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Working Paper No. 422The Disutility of International Debt
In dealing with the problematic relationship of morality to rational choice theory, neoclassical economists since Lionel Robbins have often argued that they can incorporate moral values into consumer theory by putting those values into the utility function. This paper tests the viability of such an approach in the context of international finance. The moral value […] -
Policy Notes No. 3Is the Dollar at Risk?
A massive fiscal stimulus and, until recently, aggressive monetary easing have been successful in raising bond and real estate prices to unprecedented levels, inducing a credit boom that has prevented private consumption from falling. While it might still be too early to say that it worked, the strategy has indeed, for the time being, prevented […] -
Conference Proceedings15th Annual Hyman P. Minsky Conference on the State of the US and World Economies
Participants at the 15th Annual Hyman P. Minsky Conference offered their viewpoints on the American economy’s recovery following a short-lived recession, policy guidelines to be considered within the context of current economic trends, and the implications for both the national economy and international economies. What are the monetary and fiscal policy prescriptions for growth, employment, […] -
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15th Annual Hyman P. Minsky Conference
This year’s Hyman P. Minsky Conference drew upon public discussions on the state of the United States and world economies in the context of current economic trends and their implications. Topics included fiscal and monetary policies for continued growth and employment; brutal gyrations in the currency markets and the consequent exchange-rate misalignments, as well as […] -
Press ReleaseGap Between Rich and Poor Grows in All Regions of United States Between 1989 and 2001, Says New Levy Institute Study
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Press Release
Levy Institute Distinguished Scholar Wynne Godley Issues Warning about Surging Trade Deficit and Private Debt
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Working Paper No. 421
A Simplified Stock-flow Consistent Post-Keynesian Growth Model
Despite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining the methodological advantages of the stock-flow consistent method, is intuitive enough to be taught at an undergraduate level. Moreover, the model can easily be made […] -
Press Release
Leading Policymakers and Economists to Explore Economic Imbalances and Their Impact at Levy Institute Conference on April 21–22
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Report No. 2
Report April 2005
A new Strategic Analysis by the Levy Institute’s Macro-Modeling Team assesses the main sector balances, all of which are now deficits. The private sector, led by personal borrowing, is now running a deficit approaching 2 percent of GDP; although this trend has helped support the economy in the short term, it is unsustainable, given the […] -
Press Release
Encouraging Business Investment Could Stabilize US Economy, Says New Report from Levy Economics Institute
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Working Paper No. 420
Is the Equalizing Effect of Retirement Wealth Wearing Off?
Retirement wealth is often viewed as a great equalizer, offsetting the inequality in standard household net worth. One of the most dramatic changes in the retirement income system over the last two decades has been a decline in traditional Defined Benefit (DB) pension plans and a sharp rise in Defined Contribution (DC) pensions. Using data […] -
Working Paper No. 419
FDIC-sponsored Self-Insured Depositors
Insured depositors have no reason to care how their banks perform or how safe they are. Only uninsured depositors have that incentive. This paper offers a plan to replace some insured deposits with uninsured deposits. The plan: the FDIC would guarantee loan contracts if the loan takers deposited the proceeds exclusively in uninsured deposits and […]