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  Working Paper No. 344

  Dollarization

  When economies “dollarize,” their exchange rate and monetary policy, both considered to be sources of instability, are simultaneously discarded. Often, dollarization becomes an attractive option for developing countries that have experienced successive failures of exchange rate and monetary management. This paper makes use of a theoretical model that shows, contrary to the commonly accepted view, […]
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  Policy Notes No. 3

  European Integration and the “Euro Project”

  The introduction of the euro has been a significant step in the integration of the economies of the countries that form the European Union (EU) and the 12 countries that comprise the Economic and Monetary Union (EMU). Its adoption not only means that a single currency prevails across the Eurozone, with reduced transactions costs for […]
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  Report No. 1

  Report March 2002

  The 1990s expansion was powered uniquely and exceptionally by a huge fall in net saving by the private sector. In a new Policy Note summarized in this issue, Distinguished Scholar Wynne Godley argues that the public sector must now step in and be the new motor that drives the economy. Contents: Editorials: "Shouldering Governmental Responsibility" […]
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  Working Paper No. 343

  Poles and Italians Then, Mexicans Now?

  A good deal of recent discussion among social scientists concerned with immigration is about the disadvantages faced by immigrants who enter the American labor force with much-lower levels of skills than those possessed by the typical native white worker. Among contemporary immigrant groups, by far the most important example is the Mexicans. The challenges faced […]
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  Working Paper No. 342

  A Note on the Hicksian Concept of Income

  Empirical studies of intertemporal dynamics of individual income, distribution of personal income, and growth and distribution of national income are all based on statistics that rely on some concept of income. The dominant one today appears to be the so-called Haig-Simons-Hicks (HSH) concept of income. I examine the foundations of this concept in Hicks? Value […]
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  Policy Notes No. 2

  The Brazilian Swindle and the Larger International Monetary Problem

  The International Monetary Fund has offered Brazil a $30 billion loan, most of it reserved for next year, on condition that the country continue to run a large primary surplus in the government budget. In this way the Fund maintains a strong arm over Brazil’s next government. Any significant move toward fiscal expansion would trigger […]
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  Policy Notes No. 1

  Kick-Start Strategy Fails to Fire Sputtering US Economic Motor

  There is a strategic need, if a “growth recession” is to be avoided, for a new motor to drive the economy, particularly if there is a further decline in private expenditure relative to income that could generate a further hole in aggregate demand.
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  Summary No. 4

  Summary Fall 2002

  New Working Papers summarized in this issue include an examination of racial and ethnic differentiation in gender inequality, a proposal for a poverty measure that considers household wealth together with income, and a study of the probable impact of the United Kingdom’s adoption of the euro. An analysis of "narrow" banking by the IMF’s Biagio […]
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  Summary No. 2

  Summary Spring–Summer 2002

  This double issue begins with an account of an international symposium on gender-aware macroeconomics, held at the Levy Institute in May, and includes an overview of the Institute’s 12th Annual Hyman P. Minsky Conference on Financial Markets.   Contents: Summaries of events include the 12th annual Hyman P. Minsky conference and a symposium on gender-aware […]
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  Summary No. 1

  Summary Winter 2002

  This Summary begins with Senior Scholar James K. Galbraith’s analysis of a very topical issue—the war economy.   Contents: New issue of Strategic Analysis (Wynne Godley and Alex Izurieta) · Policy Notes: The War Economy (Galbraith); Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy (Carpenter); Are We All Keynesians (Again)? (Papadimitriou and Wray) […]
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  Press Release

  Federal Government Must Play Bigger Role in Economy

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  Press Release

  Temporary Stimulus Package Won’t Address Underlying Structural Problems in US Economy, New Levy Report Says