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  Public Policy Brief No. 51

  Small Business and Welfare Reform

  The Levy Institute conducted a survey of small businesses to elicit information about their hiring and employment practices, especially the hiring of former welfare recipients; preferences regarding education, training, and other characteristics of potential employees; effects of increases in the minimum wage on employment decisions; and their responses to various forms of government wage and […]
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  Policy Notes No. 3

  Surplus Mania

  A federal government surplus has finally been achieved, and it has been met with pronouncements that it is a great gift for the future and with arguments about what to do with it. However, the surplus will be short-lived, it will depress economic growth, and, in any case, surpluses cannot be “used” for anything.
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  Press Release

  Where Have All the Welfare Workers Gone?

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  Public Policy Brief Highlight No. 50

  Public Employment and Economic Flexibility

  Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in sluggish growth, inflationary pressures, and other undesirable consequences. What has been almost entirely overlooked is the way in which public sector activity can enhance flexibility […]
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  Press Release

  How Long Can the United States Act as the World’s Spender of Last Resort?

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  Working Paper No. 264

  Further Evidence on the Distributional Effects of Disinflationary Monetary Policy

  The performance of the United States’ economy between 1994 and 1998 was so good that some pundits began to call for the Federal Reserve to increase interest rates to depress economic activity and reduce asset prices. However, slowing the economy to stabilize asset prices would have adverse distributional effects. Impulse-response functions from identified vector autoregression […]
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  Working Paper No. 263

  From Common Market to EMU

  This paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of the European Economic Community (EEC) in the late 1950s, attempts at monetary integration, and ultimately monetary union, tended to assume importance only as a result […]
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  Public Policy Brief No. 50

  Public Employment and Economic Flexibility

  Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in sluggish growth, inflationary pressures, and other undesirable consequences. What has been almost entirely overlooked is the way in which public sector activity can enhance flexibility […]
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  Policy Notes No. 2

  The Emperor Has No Clothes

  If you were to write yourself IOUs to provide for your retirement and put them in a safety deposit box, would you rest comfortably, assured that you would be able to purchase all the necessities of life in 2020? Well, President Clinton’s proposal is even worse.
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  Report No. 1

  Report February 1999

  Jeffrey G. Madrick talks with Levy Institute Vice Chairman Leon Levy about hedge funds’ influence over financial markets, and what went wrong with Long-Term Capital. Contents: Hedge Fund Mysteries: An Interview with Leon Levy by Jeffrey Madrick * New Working Paper topics include: Modern Money * Government Spending and Growth Cycles * The Minimum Wage […]
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  Working Paper No. 262

  The 1966 Financial Crisis

  The so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis and one that required the first important intervention by the Federal Reserve Bank. In the midst of the robust postwar expansion, the Fed began to fear inflation and tightened monetary policy to the point at which profitability of […]
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  Working Paper No. 261

  Theories of Value and the Monetary Theory of Production

  This paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed for analysis of a monetary production economy: the labor theory of value and the liquidity preference theory of value. Both Keynes and Marx were trying […]