Archived Publication Types

This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the real economy in terms of output growth and employment. Yet despite the fact that the pact […]

Download Public Policy Brief Highlights No. 63A, 2001 PDF (77.72 KB)

In this issue’s editorial, Senior Scholar James K. Galbraith predicts that the recent rise in wage inequality will lead to an economic slowdown in the United States. Contents: Editorial: "Inequality Ticks Up, Bringing Bad News for the Economy" (James K. Galbraith) * New Public Policy Briefs: Is There a Skills Crisis? * The Future of […]

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A special feature by Senior Scholar Edward N. Wolff focuses on the inequality in the distribution of income and wealth—and what can be done about it.   Contents: The Rich Get Richer (Special feature by Edward N. Wolff) · Is there a Skills Crisis? · Testing Profit Rate Equalization · The Markets versus the ECB […]

Download Volume 10, No. 2 PDF (159.26 KB)

A special project report by Senior Scholar Joel Perlmann outlines research he has been conducting on immigration, ethnic assimilation, and social mobility in America. Summaries of the sessions held at a related conference on multiraciality also appear in this issue.   Contents: Conference on multiraciality and the 2000 Census · Project Report: Ethnicity, Assimilation, and […]

Download Volume 10, No. 1 PDF (389.54 KB)

In a new Strategic Analysis, Distinguished Scholar Wynne Godley and Research Scholar Alex Izurieta provide an explanation for the recent economic slowdown in the United States, examine policy options, and discuss alternative scenarios for medium-term economic performance. In a related Policy Note, Phillips & Drew economist Bill Martin forecasts a post-bubble trauma for the United […]

Download Volume 10, No. 4 PDF (45.29 KB)

Summaries of the speeches and sessions at the 11th Annual Hyman P. Minsky Conference on Financial Structure include the remarks of Thomas Hoenig, president of the Federal Reserve Bank in Kansas City, who discussed the broad policy lessons that can be learned from the recent proliferation of financial crises in developed nations and their implications […]

Download Volume 10, No. 3 PDF (321.24 KB)

Despite seven years of economic growth a large gap exists in the wages earned by workers at the top of the earnings scale and those at the bottom. The leading explanation for this growth in wage inequality continues to be the skills-mismatch theory. This theory in part posits that gains in technology have resulted in […]

Download Public Policy Brief Highlights No. 62A, 2000 PDF (74.65 KB)

The Federal Reserve has raised interest rates six times over the past 12 months in an effort to slow economic growth, arguing that the economy is overheated and that the low unemployment rate will lead to inflation as workers in scant supply begin to demand higher salaries. A new Levy Institute Policy Note, summarized in […]

Download Volume 10, No. 4 PDF (403.90 KB)

The idea that saving is the force driving private investment and economic growth has become ever more entrenched in mainstream economic thought as well as in the minds of policymakers and the general public. Even though the empirical evidence that increased household saving will directly stimulate private investment and economic growth is scant, the idea […]

Download Public Policy Brief Highlights No. 61A, 2000 PDF (93.83 KB)

Undertaken in conjunction with the University of Texas Inequality Project and supported by the Ford Foundation, this conference afforded participants an opportunity to exchange new ideas and research results on the measurement of inequality, and the relationship between inequality and unemployment, economic growth, and economic development. The conference was held October 28–29, 2000, at the […]

Download Conference Proceedings, October 28–29, 2000 PDF (391.18 KB)

As part of its research program into the causes of, and solutions to, income inequality, the Levy Institute held a conference in June 2000 on the distribution of wealth. Participants’ remarks are summarized in this issue of the Report. Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth * Workshop on Earnings Inequality […]

Download Volume 10, No. 3 PDF (396.65 KB)

Coordinated by Senior Scholar Edward N. Wolff of the Levy Institute and New York University, this conference examined wealth trends, and extremes, in the United States in the 1990s. The conference was held June 7–9, 2000, at the Levy Institute’s research and conference center at Blithewood on the campus of Bard College, Annandale-on-Hudson, New York. […]

Download Conference Proceedings, June 7–9, 2000 PDF (396.65 KB)

The Federal Reserve currently has two legislated goals—price stability and full employment—but a debate continues about making price stability the Fed’s primary and overriding goal. Evidence from the recent history of monetary policy contradicts arguments in favor of assigning primacy to inflation fighting and supports giving full employment equal importance. Economic performance under the dual […]

Download Public Policy Brief Highlights No. 60A, 2000 PDF (125.58 KB)

Proponents of globalization have expressed frustration with the reluctance of some members of Congress to support it. At the Levy Institute’s annual Minsky conference in April, summarized in this issue, Representative Barney Frank explained that it is not globalization per se that he and other members oppose, but globalization absent safety nets for those who […]

Download Volume 10, No. 2 PDF (509.50 KB)

Minsky’s research, writing, and speeches focused on the causes and consequences of the financial vulnerabilities inherent in advanced and complex capitalist economies and on the policy implications emanating from this systemic fragility. This conference—the Institute’s 10th such gathering—commemorated Minsky by addressing issues related to the need to continuously assess the fragility and structure of the […]

Download Conference Proceedings, April 27–28 2000 PDF (486.91 KB)

Senior Scholar James K. Galbraith discusses what is perhaps the most important economic question facing the United States today: Are President Clinton’s fiscal policies sustainable, or are changes needed to keep the current expansion going? A new Strategic Analysis by Distinguished Scholar Wynne Godley examines recent trends and prospects for the trade deficit, debt, and […]

Download Volume 10, No. 1 PDF (271.58 KB)

The nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of that care is paid for privately (out-of-pocket or through private insurance). Most is financed through Medicaid, the program that is intended to ensure medical care […]

Download Public Policy Brief Highlights No. 59A, 2000 PDF (53.91 KB)

New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, “Why Does the Fed Want Slower Growth?”), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne […]

Download Volume 9, No. 4 PDF (158.59 KB)

Summaries of the sessions held at the 10th Annual Hyman P. Minsky Conference on Financial Structure examine the problems and prospects of the liberalization of financial markets.   Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure: Liberalization of Financial Markets · Is the New Economy Rewriting the Rules? · The Views of Jerome […]

Download Volume 9, No. 3 PDF (317.60 KB)

The Spring Summary leads off with Senior Scholar Edward N. Wolff’s report on his new research project: an in-depth empirical examination of the long-term effects of technological change on earnings, inequality, and employment in the United States.   Contents: New Research Project: Long-Term Effects of Technological Change on Earnings, Inequality, and Labor Demand · Notes […]

Download Volume 9, No. 2 PDF (286.60 KB)

A special feature by Distinguished Scholar Wynne Godley focuses on the relationship between inventory investment and the American business cycle. Also in this issue: a new working paper by Federal Reserve Board Governor Laurence Meyer provides a central banker’s perspective on the Asian crisis.   Contents: Conference on Inequality in the Industrialized and Developing Countries […]

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If the United States’s balance of trade does not improve, the country could eventually find itself in a “debt trap,” the author says. The aim of this paper, the second in a series offering Godley’s strategic analysis, is to display what seems reasonably likely to happen if world output recovers but otherwise past trends, policies, […]

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The current system of tax-exempt bond financing is inefficient and inequitable because a large portion of the federal subsidy provided by the tax exemption does not reach state and local governments and accrues instead to the wealthiest investors. In addition, the current system excludes large institutional investors, both domestic and foreign, with their huge pools […]

Download Public Policy Brief Highlights No. 58A, 1999 PDF (56.50 KB)