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  Working Paper No. 518

  Fiscal Deficit, Capital Formation, and Crowding Out in India

  This paper analyzes the real (direct) and financial crowding out in India between 1970–71 and 2002–03. Using an asymmetric vector autoregressive (VAR) model, the paper finds no real crowding out between public and private investment; rather, complementarity is observed between the two. The dynamics of financial crowding out is captured through the dual transmission mechanism […]
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  Working Paper No. 517

  What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?

  There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals—the basic income proposal and job guarantees—are discussed here. The paper evaluates the impact of each program on macroeconomic stability, arguing that direct job creation has inherent stabilization features that are lacking […]
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  Press Release

  2007 US Credit Crunch Can Be Seen As “Minsky Moment”

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  Press Release

  Collapse of WTO’s Doha Trade Talks Presents Opportunity to Create New Trade Paradigm, Levy Scholar Says

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  Book Series

  Government Spending on the Elderly

  The results are in: we are aging—individually and collectively, nationally and globally. In the United States, as in most countries with an advanced economy, the aging of the population will be a primary domestic public policy issue in the coming decades. According to Census Bureau estimates, the proportion of the elderly in the total population […]
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  Public Policy Brief No. 91

  Globalization and the Changing Trade Debate

  The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II. Research Associate Thomas Palley sees the failure as an event that could mark the close of a 60-year era of trade policy largely centered on […]
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  Public Policy Brief Highlight 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 […]
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  Report No. 4

  Report October 2007

  The optimistic view of the subprime mortgage sector is that it makes the availability of credit for home purchases more egalitarian, extending it to those otherwise regarded as a high credit risk. The authors of a new Levy Institute Public Policiy Brief, however, are not as sanguine about such developments. Contents: NEW PUBLIC POLICY BRIEF […]
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  Public Policy Brief Highlight No. 91

  Globalization and the Changing Trade Debate

  The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II. Research Associate Thomas Palley sees the failure as an event that could mark the close of a 60-year era of trade policy largely centered on […]
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  Working Paper No. 516

  The Right to a Job, the Right Types of Projects

  There is now widespread recognition that in most countries, private-sector investment has not been able to absorb surplus labor. This is all the more the case for poor unskilled people. Public works programs and employment guarantee schemes in South Africa, India, and other countries provide jobs while creating public assets. In addition to physical infrastructure, […]
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  Working Paper No. 515

  Minsky’s Approach to Employment Policy and Poverty

  While Hyman P. Minsky is best known for his work on financial instability, he was also intimately involved in the postwar debates about fiscal policy and what would become the War on Poverty. Indeed, at the University of California, Berkeley, he was a vehement critic of the policies of the Kennedy and Johnson administrations, and […]
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  Working Paper No. 514

  The Continuing Legacy of John Maynard Keynes

  This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary of Keynes’s death. The paper incorporates some of the latest research by prominent followers of Keynes, presented at the 9th International Post Keynesian Conference in […]