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  Policy Notes

  Special Report: Who Gains from President Obama’s Stimulus Package … And How Much?

  In this Special Report, Levy scholars Ajit Zacharias, Thomas Masterson, and Kijong Kim provide a preliminary assessment of the 2009 American Recovery and Reinvestment Act (ARRA), a package of transfers and tax cuts that is expected to provide relief to low-income and vulnerable households especially hurt by the economic crisis, while at the same time […]
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  Working Paper No. 569

  Fiscal Policy and the Economics of Financial Balances

  This paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking the current financial and economic crisis. We investigate the connections of the model to the “New Cambridge” approach, and discuss other recent approaches to the […]
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  Press Release

  Obama Stimulus Package Does Little to Address Income and Employment Disparities in US Economy, According to a New Special Report from The Levy Economics Institute

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  Public Policy Brief No. 101

  Promoting Gender Equality through Stimulus Packages and Public Job Creation

  Beyond loss of income, joblessness is associated with greater poverty, marginalization, and social exclusion; the current global crisis is clearly not helping. In this new Public Policy Brief, Research Scholar Rania Antonopoulos explores the impact of both joblessness and employment expansion on poverty, paying particular attention to the gender aspects of poverty and poverty-reducing public […]
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  Press Release

  Government Job Programs That Focus on Social Services More Than Infrastructure May Offer Greater Benefits to Economy, New Study from Levy Economics Institute Suggests

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  Working Paper No. 568

  Distributional Impact of the American Recovery and Reinvestment Act

  Over the last two decades, those at the bottom of the income scale have seen their incomes stagnate, while those at the top have seen theirs skyrocket; without intervention, the recession that began in December 2007 was likely to exacerbate this trend. Will the American Recovery and Reinvestment Act of 2009 (ARRA) be able to […]
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  Working Paper No. 567

  Revisiting (and Connecting) Marglin-Bhaduri and Minsky

  Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. The authors of this new working paper suggest (1) that this strategy is potentially misleading, and (2) that the stock-flow consistent […]
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  Policy Notes No. 8

  Some Simple Observations on the Reform of the International Monetary System

  The demand for reform of the financial system has focused on the dollar’s loss of international purchasing power (the Triffin dilemma) and its substitution by an international reserve currency that is not a national currency. The problem, however, is not the particular asset that serves as the international currency but rather the operation of the […]
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  Policy Notes No. 7

  “Enforced Indebtedness” and Capital Adequacy Requirements

  The capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its financial liabilities without affecting the financial liabilities of other firms. In practice, says author Jan Toporowski, capital adequacy regulations for banks are a way of […]
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  Working Paper No. 566

  Caste and Wealth Inequality in India

  In this paper, we conduct the novel exercise of analyzing the relationship between overall wealth inequality and caste divisions in India using nationally representative surveys on household wealth conducted during 1991–92 and 2002–03. According to our findings, the groups in India that are generally considered disadvantaged (known as Scheduled Castes or Scheduled Tribes) have, as […]
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  Working Paper No. 565

  Housing Inequality in the United States

  In recent years, as the homeownership rate in the United States reached its highest level in history, homeownership itself remained unevenly distributed, particularly along racial and ethnic lines. By using data from the 2000 Integrated Public Use Microdata Series (IPUMS) and 2006 American Community Survey (ACS) to study the trajectory into homeownership of black, Asian, […]
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  Working Paper No. 564

  New Consensus Macroeconomics: A Critical Appraisal

  This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems with this particular theoretical framework. We […]