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Working Paper No. 243State Type and Congressional Voting on the Minimum Wage
July 01, 1998 How members of Congress vote on increases in the minimum wage is a function of several factors, most notably party affiliation and constituent interest. But also among those factors is...more Publication -
Policy Note No. 6What to Do with the Surplus
June 01, 1998 Neither Congress nor the president is on the right track. Rather than protecting the surplus, we should be increasing spending and cutting taxes to contain the looming world recession. Publication -
Working Paper No. 238
The Macroeconomics of Industrial Strategy
June 01, 1998 This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasize the role of the output and investment activities...more Publication -
Public Policy Brief No. 40Overcoming America’s Infrastructure Deficit
May 02, 1998 Condemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects...more Publication -
Public Policy Brief No. 39
The Unmeasured Labor Force
May 01, 1998 Is the current labor market as tight as official statistics would seem to indicate? If incumbent workers increase their hours of work, it is irrelevant to the unemployment rate, but...more Publication -
Policy Note No. 5
The Fed Should Lower Interest Rates More
May 01, 1998 Some analysts have argued against monetary ease, fearing that it might fuel a speculative boom. Alas, given the recent substantial “market correction,” this objection may safely be put away. Publication -
Working Paper No. 237
Speed of Technical Progress and Length of the Average Interjob Period
May 01, 1998 The mean duration of unemployment approximately doubled in the United States between the early 1950s and the mid-1990s, with most of the increase occurring since the early 1970s. Using a...more Publication -
Working Paper No. 236
An Important Inconsistency at the Heart of the Standard Macroeconomic Model
May 01, 1998 The standard neoclassical model is the foundation of most mainstream macroeconomics. Its basic structure dominates the analyis of macroeconomic phenomena, the teaching of the subject, and even the formation of...more Publication -
Working Paper No. 235
East Asia Is Not Mexico
May 01, 1998 What was different about the collapse of the Asian emerging markets in 1997? The free fall of the Mexican peso and the collapse of the Mexican Bolsa produced a “Tequila...more Publication -
Working Paper No. 234
Yes, “It” Did Happen Again
April 01, 1998 The title of Visiting Senior Scholar Jan Kregel’s working paper is a reference to Hyman P. Minsky’s book Can “It” Happen Again? The Minskian “it” is the debt deflation scenario...more Publication -
Working Paper No. 233
Public Capital and Economic Growth
April 01, 1998 Empirical research largely suggests that there is a positive role for public capital and a negative role for taxation and debt, and the effectiveness of public capital depends critically on...more Publication -
Working Paper No. 232
The Asian Disease
April 01, 1998 The Asian crisis is a textbook case of the “financial instability hypothesis” first expressed in 1966 by the late Hyman P. Minsky. Minsky’s “hypothesis” was proposed to explain instability in...more Publication -
Working Paper No. 231
The Hierarchy of Money
April 01, 1998 This paper attempts to bring together several of Hyman P. Minsky’s insights in order to suggest a relationship between the state’s ability to tax and the money of the economy....more Publication -
Policy Note No. 4
Small Business and the New Welfare
April 01, 1998 To what extent have small businesses hired former welfare recipients and what might induce them to hire more? The Levy Institute conducts a national survey of small firms in many...more Publication -
Working Paper No. 230
The Romance of Assimilation?
March 01, 1998 Little research has been done on the role of intermarriage in the blending of peoples in the American past, and even less has been done on the effect of past...more Publication -
Policy Note No. 3
Small Business and the Minimum Wage
March 01, 1998 To what extent have small businesses hired former welfare recipients and what might induce them to hire more? Do small businesses change their hiring and employment practices in response to...more Publication -
Working Paper No. 229
E Pluribus Unum
March 01, 1998 Knowledge of English is near universal, and preference for that language is dominant among most immigrant nationalities. However, only a minority remain fluent in the parental languages, and there are...more Publication -
Working Paper No. 228
Education’s Hispanic Challenge
March 01, 1998 Two family characteristics are consistently associated with educational attainment: the level of education of parents and the material resources available to support the education of the children. Hispanic parents have...more Publication -
Working Paper No. 227
The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity
March 01, 1998 Before the Japanese stock market crash of 1990, Japanese industry was a phenomenal success. A recent unemployment rate of under 4 percent, although low by world standards, is the highest...more Publication -
Working Paper No. 226
The Political Economy of Corporate Governance in Germany
February 01, 1998 Research Associate Mary O’Sullivan, of INSEAD and the Center for Industrial Competitiveness at the University of Massachusetts–Lowell, is investigating systems of corporate governance to find which lead to successful decisions...more Publication -
Policy Note No. 2
How Should the Surpluses Be Spent?
February 01, 1998 The federal budget deficit is disappearing; some shadows linger, but the latest Congressional Budget Office projections put the government budget in deficit by only $5 billion in fiscal year 1998,...more Publication -
Working Paper No. 225
The Development and Reform of the Modern International Financial System
January 01, 1998 The international financial system might be said to be in crisis. It requires frequent intervention by central banks and other national and international bodies to reduce fluctuations of currencies. It...more Publication -
Working Paper No. 224
The Diagnostic Imaging Equipment Industry
January 01, 1998 While diagnostic imaging equipment is not by any means a typical industry, it offers an example of a rapidly changing, high technology sector—the kind of industry in which, according to...more Publication -
Working Paper No. 223
The Kaleckian Analysis and the New Millennium
January 01, 1998 Visiting Scholar Malcolm Sawyer, of the University of Leeds, commemorates Michal Kalecki’s 100th birthday by considering how Kalecki’s macroeconomic analysis of developed capitalist economies should be adapted in light of...more Publication