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Press Release
Europe Should Emulate Big Government Successes of US Economy, New Levy Institute Study Says
Working Paper No. 382
The Case for Fiscal Policy
This paper reconsiders the case for the use of fiscal policy based on a “functional finance” approach that advocates the use of fiscal policy to secure high levels of demand in the context of private aggregate demand, which would otherwise be too low. This “functional finance” view means that any budget deficit should be seen […]
Working Paper No. 381
Reinventing Fiscal Policy
Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of monetary policy to target inflation. Elsewhere, we have critically […]
Working Paper No. 380
How Long Can the US Consumers Carry the Economy on Their Shoulders?
The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and fiscal support and mortgage refinancing have partly offset increased consumer cautiousness. The consumer will remain on a tightrope in the near future, but if the […]
Working Paper No. 379
Is Europe Doomed to Stagnation?
This paper challenges the view that external shocks caused Euroland’s 2001 slowdown and subsequent stagnation. Instead, the design of Euroland’s macro policymaking arrangements is found lacking in looking after sufficient domestic demand growth. In the event the ECB has failed on its stabilization role–a rather vital role given that fiscal policy is severely constrained by […]
Working Paper No. 378
The Conditions for Sustainable US Recovery
The anemic US economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to excess capacity created in the euphoric years of the "new economy" bubble. The current imbalances in the corporate sector (i.e., the all-time-high indebtedness in the face of falling asset prices) are preventing investment from picking […]
Conference Proceedings
13th Annual Hyman P. Minsky Conference on the State of the US and World Economies
The 13th Annual Hyman P. Minsky conference, held April 15, 2003, at the Hilton New York, focused on the uncertainty surrounding the United States’ recent economic recovery, as well as the monetary and fiscal policy prescriptions for renewed growth, employment, and price stability. These proceedings were published as part of the Summer 2003 Summary.
Press Release
US Trade Imbalance Raises the Specter of Unprecedented Twin Deficits and Prolonged Recession, Levy Study Says
Working Paper No. 377
Finance and Development
There are many recent worldwide examples of severe financial crises that are linked to periods of financial liberalization. Given the ubiquity of these crises, there is the legitimate question of why governments still pursue financial liberalization policies. Answers to this question range from the recent institutionalization of norms of “acceptable” financial policies and perceived potential […]
Working Paper No. 376
Mexicans Now, Italians Then
This working paper continues earlier efforts to compare the experiences of today’s second-generation Mexican Americans with those of second-generation members of major immigrant groups of a century ago. Here the focus is on intermarriage. Contemporary data comes from 1998-2001 CPS data sets and historical data from the IPUMS data sets for 1920 and 1960. As […]
Press Release
Aging Baby Boom Generation Highlights Need For Long-Term Care Reform, New Levy Institute Study Says
Working Paper No. 375
US Workers’ Investment Decisions for Participant-directed Defined Contribution Pension Assets
Two issues may have a tremendous impact on the adequacy of retirement income for today’s workers: the growth of 401(k) pension plans and the possible privatization of Social Security. Workers are becoming increasingly responsible for the adequacy of their retirement income by determining how their retirement savings are invested. This paper examines the investment choices […]