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  Public Policy Brief Highlight No. 32

  What’s Missing from the Capital Gains Debate?

  The recent enactment of a capital gains tax cut resulted, according to the authors, from the absence of a true appreciation or consideration of the real beneficiaries of such a cut, its probable actual effects, the distinction between productive and nonproductive sources of capital gains (two-thirds of capital gains accrue to real estate, which is […]
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  Working Paper No. 207

  Reasserting the Role of Keynesian Policies for the New Millennium

  In this paper, Philip Arestis, of the University of East London, and Visiting Scholar Malcolm Sawyer, of the University of Leeds, assert the need for revived and revised Keynesian policies to secure full employment. They do not support “fine tuning,” but argue for a medium-term approach that includes both demand-side and supply-side strategies. Their approach […]
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  Working Paper No. 206

  Are Good Jobs Flying Away?

  Aerospace, once the "crown jewel" of American manufacturing, is experiencing a structural decline characterized by a narrowing of the industry trade surplus, an increase in the foreign content of commercial aircraft and engines, a greater role for foreign companies in research and development, and a loss of "good jobs." Employment in aircraft engine manufacturing peaked […]
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  Working Paper No. 205

  Macroeconomics without Equilibrium or Disequilibrium

  Distinguished Scholar Wynne Godley creates a numerical simulation model that attempts a synthesis between the monetary theory of Hicks and Kaldor, the asset allocation theory of James Tobin, and the Keynesian theory of income and output determination. Methodologically, it substitutes Walrasian rigor for the usual narrative exposition used by post-Keynesian writers—and indeed, by Keynes himself—before […]
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  Working Paper No. 204

  The Growth in Work Time and the Implications for Macro Policy

  In May 1997, the official unemployment rate was 4.8 percent—the lowest in 24 years. Not long ago, most economists would have considered such an unemployment record impossible to achieve without igniting a cycle of wage-led inflation. Yet, in the first quarter of 1997 prices rose at only a 1.8 percent annual rate; some regional labor […]
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  Working Paper No. 203

  The NAIRU

  The nonaccelerating inflation rate of unemployment, or NAIRU, has acquired a central role in macroeconomic theory. Fear of inflation has led to a reluctance to allow the unemployment rate to fall below the estimated NAIRU. If so much weight is going to be placed on an estimate of a theoretical variable, it is extremely important […]
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  Working Paper No. 202

  Aggregate Demand, Investment, and the NAIRU

  The nonaccelerating inflation rate of unemployment, or NAIRU, is generally viewed as a supply-side-determined, short-run equilibrium rate of unemployment. In most NAIRU models, aggregate demand plays no essential role in determining equilibrium unemployment. However, Visiting Scholar Malcolm Sawyer demonstrates that the relationship between the real wage and employment (often mistakenly called labor demand) cannot be […]
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  Working Paper No. 201

  Organizational Learning and International Competition

  Over the last three decades, despite economic growth, the United States has experienced both increasing relative inequality and an absolute decline of real wages. Explanations sometimes offered for this inability to achieve sustainable prosperity are a weakening of innovative ability (a result of reduced expenditures on training, education, and research) and international competition from low-wage […]
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  Working Paper No. 200

  Second Generations

  This paper takes a doubting, though friendly, look at the hypotheses of “second generation deciine” and “segmented assimiiation” that have framed the emerging research agenda on the new second generation. Research Associate Roger Waldinger, of the University of California at Los Angeles, and Senior Scholar Joel Perlmann begin with a review of the basic approach, […]
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  Report No. 3

  Report August 1997

  In an exploration of policy proposals to expand employment opportunities, participants at this year’s Levy Institute employment conference discuss workforce development, welfare-to-work, institutional and structural labor market changes, and economic growth. In an interview with Sanjay Mongia, author and editor William Grieder calls for a global perspective to save the worldwide economic system from its […]
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  Working Paper No. 199

  Good Jobs and the Cutting Edge

  Good, stable jobs with high earnings started to disappear from the United States economy in the late 1970s. The loss of the majority of these jobs resulted from structural changes, not cyclical variations in the manufacturing sector. Robert Forrant, of the University of Massachusetts Lowell, studies the machine tool industry’s role in the decline of […]
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  Working Paper No. 198

  Earnings Inequality and the Quality of Jobs

  The increase in earnings inequality in the United States is now a widely accepted fact that much economics literature has attempted to explain. Philip Moss, of the University of Massachusetts Lowell, examines the increase in inequality, evaluates the frequently given explanations for it, and offers an improved methodology for determining its causes.