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  Working Paper No. 563

  Whither New Consensus Macroeconomics?

  In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the subject of several criticisms. This paper considers one of the main criticisms lodged against the NCM model, namely, the absence of any essential role for […]
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  Policy Notes No. 6

  The “Unintended Consequences” Game

  A simple consideration of history tells us that each new piece of legislation contains loopholes that benefit a new class of entrepreneurs; some of these loopholes are small, but others are such that one could drive a bullion-laden truck through them. In this new Policy Note, Martin Shubik suggests creating a “war gaming group” to […]
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  Report No. 2

  Report April 2009

  There is broad consensus that the prospects for the domestic economy have become dire, requiring extensive government intervention. In a new Strategic Analysis highlighted in the current issue of the Report, Levy scholars take a more skeptical view of the effectiveness of the policy prescriptions currently on offer—and argue that the global economy must be […]
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  Working Paper No. 562

  The Current Economic and Financial Crisis

  Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis—often referred to as “the Great Recession”—there is grave concern that progress made in poverty reduction and women’s equality will be reversed. Indeed, for many developing […]
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  Working Paper No. 561

  The 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 […]
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  Public Policy Brief Highlight No. 100

  It’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 […]
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  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. […]
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  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 […]
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  Policy Notes No. 5

  A 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 […]
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  Strategic Analysis

  Recent 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 […]
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  Research Project Report

  New 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 […]
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  Public Policy Brief No. 100

  It’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 […]