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  Report No. 2

  Report April 1996

  Highlights of this issue are a synopsis of the Levy Institute symposium on the globalization of financial markets, a summary of Clair Brown’s lecture on standard of living indexes for American families, and an interview with Edward V. Regan, chairman of the Municipal Assistance Corporation. Contents: Lecture Series: Clair Brown: American Standards of Living * […]
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  Public Policy Brief No. 24

  Revisiting Bretton Woods

  Raymond F. Mikesell outlines the activities of the International Monetary Fund (IMF) and the World Bank over the course of their history and evaluates the organizations’ success in meeting their original and subsequent goals. He analyzes the debate over the IMF’s role in managing the international monetary system, managing currency crises, and providing credit to […]
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  Working Paper No. 154

  Unemployment, Inflation, and the Job Structure

  In this working paper, James K. Galbraith rejects the analytical construct within which many economists currently operate—that is, the construct in which, in the extreme, macroeconomic behavior is identical to the behavior reflected in microeconomic demand and supply curves. He rejects it on the theoretical and practical grounds that microeconomic categories (supply, demand, price, and […]
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  Summary No. 3

  Summary Summer 1996

  In this issue: a series of working papers growing out of the symposium “Global Capital Flows in Economic Development,” sponsored by the Levy Institute and UNCTAD; a summary of the annual conference on employment; and a summary of the sixth annual conference on reconstituting the financial structure. Contents: Conferences: The Employment Act of 1946: 50 […]
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  Summary No. 2

  Summary Spring 1996

  New Working Papers in the research program on employment and labor market structure address nonparticipation in welfare programs by the working poor, trends in workplace skill requirements, and a structural approach to wage determination. A series of papers focusing on federal buget policy includes an analysis of biennial budgeting. Contents: New Working Papers: The Working […]
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  Working Paper No. 153

  Technology and the Demand for Skills

  In this working paper Research Associate Edward N. Wolff documents changes during the period 1950–90 in aggregate skill levels of the workplace. Wolff investigates skill trends at the sectoral level, paying special attention to changes in skill requirements in service and goods-producing sectors, and examines the role of technological change in changing the demand for […]
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  Working Paper No. 152

  Reforming Unemployment Insurance

  In this working paper Resident Research Associate Oren M. Levin-Waldman builds on earlier work (see Working Paper No. 140) to argue that the unemployment insurance (UI) system is in need of reform. At a minimum, Levin-Waldman states, the system “needs to be tightened in such a way that it results in fewer layoffs.” In addition, […]
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  Working Paper No. 151

  The Working Poor and Welfare Recipiency

  Many participants in the current welfare debate assume that welfare recipients are taking unfair advantage of government programs by avoiding work. However, a growing body of research indicates that this assumption is untrue. In this working paper, Resident Scholar Marlene Kim and Thanos Mergoupis, of the Department of Economics at Rutgers University, show that many […]
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  Working Paper No. 150

  Proposals for Changing the Functions of the International Monetary Fund (IMF)

  The 50th anniversary of the signing of the Articles of Agreement of the International Monetary Fund (IMF) and the World Bank was celebrated at meetings in Washington, DC: at Bretton Woods, New Hampshire; and at the Annual Meeting of the Boards of Governors of the two institutions held in Madrid. The many addresses at the […]
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  Working Paper No. 149

  Biennial Budgeting for the Federal Government

  A two-year budget and appropriations cycle at the federal level has been endorsed by Republicans and Democrats during the past 20 years. The first congressional proposal for a federal biennial budget appeared in the late 1970s, and several others have since been submitted. There are two dominant models for a biennial budget: the stretch model, […]
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  Book Series

  Income and Employment in Theory and Practice

  The essays in this volume were written by colleagues and friends of the late Athanasios (Tom) Asimakopulos. They relate to those areas to which he contributed so much in his teaching and his writings. Most of the essays are concerned with interpretations and extensions, both theoretical and empirical, of the work of Keynes, Kalecki, and […]
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  Working Paper No. 148

  Does an Independent Central Bank Violate Democracy?

  The question of central bank independence is one of degree. A completely independent central bank is impossible as long as a country has provisions for altering central bank powers, even if that requires constitutional amendments. On the other hand, any central bank has at least some discretion in monetary policy unless it is either in […]