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  Working Paper No. 479

  European Welfare State Regimes and Their Generosity toward the Elderly

  This paper examines the generosity of the European welfare state toward the elderly. It shows how various dimensions of the welfare regimes have changed during the past 10 to 15 years and how this evolution is related to the process of economic integration. Dimensions include general generosity toward the elderly and, more specifically, generosity toward […]
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  Strategic Analysis

  Can Global Imbalances Continue?

  In this new Strategic Analysis, we review what we believe is the most important economic policy issue facing policymakers in the United States and abroad: the prospect of a growth recession in the United States. The possibility of recession is linked to the imbalances in the current account, government, and private sector deficits. The current […]
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  Working Paper No. 478

  On Lower-bound Traps

  We present a simple theoretical framework that integrates the notion of the natural or neutral interest rate, liquidity preference theory, and the monetary policy practice by modern central banks. We claim that this theory explains the conditions under which an economy will experience an aggregate demand deficiency problem within a modern institutional setting. Contrary to […]
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  Public Policy Brief Highlight No. 88

  US Household Deficit Spending

  Over the past decade, deficit spending by consumers has supported the United States economy. Research Associate Robert Parenteau analyzes the financial balance of American households and finds that the pace of deficit spending is likely to stall and, possibly, reverse course. This reversion will jeopardize US profit and economic growth, as well as the growth […]
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  Public Policy Brief Highlight No. 87

  Maastricht 2042 and the Fate of Europe

  Unemployment in the European Union (EU) is a serious problem that threatens to disrupt the integration of accession countries, the character of individual countries, and the continued existence of the EU. European integration poses a huge conundrum for European employment because the conventional theory explaining unemployment in Europe—labor market rigidities—is wrong. According to Senior Scholar […]
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  Report No. 4

  Report October 2006

  Most people are not accustomed to thinking of taxation as a gender issue. But research presented at the recent Levy Institute conference on gender equality, tax policies, and tax reform, summarized in this issue, show that taxes affect men and women quite differently. Contents: CONFERENCE Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective […]
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  Working Paper No. 477

  When Knowledge Is an Asset

  We study the economics of employment relationships through theoretical and empirical analyses of an unusual set of firms, large law firms. Our point of departure is the “property rights” approach that emphasizes the centrality of ownership’s legal rights to control important, nonhuman assets of the enterprise. From this perspective, large law firms are an interesting […]
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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