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Working Paper No. 561The Return of the State: The New Investment Paradigm
To save America—indeed, the global economy as a whole—the private/public sector balance has to shift, and the neoliberal economic model on which the country has been based for the past 25 years has to be modified. In this new working paper, Marshall Auerback details why the role of the state needs to be reemphasized. The […] -
Public Policy Brief Highlight No. 100It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
The Federal Reserve’s response to the current financial crisis has been praised because it introduced a zero interest rate policy more rapidly than the Bank of Japan (during the Japanese crisis of the 1990s) and embraced massive “quantitative easing.” However, despite vast capital injections, the banking system is not lending in support of the private […] -
Audio
18th 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. On April 16 and 17, 2009, top policymakers, economists, and analysts gathered at the Ford Foundation’s headquarters in New York City to offer their insights and policy guidelines on the extraordinary challenges posed by the global financial crisis. […] -
Conference Proceedings
18th 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. On April 16 and 17, more than 150 policymakers, economists, and analysts from government, industry, and academia gathered at the NYC headquarters of the Ford Foundation for the Levy Institute’s annual Minsky conference on the state of the […] -
Policy Notes No. 5A Proposal for a Federal Employment Reserve Authority
There is already considerable talk about the possible need for a massive public works program in response to the deepening recession and rising unemployment; however, an ad hoc emergency approach is going to waste billions of dollars by mismatching skills and needs. In this new Policy Note, Martin Shubik of Yale University outlines a proposal […] -
Strategic AnalysisRecent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover
Federal government and Federal Reserve (Fed) liabilities rose sharply in 2008. Who holds these new liabilities, and what effects will they have on the economy? Some economists and politicians warn of impending inflation. In this new Strategic Analysis, the Levy Institute’s Macro-Modeling Team focuses on one positive effect—a badly needed improvement of private sector balance […] -
Research Project ReportNew Estimates of Economic Inequality in America, 1959—2004
In this latest LIMEW report, the authors present new evidence on the pattern of economic inequality in the United States that indicates higher inequality in 2004 than in 1959. According to the LIMEW, there was a surge in inequality between 1989 and 2000 that reflects the large increase in income from wealth for the top […] -
Public Policy Brief No. 100It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
The Federal Reserve’s response to the current financial crisis has been praised because it introduced a zero interest rate policy more rapidly than the Bank of Japan (during the Japanese crisis of the 1990s) and embraced massive “quantitative easing.” However, despite vast capital injections, the banking system is not lending in support of the private […] -
Policy Notes No. 4
A Crisis in Coordination and Competence
The ad hoc emergency approach to the current economic crisis has a great chance of wasting billions of dollars by mismatching skills and needs. According to Martin Shubik of Yale University, the current deepening recession needs a “quick fix” solution now, but a longer-fix solution must be put into place along with it. There is […] -
Press ReleaseCentral Banks Should Widen Their Scope and Consider Wealth Targets to Stabilize the Economy During a Credit Crisis, New Study from the Levy Economics Institute Says
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Working Paper No. 560
The Social and Economic Importance of Full Employment
Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults: since most people living in capitalist economies must work for wages as a major source of their incomes, the inability to obtain a job means […] -
Strategic Analysis
A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of modern history.” The same holds true today: we are in the shadow of a global catastrophe, and we need to come to grips with the […]