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  Working Paper No. 442

  Government Effects on the Distribution of Income

  This paper is the overview chapter of an edited volume on “The Distributional Effects of Government Spending and Taxation.” The paper offers the author’s perspective on the government’s role as a redistributive agent. Taxation and public spending programs are analyzed using the experiences of the United States and other OECD countries. The stark differences among […]
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  Working Paper No. 441

  Prolegomena to Realistic Monetary Macroeconomics

  This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, markup pricing, et cetera) with a model of the financial system (comprising banks, loans, credit money, equities, and so on), together with a model of inflation. Central contentions of the paper are that there […]
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  Working Paper No. 440

  Parental Child Care in Single Parent, Cohabiting, and Married Couple Families

  This study uses time diary data from the 2003 American Time Use Survey and the United Kingdom Time Use Survey 2000 to examine the time that single, cohabiting, and married parents devote to caring for their children. Time spent in market work, in child care as a primary activity, and in child care as a […]
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  Working Paper No. 439

  Where Do They Find the Time?

  Parents who undertake paid work are obliged to spend time away from their children, and to use nonparental childcare. This has given rise to concern that children are missing out on parental attention. However, time-use studies have consistently shown that parents who are in paid employment do not reduce their parental childcare time on an […]
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  The balance of trade, not payments, is true measure of a deficit’s effects

  Copyright 2005 The Financial Times Limited (London, England) Wednesday, February 15, 2006; Financial Times; USA Edition; Letters to the Editor Sir, Balance of payments deficits often cause concern because they may result in financing difficulties and, possibly, a disorderly depreciation of the currency. The U.K. payments deficit would seem to be too small, at present, to worry […]
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  Press Release

  Federal Budget and Current Account Deficits Loom Over US Economy, But Private Sector May Pose Greater Immediate Threat, Says New Paper from Levy Economics Institute

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  Press Release

  Rapidly Expanding Credit Derivative Market Poses Risks to US Financial System, New Levy Study Says

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  Report No. 1

  Report January 2006

  When a woman works for General Motors, she is paid for her work, and her work is counted as part of GDP. But what of the work she might do in her own home? In a recent conference coorganized by the Levy Institute, the United Nations Development Programme, and the Bureau of Development Policy, scholars […]
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  Summary No. 1

  Summary Winter 2006

  In most developing countries, efforts to reduce poverty and reach the Millennium Development Goals provide a timely opportunity to draw attention to the contribution of unpaid work to economic and social development. Summarized in this issue, an October 2005 conference organized by the Levy Institute in partnership with the United Nations Development Programme focused on […]
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  Public Policy Brief No. 83

  Reforming Deposit Insurance

  The Federal Deposit Insurance Corporation (FDIC) currently insures bank deposit balances up to $100,000. According to some observers, statutory protection creates moral hazard problems for insurers because it allows banks to engage in risky activities. As an example, moral hazard was a key contributor to huge losses suffered when thrift institutions failed during the 1980s. […]
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  Policy Notes No. 1

  Credit Derivatives and Financial Fragility

  On September 15, the Federal Reserve convened 14 large credit derivatives–dealer banks to an unusual meeting. The last such meeting occurred on September 16, 1998, in secret. At that time, a major financial institution was melting down and threatening to take some large banks with it. This time, they met to discuss the same topic: […]
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  Working Paper No. 438

  Keynes’s Approach to Money

  This paper first examines two approaches to money adopted by John Maynard Keynes in his General Theory (GT). The first is the more familiar “supply and demand” equilibrium approach of Chapter 13 incorporated within conventional macroeconomics textbooks. Indeed, even post-Keynesians utilizing Keynes’s “finance motive” or the “horizontal” money supply curve adopt similar methodology. The second […]