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  Working Paper No. 315

  Crowding In or Crowding Out?

  This paper investigates the effects of budget deficits within a classical-Harrodian framework in a closed economy. In this framework, growth and cycles are endogenous, underutilized capacity is a recurrent phenomenon, capacity utilization fluctuates around the normal level in the long run, and unemployment is persistent. Give the normal rate of profit, the key determinant of […]
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  Working Paper No. 314

  Asset Ownership across Generations

  This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the direct transfer of dollars from parents to children. Its analysis of data from the Panel Study of Income Dynamics (PSID) reveals intergenerational correlations in asset […]
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  Working Paper No. 313

  CRA Grade Inflation

  Community Reinvestment Act of 1977 (CRA) ratings and performance evaluations are the only bank and thrift exam findings disclosed by financial institution regulators. Inflation of CRA ratings has been alleged by community activists for two decades, but there has been no quantification or empirical investigation of grade inflation. Using a unique grade inflation methodology on […]
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  Report No. 3

  Report September 2000

  As part of its research program into the causes of, and solutions to, income inequality, the Levy Institute held a conference in June 2000 on the distribution of wealth. Participants’ remarks are summarized in this issue of the Report. Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth * Workshop on Earnings Inequality […]
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  Press Release

  Levy Institute Conference Assesses Policy Implications of First Multiracial Census

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  Working Paper No. 312

  Demographic Outcomes of Ethnic Intermarriage in American History

  This paper presents a new approach to measuring the extent of intermarriage among Americans of different ethnic origins. Using Census Bureau microdata and CPS data, measurements of the rates of Italian-American intermarriages across four generations are made to demonstrate that these rates were not merely high following the immigrant generation, but that even low estimates […]
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  Working Paper No. 311

  Racial Wealth Disparities

  A vast literature in economics has examined the economic progress of African Americans during this century. Most of these studies have focused on income–or on even narrower measures of economic well-being, such as earnings–to assess the extent to which any gains made relative to other racial groups can be attributed to such factors as declining […]
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  Working Paper No. 310

  Race and the Value of Owner-occupied Housing, 1940–1990

  The racial gap in the value of owner-occupied housing has narrowed substantially since 1940, but this narrowing has not been even over time or across space. The 1970s stand out as an unusual decade in which the value gap did not narrow despite continued convergence in the observed characteristics of housing. A decline in the […]
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  Working Paper No. 309

  Profits

  Profits are the incentive for production and therefore employment in almost all of the world’s economies; they also may represent exploitation of workers and consumers. Jerome Levy, using a complex process, derived the profits identity during the years 1908–1914. Michal Kalecki, taking advantage of the development of national accounting, derived it in the 1930s. Levy […]
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  Working Paper No. 308

  Discontinuities in the Distribution of Great Wealth

  National surveys of household economics and well-being in the United States usually focus on income. In those income surveys with supplemental wealth modules, the very rich are underrepresented if not unrepresented. Typically, wealth data are truncated such that they do not afford a view of the extreme top of the distribution. Therefore, we attempt to […]
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  Working Paper No. 307

  An Examination of Changes in the Distribution of Wealth from 1989 to 1998

  This paper considers the distribution of wealth in the period from 1989 to 1998 as an indicator of the economic condition of households. It examines changes in the distribution of wealth over that period, mostly using data from the Survey of Consumer Finances (SCF). Some of the SCF data used here have previously been studied […]
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  Working Paper No. 306

  Household Savings in Germany

  This paper describes how German households save and how their saving behavior is linked to public policy, notably pension policy. The analysis is based on a synthetic panel of four cross sections of the German Income and Expenditure Survey (“Einkommens- und Verbrauchsstichproben,” EVS, 1978, 1983, 1988, and 1993). The paper carefully distinguishes between several saving […]