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Policy Note No. 4A Crisis in Coordination and Competence
April 08, 2009 The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale...more Publication -
Working Paper No. 560The Social and Economic Importance of Full Employment
April 06, 2009 Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults:...more Publication -
Strategic AnalysisA “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
April 02, 2009 In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of...more Publication -
Working Paper No. 559
Labor-market Performance in the OECD
April 02, 2009 In this paper we assess the evolution of labor-market performance in the Organisation for Economic Co-operation and Development (OECD) over the last decade. We provide a survey of the literature...more Publication -
Working Paper No. 558
Managing the Impact of Volatility in International Capital Markets in an Uncertain World
April 01, 2009 International financial flows are the propagation mechanism for transmitting financial instability across borders; they are also the source of unsustainable external debt. Managing volatility thus requires institutions that promote domestic...more Publication -
Policy Note No. 3
An Assessment of the Credit Crisis Solutions
March 27, 2009 All of the various schemes that have been put forward to resolve the current credit crisis follow either the “business as usual” or the “good bank” model. The “business as...more Publication -
Policy Note No. 2
What Role for Central Banks in View of the Current Crisis?
March 25, 2009 Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are...more Publication -
Working Paper No. 557
Background Considerations to a Regulation of the US Financial System
March 19, 2009 United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated...more Publication -
Public Policy Brief No. 99The Return of Big Government: Policy Advice for President Obama
March 09, 2009 In the current global financial crisis, economists and policymakers have reembraced Big Government as a means of preventing the reoccurrence of a debt-deflation depression. The danger, however, is that policy...more Publication -
Public Policy Brief No. 98
The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare
February 19, 2009 The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to “intergenerational accounting”—which purports to calculate the debt burden our generation will leave for future generations—and...more Publication -
Research Project ReportWhat Are the Long-Term Trends in Intergroup Economic Disparities?
February 19, 2009 Over the last half century, government policy has had an important hand in alleviating disparities among population subgroups in the United States; for example, special tax treatment for families with...more Publication -
Research Project Report
Postwar Trends in Economic Well-Being in the United States,1959–2004
February 03, 2009 The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household...more Publication -
Working Paper No. 556
Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004
January 29, 2009 The motivation to construct the LIMEW in lieu of relying on the official measures of well-being is to provide a more comprehensive measure of economic inequality that will also show...more Publication -
Public Policy Brief No. 97
After the Bust
January 29, 2009 “Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to Research Associate Thomas Palley, the...more Publication -
Working Paper No. 555
Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia
January 27, 2009 This paper explores the significance of Islamic banking in Malaysia for stability in the country’s economy as a whole. Neither conventional theory nor Islamic economics puts forward a systematic explanation...more Publication -
Working Paper No. 554
Macroeconomic Imbalances in the United States and Their Impact on the International Financial System
January 26, 2009 The argument put forward in this paper is twofold. First, the financial crisis of 2007–08 was made global by the current account deficit in the United States; and second, there...more Publication -
Policy Note No. 1
Obama’s Job Creation Promise
January 22, 2009 Job creation is once again at the forefront of policy action, and for advocates of pro-employment policies, President Obama’s Keynesian bent is a most welcome change. However, there are concerns...more Publication -
Strategic Analysis
Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years
January 06, 2009 The Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s...more Publication -
Strategic Analysis
Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve
December 24, 2008 The economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone....more Publication -
Working Paper No. 553
Insuring Against Private Capital Flows
December 22, 2008 Following an analysis of the forces behind the “global capital flows paradox” observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of...more Publication -
Working Paper No. 552
Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis
December 16, 2008 This study proposes a simple modification to a Social Accounting Matrix (SAM) in order to analyze the multiplier effects of a new sector. A different input composition, or technology, of...more Publication -
Working Paper No. 551
Small Is Beautiful
December 02, 2008 This paper examines the relationship between farm size and yield per acre in Turkey using heretofore untapped data from a 2002 farm-level survey of 5,003 rural households. After controlling for...more Publication -
Working Paper No. 550
An Empirical Analysis of Gender Bias in Education Spending in Paraguay
November 20, 2008 Gender affects household spending in two areas that have been widely studied in the literature. One strand documents that greater female bargaining power within households results in a variety of...more Publication -
Working Paper No. 549
Excess Capital and Liquidity Management
November 14, 2008 These notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains....more Publication