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  Research Project Report

  How Much Does Public Consumption Matter for Well-Being?

  This report supplements previous findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. Some readers have questioned the sensitivity of our estimates in view of our imputation techniques. Therefore, the authors explore the sensitivity of their key findings to changes in the […]
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  Public Policy Brief Highlight No. 80

  The Fed and the New Monetary Consensus

  The most charitable interpretation of the Federal Reserve’s recent interest rate hikes is that they appear to have been premature. A convincing array of data on payrolls, employment-to-population ratios, and other labor market indicators show that the current recovery has not yet attained the degree of labor market tightness that was common in previous recoveries, […]
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  Working Paper No. 415

  Measuring Capacity Utilization in OECD Countries

  This paper derives measures of potential output and capacity utilization for a number of OECD countries, using a method based on the cointegration relation between output and the capital stock. The intuitive idea is that economic capacity (potential output) is the aspect of output that co-varies with the capital stock over the long run. We […]
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  Working Paper No. 414

  Household Wealth Distribution in Italy in the 1990s

  This paper describes the composition and distribution of household wealth in Italy. First, the evolution of household portfolios over the last 40 years is described on the basis of newly reconstructed aggregate balance sheets. Second, the characteristics and quality of the main statistical source on wealth distribution, the Bank of Italy’s Survey of Household Income […]
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  Press Release

  New Levy Institute Study Critical of Interest Rate Hikes

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  Audio

  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 […]