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Working Paper No. 285Computers and the Wage Structure
October 01, 1999 A leading explanation for the rapid growth in wage inequality in the United States in the last 20 years, consistent with both human capital and postindustrial theories, is that advanced...more Publication -
Working Paper No. 284
The Distribution of Wages
October 01, 1999 This paper presents a non-parametric procedure to analyze the effects of different factors on observed movements in any distribution. These effects are estimated by applying kernel density methods to weighted...more Publication -
Policy Note No. 10Social Security Privatization
October 01, 1999 Would privatization yield sufficient benefits to support low-income retirees and satisfy all others? Does a focus on private management of assets take attention away from the real issues in the...more Publication -
Working Paper No. 283
Financing Long-Term Care
October 01, 1999 The nation is ill-prepared to finance the quantum jump in long-term care spending that is on its way as the baby boom ages. By default rather than by design, Medicaid...more Publication -
Working Paper No. 281
Open Economy Macroeconomics Using Models of Closed Systems
September 01, 1999 The following paper presents a series of two-country models, each of which makes up a whole world. The models are all based on a rigorous and watertight system of stock...more Publication -
Working Paper No. 280
The Rhetorical Evolution of the Minimum Wage
September 01, 1999 The concept of the minimum wage has undergone several rhetorical permutations. Originally conceived as a living wage, which would function as a family wage, it ultimately became a matter of...more Publication -
Working Paper No. 279
Monetary Policy in an Era of Capital Market Inflation
September 01, 1999 The theory of capital market inflation argues that the values of long-term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting overcapitalization of companies...more Publication -
Policy Note No. 9
1999 Levy Institute Survey of Small Business
September 01, 1999 Modest sales expectations and limited access to bank credit may be curtailing small businesses’ plans for hiring and capital investment. Publication -
Policy Note No. 8
More Pain, No Gain
August 20, 1999 Neither the Breaux plan nor President Clinton’s proposal for “saving” Social Security promises much gain, but the Breaux plan, unlike the president’s proposal, would inflict real pain in the form...more Publication -
Public Policy Brief No. 55Does Social Security Need Saving?
August 02, 1999 Projections of an impending crisis in financing Social Security depend on unduly pessimistic assumptions about basic demographic and economic variables. Moreover, even if the assumptions are accepted, the projected gap...more Publication -
Working Paper No. 278
Minsky and the Mainstream
August 01, 1999 Hyman Minsky’s research emphasized the central role of finance in modern economics at a time when finance was not important in most mainstream macroeconomic research. But in the 1980s, mainstream...more Publication -
Working Paper No. 277
Hyman Minsky’s Theory of Capitalist Development
August 01, 1999 During the last decade of his life, Hyman P. Minsky drew on insights acquired from Joseph Schumpeter in an effort to explore the long-term development of capitalism. He believed such...more Publication -
Working Paper No. 276
Lessons from the Asian Crisis
August 01, 1999 This paper presents a central banker’s perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance...more Publication -
Working Paper No. 274
The Independent European Central Bank
July 01, 1999 In this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency...more Publication -
Working Paper No. 273
Savings-Recycling Public Employment
July 01, 1999 William Vickrey’s single-minded commitment to full employment is evident in a series of papers written in the last years of his life. In these works Vickrey formulated an assets-based approach...more Publication -
Policy Note No. 7
Capital Income Taxes and Economic Performance
July 01, 1999 Tax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital...more Publication -
Working Paper No. 272
Functional Finance and Full Employment
July 01, 1999 Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen...more Publication -
Working Paper No. 271
Can Rescheduling Explain the New Jersey Minimum Wage Studies?
July 01, 1999 This paper interprets the New Jersey minimum wage studies of Card and Krueger and their critics, Neumark and Wascher, through a scheduling model. The former found an increase in the...more Publication -
Public Policy Brief No. 54
Down and Out in the United States
July 01, 1999 Despite a long period of strong economic growth, more than 28 million working-age persons were categorized by the Bureau of Labor Statistics as out of the labor force in 1998....more Publication -
Public Policy Brief No. 53
Full Employment Has Not Been Achieved
July 01, 1999 Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions...more Publication -
Public Policy Brief No. 52
Government Spending in a Growing Economy
July 01, 1999 Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of...more Publication -
Working Paper No. 275
Minsky’s Analysis of Financial Capitalism
July 01, 1999 In this paper, the authors discuss Minsky’s analysis of the evolution of one variety of capitalism—financial capitalism—which developed at the end of the nineteenth century and was the dominant form...more Publication -
Policy Note No. 6
The Minimum Wage Can Be Raised
June 01, 1999 Survey responses make it clear the minimum wage can be raised. The question now is, How high can it be raised before serious employment consequences occur? Publication -
Policy Note No. 5
How Can We Provide for the Baby Boomers in Their Old Age?
May 01, 1999 The search for the solution to the problems faced by the Social Security system should focus not on how to amend OASDI but on how best to achieve faster long-term...more Publication