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Working Paper No. 673Effective Demand in the Recent Evolution of the US Economy
June 13, 2011 We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR...more Publication -
Working Paper No. 672
Income Distribution in a Monetary Economy
May 27, 2011 The paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by...more Publication -
Working Paper No. 671
Public Job-creation Programs: The Economic Benefits of Investing in Social Care
May 19, 2011 This paper demonstrates the strong impacts that public job creation in social care provisioning has on employment creation. Furthermore, it shows that mobilizing underutilized domestic labor resources and targeting them...more Publication -
Working Paper No. 670
The Product Space
May 18, 2011 In this paper we look at the economic development of Sub-Saharan Africa (SSA) in the context of structural transformation. We use Hidalgo et al.’s (2007) concept of product space to show the...more Publication -
One-Pager No. 9Did Problems with SSDI Cause the Output-Jobs Disconnect?
May 17, 2011 The slow recovery of the job market after the recessions of 2001 and 2007–09 has fostered concerns that the link between output growth and job creation has been severed. Between...more Publication -
Working Paper No. 669
Race, Power, and the Subprime/Foreclosure Crisis
May 17, 2011 Economists’ principal explanations of the subprime crisis differ from those developed by noneconomists in that the latter see it as rooted in the US legacy of racial/ethnic inequality, and especially...more Publication -
Policy Note No. 4Was Keynes’s Monetary Policy, Ã Outrance in the Treatise, a Forerunnner of ZIRP and QE? Did He Change His Mind in the General Theory?
May 12, 2011 At the end of 1930, as the 1929 US stock market crash was starting to have an impact on the real economy in the form of falling commodity prices, falling...more Publication -
Policy Note No. 4
Μια ανάλυση της εξέλιξης των απόψεων του Κέινς για τη νομισματική πολιτική—από τη «Πραγματεία για το Χρήμα» στη «Γενική Θεωρία»
May 12, 2011 Προς το τέλος του 1930, καθώς το κραχ του Χρηματιστηρίου της Νέας Υόρκης το 1929 είχε αρχίσει να έχει αντίκτυπο στην πραγματική οικονομία των ΗΠΑ πτώση στις τιμές των εμπορευμάτων,...more Publication -
Policy Note No. 3
A Modest Proposal for Overcoming the Euro Crisis
May 12, 2011 This “Modest Proposal” by authors Varoufakis and Holland outlines a three-pronged, comprehensive solution to the eurozone crisis that simultaneously addresses the three main dimensions of the current crisis in the...more Publication -
BlogDid problems with SSDI cause the Output-Jobs Disconnect?
May 06, 2011 In a New York Times blog, Nancy Folbre recently discussed the alarming disconnect between economic growth and job creation in the United States. While the economy has been growing since the Great Recession’s end in 2009, the employment rate remains stuck at its December 2009 level of 58 percent. This percentage had reached 65 percent [...] Blog -
Policy Note No. 2
Is the Federal Debt Unsustainable?
May 04, 2011 By general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But...more Publication -
Working Paper No. 668
The Freedom Budget at 45
May 02, 2011 Forty-five years ago, the A. Philip Randolph Institute issued “The Freedom Budget,” in which a program for economic transformation was proposed that included a job guarantee for everyone ready and...more Publication -
Blog
Is Stockman right about deficits, after all?
April 25, 2011 Many Americans interested in economics will recall David Stockman as the controversial White House budget director who swam against a tide of increasing deficits during Ronald Reagan’s administration in the first half of the 1980s. Ultimately, while Reagan supported many high-profile cuts to social benefits and regulatory budgets, he vastly increased military spending and cut [...] Blog -
Blog
Who has the lowest labor costs?
April 23, 2011 (Clicking on picture will make it larger.) Floyd Norris has an interesting column in this morning’s New York Times. Earlier this week, I was getting ready with some observations similar to his, though I am sure I could not have done as good a job as he has in getting across the gist of the [...] Blog -
Working Paper No. 667
The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
April 20, 2011 We construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI...more Publication -
Working Paper No. 666
Hegemonic Currencies during the Crisis
April 20, 2011 This paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because...more Publication -
Blog
20th Annual Hyman P. Minsky Conference about to begin!
April 13, 2011 Many Levy Institute scholars and staff members are in New York City for this year’s conference on the late Institute scholar and author. Breakfast should be ending now, with the conference about to begin. The conference’s theme is “financial reform and the real economy.” More information about the conference, including the program, are available at [...] Blog -
Research Project ReportMinsky on the Reregulation and Restructuring of the Financial System
April 12, 2011 This monograph is part of the Institute’s ongoing research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. This program’s purpose is...more Publication -
Public Policy Brief No. 118Will the Recovery Continue?
April 11, 2011 In this brief, Research Scholar Greg Hannsgen and President Dimitri B. Papadimitriou focus on the risks and possibilities ahead for the US economy. Using a Keynesian approach and drawing from...more Publication -
Blog
How much food will a week’s earnings buy?
April 06, 2011 (Click graph to expand.) Recent months have seen double-digit increases in energy prices and the prices of many important agricultural commodities. Because of the recent inflation in various raw materials, fuels, and foods, many ordinary Americans have been finding it increasingly difficult to afford basic necessities. The figure above shows just how severe this trend [...] Blog -
Public Policy Brief No. 117
It’s Time to Rein In the Fed
April 05, 2011 Scott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis...more Publication -
Working Paper No. 665
Causes of Financial Instability
April 04, 2011 Given the economy’s complex behavior and sudden transitions as evidenced in the 2007–08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice dominated by DSGE models....more Publication -
Blog
How many Americas are there?
April 04, 2011 The new edition of The Atlantic contains this interesting map, showing how changing median incomes and demographics have divided the United States into 12 distinct geographic areas, each contributing to an overall picture of increasing economic inequality. (It may be helpful to use your browser’s “zoom” feature as you look at the map.) For example, [...] Blog -
Working Paper No. 664
Can Portugal Escape Stagnation without Opting Out from the Eurozone?
March 31, 2011 The creation of the Economic and Monetary Union (EMU) has not brought significant gains to the Portuguese economy in terms of real convergence with wealthier eurozone countries. We analyze the...more Publication