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  Research Project Report

  What Are the Long-Term Trends in Intergroup Economic Disparities?

  Over the last half century, government policy has had an important hand in alleviating disparities among population subgroups in the United States; for example, special tax treatment for families with children has meant an improvement in the well-being of single mothers, and Medicare and Social Security have been the driving force in improving well-being among […]
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  Research Project Report

  Postwar Trends in Economic Well-Being in the United States,1959–2004

  The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household production, as well as the long-run benefits from the ownership of wealth. As a result, it provides a picture of economic well-being in the United […]
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  Press Release

  Large Fiscal Stimulus Plans Not Enough to Prevent Rising Unemployment Over Next Two Years, New Levy Study Says

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  Working Paper No. 556

  Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004

  The motivation to construct the LIMEW in lieu of relying on the official measures of well-being is to provide a more comprehensive measure of economic inequality that will also show the disparities among key demographic groups. The authors of this new working paper show that the LIMEW provides a perspective on disparities among population subgroups […]
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  Public Policy Brief No. 97

  After the Bust

  “Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to Research Associate Thomas Palley, the neoliberal economic policy paradigm underlying that agenda must itself change if there is to be a successful policy response to the crisis. Mainstream economic theory […]
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  Working Paper No. 555

  Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia

  This paper explores the significance of Islamic banking in Malaysia for stability in the country’s economy as a whole. Neither conventional theory nor Islamic economics puts forward a systematic explanation of financial intermediation; consequently, neither is capable of identifying destabilizing elements in the system. Instead, a flow-of-funds approach similar to Minsky’s own is applied to […]
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  Report No. 1

  Report January 2009

  This issue of the Report opens with Senior Scholar L. Randall Wray’s new Public Policy Brief on money market capitalism (financialization), which has resulted in a series of boom-and-bust cycles in equities, real estate, and, most recently, commodities. Wray maintains that policymakers must fundamentally change the structure of our economic system in order to break […]
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  Working Paper No. 554

  Macroeconomic Imbalances in the United States and Their Impact on the International Financial System

  The argument put forward in this paper is twofold. First, the financial crisis of 2007–08 was made global by the current account deficit in the United States; and second, there is global dependence on the United States trade deficit as a means of maintaining liquidity in financial markets. The outflow of dollars from the United […]
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  Policy Notes No. 1

  Obama’s Job Creation Promise

  Job creation is once again at the forefront of policy action, and for advocates of pro-employment policies, President Obama’s Keynesian bent is a most welcome change. However, there are concerns that Obama’s plan simply does not go far enough, and that a large-scale public investment program may face shortages of skilled labor, put upward pressure […]
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  Public Policy Brief Highlight No. 97

  After the Bust

  “Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to Research Associate Thomas Palley, the neoliberal economic policy paradigm underlying that agenda must itself change if there is to be a successful policy response to the crisis. Mainstream economic theory […]
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  Strategic Analysis

  Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years

  The Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s macro model, a fall in borrowing has an immediate effect—accounting in this case for most of the 3 percent drop in private expenditure that occurred […]
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  Strategic Analysis

  Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve

  The economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone. In a new Strategic Analysis, the Levy Institute’s Macro-Modeling Team argues that, however well coordinated, this approach will not be sufficient; what’s required, they say, […]