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  Policy Notes No. 1

  The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus

  What in monetarism, and what in the "new monetary consensus," led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector, the banking system, and the world economy in August 2007 and that has continued to preoccupy central bankers ever since? Absolutely nothing, says Senior Scholar […]
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  Book Series

  Stabilizing an Unstable Economy

  The late American economist and Distinguished Scholar Hyman P. Minsky first wrote about the inherent instability of financial markets in the late 1950s, and accurately predicted a transformation of the economy that would not become apparent for nearly a generation. In 2007, interest in his work suddenly exploded as the financial press recognized the relevance […]
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  Book Series

  John Maynard Keynes

  This reissue of Hyman P. Minsky’s classic book offers a timely reconsideration of the work of economics icon John Maynard Keynes. In it, Minsky argues that what most economists consider Keynesian economics is at odds with the major points of Keynes’s The General Theory of Employment, Interest, and Money. Both Keynes and Minsky refuse to […]
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  Working Paper No. 535

  Statistical Matching Using Propensity Scores

  This paper summarizes the background, type, logic, and working procedure of the statistical matching used in the Levy Institute Measure of Economic Well-Being (LIMEW) project to combine the various data sets used to produce the synthetic data set with which the LIMEW is constructed. The authors use the match between the 2001 Survey of Consumer […]
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  Working Paper No. 534

  Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery

  After the 2001 crisis, Argentina—once the poster-child for pro-market structural-adjustment policies—had to define a new strategy in order to manage the societal demands that had led to the fall of the previous administration. The demand by the majority of the population for employment recovery spurred the government to introduce a massive employment program, the Plan […]
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  Audio

  17th Annual Hyman P. Minsky Conference on the State of the US and World Economies

  The focus of this year’s conference was the current economic and financial crisis in the United States and its effects on the world economy. Topics included the causes and consequences of the "Minsky moment"; the impact of the credit crunch on the economic and financial market outlook; dislocations and policy options; margins of safety, systemic […]
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  Conference Proceedings

  17th Annual Hyman P. Minsky Conference on the State of the US and World Economies

  In April 2008, top policymakers, economists, and analysts from government, industry, and academia gathered at the Levy Institute’s research and conference facility in Annandale-on-Hudson, New York, to present their insights about the American economy and the financial sector in the context of Minsky’s economic theories. Participants discussed Minsky’s financial instability hypothesis and the ability of […]
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  Working Paper No. 533

  The Discrete Charm of the Washington Consensus

  Over the last two centuries in Latin America a Washington Consensus development strategy based on integration in the global trading system has dominated both domestic demand management and industrialization "from within." This paper assesses the performance of each from the point of view of the impact of external conditions, and the validity of its underlying […]
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  Working Paper No. 532

  Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences

  This paper seeks to explain the causes and consequences of the United States subprime mortgage crisis, and how this crisis has led to a generalized credit crunch in other financial sectors that ultimately affects the real economy. It postulates that, despite the recent financial innovations, the financial strategies—leveraging and financial risk mismatching—that led to the […]
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  Working Paper No. 531

  The International Monetary (Non-)Order and the “Global Capital Flows Paradox”

  This paper sets out to investigate the forces behind the so-called “global capital flows paradox” and related “dollar glut” observed in the era of advancing financial globalization. The supposed paradox is that the developing world has increasingly come to pursue policies that result in current account surpluses and thus net capital exports—destined primarily for the […]
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  Press Release

  Larger Fiscal Stimulus Needed to Limit Impact of Downturn, New Levy Economics Institute Analysis Says

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  Working Paper No. 530

  Changes in the US Financial System and the Subprime Crisis

  This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The paper provides a background to the forces that have produced […]