Economic Policy for the 21st Century
Nearly all Levy Institute research focuses not only on economic analysis,
but also on the creation of possible strategies through which policymakers
may solve the issue at hand. This program includes research on those macroeconomic
policy areas most closely associated with public sector activities: monetary
policy and financial institutions, federal budget policy, and the labor market.
Examples of studies on monetary policy and financial institutions include explorations
of the repercussions the euro’s introduction has had on monetary and
fiscal policies and monetary institutions within the European Community; the
effectiveness of monetary policy; and Minskyan analyses of the current economic
problems in the United States, Japan, and Brazil. Examinations of federal budget
policies cover such topics as the effects of budget surpluses on the economy,
the need for fiscal expansion to combat economic torpor, and analyses of the
Social Security and health care systems.
Programs
Federal Budget Policy
Explorations in Theory and Empirical Analysis
Research Group: James K. Galbraith, Dimitri B. Papadimitriou, Rania Antonopoulos, Philip Arestis, William J. Baumol, Jörg Bibow, Barry Bluestone, Robert E. Carpenter, Lekha S. Chakraborty, Pinaki Chakraborty, Korkut A. Ertürk, Mathew Forstater, Greg Hannsgen, Thomas Karier, Stephanie A. Kelton, Feridoon Koohi-Kamali, William H. Lazonick, Jamee K. Moudud, Mary O'Sullivan, Thomas I. Palley, Robert W. Parenteau, James B. Rebitzer, Malcolm Sawyer, Willem Thorbecke, W. Ray Towle, Edward N. Wolff, L. Randall Wray, Ajit Zacharias
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Program Publications |
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Working Papers | December 2007 Promotion Nationale Created in 1961, Promotion Nationale (PN) is an autonomous public entity in charge of mobilizing an underemployed or unemployed workforce for the implementation of labor-intensive projects, calling upon a simple technology likely to provide employment to unskilled workers. It is one of the major programs of social protection in Morocco—the oldest, most important, and best-targeted social program in the country. [more] Working Paper No. 524 |
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Working Papers | November 2007 Earnings Functions and the Measurement of the Determinants of Wage Dispersion This paper extends the famous Blinder and Oaxaca (1973) discrimination in several directions. First, the wage difference breakdown is not limited to two groups. [more] Working Paper No. 521 |
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Working Papers | November 2007 Nurkse and the Role of Finance in Development Economics Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in particular his views on the importance of employment policy in mobilizing domestic resources and the difficulties surrounding the use of external resources to finance development. [more] Working Paper No. 520 |
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Working Papers | October 2007 Fiscal Deficit, Capital Formation, and Crowding Out in India This paper analyzes the real (direct) and financial crowding out in India between 1970–71 and 2002–03. Using an asymmetric vector autoregressive (VAR) model, the paper finds no real crowding out between public and private investment; rather, complementarity is observed between the two. [more] Working Paper No. 518 |
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Working Papers | October 2007 What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees? There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals—the basic income proposal and job guarantees—are discussed here. [more] Working Paper No. 517 |
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Public Policy Briefs | October 2007 Globalization and the Changing Trade Debate The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II. Research Associate Thomas Palley sees the failure as an event that could mark the close of a 60-year era of trade policy largely centered on increasing market access and reducing tariffs, quotas, and subsidies. [more] Public Policy Brief No. 91, 2007 |
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Public Policy Brief Highlights | October 2007 Globalization and the Changing Trade Debate The failure of the Doha Development Round of World Trade Organization (WTO) negotiations in July 2006 was the first major collapse of a multilateral trade round since World War II. Research Associate Thomas Palley sees the failure as an event that could mark the close of a 60-year era of trade policy largely centered on increasing market access and reducing tariffs, quotas, and subsidies. [more] Public Policy Brief Highlights No. 91A, 2007 |
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Working Papers | September 2007 The Right to a Job, the Right Types of Projects There is now widespread recognition that in most countries, private-sector investment has not been able to absorb surplus labor. This is all the more the case for poor unskilled people. [more] Working Paper No. 516 |
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Working Papers | September 2007 The Continuing Legacy of John Maynard Keynes This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary of Keynes’s death. The paper incorporates some of t |