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  Working Paper No. 170

  Which Deficit?

  For some time economists have acknowledged that reported budgetary data do not necessarily reflect actual economic activity. Agreement has not been reached, however, on how budget figures should be adjusted to reflect such activity accurately. In this working paper, Resident Scholar Neil H. Buchanan examines 13 alternative measures of the budget deficit in order to […]
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  Working Paper No. 169

  Comparing Alternative Methods of Adjusting US Federal Fiscal Deficits for Cyclical and Price Effects

  In this working paper, Resident Scholar Neil H. Buchanan statistically tests six alternative definitions of the federal budget deficit to determine if these definitions improve the results of econometric studies that use the deficit as an exogenous variable. His objectives are (1) to evaluate Robert Eisner’s conclusion that a price-adjusted deficit definition improves econometric results […]
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  Working Paper No. 168

  Assimilation

  Assimilation of today’s immigrants is one topic in the current debate on immigration. Some observers assert that recent immigrants are unable to assimilate into American society as easily as past immigrants were able to. Others counter that the pressures against assimilation today are not strong. In this working paper, Senior Scholar Joel Perlmann and Research […]
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  Working Paper No. 167

  Money, Finance, and National Income Determination

  Traditional economic models have largely failed to account adequately for the roles of money and finance in economic operations. For example, traditional models assume an exogenously determined, fixed money stock and ignore the outcomes of spending changes that result from changes in bank loans. As such, traditional models take place outside of historical time and […]
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  Working Paper

  The Minimum Wage and the Path Toward a High Wage Economy

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  Report No. 3

  Report June 1996

  Speaking at the Levy Institute’s sixth annual conference on the financial structure, summarized in this issue, Federal Reserve Governor Janet L. Yellen expresses concern that financial innovation has complicated regulating traditional measures of financial soundness. Contents: Annual Conference on Employment * Sixth Annual Conference on the Financial Structure * Forums: Immigration and Ethnicity * The […]
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  Press Release

  Capital Gains Tax Cut Will Not Spur Substantial Investment and Economic Growth, New Study Shows

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  Working Paper No. 166

  The Minimum Wage and the Path towards a High Wage Economy

  According to Resident Scholar Oren M. Levin-Waldman, the arguments both in favor of raising the minimum wage (to restore its real spending power to levels of previous years, to increase the incentive to work, and, as a matter of fairness, to allow those who work to earn incomes above the poverty line) and against raising […]
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  Working Paper No. 165

  Economic Insecurity and the Institutional Prerequisites for Successful Capitalism

  In this working paper, Distinguished Scholar Hyman P. Minsky and Visiting Scholar Charles Whalen search for reasons to account for the split in post-World War II economic performance—that is, the difference in performance between the 1946–66 period and the 1966–96 period. The authors discuss a number of economic problems that have arisen during the past […]
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  Working Paper No. 164

  The Consumer Price Index As a Measure of Inflation

  A consensus is emerging among economists and policymakers that the consumer price index (CPI) as a measure of cost of living has an upward bias. As a result, downward revisions of cost-of- living adjustments are frequently recommended, especially in discussions about deficit reduction. Such revisions would lower the rate of increase of some entitlements and […]
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  Working Paper No. 163

  Managing Foreign Capital Flows

  Between 1990 and 1994, developing countries in Asia posted $261 billion in net capital inflows, an amount equivalent to about half the total inflows to all developing countries. Although foreign direct investment accounts for the largest portion of net inflows to Asia, the share of portfolio investment has been steadily rising, from an average of […]
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  Working Paper No. 162

  Capital Account Regulations and Macroeconomic Policy

  A resurgence of perceived opportunities by international investors has resulted in a new policy debate regarding the regulation of capital flows into certain South American countries. The integrationist camp defends totally open markets on the grounds that they result in a more efficient financial sector, greater asset diversification, and other benefits; those in the isolationist […]