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Press Release
Leading Economists and Policymakers to Discuss Ongoing Impact of the Global Financial Crisis at the Levy Economics Institute’s 20th Annual Hyman P. Minsky Conference, in New York City, April 13-15
Blog
How much food will a week’s earnings buy?
(Click graph to expand.) Recent months have seen double-digit increases in energy prices and the prices of many important agricultural commodities. Because of the recent inflation in various raw materials, fuels, and foods, many ordinary Americans have been finding it increasingly difficult to afford basic necessities. The figure above shows just how severe this trend [...]
Public Policy Brief No. 117
It’s Time to Rein In the Fed
Scott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis has highlighted the limited oversight of Congress and the limited transparency of the Fed. And since a Fed promise is ultimately a Treasury promise that […]
Working Paper No. 665
Causes of Financial Instability
Given the economy’s complex behavior and sudden transitions as evidenced in the 2007–08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice dominated by DSGE models. Their failure is commonly interpreted as a failure to incorporate heterogeneous interacting agents. This paper explains that complex behavior and sudden transitions also arise from […]
Report No. 2
Report April 2011
This issue leads off with a public policy brief by Scott Fullwiler and Senior Scholar L. Randall Wray about reining in the Federal Reserve. In addition, it includes a policy note by Research Associate Marshall Auerback about the impact of Germany exiting the eurozone and 17 working papers by Levy Institute scholars and associates, as […]
Summary No. 2
Summary Spring 2011
In this issue of the Summary, papers focus on international trade and the export baskets of China and India, the competitiveness of the eurozone, the roles of the Federal Reserve and Treasury, a reorientation of fiscal policy, a restructuring of the global financial system, the merits of capital controls, financial fragility, a theory of money, […]
Blog
How many Americas are there?
The new edition of The Atlantic contains this interesting map, showing how changing median incomes and demographics have divided the United States into 12 distinct geographic areas, each contributing to an overall picture of increasing economic inequality. (It may be helpful to use your browser’s “zoom” feature as you look at the map.) For example, [...]
Working Paper No. 664
Can Portugal Escape Stagnation without Opting Out from the Eurozone?
The creation of the Economic and Monetary Union (EMU) has not brought significant gains to the Portuguese economy in terms of real convergence with wealthier eurozone countries. We analyze the causes of the underperformance of the Portuguese economy in the last decade, discuss its growth prospects within the EMU, and make two proposals for urgent […]
Press Release
Fiscal Stimulus and Export Growth Needed for Strong US Recovery, New Levy Economics Institute Study Says
Working Paper No. 663
Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
The quality of match of four statistical matches used in the LIMEW estimates for Great Britain for 1995 and 2005 is described. The first match combines the fifth (1995) wave of the British Household Panel Survey (BHPS) with the 1995–96 Family Resources Survey (FRS). The second match combines the 1995 time-use module of the Office […]
Blog
More on real interest rates in Europe
Charts in last week’s entry, which contained approximations of real interest rates for various European countries, were unfortunately incorrect. The problem resulted from a silly mathematical error in the formula used to calculate the figures shown in the graphs. Accordingly, the author has recently uploaded a new version of the post, including corrected diagrams. He [...]
Working Paper No. 662
The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein Veblen of the causes of the 1930s collapse are used to show similarities between the two crises. K.W. Kapp’s “social costs” theory is contrasted with […]