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  The Distributional Effects of Government Spending and Taxation

  The conference was held October 15–16, 2004, at the Levy Institute’s research and conference center at Blithewood on the campus of Bard College, Annandale-on-Hudson, N.Y.
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  Working Paper No. 413

  Visions and Scenarios

  Ecological economics is a transdisciplinary alternative to mainstream environmental economics. Attempts have been made to outline a methodology for ecological economics and it is probably fair to say that, at this point, ecological economics takes a “pluralistic” approach. There are, however, some common methodological themes that run through the ecological economics literature. This paper argues […]
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  Working Paper No. 412

  The Transmission Mechanism of Monetary Policy

  Recently, many economists have credited the late-1990s economic boom in the United States for the easy money policies of the Federal Reserve. On the other hand, observers have noted that very low interest rates have had very little positive effect on the chronically weak Japanese economy. Therefore, some theory of how money affects the economy […]
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  Report No. 3

  Report October 2004

  The American economy has grown reasonably fast since the second half of 2003, and the general expectation seems to be that satisfactory growth will continue more or less indefinitely. In this issue of the Report, a new Strategic Analysis argues that the expansion may indeed continue through 2004, and for some time beyond. Contents: New […]
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  Summary No. 3

  Summary Fall 2004

  In this issue: an overview of the 14th Annual Hyman P. Minsky Conference on Financial Structure. A common observation among participants was the atypical business cycle pattern associated with the 2001 recession: strong GDP growth and very little job growth.   Contents:   Institute Research – Levy Institute Measure of Economic Well-Being – Levy Institute […]
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  Research Project Report

  How Much Does Wealth Matter for Well-Being?

  Economic well-being refers to the command or access by members of a household over the goods and services produced in a modern market economy during a given period of time.The Levy Institute Measure of Economic Well-Being (LIMEW) is a comprehensive measure that is constructed as the sum of the following components: base money income (gross […]
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  Public Policy Brief No. 79

  The Case for Rate Hikes

  For a time, the Federal Open Market Committee (FOMC) seemed to have learned from the mistakes of the past. Instead of taking good economic performance as a sign of incipient inflation, Chairman Alan Greenspan kept interest rates relatively low in the late 1990s, even as unemployment plummeted. Many commentators worried that the FOMC’s unusually easy […]
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  Strategic Analysis

  Prospects and Policies for the US Economy

  The American economy has grown reasonably fast since the second half of 2003, and the general expectation seems to be that satisfactory growth will continue more or less indefinitely. This paper argues that the expansion may indeed continue through 2004 and for some time beyond. But with the government and external deficits both so large […]
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  Book Series

  Induced Investment and Business Cycles

  This unique volume presents, for the first time in publication, the original doctoral thesis of Hyman P. Minsky, one of the most innovative thinkers on financial markets. Dimitri B. Papadimitriou’s introduction places the thesis in a modern context, and explains its relevance today. The thesis explores the relationship between induced investment, the constraints of financing […]
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  Press Release

  Budget and Trade Deficits Threaten US Economy, According to New Levy Institute Study

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  Public Policy Brief Highlight No. 79

  The Case for Rate Hikes

  For a time, the Federal Open Market Committee (FOMC) seemed to have learned from the mistakes of the past. Instead of taking good economic performance as a sign of incipient inflation, Chairman Alan Greenspan kept interest rates relatively low in the late 1990s, even as unemployment plummeted. Many commentators worried that the FOMC’s unusually easy […]
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  Working Paper No. 411

  Financial Liberalization and Poverty

  Financial development and its effects on the economic development of a country has recently been one of the most prolific areas of research in the fields of development, finance, and international economics. So far, however, very little work has been done to analyze comprehensively the relationship between financial liberalization and poverty. There is still controversy […]