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  Press Release

  Election Year Fiscal Policies Could Pose Long-Term Threat to US Economy, New Levy Institute Study Suggests

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  Research Project Report

  Levy Institute Measure of Economic Well-Being

  This report presents the latest findings of the Levy Institute Measure of Economic Well-Being (LIMEW) research project within our program on the distribution of income and wealth. It enhances previous findings about economic well-being and inequality in the United States by extending our analysis to include additional years, 1995 and 2001, and by comparing our […]
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  Working Paper No. 407

  Changes in Household Wealth in the 1980s and 1990s in the US

  I find that despite slow growth in income over the 1990s, there have been marked improvements in the wealth position of average families. Both mean and median wealth grew briskly in the late 1990s. The inequality of net worth leveled off even though income inequality continued to rise over this period. Indebtedness also fell substantially […]
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  Working Paper No. 406

  Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime

  This paper investigates the (re-)establishment of central banking in West Germany after 1945 and the history of the Bundesbank Act of 1957. The main focus is on the early emphasis on the “independence” of the central bank, which, together with a “stability-orientation” in monetary policy, proved a lasting German peculiarity. The paper inquires whether contemporary […]
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  Policy Notes No. 2

  Those “D” Words

  Recent economic commentary has been filled with “D” words: deficits, debt, deflation, depreciation. Deficits—budget and trade—are of the greatest concern and may be on an unsustainable course, as federal and national debt grow without limit. The United States is already the world’s largest debtor nation, and unconstrained trade deficits are said to raise the specter […]
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  Summary No. 2

  Summary Spring 2004

  The sharp reversal from surplus to deficit of the federal budget has prevented a deep recession, but long-term strategic economic difficulties remain. A new Strategic Analysis suggests that the government continue its substantial fiscal stimulus while enhancing the country’s international competitiveness, so as to stimulate export growth and use the domestic jobs thereby created to […]
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  Press Release

  Rescinding Tax Cuts Would Benefit US Economy More Than Enacting Budget Cuts, According to New Levy Institute Study

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  Conference Proceedings

  14th Annual Hyman P. Minsky Conference on Financial Structure

  Topics at the 2004 Minsky conference included fiscal and monetary policies for the expansion of national economies as well as the global economy; exchange rate misalignments resulting from “brutal” gyrations in the currency markets, and their possible cures; and trade and capital flows as they might impinge upon the conduct of monetary and fiscal policies. […]
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  Press Release

  Official Measures Underestimate US Poverty Rates by Ignoring Asset and Wealth Levels, New Levy Study Asserts

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  Public Policy Brief Highlight No. 76

  Asset Poverty in the United States

  Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the official, income-based poverty measure, which exhibited a sharp decline. According to Senior Scholar Edward N. Wolff and Research Scholar Asena Caner, poverty measures should include […]
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  Working Paper No. 405

  Some Simple, Consistent Models of the Monetary Circuit

  We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by many authors who adopt this approach can be solved by integrating a simple Circuit model with a consistent set of stock-flow accounts. We then discuss […]
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  Working Paper No. 404

  The “War on Poverty” after 40 Years

  Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his advocacy of the “employer of last resort” as part of his “big government” intervention to help maintain stability. However, very little research has been undertaken […]