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  Public Policy Brief 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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  Policy Notes No. 1

  Inflation Targeting and the Natural Rate of Unemployment

  Inflation targeting has become an increasingly popular strategy for setting monetary policy during the last decade. While no countries had formal inflation targets before 1990, currently 22 countries use inflation targeting. One notable exception is the United States, where the Federal Reserve has a dual mandate to pursue both price stability and full employment. Some […]
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  Strategic Analysis

  Is Deficit-financed Growth Limited?

  Wynne Godley, our Levy Institute colleague, has warned since 1999 that the falling personal saving and rising borrowing trends that had powered the US economic expansion were not sustainable. He also warned that when these trends were reversed, as has happened in other countries, the expansion would come to a halt unless there were major […]
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  Press Release

  Leading Policymakers and Economists to Explore Economic Recovery at Levy Institute Conference April 23–24

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  Book Series

  After the Bell

  Since the publication of the Coleman report in the United States many decades ago, it has been widely accepted that the evidence that schools are marginal in the grand scheme of academic achievement is conclusive. Despite this, educational policy across the world remains focused almost exclusively on schools. This volume focuses its searchlight on family […]
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  Biennial Report

  Biennial Report, 2002–2003

  As 2004 begins, the Levy Institute can look back on the 2002–03 period as one of accomplishment and transition. Several initiatives were begun, new personnel were added, and the Institute continued its efforts in its traditional areas of strength. Thus, we can report that the Institute remains vibrant and as determined as ever to contribute […]
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  Press Release

  Inflation Targeting Could Hurt Low-Skilled Workers, Would Do Little to Address Prices, New Levy Study Says

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  If US grows to potential it would stimulate eurozone recovery

  Copyright 1992 The Financial Times Limited (London, England) Tuesday, March 2, 2004; Financial Times USA Edition 2; Letters to the Editor; Pg. 12 Sir, Nicholas Garganas may be right to suggest that European Central Bank monetary policy is appropriate (“ECB official gives blunt rebuff to rate cut call,” February 27). Your editorial in the same issue […]
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  Working Paper No. 403

  A Stock-flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies

  This paper reviews the general tenets of "stock-flow consistent" and the "formal Minskyan" literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the tools of the former. It also analyzes a small but representative and influential sample of seminal "formal Minskyan" models, particularly the Taylor-O’Connel model, in light […]
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  Research Project Report

  Levy Institute Measure of Economic Well-Being

  The Levy Economics Institute has, since its inception, maintained an active research program on the distribution of earnings, income, and wealth. Experience from the 1990s suggests that economic growth alone cannot dramatically reduce economic inequality. Because we are concerned with the improvement of well being, we have initiated a research project, the Levy Institute Measure […]
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  Working Paper No. 402

  A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model

  Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way, therefore providing macroeconomic constraints to individual behavior. The present model expands on the Godley-Lavoie model of growth, which was based on a two-asset world, with […]
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  Report No. 1

  Report February 2004

  Like a recurrent nightmare, the Bush administration, apparently emboldened by its success in getting Congress to start down the road to privatizing Medicare, seems ready to resurrect its proposals to privatize Social Security. Senior Scholar Thomas Hungerford comments in this issue of the Report. Contents: Comment, "Saving Social Security from Those Who Would ‘Save’ It" […]