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Policy Note No. 5The Burden of Aging
July 06, 2006 Demographers and economists agree that we are aging—individually and collectively, nationally and globally. An aging population results from the twin demographic forces of fewer children per family and longer lives....more Publication -
Working Paper No. 457Why Central Banks (and Money) “Rule the Roost”
June 19, 2006 Some have argued that a significant decrease in the demand for money, due to financial innovations, could imply that central banks are unable to implement effective monetary policies. This paper...more Publication -
Working Paper No. 456
Asset Prices, Financial Fragility, and Central Banking
June 18, 2006 The paper reviews the current literature on the subject in both the New Consensus and Post Keynesian frameworks. It shows that both approaches give to central banks a wrong goal...more Publication -
Working Paper No. 455
The Minskyan System, Part III
June 17, 2006 This is the last part of a three-part analysis of the Minskyan Framework. The paper presents a model that studies some of the features presented in Parts I and II....more Publication -
Working Paper No. 454
How Does Household Production Affect Earnings Inequality?
June 12, 2006 Although income inequality has been studied extensively, relatively little attention has been paid to the role of household production. Economic theory predicts that households with less money income will produce...more Publication -
Public Policy Brief No. 85The Fallacy of the Revised Bretton Woods Hypothesis
June 11, 2006 The stability of the international financial system is in doubt. Analysis of the system has focused mainly on the sustainability of financing the American trade deficit and has failed to...more Publication -
Working Paper No. 453
The Minskyan System, Part II
June 09, 2006 This is the second part of a three-part analysis of the Minskyan framework. It studies in detail the dynamics at the root of the endogenous financial weakening of capitalist economic...more Publication -
Working Paper No. 452
The Minskyan System, Part I
June 08, 2006 This is the first part of a three-part analysis of the Minskyan framework. Via an extensive review of the literature, this paper looks at 12 essential elements necessary to get...more Publication -
Working Paper No. 451
Time and Money
May 25, 2006 Time and money are basic commodities in the utility function and are substitutes in real terms. To a certain extent, having time and money is a matter of either/or, depending...more Publication -
Working Paper No. 450
Extending Minsky’s Classifications of Fragility to Government and the Open Economy
May 24, 2006 Minsky’s classification of fragility according to hedge, speculative, and Ponzi positions is well-known. He wrote about fragile positions of individual firms and of the economy as a whole, with the...more Publication -
Working Paper No. 449
The Temporal Welfare State: A Cross-national Comparison
May 23, 2006 Welfare states contribute to people’s well-being in many different ways. Bringing all these contributions under a common metric is tricky. Here we propose doing so through the notion of “temporal...more Publication -
Working Paper No. 448
Gibson’s Paradox II
May 22, 2006 The Gibson paradox, long observed by economists and named by John Maynard Keynes (1936), is a positive relationship between the interest rate and the price level. This paper explains the...more Publication -
Public Policy Brief No. 84
Can Basel II Enhance Financial Stability?
May 20, 2006 Even as the United States enjoys an economic expansion, there is an undercurrent of concern among economic analysts who follow financial markets. Some feel that the expansion of the credit...more Publication -
Strategic AnalysisCan the Growth in the US Current Account Deficit Be Sustained?
May 18, 2006 Can the growth in the current account deficit be sustained? How does the flow of deficits feed the stock of debt? How will the burden of servicing this debt affect...more Publication -
Working Paper No. 447
Household Wealth and the Measurement of Economic Well-Being in the United States
May 03, 2006 The standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial...more Publication -
Working Paper No. 446
Feminist-Kaleckian Macroeconomic Policy for Developing Countries
May 01, 2006 This paper reviews evidence of the gender effects of globalization in developing economies. It then outlines a set of macroeconomic and trade policies to promote gender equity. The evidence suggests...more Publication -
Policy Note No. 4
Debt and Lending
April 30, 2006 Many papers published by the Levy Institute during the last few years have emphasized that the American economy has relied too much on the growth of lending to the private...more Publication -
Policy Note No. 3
Twin Deficits and Sustainability
April 17, 2006 In the mid-to-late 1980s, the American economy simultaneously produced—for the first time in the postwar period—huge federal budget deficits as well as large current account deficits, together known as the...more Publication -
Working Paper No. 445
A Random Walk Down Maple Lane?
April 04, 2006 The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics. According to George Akerlof, it "set the agenda" for modern neoclassical macroeconomics....more Publication -
Working Paper No. 444
Tinbergen Rules the Taylor Rule
March 06, 2006 This paper elaborates a simple model of growth with a Taylor-like monetary policy rule that includes inflation targeting as a special case. When the inflation process originates in the product...more Publication -
Policy Note No. 2
The Fiscal Facts
February 20, 2006 Today’s federal budget deficits are a preoccupation of many American citizens and more than a few political leaders. Is the American government going bankrupt? Does our fiscal condition warrant radical...more Publication -
Working Paper No. 443
Personality and Earnings
February 20, 2006 This paper studies personality as a potential explanation for wage differentials between apparently similar workers. This follows initial studies by Jencks (1979) that suggest that certain personality traits, such as...more Publication -
Working Paper No. 442
Government Effects on the Distribution of Income
February 19, 2006 This paper is the overview chapter of an edited volume on “The Distributional Effects of Government Spending and Taxation.” The paper offers the author’s perspective on the government’s role as...more Publication -
Working Paper No. 441
Prolegomena to Realistic Monetary Macroeconomics
February 18, 2006 This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, markup pricing, et cetera) with a model of the...more Publication