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Press ReleaseLevy Institute Conference Gathers Leading Economists, Social Scientists, and Other Analysts to Explore the Distributional Effects of Government Spending and Taxation
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Research Project ReportLevy 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 […] -
Press Release
US Economy May Still Face Long-Term Deflationary Risks, According to New Levy Economics Institute Study
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Public Policy Brief Highlight No. 75Is Financial Globalization Truly Global?
In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed […] -
Working Paper No. 397Financial Globalization and Regulation
This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed as a by-product of financial liberalization, is only a necessary condition for financial globalization, however. The sufficient condition is the creation of world-wide single currency, […] -
Public Policy Brief No. 75Is Financial Globalization Truly Global?
In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed […] -
Policy Notes No. 7The Future of the Dollar
The big question is whether the dollar—the world’s reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States broker another Plaza Accord, as it did in 1985 when the dollar lost half of its value against the yen and the mark within two […] -
Public Policy Brief Highlight No. 74
Understanding Deflation
Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring drastic changes in asset and output prices, deflation itself is not the main problem, but rather the recessionary conditions that sometimes give rise to deflation. […] -
Working Paper No. 396
The Evolution of Wealth Inequality in Canada
Using data from the Assets and Debts Survey of 1984 and the Survey of Financial Security of 1999, the authors document the evolution of wealth inequality in Canada between 1984 and 1999. Among their principal findings: wealth inequality increased overall, and was associated with substantial declines in real average and median wealth for recent immigrants […] -
Working Paper No. 395
On Household Wealth Trends in Sweden over the 1990s
Influenced by major tax reform in the early 1990s and by the exceptional boom in the stock market at the end of that decade, overall wealth in Swedish households increased. So did wealth inequality. The large baby-boom cohorts of the 1940s have been successful in accumulating wealth and they also have large claims on the […] -
Working Paper No. 394
Wealth Transfer Taxation
The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure from the standpoint of both equity and efficiency. The gist of this survey is that the optimal design closely depends on the assumed bequest motives. […] -
Working Paper No. 393
A Rolling Tide
From 1989 to 2001, wealth in real terms increased overall among families in the United States. But characterizing distributional changes is much more complex; it depends on the specific questions asked. For example, there is evidence both from Forbes data on the 400 wealthiest Americans and from the SCF, which explicitly excludes families in the […]