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  Report No. 2

  Report April 2006

  The latest Levy Institute Strategic Analysis depicts a household sector that is struggling under an unprecedented burden of debt and relying upon an unsustainable upward trend in real estate prices. The authors find that a reversal of this trend could severely dampen economic growth. Contents: NEW STRATEGIC ANALYSIS Are Housing Prices, Household Debt, and Growth […]
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  Press Release

  Government Spending On the Elderly to Be Topic of Levy Institute Conference with Leading Economists, Social Scientists, and Other Analysts

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  Working Paper No. 444

  Tinbergen Rules the Taylor Rule

  This paper elaborates a simple model of growth with a Taylor-like monetary policy rule that includes inflation targeting as a special case. When the inflation process originates in the product market, inflation targeting locks in the unemployment rate prevailing at the time the policy matures. Even though there is an apparent NAIRU and Phillips curve, […]
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  Policy Notes No. 2

  The Fiscal Facts

  Today’s federal budget deficits are a preoccupation of many American citizens and more than a few political leaders. Is the American government going bankrupt? Does our fiscal condition warrant radical surgery, as some now prescribe? Or, are we in such deep trouble that there is no plausible route of escape?
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  Working Paper No. 443

  Personality and Earnings

  This paper studies personality as a potential explanation for wage differentials between apparently similar workers. This follows initial studies by Jencks (1979) that suggest that certain personality traits, such as industriousness and leadership, have an impact on earnings. The paper aims to provide a theoretical framework within which these effects may be analyzed.The study begins […]
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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