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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 […]
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  Working Paper No. 410

  Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles

  Many empirical studies have found that interest rate increases have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost of production that is at least in part passed on to customers. A model shows that the cost-push effect of inflation, long known as Gibson’s […]
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  Working Paper No. 409

  Assessing the ECB’s Performance since the Global Slowdown

  This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding is that the series of policy blunders which characterized the bank’s conduct features a bias. Institutions as well as personalities appear to be behind the […]
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  Press Release

  Poverty Policy Must Create Jobs for Poor, New Levy Economics Institute Study Says

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  Public Policy Brief No. 78

  The War on Poverty after 40 Years

  Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty. One group of scholars argued that the war, initiated by Presidents Kennedy and Johnson, had been lost, owing to the inherent ineffectiveness of government welfare programs. Charles Murray and other scholars argued that […]
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  Press Release

  Official Measures Overstate the Impact Of Government Spending and Taxation Policies in Reducing Inequality, Suggests New Levy Institute Study

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  Public Policy Brief No. 77

  The Sustainability of Economic Recovery in the United States

  A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States’ recovery from the 2001 recession is on a sustainable course. According to this brief by Philip Arestis and Elias Karakitsos, however, the trend in the short-term factors affecting the economy has changed for the […]
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  Report No. 2

  Report June 2004

  In this issue, Senior Scholar L. Randall Wray’s comments on President Bush’s tax relief and spending stimulus, and all that red ink. Contents: Comment, “Greenspan and All That Red Ink” * New Strategic Analysis, “Is Deficit-Financed Growth Limited? Policies and Prospects in an Election Year” * New Policy Note, “Inflation Targeting and the Natural Rate […]