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Public Policy Brief No. 79The Case for Rate Hikes
August 01, 2004 For a time, the Federal Open Market Committee (FOMC) seemed to have learned from the mistakes of the past. Instead of taking good economic performance as a sign of incipient...more Publication -
Working Paper No. 411Financial Liberalization and Poverty
July 25, 2004 Financial development and its effects on the economic development of a country has recently been one of the most prolific areas of research in the fields of development, finance, and...more Publication -
Working Paper No. 410
Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles
July 22, 2004 Many empirical studies have found that interest rate increases have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost...more Publication -
Working Paper No. 409
Assessing the ECB’s Performance since the Global Slowdown
July 01, 2004 This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding...more Publication -
Public Policy Brief No. 78
The War on Poverty after 40 Years
June 03, 2004 Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty. One group of scholars argued that the war,...more Publication -
Public Policy Brief No. 77
The Sustainability of Economic Recovery in the United States
June 02, 2004 A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States’ recovery from the 2001 recession is on a sustainable...more Publication -
Working Paper No. 408
Keynesian Theorizing during Hard Times
May 25, 2004 This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and...more Publication -
Research Project ReportLevy Institute Measure of Economic Well-Being
May 01, 2004 This report presents the latest findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. It enhances previous...more Publication -
Policy Note No. 2Those “D” Words
May 01, 2004 Recent economic commentary has been filled with “D” words: deficits, debt, deflation, depreciation. Deficits—budget and trade—are of the greatest concern and may be on an unsustainable course, as federal and...more Publication -
Working Paper No. 407
Changes in Household Wealth in the 1980s and 1990s in the US
May 01, 2004 I find that despite slow growth in income over the 1990s, there have been marked improvements in the wealth position of average families. Both mean and median wealth grew briskly...more Publication -
Working Paper No. 406
Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime
May 01, 2004 This paper investigates the (re-)establishment of central banking in West Germany after 1945 and the history of the Bundesbank Act of 1957. The main focus is on the early emphasis...more Publication -
Strategic AnalysisIs Deficit-financed Growth Limited?
April 01, 2004 Wynne Godley, our Levy Institute colleague, has warned since 1999 that the falling personal saving and rising borrowing trends that had powered the US economic expansion were not sustainable. He...more Publication -
Policy Note No. 1
Inflation Targeting and the Natural Rate of Unemployment
April 01, 2004 Inflation targeting has become an increasingly popular strategy for setting monetary policy during the last decade. While no countries had formal inflation targets before 1990, currently 22 countries use inflation...more Publication -
Working Paper No. 405
Some Simple, Consistent Models of the Monetary Circuit
April 01, 2004 We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by...more Publication -
Public Policy Brief No. 76
Asset Poverty in the United States
April 01, 2004 Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the...more Publication -
Working Paper No. 404
The “War on Poverty” after 40 Years
April 01, 2004 Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his...more Publication -
Working Paper No. 403
A Stock-flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies
February 25, 2004 This paper reviews the general tenets of "stock-flow consistent" and the "formal Minskyan" literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the...more Publication -
Research Project Report
Levy Institute Measure of Economic Well-Being
February 12, 2004 The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone...more Publication -
Working Paper No. 402
A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model
February 01, 2004 Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way,...more Publication -
Working Paper No. 401
Borrowing Alone
January 01, 2004 Over the past 20 years, finance has become commodified. Firms increasingly obtain finance from securities markets, instead of borrowing from commercial banks with which they have long-term relationships, while Fannie...more Publication -
Working Paper No. 400
Fiscal Consolidation
January 01, 2004 This paper analyzes the issues of public finance sustainability and suitability of strategies aimed at fiscal consolidation. Contrasting growth-based versus thrift-based consolidation strategies, it is argued that in the light...more Publication -
Working Paper No. 399
Does Financial Structure Matter?
January 01, 2004 We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view....more Publication -
Working Paper No. 398
Inequality of the Distribution of Personal Wealth in Germany, 1973–1998
January 01, 2004 This paper reports on trends in inequality of the distribution of household disposable wealth in West Germany from 1973 to 1998, and compares the changes in the size distribution of...more Publication -
Research Project Report
Levy Institute Measure of Economic Well-Being
December 09, 2003 The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone...more Publication