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  Conference Proceedings

  Employment Guarantee Policies: Theory and Practice

  The focus of this conference is on government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work but find themselves in an economic environment that does not offer employment opportunities. Our premise is that unemployment and involuntary "inactivity" are structural macroeconomic problems […]
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  Working Paper No. 476

  The “New Consensus” View of Monetary Policy

  One of the greatest achievements of the modern “new consensus” view in macroeconomics is the assertion of a nonquantity theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old Wicksellian idea of eliminating high levels of inflation by […]
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  Public Policy Brief No. 86

  Rethinking Trade and Trade Policy

  The theory of comparative advantage says that there are gains from trade for the global economy as a whole. In this second brief of a three-part study of the international economy, Research Associate Thomas Palley observes that comparative advantage is driven by technology, which can be influenced by human action and policy. These associations have […]
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  Biennial Report

  Biennial Report, 2004–2005

  The Levy Institute draws inspiration and guidance not only from its founders and scholars but from a world facing many new and daunting challenges. Our efforts to redefine economics and public policy continue to attract notice and exert influence, nationally and internationally. As we begin our 20th year, we can look back on the Institute’s […]
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  Press Release

  The Levy Economics Institute of Bard College Presents “Employment Guarantee Policies: Theory and Practice,” a Conference, on October 13 and 14

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  Audio

  Employment Guarantee Policies

  This conference focused on those government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work but who find themselves in an economic environment that does not offer job opportunities.   Unemployment and involuntary “inactivity” are structural macroeconomic problems of both developed and […]
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  Public Policy Brief Highlight No. 86

  Rethinking Trade and Trade Policy

  The theory of comparative advantage says that there are gains from trade for the global economy as a whole. In this second brief of a three-part study of the international economy, Research Associate Thomas Palley observes that comparative advantage is driven by technology, which can be influenced by human action and policy. These associations have […]
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  Summary No. 3

  Summary Fall 2006

  In a new Strategic Analysis summarized in this issue, President Dimitri B. Papadimitriou and Research Scholars Edward Chilcote and Gennaro Zezza observe that the economy continues to grow on an unbalanced path, and that there is an increase in the default risk for the private and financial sectors.   Contents:   INSTITUTE RESEARCH Program: The […]
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  Working Paper No. 475

  Capital Stock and Unemployment

  This paper examines the proposition that capital stock relative to aggregate output has been an important variable in the determination of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) over the last four decades. The authors present new empirical evidence that lends strong support to the claim that the aggregate capital-output ratio, the real price of […]
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  Working Paper No. 474

  On the Minskyan Business Cycle

  The essential insight Minsky drew from Keynes was that optimistic expectations about the future create a margin, reflected in higher asset prices, which makes it possible for borrowers to access finance in the present. In other words, the capitalized expected future earnings work as the collateral against which firms can borrow in financial markets or […]
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  Working Paper No. 473

  The American Jewish Periphery

  This paper calls attention to the American Jewish periphery—Americans of recent Jewish origin who have only the most tenuous connections, if any, with those origins. This periphery has been growing to the point that there are now, for example, nearly a million Americans with recent Jewish origins (origins no farther back in time than the […]
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  Working Paper No. 472

  The Adequacy of Retirement Resources among the Soon-to-Retire, 1983–2001

  A central issue confronting soon-to-retire workers (those aged 47–64) is whether they will have command over enough resources (both private and public) to maintain a decent standard of living in retirement. Typically, the adequacy of projected retirement income is judged in relation to some absolute standard (for example, the poverty threshold) and preretirement income (“replacement […]