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  Working Paper No. 305

  Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?

  The euro was expected to become a substitute for the American dollar as an international currency. However, compromises made during its creation make it a less than perfect substitute in the medium term. Among these compromises was the application of macro convergence and micro diversity in financial markets and supervision at the national level. This […]
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  Working Paper No. 304

  Family Structure, Race, and Wealth Ownership

  Researchers have documented racial inequalities in wealth ownership and have offered a variety of explanations to account for these differences. One potentially important contributing factor that has received little attention is racial differences in family structure. This paper explores racial differences in the structure of family of origin and family in adulthood and examines the […]
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  Policy Notes No. 7

  Why Does the Fed Want Slower Growth?

  The Fed has raised interest rates six times in the past year to slow the economy, in the belief that unemployment is too low. There is scant evidence, however, that low unemployment leads to inflation, that the economy is in danger of overheating, or that higher interest rates will reduce inflation. Instead, the Fed is […]
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  Public Policy Brief No. 60

  A Dual Mandate for the Federal Reserve

  The Federal Reserve currently has two legislated goals—price stability and full employment—but a debate continues about making price stability the Fed’s primary and overriding goal. Evidence from the recent history of monetary policy contradicts arguments in favor of assigning primacy to inflation fighting and supports giving full employment equal importance. Economic performance under the dual […]
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  Conference Proceedings

  Saving, Intergenerational Transfers, and the Distribution of Wealth

  Coordinated by Senior Scholar Edward N. Wolff of the Levy Institute and New York University, this conference examined wealth trends, and extremes, in the United States in the 1990s. The conference was held June 7–9, 2000, at the Levy Institute’s research and conference center at Blithewood on the campus of Bard College, Annandale-on-Hudson, New York. […]
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  Public Policy Brief Highlight No. 60

  A Dual Mandate for the Federal Reserve

  The Federal Reserve currently has two legislated goals—price stability and full employment—but a debate continues about making price stability the Fed’s primary and overriding goal. Evidence from the recent history of monetary policy contradicts arguments in favor of assigning primacy to inflation fighting and supports giving full employment equal importance. Economic performance under the dual […]
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  Working Paper No. 303

  “It” Happened, but Not Again

  This paper asks two questions: First, can we explain Japan’s ongoing financial crisis by means of an institutional analysis similar to the one Hyman P. Minsky applied to the American economy during the postwar period? Second, what are the implications of this analysis for what is going on in the Canadian and American economies today? […]
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  Working Paper No. 302

  Kaleckian Models of Growth in a Stock-flow Monetary Framework

  This paper presents a simple growth model grounded in a stock-flow monetary accounting framework. The framework ensures that all stocks and all flows are accounted for and that the real and financial sides of the economy are coherent with one another. Credit, money, equities and stocks of real capital link periods of time with one […]
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  Policy Notes No. 6

  Drowning in Debt

  The economic expansion in the United States has been driven to an unusual extent by falling personal saving and rising borrowing by the private sector. If this process goes into reverse, as has happened under comparable circumstances in other countries, there will be severe recession unless there is a big relaxation in fiscal policy.
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  Report No. 2

  Report June 2000

  Proponents of globalization have expressed frustration with the reluctance of some members of Congress to support it. At the Levy Institute’s annual Minsky conference in April, summarized in this issue, Representative Barney Frank explained that it is not globalization per se that he and other members oppose, but globalization absent safety nets for those who […]
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  Press Release

  Levy Institute Conference to Examine Economic Inequality, Savings, Inergenerational Transfers, and The Distribution of Wealth

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  Working Paper No. 301

  Trends in Direct Measures of Job Skill Requirements

  It is commonly assumed that jobs in the United Sates require ever greater levels of skill and, more strongly, that this trend is accelerating as a result of the diffusion of information technology. This has led to substantial concern over the possibility of a growing mismatch between the skills workers possess and the skills employers […]