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Policy Note No. 5How 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 -
Working Paper No. 270Can Social Security Be Saved?
May 01, 1999 The first part of this paper is an overview of projections of Social Security’s future and an explanation of why the projections have led many to believe there is a...more Publication -
Working Paper No. 268
Risk Reduction in the New Financial Architecture
April 01, 1999 Five times in a decade not yet completed, financial markets have floated to the edge of a whirlpool. In October 1998, they were about to drown when Alan Greenspan threw...more Publication -
Policy Note No. 4
Can Goldilocks Survive?
April 01, 1999 Growing government budget surpluses combined with growing trade deficits have generated record private sector deficits. Unless households continue to reduce their saving—creating an increasingly unsustainable debt burden—the impetus that has...more Publication -
Policy Note No. 3
Surplus Mania
March 01, 1999 A federal government surplus has finally been achieved, and it has been met with pronouncements that it is a great gift for the future and with arguments about what to...more Publication -
Public Policy Brief No. 51Small Business and Welfare Reform
March 01, 1999 The Levy Institute conducted a survey of small businesses to elicit information about their hiring and employment practices, especially the hiring of former welfare recipients; preferences regarding education, training, and...more Publication -
Working Paper No. 267
The Minimum Wage and Regional Wage Structure
March 01, 1999 When the minimum wage was first enacted in 1938, the fiercest opposition came from the South, where wages were considerably lower that in the industrial North. Today, that opposition is...more Publication -
Working Paper No. 266
Minsky’s Analysis, the European Single Currency, and the Global Financial System
March 01, 1999 The paper begins with a brief review of the main ideas associated with Hyman Minsky and their implications for economic policy and the achievement of full employment. There is a...more Publication -
Working Paper No. 265
Real Exchange Rates and the International Mobility of Capital
March 01, 1999 This paper demonstrates that the terms of trade are determined by the equalization of profit rates across international regulating capitals, for socially determined national real wages. This provides a classical/Marxian...more Publication -
Policy Note No. 2
The Emperor Has No Clothes
February 01, 1999 If you were to write yourself IOUs to provide for your retirement and put them in a safety deposit box, would you rest comfortably, assured that you would be able...more Publication -
Public Policy Brief No. 50
Public Employment and Economic Flexibility
February 01, 1999 Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in...more Publication -
Working Paper No. 264
Further Evidence on the Distributional Effects of Disinflationary Monetary Policy
February 01, 1999 The performance of the United States’ economy between 1994 and 1998 was so good that some pundits began to call for the Federal Reserve to increase interest rates to depress...more Publication -
Working Paper No. 263
From Common Market to EMU
February 01, 1999 This paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of...more Publication -
Working Paper No. 261
Theories of Value and the Monetary Theory of Production
January 01, 1999 This paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed...more Publication -
Policy Note No. 1
How Negative Can US Saving Get?
January 01, 1999 In 1998 the volume of private spending in the United States rose by almost twice the increase in disposable income. The impact of this excess private spending financed by increased...more Publication -
Strategic AnalysisSeven Unsustainable Processes
January 01, 1999 The purpose of this Strategic Analysis is not to make short-term predictions about the life expectancy of the current economic expansion in the United States, but to determine if the...more Publication -
Working Paper No. 262
The 1966 Financial Crisis
January 01, 1999 The so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis and one that required the first important intervention by the Federal Reserve Bank....more Publication -
Public Policy Brief No. 49
Corporate Governance in Germany
December 10, 1998 The postwar system of corporate governance in Germany is being threatened by the failure of some industries to maintain their competitive position (with resulting significant job losses) and pressures for...more Publication -
Public Policy Brief No. 48
Japanese Corporate Governance and Strategy
December 09, 1998 Despite the crisis in the Japanese financial sector, prolonged recession, and competitive challenges, Japan’s formidable productive system remains strong. Nevertheless, the system of corporate governance, which has pursued a strategy...more Publication -
Public Policy Brief No. 47
Regulating HMOs
December 09, 1998 HMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation...more Publication -
Working Paper No. 260
Government Spending and Growth Cycles
December 01, 1998 In this paper the impact of fiscal policy is analyzed within the context of an endogenous growth and cycles model. The investigation shows the different situations in which government expenditure...more Publication -
Working Paper No. 259
Constructing Long and Dense Time-Series of Inequality Using the Theil Index
December 01, 1998 Year-to-year economy-wide measures of income distribution, such as the Gini coefficient, are rarely available for long periods except in a few developed countries, and as a result few analyses of...more Publication -
Working Paper No. 258
(Full) Employment Policy
December 01, 1998 In 1998, the United States’ unemployment rate was at its lowest level since the late 1960s. Yet the nation’s employment problem is still far from solved. Although many economists assume...more Publication -
Public Policy Brief No. 46
Self-Reliance and Poverty
November 08, 1998 The United States’ official poverty measure defines the poor in terms of a family’s actual, yearly cash income relative to an estimate of the income needed to sustain a minimally...more Publication