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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 […]
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  Press Release

  Subprime Mortgage Crisis Could Trigger Full-Scale Debt Deflation if Housing Prices Continue to Fall

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  Public Policy Brief Highlight No. 93

  Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the US Subprime Mortgage Market

  In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of prosperity—and concludes that the current crisis is in fact the result of insufficient margins of safety based on how creditworthiness is assessed in the new […]
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  Report No. 1

  Report January 2008

  A new Strategic Analysis by the Levy Institute’s Macro-Modeling Team reviews the domestic economy and where things might be headed. It argues that a significant drop in borrowing is likely to take place in the coming quarters unless the dollar is allowed to continue its fall and thus complete the recovery in the external imbalance, […]
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  Public Policy Brief No. 93

  Minsky’s Cushions of Safety

  In this brief, Senior Scholar Jan Kregel reviews Hyman P. Minsky’s concept of financial fragility—in short, that the structure of a capitalist economy becomes more fragile over a period of prosperity—and concludes that the current crisis is in fact the result of insufficient margins of safety based on how creditworthiness is assessed in the new […]
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  Research Project Report No. 34

  Joint Project of UNDP and Levy Institute on Public Employment

  Joint UNDP—Levy Institute Study Focuses on Employment Guarantee Strategies The recent financial turmoil has brought with it worldwide acceptance of the fact that, when markets fail, government intervention is indispensable. One manifestation of market failure, within the sphere of production, is the inability of private sector investment to absorb surplus labor. In such instances, government […]
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  Summary No. 1

  Summary Winter 2008

  In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, Research Scholars Greg Hannsgen and Gennaro Zezza, and President Dimitri B. Papadimitriou forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment—unless the dollar continues to fall and fiscal policy shifts its course.   Contents:   […]
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  Working Paper No. 526

  American Jewish Opinion about the Future of the West Bank

  American Jewish opinion about the Arab-Israel conflict matters for both American and Israeli politics as well as for American Jewish life. This paper undertakes an analysis of that opinion based on American Jewish Committee (AJC) annual polls. Recently, the AJC made the individual-level datasets for the 2000–05 period available to researchers. The paper focuses on […]