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  Working Paper No. 242

  Money and Credit in a Keynesian Model of Income Determination

  This paper formally integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model deployed has much in common with the modern “endogenous money” school initiated by Kaldor which emphasizes the essential role played by credit in any real […]
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  Working Paper No. 241

  Optimal Financing by Money and Taxes of Productive and Unproductive Government Spending

  This paper contains an investigation of the effects of different means of financing government spending on economic growth, inflation, and welfare. In this setting, two different types of government spending are considered: productive expenditures that provide services to the private sector in its production activities, and unproductive expenditures that have no direct influence on the […]
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  Working Paper No. 240

  The Place of Cultural Explanations and Historical Specificity in Discussions of Modes of Incorporation and Segmented Assimilation

  In this new working paper, Senior Scholar Joel Perlmann discusses cultural, structural, and contextual explanations of segmented assimilation among the children of immigrants. In it he addresses a number of questions about modes of incorporation as an explanation for ethnic differences in behavior—what, for example, is the status of cultural explanations for ethnic behavior if […]
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  Working Paper No. 239

  An Ethical Framework for Cost-Effective Medicine

  HMO medicine has been effective in controlling once-runaway health care costs. But it sets up inevitable conflict between patient care and the financial well-being of the health plan and of its employee or contract physicians. This paper looks at the ethical problems posed by managed care (in particular, at its incentives to physicians to economize […]
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  Policy Notes No. 7

  Goldilocks and the Three Bears

  Unlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis, global deflation and excess capacity (or insufficient demand), and a domestic fiscal surplus in conjunction with record private deficits.
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  Press Release

  Labor Supply Is Deeper Than Official Unemployment Rate Suggests

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  Conference Proceedings

  Symposium: Is There a Shortage of Information Technology Workers?

  This symposium examined the claim by information technology companies that the industry faced a shortage of qualified workers, and considered policy approaches to meeting current and future demands for qualified labor. The symposium was held on June 12, 1998, at the Levy Institute’s research and conference center at Blithewood on the campus of Bard College, […]
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  Working Paper No. 238

  The Macroeconomics of Industrial Strategy

  This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasize the role of the output and investment activities of enterprises rather than the general focus on the labor market in the determination of economic performance. We have explored this aspect in some detail […]
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  Policy Notes No. 6

  What to Do with the Surplus

  Neither Congress nor the president is on the right track. Rather than protecting the surplus, we should be increasing spending and cutting taxes to contain the looming world recession.
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  Public Policy Brief Highlight No. 40

  Overcoming America’s Infrastructure Deficit

  Condemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects that is designed to have minimal effect on the federal budget and to promote sound fiscal operation. Federal zero-interest mortgage loans to state and local […]
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  Public Policy Brief Highlight No. 39

  The Unmeasured Labor Force

  Is the current labor market as tight as official statistics would seem to indicate? If incumbent workers increase their hours of work, it is irrelevant to the unemployment rate, but hardly irrelevant to the level of labor supply. The authors of this brief find that job insecurity and stagnating wages have made Americans willing to […]
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  Public Policy Brief No. 40

  Overcoming America’s Infrastructure Deficit

  Condemned bridges, dilapidated school buildings, contaminated water supplies, and other infrastructure shortcomings threaten American growth, productivity, and prosperity. The authors of this brief propose a plan for financing infrastructure projects that is designed to have minimal effect on the federal budget and to promote sound fiscal operation. Federal zero-interest mortgage loans to state and local […]