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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 […]
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  Working Paper No. 437

  Enhancing Livelihood Security through the National Employment Guarantee Act

  The National Rural Employment Guarantee Act of 2005 is a major development in the history of poverty reduction strategies and rural development policies in India. Though the successful passage of the Act is due to the long struggle by NGOs, academics, and some policymakers, its successful implementation is a much bigger challenge. Effective implementation of […]
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  Working Paper No. 436

  Importing Equality or Exporting Jobs?

  This study investigates the impact of increased import competition on gender wage and employment differentials in American manufacturing over the period from 1976 to 1993. Increased import competition is expected to decrease the relative demand for workers in low-wage production occupations and the relative demand for women workers, given the high female share in these […]
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  Working Paper No. 435

  Speculation, Liquidity Preference, and Monetary Circulation

  The sharp exchanges that Keynes had with some of his critics on the loanable funds theory made it harder to appreciate the degree to which his thought was continuous with the tradition of monetary analysis that emanates from Wicksell, of which Keynes’s A Treatise on Money was a part. In the aftermath of the General […]
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  Working Paper No. 434

  Time to Eat

  Eating requires the raw food materials that make up meals and also the time devoted to buying food, preparing meals and eating them, and cleaning up afterwards. Using time-diary and expenditure data for the United States for 1985 and 2003, I examine how income and time prices affect both time and goods input into this […]
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  Press Release

  Economic Forecasts from Congressional Budget Office Depend on Unsustainable Private Sector Borrowing

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  Strategic Analysis

  Are Housing Prices, Household Debt, and Growth Sustainable?

  Rising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates have counterbalanced the growth in debt and acted to dampen the growth in household debt-service burdens. As past Levy Institute Strategic Analyses have pointed out, […]
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  Public Policy Brief Highlight 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. […]