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BlogWas the crisis a crime?
May 06, 2010 (This is the testimony of Levy Institute Senior Scholar James K. Galbraith before the Senate Subcommittee on Crime, Senate Judiciary Committee, May 4, 2010.) Chairman Specter, Ranking Member Graham, Members of the Subcommittee, as a former member of the congressional staff it is a pleasure to submit this statement for your record. I write to [...] Blog -
Working Paper No. 592The Global Financial Crisis and a New Capitalism?
May 06, 2010 The 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the...more Publication -
Blog
What would Minsky say?
April 30, 2010 There is nothing lovable about Goldman Sachs, and its recent grilling by the ominously named Senate Permanent Subcommittee on Investigations understandably drew a lot of attention. We should not, however, obscure the reality. Goldman Sachs is a bank, and except for questions about the Abacus deal, in which it’s accused of disclosure failings, Goldman was [...] Blog -
Working Paper No. 591
Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring†Emerging Market Economies
March 18, 2010 This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through...more Publication -
Public Policy Brief No. 110Toward True Health Care Reform: More Care, Less Insurance
March 18, 2010 The United States has the most expensive health care system in the world, yet its system produces inferior outcomes relative to those in other countries. This brief examines the health...more Publication -
Working Paper No. 590
Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
March 10, 2010 Despite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage...more Publication -
Public Policy Brief No. 109
The Trouble with Pensions
March 10, 2010 Pension funds have taken a big hit during the current financial crisis, with losses in the trillions of dollars. In addition, both private and public pensions are experiencing significant funding...more Publication -
Strategic AnalysisGetting Out of the Recession?
March 10, 2010 Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal...more Publication -
Working Paper No. 589
Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007
March 09, 2010 I find here that the early and mid-aughts (2001 to 2007) witnessed both exploding debt and a consequent “middle-class squeeze.” Median wealth grew briskly in the late 1990s. It grew...more Publication -
Working Paper No. 588
Decomposition of the Black-White Wage Differential in the Physician Market
March 08, 2010 This paper proposes a difference-in-differences strategy to decompose the contributions of various types of discrimination to the black-white wage differential. The proposed estimation strategy is implemented using data from the...more Publication -
Working Paper No. 587
The Global Financial Crisis and the Shift to Shadow Banking
February 19, 2010 While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that...more Publication -
Working Paper No. 586
Is This the Minsky Moment for Reform of Financial Regulation?
February 18, 2010 The current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the...more Publication -
Working Paper No. 585
Is Reregulation of the Financial System an Oxymoron?
February 12, 2010 The extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the United States financial system. However, that reregulation has been slow...more Publication -
Working Paper No. 584
The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
February 03, 2010 This paper investigates the United States dollar’s role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007–09,...more Publication -
Public Policy Brief No. 108
Why President Obama Should Care About “Care”: An Effective and Equitable Investment Strategy for Job Creation
February 01, 2010 In his State of the Union address President Obama acknowledged that “our most urgent task is job creation”—that a move toward full employment will lay the foundation for long-term economic...more Publication -
Public Policy Brief No. 107
No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
January 22, 2010 The purpose of the 1933 Banking Act—aka Glass-Steagall—was to prevent the exposure of commercial banks to the risks of investment banking and to ensure stability of the financial system. A...more Publication -
Policy Note No. 11Observations on the Problem of “Too Big to Fail/Save/Resolve”
December 22, 2009 Past experience suggests that multifunctional banking is the leading source of financial crisis, while large bank size contributes to contagion and systemic risk. This indicates that resolving large banks will...more Publication -
Strategic Analysis
Sustaining Recovery: Medium-term Prospects and Policies for the US Economy
December 03, 2009 Though recent market activity and housing reports give some warrant for optimism, United States economic growth was only 2.8 percent in the third quarter, and the unemployment rate is still...more Publication -
Public Policy Brief No. 106
Can Euroland Survive?
November 17, 2009 Social unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this...more Publication -
Research Project ReportHas Progress Been Made in Alleviating Racial Economic Inequality?
November 16, 2009 Reports of a postracial society may be premature. Studies continue to show wide racial gaps in income and, especially, wealth; although there is some evidence that income gaps have shrunk...more Publication -
Working Paper No. 583
The Euro and Its Guardian of Stability
November 08, 2009 This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks,...more Publication -
Working Paper No. 582
Minsky Moments, Russell Chickens, and Gray Swans
November 04, 2009 The recent revival of Hyman P. Minsky’s ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a...more Publication -
Public Policy Brief No. 105
It Isn’t Working: Time for More Radical Policies
October 28, 2009 The Obama administration has implemented several policies to “jump-start” the American economy—efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy...more Publication -
Policy Note No. 10
Fiscal Stimulus, Job Creation, and the Economy
October 15, 2009 As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and...more Publication