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Policy Notes No. 10
Fiscal Stimulus, Job Creation, and the Economy
As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and job creation programs of the New Deal helped end the Depression. The work of these revisionist scholars has led to a public discourse that has […]
Working Paper No. 581
Lessons from the New Deal
Since the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key facts about two kinds of policy that were important during the Great Depression and have since become the focus of criticism by new New Deal […]
Working Paper No. 580
An Alternative View of Finance, Saving, Deficits, and Liquidity
This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have “soaked up” global savings. Worse, this policy was ultimately unsustainable because it was inevitable […]
Working Paper No. 579
A Perspective on Minsky Moments
This paper aims to help bridge the gap between theory and fact regarding the so-called “Minsky moments” by revisiting the “financial instability hypothesis” (FIH). We limit the analysis to the core of FIH—that is, to its strictly financial part. Our contribution builds on a reexamination of Minsky’s contributions in light of the subprime financial crisis. […]
Report No. 4
Report October 2009
The Obama administration estimates that the 2009 American Recovery and Reinvestment Act (ARRA) will create or save approximately three and a half million jobs by the end of 2010. A Special Report featured in this issue points toward the necessity for a comprehensive employment strategy that goes well beyond ARRA–and concludes that the government could […]
Policy Notes No. 9
Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
Oblivious to any lessons that might have been learned from the global financial mess it has created, Wall Street is looking for the next asset bubble. Perhaps in the market for death it has found a replacement for the collapsed markets in subprime mortgage–backed securities and credit default swaps (CDSs). Instead of making bets on […]
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