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  Press Release

  US Trade Imbalance Raises the Specter of Unprecedented Twin Deficits and Prolonged Recession, Levy Study Says

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  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 […]
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  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 […]
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  Press Release

  Aging Baby Boom Generation Highlights Need For Long-Term Care Reform, New Levy Institute Study Says

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  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 […]
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  Working Paper No. 374

  The Nature and Role of Monetary Policy When Money Is Endogenous

  This paper considers the nature and role of monetary policy when money is envisaged as credit money endogenously created within the private sector (by the banking system). Monetary policy is now based in many countries on the setting (or targeting) of a key interest rate, such as the Central Bank discount rate. The amount of […]
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  Strategic Analysis

  The US Economy

  Right through the boom years prior to 2001, the American economy faced a strategic predicament in that the main engine of growth (credit-financed private spending) was unsustainable, from which it followed that the whole stance of the government’s fiscal policy would have to be radically changed if the New Economy were not to become stagnant. […]
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  Working Paper No. 373

  Does Trade Promote Gender Wage Equity?

  This study explores the impact of competition from international trade on the gender wage gap in Taiwan and South Korea between 1980 and 1999. The dynamic implications of Becker’s 1959 theory of discrimination lead one to expect that increased competition from international trade reduces the incentive for employers to discriminate against women. This effect should […]
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  Working Paper No. 372

  The Levy Institute Measure of Economic Well-Being

  Our measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The definition of the scope of our measure is guided by an extended concept of income that fundamentally reflects the resources that a household can command […]
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  Working Paper No. 371

  Credibility of Monetary Policy in Four Accession Countries

  The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov regime-switching (MRS) framework. We utilize the theoretical proposition that in the conduct of monetary policy, there is uncertainty in terms of the type of central […]
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  Policy Notes No. 2

  Reforming the Euro’s Institutional Framework

  The SGP has been the focus of growing controversy within the eurozone. The ECB continues to argue that reforming the SGP by relaxing its rules would damage the credibility of the euro. The opposite, however, may be closer to reality. Relaxing the rules according to the measures already taken by the European Commission has been […]
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  Report No. 1

  Report February 2003

  Despite the collapse in stock prices, consumers have taken advantage of rising property values and low interest rates to continue borrowing and spending; debt in the personal sector now stands at nearly 130 percent of disposable income. What will happen to the economy when this buildup comes to an end? Our latest Strategic Analysis assesses […]