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Working Paper No. 428
Europe’s Quest for Monetary Stability
This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy that central bankers have adopted for themselves, the “two-pillar policy […]
Press Release
Bush’s “Ownership Society” Likely to Increase Inequality, Says New Levy Economics Institute Study
Working Paper No. 427
Liquidity Preference Theory Revisited
This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical “special case” interpretation, Keynes considered his liquidity preference theory of interest […]
Public Policy Brief No. 82
The Ownership Society
As his new term begins, President George W. Bush has been trying to focus his domestic agenda on what he calls the “ownership society,” a sweeping vision of an America in which more citizens would hold significant assets and be free to make their own choices about providing for their health care and retirement, and […]
Public Policy Brief Highlight No. 82
The Ownership Society
As his new term begins, President George W. Bush has been trying to focus his domestic agenda on what he calls the “ownership society,” a sweeping vision of an America in which more citizens would hold significant assets and be free to make their own choices about providing for their health care and retirement, and […]
Working Paper No. 426
Gender Inequality in a Globalizing World
Emphasis on market-friendly macroeconomic and development strategies in recent years has resulted in deleterious effects on growth and well-being, and has done little to promote greater gender equality. This paper argues that the example of East Asia states, which recognized their position as “late industrializers,” relied on a managed-market approach with the state that employed […]
Working Paper No. 425
Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an inflation targeter—and a rather soft one, […]
Report No. 3
Report July 2005
The July Report leads off with a summary of the Levy Institute’s Annual Hyman P. Minsky Conference, which this year examined the fiscal and monetary policies required for sustainable growth. Contents: Conference: 15th Annual Hyman P. Minsky Conference on the State of the US and World Economies; Economic Imbalance: Fiscal and Monetary Policy for Sustainable […]
Public Policy Brief No. 81
Breaking Out of the Deficit Trap
For some time, Levy Institute scholars have been engaged with issues related to the current account, government, and private sector balances. We have argued that the existing imbalances in these accounts are unsustainable and will ultimately present a serious challenge to the performance of the American economy. Other scholars are also concerned, but for reasons […]
Press Release
Economic Imbalances Loom Over US Economy with No Easy Remedy, Levy Institute Scholar Says
Press Release
Government Spending Boosted Middle Class Well-Being During 2001-2002 Recession, but Flatter Tax Schedule Contributed to Greater Inequality, According to New Levy Institute Study
Press Release
Budget Deficit Threats Overestimated, According to New Levy Economics Institute Study