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  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 […]
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  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 […]
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  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 […]
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  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 […]
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  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.
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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. […]