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  Public Policy Brief No. 66

  Racial Wealth Disparities

  Despite decades of policies aimed at improving the economic position of African Americans in terms of relative income and earnings, they remain substantially behind whites. The research presented in this brief indicates that the wealth gap is even more staggering. Following families over time in order to understand racial differences in the sources and patterns […]
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  Working Paper No. 340

  Incentives in HMOs

  We studied the effect of physician incentives in an HMO network. Physician incentives are controversial because they may induce doctors to make treatment decisions that differ from those they would choose in the absence of incentives. We set out a theoretical framework for assessing the degree to which incentive contracts do, in fact, induce physicians […]
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  Working Paper No. 339

  Uncertainty, Conventional Behavior, and Economic Sociology

  This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes’s observations on the effects of uncertainty and conventional behavior on the stock market; the analysis consists of a comparison of the social ontologies of the French Intersubjectivist […]
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  Policy Notes No. 10

  Are We All Keynesians (Again)?

  It is now widely recognized that economists and policymakers alike had been living a 30-year fantasy. The best government is not that which governs least. The best economy is not that which is abandoned to the invisible fist of the unconstrained market. Our national and individual security is not best left to the fate of […]
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  Strategic Analysis

  The Developing US Recession and Guidelines for Policy

  The United States should now be prepared for one of the deepest and most intractable recessions of the post–World War II period, with no natural process of recovery in prospect unless a large and complex reorientation of policy occurs both here and in the rest of the world. The grounds for reaching this somber conclusion […]
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  Working Paper No. 338

  The Monetary Policies of the European Central Bank and the Euro’s (Mal)performance

  The stability-oriented macroeconomic framework established in the Maastricht and Amsterdam Treaties on European Union (TEU), especially the unparalleled status of independence and peculiar mandate of the European Central Bank (ECB), were promised to virtually guarantee price stability and a “strong” euro. Actual developments have shattered these hopes in a rather drastic way. Despite the dismal […]
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  Policy Notes No. 9

  Hard Times, Easy Money?

  The tools of countercyclical monetary policy have been brought fully to bear on a potentially severe recession. This note argues, however, that such a policy is less effective in times such as these—that is, when uncertainty is especially high—and so is likely to be particularly ineffective in combating the current economic slowdown.
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  Report No. 3

  Report September 2001

  In remarks delivered at the Levy Institute’s recent conference on educational policy, summarized in this issue, Bard College President Leon Botstein stated that schools will never function well if the general culture does not express an excitement and joy about learning. Botstein stressed the need for afterschool programs, which provide a more peer-supported environment that […]
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  Public Policy Brief Highlight No. 65

  Easy Money through the Back Door

  This brief assesses the experiences of Europe’s policy regime in the two years since the introduction of the euro in 1999, particularly the performance of the European Central Bank (ECB), the institution in charge of conducting monetary policy for the euro area. Conventional accounts of European growth, price, and labor market performance over recent years […]
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  Working Paper No. 337

  Can Countries under a Common Currency Conduct Their Own Fiscal Policies?

  The debate about balance of payment problems is generally linked with adjustments in the fiscal sector, especially since the views of Bretton Woods institutions became predominant. For the majority of theoretical models that currently inform policy, it is becoming common thought that in a world of free trade and free movement of capital, a floating […]
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  Working Paper No. 336

  The Role of Institutions and Policies in Creating High European Unemployment

  The conventional wisdom is that high European unemployment is the result of job markets that are rigid and inflexible. This paper presents new empirical evidence that challenges this received wisdom. A major contribution of the paper is that it fully accounts for both micro- and macroeconomic factors, as well as taking account of cross-country economic […]
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  Working Paper No. 335

  Young Mexican Americans, Blacks, and Whites in Recent Years

  This paper stresses that the key to concerns about the progress of second-generation Americans is the fate of the Mexican second generation. It compares several indicators of the advances of second-generation Mexicans to those of non-Hispanic, native-born blacks and non-Hispanic, native-born white attainments. The analysis relies on the most recent available evidence from the CPS […]