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Blog
Who has the lowest labor costs?
(Clicking on picture will make it larger.) Floyd Norris has an interesting column in this morning’s New York Times. Earlier this week, I was getting ready with some observations similar to his, though I am sure I could not have done as good a job as he has in getting across the gist of the [...]
Working Paper No. 667
The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
We construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI (from the Department for Work and Pensions annual report titled “Households below Average Income”) and ROI (from the Office of National Statistics Redistribution of Income […]
Working Paper No. 666
Hegemonic Currencies during the Crisis
This paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because they ignore the theories of monetary hegemonic stability or what, more recently, has been termed the geography of money; but also as a result of […]
Audio
20th Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation The 20th Annual Minsky Conference addressed the ongoing effects of the global financial crisis on the real economy, and examined proposed and recently enacted policy responses: Should ending too-big-to-fail be the cornerstone of reform? Do the markets’ pursuit […]
Blog
20th Annual Hyman P. Minsky Conference about to begin!
Many Levy Institute scholars and staff members are in New York City for this year’s conference on the late Institute scholar and author. Breakfast should be ending now, with the conference about to begin. The conference’s theme is “financial reform and the real economy.” More information about the conference, including the program, are available at [...]
Research Project Report
Minsky on the Reregulation and Restructuring of the Financial System
This monograph is part of the Institute’s ongoing research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. This program’s purpose is to investigate the causes and development of the recent financial crisis from the point of view of the late financial economist and Levy Distinguished Scholar […]
Press Release
Markets Not Going to Fix Weak Economy, New Levy Study Says
Public Policy Brief No. 118
Will the Recovery Continue?
In this brief, Research Scholar Greg Hannsgen and President Dimitri B. Papadimitriou focus on the risks and possibilities ahead for the US economy. Using a Keynesian approach and drawing from the commentary of other observers, they analyze publicly available data in order to assess the strength and durability of the expansion that probably began in […]
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 […]