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Policy Note No. 3Caring for a Large Geriatric Generation
June 01, 2003 The time has more than come to begin planning seriously for the aging of the baby-boom generation. The need for planning goes beyond concerns about the solvency of Social Security...more Publication -
Working Paper No. 382The Case for Fiscal Policy
May 01, 2003 This paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand...more Publication -
Working Paper No. 381
Reinventing Fiscal Policy
May 01, 2003 Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates...more Publication -
Working Paper No. 380
How Long Can the US Consumers Carry the Economy on Their Shoulders?
May 01, 2003 The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and...more Publication -
Working Paper No. 379
Is Europe Doomed to Stagnation?
May 01, 2003 This paper challenges the view that external shocks caused Euroland’s 2001 slowdown and subsequent stagnation. Instead, the design of Euroland’s macro policymaking arrangements is found lacking in looking after sufficient...more Publication -
Working Paper No. 378
The Conditions for Sustainable US Recovery
May 01, 2003 The anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new...more Publication -
Working Paper No. 377
Finance and Development
April 01, 2003 There are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of...more Publication -
Working Paper No. 376
Mexicans Now, Italians Then
April 01, 2003 This working paper continues earlier efforts to compare the experiences of today’s second-generation Mexican Americans with those of second-generation members of major immigrant groups of a century ago. Here the...more Publication -
Working Paper No. 375
US Workers’ Investment Decisions for Participant-directed Defined Contribution Pension Assets
March 01, 2003 Two issues may have a tremendous impact on the adequacy of retirement income for today’s workers: the growth of 401(k) pension plans and the possible privatization of Social Security. Workers...more Publication -
Strategic AnalysisThe US Economy
March 01, 2003 Right through the boom years prior to 2001, the American economy faced a strategic predicament in that the main engine of growth (credit-financed private spending) was unsustainable, from which it...more Publication -
Working Paper No. 374
The Nature and Role of Monetary Policy When Money Is Endogenous
March 01, 2003 This paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is...more Publication -
Working Paper No. 373
Does Trade Promote Gender Wage Equity?
February 01, 2003 This study explores the impact of competition from international trade on the gender wage gap in Taiwan and South Korea between 1980 and 1999. The dynamic implications of Becker’s 1959...more Publication -
Working Paper No. 372
The Levy Institute Measure of Economic Well-Being
February 01, 2003 Our measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The...more Publication -
Working Paper No. 371
Credibility of Monetary Policy in Four Accession Countries
February 01, 2003 The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov...more Publication -
Policy Note No. 2
Reforming the Euro’s Institutional Framework
February 01, 2003 The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of...more Publication -
Public Policy Brief No. 71Can Monetary Policy Affect the Real Economy?
January 04, 2003 Central bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many...more Publication -
Working Paper No. 369
On the Effectiveness of Monetary Policy and Fiscal Policy
January 01, 2003 Within the framework of macroeconomic policy and theory over the past 20 years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal...more Publication -
Policy Note No. 1
The Big Fix
January 01, 2003 Keynesian economics is back. As John Maynard Keynes stressed, total spending matters—and not who does it or for what purpose. Tax cuts and deficit spending are, therefore, on the agenda;...more Publication -
Working Paper No. 368
How Far Can US Equity Prices Fall under Asset and Debt Deflation
January 01, 2003 Equity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in...more Publication -
Working Paper No. 370
Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis
January 01, 2003 This paper examines whether, during the 1997 East Asian crisis, there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea, and Malaysia) to a number...more Publication -
Working Paper No. 367
The Persistence of Hardship over the Life Course
December 01, 2002 This paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (for...more Publication -
Working Paper No. 366
Why the Tobin Tax Can Be Stabilizing
December 01, 2002 This paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially...more Publication -
Working Paper No. 365
Is There an American Way of Aging?
December 01, 2002 This study examines income dynamics during individuals’ first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or...more Publication -
Working Paper No. 364
“New Consensus,” New Keynesianism, and the Economics of the “Third Way”
December 01, 2002 In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third...more Publication