F. Mikesell outlines the activities of the International Monetary Fund (IMF) and the World Bank over the course of their history and evaluates the organizations’ success in meeting their original and subsequent goals. He analyzes the debate over the IMF’s role in managing the international monetary system, managing currency crises, and providing credit to […]
Working Paper No. 154
Unemployment, Inflation, and the Job Structure
In this working paper, James K. Galbraith rejects the analytical construct within which many economists currently operate—that is, the construct in which, in the extreme, macroeconomic behavior is identical to the behavior reflected in microeconomic demand and supply curves. He rejects it on the theoretical and practical grounds that microeconomic categories (supply, demand, price, and […]
Summary No. 3
Summary Summer 1996
In this issue: a series of working papers growing out of the symposium “Global Capital Flows in Economic Development,” sponsored by the Levy Institute and UNCTAD; a summary of the annual conference on employment; and a summary of the sixth annual conference on reconstituting the financial structure. Contents: Conferences: The Employment Act of 1946: 50 […]
Summary No. 2
Summary Spring 1996
New Working Papers in the research program on employment and labor market structure address nonparticipation in welfare programs by the working poor, trends in workplace skill requirements, and a structural approach to wage determination. A series of papers focusing on federal buget policy includes an analysis of biennial budgeting. Contents: New Working Papers: The Working […]
Working Paper No. 153
Technology and the Demand for Skills
In this working paper Research Associate Edward N. Wolff documents changes during the period 1950–90 in aggregate skill levels of the workplace. Wolff investigates skill trends at the sectoral level, paying special attention to changes in skill requirements in service and goods-producing sectors, and examines the role of technological change in changing the demand for […]
Working Paper No. 152
Reforming Unemployment Insurance
In this working paper Resident Research Associate Oren M. Levin-Waldman builds on earlier work (see Working Paper No. 140) to argue that the unemployment insurance (UI) system is in need of reform. At a minimum, Levin-Waldman states, the system “needs to be tightened in such a way that it results in fewer layoffs.” In addition, […]
Working Paper No. 151
The Working Poor and Welfare Recipiency
Many participants in the current welfare debate assume that welfare recipients are taking unfair advantage of government programs by avoiding work. However, a growing body of research indicates that this assumption is untrue. In this working paper, Resident Scholar Marlene Kim and Thanos Mergoupis, of the Department of Economics at Rutgers University, show that many […]