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Press Release
Social Security Needs Gradual Reform, Not Sweeping Overhaul, Levy Scholar Says
Fed can handle reserves to keep US rates on target
Copyright 2005 The Financial Times Limited (London, England) Wednesday, September 21, 2005; Financial Times; USA Edition; Letters to the Editor Sir, In his article, “Only leadership can defuse America’s fiscal time-bomb” (September 15), Jagadeesh Gokhale claims that US fiscal deficits will force the Fed to face a “surfeit of Treasuries,” leading it to put too many dollars […]
Press Release
International Effort Needed to Address Serious Economic Threats Posed by US Trade Imbalance, New Levy Study Says
Summary No. 3
Summary Fall 2005
In a new Policy Note, Distinguished Scholar Wynne Godley observes that the state of aggregate demand in the United States is precariously based, as private debt and borrowing cannot continue to provide the motor for expansion for more than a couple of years, particularly if interest rates continue to rise. The risk is a return […]
Strategic Analysis
The United States and Her Creditors
The main arguments in this paper can be simply stated: 1) If output in the United States grows fast enough to keep unemployment constant between now and 2010, and if there is no further depreciation in the dollar, the deficit in the balance of trade is likely to get worse, perhaps reaching 7.5 per cent […]
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, […]