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Public Policy Brief Highlight No. 105
It Isn’t Working: Time for More Radical Policies
<p>The Obama administration has implemented several policies to “jump-start” the American economy—efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy brief believe that maintaining the status quo is not the solution, since it overlooks the debt problems of households and nonfinancial businesses—and re-creating the financial […]
Working Paper No. 578
Money Manager Capitalism and the Global Financial Crisis
This paper applies Hyman Minsky’s approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to the fragile one that existed at the beginning […]
Press Release
Debate Over Economic Impact of New Deal Labor Laws Offers Important Lessons for Current Policy Debate, Levy Study Says
Working Paper No. 577
Explaining the Gender Wage Gap in Georgia
This paper evaluates gender wage differentials in Georgia between 2000 and 2004. Using ordinary least squares, we find that the gender wage gap in Georgia is substantially higher than in other transition countries. Correcting for sample selection bias using the Heckman approach further increases the gender wage gap. The Blinder Oaxaca decomposition results suggest that […]
Summary No. 3
Summary Fall 2009
The Fall Summary leads off with an overview of the Institute’s annual Minsky conference, which this year focused on the extraordinary challenges posed by the global financial crisis. Also in this issue: a new Strategic Analysis outlines how increased deficits and their impact on private sector balance sheets will help stabilize the domestic economy. INSTITUTE […]
Press Release
Economic Crisis Far from Over, Paris Group Warns: New Policy Brief from Levy Institute Senior Scholar James K. Galbraith Argues for Sustained Public Initiatives and Significant Regulation of Financial System
Public Policy Brief Highlight No. 104
The New New Deal Fracas: Did Roosevelt’s “Anticompetitive” Legislation Slow the Recovery from the Great Depression?
A wave of revisionist work claims that “anticompetitive” New Deal legislation such as the National Industrial Recovery Act (NIRA) and the National Labor Relations Act (NLRA) greatly slowed the recovery from the Depression; in this new public policy brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen review these claims in light of current […]
Public Policy Brief Highlight No. 103
Financial and Monetary Issues as the Crisis Unfolds
A group of experts associated with Economists for Peace and Security and the Initiative for Rethinking the Economy met recently in Paris to discuss financial and monetary issues; their viewpoints, summarized here by Senior Scholar James K. Galbraith, are largely at odds with the global political and economic establishment. Despite noting some success in averting […]
Why capitalism fails; the man who saw the meltdown coming had another troubling insight: it will happen again
Since the global financial system started unraveling in dramatic fashion two years ago, distinguished economists have suffered a crisis of their own. Ivy League professors who had trumpeted the dawn of a new era of stability have scrambled to explain how, exactly, the worst financial crisis since the Great Depression had ambushed their entire profession. […]
Working Paper No. 576
A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
This paper investigates the relationship between asset markets and business cycles with regard to the US economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of financial balances. By means of a small econometric model we find that asset market dynamics are fundamental to determining the long-run financial sector balance dynamics. […]
Why some economists could see the crisis coming
September 7, 2009. Copyright 2009 The Financial Times Limited. From the beginning of the credit crisis and ensuing recession, it has become conventional wisdom that “no one saw this coming.” Anatole Kaletsky wrote in The Times of “those who failed to foresee the gravity of this crisis”—a group that included “almost every leading economist and […]
Public Policy Brief Highlight No. 102
The Global Crisis and the Implications for Developing Countries and the BRICs
The term BRIC was first coined by Goldman Sachs and refers to the fast-growing developing economies of Brazil, Russia, India, and China–a class of middle-income emerging market economies of relatively large size that are capable of self-sustained expansion. Their combined economies could exceed the combined economies of today’s richest countries by 2050. However, there are […]