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  Working Paper No. 351

  Race, Ethnicity, and the Gender-poverty Gap

  We use data from the Current Population Survey (CPS 1994-2001) to document the relationship between gender-specific demographic variations and the gender-poverty gap among eight racial/ethnic groups. We find that black and Puerto Rican women experience a double disadvantage owing to being both women and members of a minority group. As compared with whites, however, gender […]
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  Public Policy Brief No. 68

  Optimal CRA Reform

  At issue in the debate over the renewal of the Community Reinvestment Act (CRA) of 1977 are the various yardsticks regulators use to judge whether individual institutions are meeting the credit and service needs of low- and moderate-income (LMI) communities. Based on careful examination of new CRA data and assessments of comments by selected stakeholders, […]
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  Working Paper No. 350

  Polish and Italian Schooling Then, Mexican Schooling Now?

  This paper relies on data from the census and the Current Population Survey (CPS) to compare levels of education attained by second-generation young people from important immigrant groups during the last great wave of immigration and by second-generation Mexican Americans today. In addition, it provides evidence, based on the CPS, about the earnings relative to […]
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  Working Paper No. 349

  State Policies and the Warranted Growth Rate

  This paper raises questions about austerity policies by investigating the effects of the state’s tax and expenditure policies on the warranted growth rate. It proposes two mechanisms to raise the warranted growth rate in the event that there is long-run unemployment. First, it incorporates Pasinetti’s taxation function into Harrod’s growth framework to show how, with […]
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  Press Release

  Nobel Laureate Joseph E. Stiglitz and Former Federal Reserve Board Governor Janet Yellen Join Levy Economics Institute Board of Governors

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  Working Paper No. 348

  Asset Prices, Liquidity Preference, and the Business Cycle

  In his Treatise on Money, John Maynard Keynes relied on two different premises to argue that the interest rate need not rise with rising levels of expenditure. One of these was the elasticity of the money supply, and the other was the interaction between financial and industrial circulation. A decrease (increase) in what Keynes called […]
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  Working Paper No. 347

  What Has Happened to Monetarism?

  It is widely perceived that today’s conventional monetary wisdom, and the common practice of monetary policy based thereupon, is essentially “monetarist” by nature, if not by name. One objective of this paper is to assess whether monetarism has had a lasting effect on the theory and practice of monetary policy; another is to scrutinize the […]
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  Working Paper No. 346

  CRA’s 25th Anniversary

  This paper focuses on the past, present, and future rules and regulations implementing CRA as developed, applied, and enforced by the federal bank and thrift regulators. The past rules and regulations refer to those in effect during the law’s first 18 years, through 1995, when CRA underwent its first major reform. The present CRA rules […]
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  Report No. 2

  Report June 2002

  Included in this issue of the Report are summaries of the presentations made at the Institute’s Annual Hyman P. Minsky Conference; this year’s topic: "Recession and Recovery: Economic Policy in Uncertain Times." Contents: Conference: 12th Annual Hyman P. Minsky Conference on Financial Markets * Symposium: "New Directions in Research on Gender-Aware Macroeconomics and International Economics." […]
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  Working Paper No. 345

  The “Third Way” and the Challenges to Economic and Monetary Union Macropolicies

  In the United Kingdom the emergence of a “New Labour” has been closely associated with the development of the notion of the “third way.” Tony Blair, for example, stated that “New Labour is neither old left nor new right. . . . Instead we offer a new way ahead, that leads from the centre but […]
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  Conference Proceedings

  12th Annual Hyman P. Minsky Conference on Financial Markets

  At the 12th annual Minsky conference, held at the Roosevelt Hotel in New York City on April 25, 2002, 100 participants from government, business, and the academy gathered to discuss the current state of the United States’ economy and its future direction. Many of the speakers advanced the notion that the recession was over, that […]
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  Strategic Analysis

  Strategic Prospects and Policies for the US Economy

  Notwithstanding the great achievements of the American economy, the growth of aggregate demand during the past several years has been structured in a way that would eventually prove unsustainable. During the main period of economic expansion, the fiscal stance tightened at a much greater pace than in any period during the previous 40 years, and […]