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  Strategic Analysis

  Fiscal Stimulus—Is More Needed?

  As the government prepares to dispense the tax rebates that largely make up its recently approved $168 billion stimulus package, President Dimitri B. Papadimitriou and Research Scholars Greg Hannsgen and Gennaro Zezza explore the possibility of an additional fiscal stimulus of about $450 billion spread over three quarters—challenging the notion that a larger and more […]
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  Public Policy Brief Highlight

  Financial Markets Meltdown

  According to Senior Scholar L. Randall Wray, the current crisis in financial markets can be traced back to securitization (the “originate and distribute” model), leverage, the demise of relationship-based banking, and a dizzying array of extremely complex instruments that—quite literally—only a handful understand.
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  Public Policy Brief Highlight

  Financial Markets Meltdown

  According to Senior Scholar L. Randall Wray, the current crisis in financial markets can be traced back to securitization (the “originate and distribute” model), leverage, the demise of relationship-based banking, and a dizzying array of extremely complex instruments that—quite literally—only a handful understand.
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  Public Policy Brief Highlight No. 94

  Financial Markets Meltdown: What Can We Learn from Minsky?

  According to Senior Scholar L. Randall Wray, the current crisis in financial markets can be traced back to securitization (the “originate and distribute” model), leverage, the demise of relationship-based banking, and a dizzying array of extremely complex instruments that—quite literally—only a handful understand.
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  Biennial Report

  Biennial Report, 2006–2007

  Throughout 2006–07, the Levy Institute continued to make significant contributions to the public policy discussions on many economic issues. In addition to organizing conferences, workshops, and lectures with distinguished representatives of the academy, the business community, and government, the Levy Institute used its wide range of print and online publications to disseminate information about, and […]
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  Public Policy Brief No. 94

  Financial Markets Meltdown

  In this new Public Policy Brief, Senior Scholar L. Randall Wray explains today’s complex and fragile financial system, and how the seeds of crisis were sown by lax oversight, deregulation, and risky innovations such as securitization. He estimates that the combined losses throughout the entire financial sector could amount to several trillion dollars, and that […]
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  Report No. 2

  Report April 2008

  In a new Public Policy Brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility, and concludes that the current financial crisis is the result of insufficient margins, or "cushions," of safety based on how creditworthiness is assessed in the new originate-and-distribute financial system. Contents: NEW PUBLIC POLICY BRIEF Minsky’s Cushions of […]
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  Summary No. 2

  Summary Spring 2008

  This issue highlights a series of working papers under the Monetary Policy and Financial Structure program that analyze the current instability within the financial industry in the United States. In each case, the author calls for policy and political reform in order to prevent "it" (the Great Depression) from happening again. Contents: INSTITUTE RESEARCH Program: […]
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  Press Release

  Leading Economists and Policymakers to Discuss Credit Crisis at 17th Annual Hyman P. Minsky Conference at The Levy Economics Institute, April 17–18

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  Working Paper No. 529

  Can Robbery and Other Theft Help Explain the Textbook Currency-demand Puzzle?

  This paper attempts to explain one version of an empirical puzzle noted by Mankiw (2003): a Baumol-Tobin inventory-theoretic money demand equation predicts that the average adult American should have held approximately $551.05 in currency and coin in 1995, while data show an average of $100. The models in this paper help explain this discrepancy using […]
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  Working Paper No. 528

  Financial Flows and International Imbalances

  While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing countries. This may call for an alternative approach that assesses how these imbalances can be […]
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  Working Paper No. 527

  Financing Job Guarantee Schemes by Oil Revenue

  Iran’s constitution emphasizes social justice and obliges government to provide a job for every citizen. But in fact, the government’s duty to provide jobs has shifted to government support for a measure designed to create new employment opportunities through subsidized loans to the private sector. This policy has not been successful to date, and the […]