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  Public Policy Brief No. 107

  No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance

  The purpose of the 1933 Banking Act—aka Glass-Steagall—was to prevent the exposure of commercial banks to the risks of investment banking and to ensure stability of the financial system. A proposed solution to the current financial crisis is to return to the basic tenets of this New Deal legislation. Senior Scholar Jan Kregel provides an […]
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  Report No. 1

  Report January 2010

  After unprecedented efforts by the Federal Reserve and Congress, and the adoption of “big government” policies, the financial system is more stable but the official unemployment level is 10.2 percent—and rising. According to the Institute’s latest Strategic Analysis, the nascent recovery is still very fragile, so a good policymaking strategy will require a clear assessment […]
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  Press Release

  Proposed Reforms May Not Reduce Systemic Risks of Large Financial Institutions, New Levy Study Says

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  Who Are These Economists, Anyway?

  By James K. Galbraith, Thought and Action, The NEA Higher Education Journal, Fall 2009. This article is partly a response to Paul Krugman’s piece in the Sunday New York Times of September 6, 2009, on the failures of the economists in the face of the crisis. Here, Senior Scholar James K. Galbraith takes up the […]
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  Book Series

  Unpaid Work and the Economy

  This volume offers both theoretical and policy-oriented examinations of the value of unpaid work, usually unacknowledged but increasingly recognized as an organic component of the economy. Particularly in developing countries, much of the provisioning of basic needs occurs beyond the boundaries of market transactions. This book reveals a need to incorporate unpaid work in economic […]
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  Summary No. 1

  Summary Winter 2010

  In a new Strategic Analysis, the Institute’s Macro-Modeling Team determines that real GDP growth will remain well below the rate required to push unemployment back to a more acceptable level, but that a modest dollar devaluation could be very effective in promoting employment while addressing the threat posed by large imbalances. A related public policy […]
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  Public Policy Brief Highlight No. 106

  Can Euroland Survive?

  Social unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this brief is based on a belief that the nature of the euro itself limits Euroland’s fiscal policy space. The nations that have adopted the euro […]
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  Policy Notes No. 11

  Observations on the Problem of “Too Big to Fail/Save/Resolve”

  Past experience suggests that multifunctional banking is the leading source of financial crisis, while large bank size contributes to contagion and systemic risk. This indicates that resolving large banks will not solve the problems associated with multifunctional banking—a conclusion reached after every financial crisis, and one that should apply to the present crisis as well. […]
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  Press Release

  Unemployment Will Remain Very High without Continued Strong Fiscal Stimulus Polices, New Levy Study Says

   
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  Strategic Analysis

  Sustaining Recovery: Medium-term Prospects and Policies for the US Economy

  Though recent market activity and housing reports give some warrant for optimism, United States economic growth was only 2.8 percent in the third quarter, and the unemployment rate is still very high. In their new Strategic Analysis, the Levy Institute’s Macro-Modeling Team project that high unemployment will continue to be a problem if fiscal stimulus […]
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  Public Policy Brief No. 106

  Can Euroland Survive?

  Social unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this brief is based on a belief that the nature of the euro itself limits Euroland’s fiscal policy space. The nations that have adopted the euro […]
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  Research Project Report

  Has Progress Been Made in Alleviating Racial Economic Inequality?

  Reports of a postracial society may be premature. Studies continue to show wide racial gaps in income and, especially, wealth; although there is some evidence that income gaps have shrunk over the past half century, wealth inequality is large and persistent. In this report, the authors examine trends in economic well-being between 1959 and 2007 […]