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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: […]
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 […]
Working Paper No. 525
Financialization
Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both the macro and micro levels. Its principal impacts are to (1) elevate the significance of the financial sector relative to the real sector, (2) transfer […]
Working Paper No. 524
Promotion Nationale
Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple technology likely to provide employment to unskilled workers. It is one of the major programs of social protection in Morocco—the oldest, most important, and best-targeted […]
Working Paper No. 523
The Natural Instability of Financial Markets
This paper contrasts the economic incentives implicit in the Keynes-Minsky approach to inherent financial market instability with the incentives behind the traditional equilibrium approach leading to market stability to provide a framework for analyzing the stability induced by the recent changes in bank regulation to modernize financial services and the evolution of financial engineering innovations […]
Working Paper No. 522
Lessons from the Subprime Meltdown
This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This paper identifies the causes and consequences of the financial innovations that […]
Strategic Analysis
The US Economy: Is There a Way Out of the Woods?
In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets to obtain a likely scenario for the evolution of household spending in the United States. They forecast a significant drop in borrowing and private expenditure […]
Working Paper No. 521
Earnings Functions and the Measurement of the Determinants of Wage Dispersion
This paper extends the famous Blinder and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. Second, a decomposition technique is proposed that allows analysis of the determinants of the overall wage dispersion. The authors’ approach combines two techniques. The first of these is popular in the […]
Working Paper No. 520
Nurkse and the Role of Finance in Development Economics
Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in particular his views on the importance of employment policy in mobilizing domestic resources and the difficulties surrounding the use of external resources to finance development. […]
Working Paper No. 519
Public Employment and Women
In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes, offered part-time work for unemployed heads of households, and yet more than 70 percent of the people who turned up for work were women. The present […]
Press Release
US Economy Faces at Least a Growth Recession over the Next Two Years, New Levy Economics Institute Analysis Says
Public Policy Brief No. 92
The US Credit Crunch of 2007
It is now clear that most economists underestimated the widening economic impact of the credit crunch that has shaken American financial markets since at least mid-July. A credit crunch is an economic condition in which loans and investment capital are difficult to obtain; in such a period, banks and other lenders become wary of issuing […]