• 25th Annual Hyman P. Minsky Conference Blithewood, April 12-13, 2016  MORE >>
  • 24th Annual Hyman P. Minsky Conference Washington, D.C., April 15–16, 2015: Conference audio available online  MORE >>
  • The Hyman P. Minsky Summer Seminar, 2016 Blithewood, June 10–18, 2016: Apply now  MORE >>
  • Contributions to Economic Theory, Policy, Development and Finance Essays in Honor of Jan A. Kregel  MORE >>
  • Master of Science in Economic Theory and Policy Now accepting applications for Fall 2016  MORE >>
  • Ending Poverty: Jobs, Not Welfare A new collection of essays by Hyman P. Minsky  MORE >>

Levy Institute Publications

  • Greece: Conditions and Strategies for Economic Recovery

    Strategic Analysis, May 2015 | May 2015 | Dimitri B. Papadimitriou, Michalis Nikiforos, Gennaro Zezza

    The Greek economy has the potential to recover, and in this report we argue that access to alternative financing sources such as zero-coupon bonds (“Geuros”) and fiscal credit certificates could provide the impetus and liquidity needed to grow the economy and create jobs. But there are preconditions: the existing government debt must be rolled over and austerity policies put aside, restoring trust in the country’s economic future and setting the stage for sustainable income growth, which will eventually enable Greece to repay its debt.

  • Fiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy

    Strategic Analysis, May 2015 | May 2015 | Dimitri B. Papadimitriou, Greg Hannsgen, Michalis Nikiforos, Gennaro Zezza
    In this latest Strategic Analysis, the Institute’s Macro Modeling Team examines the current, anemic recovery of the US economy. The authors identify three structural obstacles—the weak performance of net exports, a prevailing fiscal conservatism, and high income inequality—that, in combination with continued household sector deleveraging, explain the recovery’s slow pace. Their baseline macro scenario shows that the Congressional Budget Office’s latest GDP growth projections require a rise in private sector spending in excess of income—the same unsustainable path that preceded both the 2001 recession and the Great Recession of 2007–9. To better understand the risks to the US economy, the authors also examine three alternative scenarios for the period 2015–18: a 1 percent reduction in the real GDP growth rate of US trading partners, a 25 percent appreciation of the dollar over the next four years, and the combined impact of both changes. All three scenarios show that further dollar appreciation and/or a growth slowdown in the trading partner economies will lead to an increase in the foreign deficit and a decrease in the projected growth rate, while heightening the need for private (and government) borrowing and adding to the economy’s fragility. 

  • Is Greece Heading For a Recovery?

    Strategic Analysis, December 2014 | December 2014 | Dimitri B. Papadimitriou, Michalis Nikiforos, Gennaro Zezza
    With the anti-austerity Syriza party continuing to lead in polls ahead of Greece’s election on January 25, what is the outlook for restoring growth and increasing employment following six years of deep recession?   Despite some timid signs of recovery, notably in the tourism sector, recent short-term indicators still show a decline for 2014. Our analysis shows that the speed of a market-driven recovery would be insufficient to address the urgent problems of poverty and unemployment. And the protracted austerity required to service Greece’s sovereign debt would merely ensure the continuation of a national crisis, with spillover effects to the rest of the eurozone—especially now, when the region is vulnerable to another recession and a prolonged period of Japanese-style price deflation.   Using the Levy Institute’s macroeconometric model for Greece, we evaluate the impact of policy alternatives aimed at stimulating the country’s economy without endangering its current account, including capital transfers from the European Union, suspension of interest payments on public debt and use of these resources to boost demand and employment, and a New Deal plan using public funds to target investment in production growth and finance a direct job creation program. 

  • The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty

    Research Project Report, August 2015 | September 2015 | İpek Ilkkaracan, Kijong Kim, Tolga Kaya
    The Turkish Case

    Produced in partnership with the International Labour Organization, United Nations Development Programme, and UN Women, this report examines the demand-side rationale for a public investment in the social care sector—specifically, early childhood care and preschool education (ECCPE)—by comparing its potential for job creation, pro-women allocation of jobs, and poverty reduction with an equivalent investment in the construction sector.

    The authors find that a public investment of 20.7 billion TRY yields an estimated 290,000 new jobs in the construction sector and related sectors. However, an equal investment in ECCPE creates 719,000 new jobs in ECCPE and related sectors, or 2.5 times as many jobs. Furthermore, nearly three-quarters of the ECCPE jobs go to women, whereas a mere 6 percent of new jobs go to women following an expansion of the construction sector.

    ECCPE expansion is also shown to be superior in terms of the number of decent jobs (i.e., jobs with social security benefits) created: some 85 percent of new ECCPE jobs come with social security benefits, compared to the slightly more than 30 percent of construction jobs that come with equivalent benefits. Both expansions are found to benefit the poor, with an ECCPE expansion targeting prime-working-age poor mothers of small children showing the potential to reduce the relative poverty rate by 1.14 percentage points. In terms of fiscal sustainability, an ECCPE expansion is estimated to recoup 77 percent of public expenditures through increased government revenues, while construction recovers roughly 52 percent.

    The report concludes that in addition to supply-side effects, there is a robust demand-side rationale for expanded funding of ECCPE, with clear benefits in terms of decent employment creation, gender equality, poverty alleviation, and fiscal sustainability. These findings have important implications for expanded public investment in the broader social care sector as a strategy that embraces gender budgeting while promoting inclusive and sustainable growth.

  • Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece—An Addendum

    Research Project Report, May 2015 | May 2015 | Rania Antonopoulos, Sofia Adam, Kijong Kim, Thomas Masterson, Dimitri B. Papadimitriou
    This addendum to our June 2014 report, “Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece,” updates labor market data through 2014Q3 and identifies emerging employment and unemployment trends. The overarching aim of the report, the outcome of a study undertaken in 2013 by the Levy Institute in collaboration with the Observatory of Economic and Social Developments of the Labour Institute of the Greek General Confederation of Labour, is to provide policymakers and the general public research-based evidence of the macroeconomic and employment effects of a large-scale direct job creation program in Greece, and to invite critical rethinking of the austerity-driven macro policy instituted in 2010 as a condition of the loans made to Greece by its eurozone partners. 

  • Reforming the Fed's Policy Response in the Era of Shadow Banking

    Research Project Report, April 2015 | April 2015
    This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation.

    This is the fourth in a series of reports summarizing the findings of the Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, directed by Senior Scholar L. Randall Wray. This project explores alternative methods of providing a government safety net in times of crisis. In the global financial crisis that began in 2007, the United States used two primary responses: a stimulus package approved and budgeted by Congress, and a complex and unprecedented response by the Federal Reserve. The project examines the benefits and drawbacks of each method, focusing on questions of accountability, democratic governance and transparency, and mission consistency.

    The project has also explored the possibility of reform that might place more responsibility for provision of a safety net on Congress, with a smaller role to be played by the Fed, enhancing accountability while allowing the Fed to focus more closely on its proper mission. Given the rise of shadow banking—a financial system that operates largely outside the reach of bank regulators and supervisors—the Fed faces a complicated problem. It might be necessary to reform finance, through downsizing and a return to what Hyman Minsky called “prudent banking,” before we can reform the Fed.

    This report describes the overall scope of the project and summarizes key findings from the three previous reports, as well as additional research undertaken in 2014.  

  • Co-operative Banking in Greece

    Research Project Report, April 2014 | July 2014 | Dimitri B. Papadimitriou, Taun Toay
    A Proposal for Rural Reinvestment and Urban Entrepreneurship
    The crisis in Greece is persistent and ongoing. After six years of deepening recession, real GDP has shrunk by more than 25 percent, with total unemployment now standing at 27.2 percent. Clearly, reviving growth and creating jobs should be at the top of the policy agenda.

    But banks remain undercapitalized, and lending has been restricted to only the most creditworthy businesses and households. Many start-ups and small- and medium-size enterprises (SMEs) have almost no access to development loans, and for those to whom credit can be extended, it is at disproportionally high interest rates.

    The success of micro-lending institutions in developing nations (such as the Grameen Bank in Bangladesh) has highlighted the positive economic performance of community-based credit, and such lending models have proven to be an important poverty policy alternative in areas where transfer payments are limited. Community or co-operative financial institutions (CFIs) can fill the gap when existing institutions cannot adequately perform critical functions of the financial system for SMEs, entrepreneurs, and low-income residents seeking modest financing and other banking services.

    We propose expanding the reach and services of CFIs within Greece, drawing upon lessons from the US experience of community development banking and various co-operative banking models in Europe. The primary goals of this nationwide system would be to make credit available, process payments, and offer savings opportunities to communities not well served by the major commercial Greek banks.

    Our blueprint includes suggestions on the banks’ organization and a framework within which they would be chartered, regulated, and supervised by a newly created central co-operative bank. It also looks at the possible impact that such a network could have, especially in terms of start-ups, SMEs, and rural redevelopment (agrotourism)—all of which are critical to Greece’s exit from recession. 

  • The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

    Public Policy Brief No. 140, 2015 | November 2015 | Mario Tonveronachi

    Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a single benchmark yield curve based on debt certificates (DCs) issued by the European Central Bank (ECB). In this policy brief, Tonveronachi discusses potential changes to the ECB’s operations and their implications for member-state fiscal rules. He argues that his DC proposal would maintain debt discipline while mitigating the restrictive, counterproductive fiscal stance required today, simultaneously expanding national fiscal space while ensuring debt sustainability under the Maastricht limits, and offering a path out of the self-defeating policy regime currently in place.

  • Emerging Market Economies and the Reform of the International Financial Architecture

    Public Policy Brief No. 139, 2015 | February 2015 | Jan Kregel
    Back to the Future
    Emerging market economies are taking an ill-targeted and far too limited approach to addressing their ongoing problems with the international financial system, according to Senior Scholar Jan Kregel. In this policy brief, he explains why only a wholesale reform of the international financial architecture can adequately address these countries’ concerns. As a blueprint for reform, Kregel recommends a radical proposal advanced in the 1940s, most notably by John Maynard Keynes.   Keynes was among those who were developing proposals for shaping the international financial system in the immediate postwar period. His clearing union plan, itself inspired by Hjalmar Schacht’s system of bilateral clearing agreements, would have effectively eliminated the need for an international reserve currency. Under Keynes’s clearing union, trade and other international payments would be automatically facilitated through a global clearinghouse, using debits and credits denominated in a notional unit of account. The unit of account would have a fixed conversion rate to national currencies and could not be bought, sold, or traded—meaning no market for foreign currency would be required. Clearinghouse credits could only be used to offset debits by buying imports, and if not used within a specified period of time, the credits would be extinguished, giving export surplus countries an incentive to spend them. As Kregel points out, this would help support global demand and enable a shared adjustment burden.   Though Keynes’s proposal was not specifically designed for emerging market economies, Kregel recommends combining this plan with current ideas for regionally governed institutions—to create, in other words, “regional clearing unions,” building on existing swaps arrangements. Under such a system, emerging market economies would be able to pursue their development needs without reliance on the prevailing international financial architecture, in which their concerns are, at best, diluted. 

  • Losing Ground

    Policy Note 2015/7 | November 2015 | Fernando Rios-Avila
    Demographic Trends in US Labor Force Participation

    US labor force participation has continued to fall in the wake of the Great Recession. Improvements in the US unemployment rate reflect the fact that more people are falling out of the labor force, not a stronger labor market. Controlling for changes in the demographic makeup of the workforce (i.e., gender, age, education, and race), Research Scholar Fernando Rios-Avila investigates trends in labor force participation across and within groups between 1989 and 2013. He finds that not all groups have lost ground equally, while participation rates for some groups have actually increased. Understanding these patterns in labor force participation is a necessary first step toward crafting effective policy responses.

  • What Should Be Done with Greek Banks to Help the Country Return to a Path of Growth?

    Policy Note 2015/6 | October 2015 | Emilios Avgouleas, Dimitri B. Papadimitriou

    The recapitalization of Greek banks is perhaps the most critical problem for the Greek state today. Despite direct cash infusions to Greek banks that have so far exceeded €45 billion, with corresponding guarantees of around €130 billion, credit expansion has failed to pick up. There are two obvious reasons for this failure: first, the massive exodus of deposits since 2010; and second, the continuous recession—mainly the product of strongly deflationary policies dictated by international lenders.

    Following the 2012–13 recapitalization, creditors allowed the old, now minority, shareholders and incumbent management (regardless of culpability) to retain effective control of the banks—a decision that did not conform to accepted international practices. Sitting on a ticking time bomb of nonperforming loans (NPLs), Greek banks, rather than adopting the measures necessary to restructure their portfolios, cut back sharply on lending, while the country’s economy continued to shrink.

    The obvious way to rehabilitate Greek banking following the new round of recapitalization scheduled for later this year is the establishment of a “bad bank” that can assume responsibility for the NPL workouts, manage the loans, and in some cases hold them to maturity and turn them around. This would allow Greek banks to make new and carefully underwritten loans, resulting in a much-needed expansion of the credit supply. Sound bank recapitalization with concurrent avoidance of any creditor bail-in could help the Greek banking sector return to financial health—and would be an effective first step in returning the country to the path of growth.

  • A Public Investment Priority for Job Creation in Turkey

    One-Pager No. 50 | October 2015 | İpek Ilkkaracan, Kijong Kim, Tolga Kaya
    Expanding Child Care and Preschool Services

    This one-pager presents the key findings and policy recommendations of the research project report The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty: The Turkish Case, which examines the demand-side rationale for a public investment in the social care sector in Turkey—specifically, early childhood care and preschool education (ECCPE)—by comparing its potential for job creation, pro-women allocation of jobs, and poverty reduction with an equivalent investment in the construction sector.

  • Lending Blind

    One-Pager No. 49 | May 2015 | Matthew Berg
    Shadow Banking and Federal Reserve Governance in the Global Financial Crisis

    The 2008 Federal Open Market Committee (FOMC) transcripts provide a rare portrait of how policymakers responded to the unfolding of the world’s largest financial crisis since the Great Depression. The transcripts reveal an FOMC that lacked a satisfactory understanding of a shadow banking system that had grown to enormous proportions—an FOMC that neither comprehended the extent to which the fate of regulated member banks had become intertwined and interlinked with the shadow banking system, nor had considered in advance the implications of a serious crisis. As a consequence, the Fed had to make policy on the fly as it tried to prevent a complete collapse of the financial system.

  • The Roads Not Taken

    Working Paper No. 854 | November 2015 | Miguel Carrión Álvarez, Dirk Ehnts
    Graph Theory and Macroeconomic Regimes in Stock-flow Consistent Modeling

    Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic closure from the accounting constraints and cast the latter in the language of graph theory. The graph formulation provides (1) a representation of an economy as a collection of cash flows on a network and (2) a collection of algebraic techniques to identify independent versus dependent cash-flow variables and solve the accounting constraints. The separation into independent and dependent variables is not unique, and we argue that each such separation can be interpreted as an institutional structure or policy regime. Questions about macroeconomic regime change can thus be addressed within this framework.

    We illustrate the graph tools through application of the simple stock-flow consistent model, or “SIM model,” found in Godley and Lavoie (2007). In this model there are eight different possible dynamic closures of the same underlying accounting structure. We classify the possible closures and discuss three of them in detail: the “standard” Godley–Lavoie closure, where government spending is the key policy lever; an “austerity” regime, where government spending adjusts to taxes that depend on private sector decisions; and a “colonial” regime, which is driven by taxation.

  • Finance, Foreign Direct Investment, and Dutch Disease

    Working Paper No. 853 | November 2015 | Alberto Botta, Antoine Godin, Marco Missaglia
    The Case of Colombia

    In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The energy sector (the “locomotora minero-energetica,” to use the rhetorical expression of President Juan Manuel Santos) grew much faster than the rest of the economy, while the manufacturing sector registered a negative rate of growth. These are classic symptoms of the well-known “Dutch disease,” but our purpose here is not to establish whether or not the Dutch disease exists, but rather to shed some light on the financial viability of several, simultaneous dynamics: (1) the existence of a traditional Dutch disease being due to a large increase in mining exports and a significant exchange rate appreciation; (2) a massive increase in foreign direct investment, particularly in the mining sector; (3) a rather passive monetary policy, aimed at increasing purchasing power via exchange rate appreciation; (4) and more recently, a large distribution of dividends from Colombia to the rest of the world and the accumulation of mounting financial liabilities. The paper shows that these dynamics constitute a potential danger for the stability of the Colombian economy. Some policy recommendations are also discussed.

    Associated Program(s):
    Alberto Botta Antoine Godin Marco Missaglia
    Related Topic(s):

  • Financial Regulation in the European Union

    Book Series, November 2015 | November 2015
    Edited by Rainer Kattel, Jan Kregel, and Mario Tonveronachi

    Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems within the EU? Edited by Rainer Kattel, Tallinn University of Technology, Director of Research Jan Kregel, and Mario Tonveronachi, University of Siena, this volume offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. The collection includes a number of country studies (France, Germany, Italy, Spain, Estonia, Hungary, Slovenia) that analyze the domestic financial regulatory structure at the beginning of the period, how the EU directives have been introduced into domestic legislation, and their impact on the financial structure of the economy. Other contributions examine regulatory changes in the UK and Nordic countries, and in postcrisis America.

    Published by: Routledge

  • Why Minsky Matters: An Introduction to the Work of a Maverick Economist

    Book Series, November 2015 | November 2015 | L. Randall Wray
    By L. Randall Wray

    Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–1996). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began a half century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. Author L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it.

    As Wray explains, Minsky’s most important idea is that “stability is destabilizing”: to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky’s insight. Wray also introduces Minsky’s significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability.

    A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe—and what we can do about it.

    Published by: Princeton

  • Summary Fall 2015

    Volume 24, No. 3 | October 2015 | Jonathan Hubschman

    This issue includes the two most recent strategic analyses, for Greece and the United States. The Levy Institute Macro Modeling Team argues that Greece cannot return to economic growth under austerity. The strategic analysis of the US economy follows, and shows that economic growth could easily be undermined by such things as a rising dollar, fiscal austerity, and deepening income inequality. A policy note offers arguments for a pragmatic debt reduction and reconstruction plan for Greece following the historical example of the Marshall Plan in Germany. Two policy notes take up the issue of inequality in the United States. The first examines the distribution of income in the postwar period and the second examines trends in real wages by demographic characteristics. Drawing on the work of Distinguished Scholar Wynne Godley, a nonbehavioral theory of savings is proposed to explain recent developments in the US economy and the challenges it faces going forward. A discussion of the lack of capital development in the increasingly financialized economies of the United States and the UK provides prescriptions for sustainable, inclusive growth.

    Turning to the ongoing crisis in Europe, this issue offers a perspective on Germany’s insistence on austerity as a strategy to advance political integration. A new paper analyzes the impact of a euro exit on trade, growth, employment, and wages in light of the historical experience of currency devaluations. And a Euro Treasury, as a means to repair a basic flaw in the euro and support growth, is proposed. The issue also includes several discussions of clearing unions using local currencies to address deficiencies in the current financial system for emerging economies. Further examining the experience in the emerging BRICs economies, John Maynard Keynes’s observations on the relationship between short- and long-term interest rates is confirmed in an analysis of India’s government bond yields. Wage inequality trends in Bolivia are also analyzed in a working paper.

    Contributing to our historical understanding of the origins of money, a new paper explores the historical development of class society and money in the ancient societies of Greece and Egypt. The inclusion of unpaid forms of work currently excluded from satellite accounts is reviewed and found to be an obstacle to accurate analysis and sound policy development. The issue concludes with a study that offers both a methodological contribution and substantive guidance for policies and programs aimed at improving the health of children and families.


    Program: The State of the US and World Economies

    Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Greece: Conditions and Strategies for Economic Recovery
    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Fiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy
    • SUNANDA SEN, The BRICS Initiatives in the Current Global Conjuncture: An Assessment in the Context of the IMF Rulings for Greece
    • PAVLINA R. TCHERNEVA, When a Rising Tide Sinks Most Boats: Trends in US Income Inequality
    • MICHALIS NIKIFOROS, A Nonbehavioral Theory of Saving
    • JÖRG BIBOW, Making the Euro Viable: The Euro Treasury Plan
    • RICCARDO REALFONZO and ANGELANTONIO VISCIONE, The Effects of a Euro Exit on Growth, Employment, and Wages

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, Emerging Market Economies and the Reform of the International Financial Architecture: Back to the Future; Emerging Markets and the International Financial Architecture: A Blueprint for Reform
    • JAN KREGEL, Europe at the Crossroads: Financial Fragility and the Survival of the Single Currency
    • GREG HANNSGEN and TAI YOUNG-TAFT, Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model: The Unit of Account, Inflation, Leverage, and Financial Fragility
    • MARIANA MAZZUCATO and L. RANDALL WRAY, Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis
    • TANWEER AKRAM and ANUPAM DAS, Does Keynesian Theory Explain Indian Government Bond Yields?
    • ALLA SEMENOVA and L. RANDALL WRAY, The Rise of Money and Class Society: The Contributions of John F. Henry

    Program: The Distribution of Income and Wealth

    • FERNANDO RIOS-AVILA, A Decade of Declining Wages: From Bad to Worse
    • GUSTAVO CANAVIRE-BACARREZA and FERNANDO RIOS-AVILA, On the Determinants of Changes in Wage Inequality in Bolivia

    Program: Economic Policy in the 21st Century

    Explorations in Theory and Empirical Analysis

    • TAI YOUNG-TAFT, Marx’s Theory of Money and 21st-century Macrodynamics
    • TAMAR KHITARISHVILI, FERNANDO RIOS-AVILA, and KIJONG KIM, Direct Estimates of Food and Eating Production Function Parameters for 2004–12 Using an ATUS/CE Synthetic Dataset


    • New Scholars
    • Levy MS Faculty Appointments

    Upcoming Event

    • Gender and Macroeconomics Conference

    Save the Dates

    • 25th Annual Hyman P. Minsky Conference
    • The Hyman P. Minsky Summer Seminar


    • Publications and Presentations by Levy Institute Scholars


    Jonathan Hubschman

  • Is Financial Reregulation Holding Back Finance for the Global Recovery?

    Conference Proceedings, April 15–16, 2015 | November 2015 | Barbara Ross, Michael Stephens

    A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation

    The 2015 Minsky Conference addressed, among other issues, the design, flaws, and current status of the Dodd-Frank Wall Street Reform Act, including implementation of the operating procedures necessary to curtail systemic risk and prevent future crises; the insistence on fiscal austerity exemplified by the recent pronouncements of the new Congress; the sustainability of the US economic recovery; monetary policy revisions and central bank independence; the deflationary pressures associated with the ongoing eurozone debt crisis and their implications for the global economy; strategies for promoting an inclusive economy and a more equitable income distribution; and regulatory challenges for emerging market economies. The proceedings include the conference program, transcripts of keynote speakers’ remarks, synopses of the panel sessions, and biographies of the participants.

Ford-Levy Institute Projects
Levy Institute Publications in Greek

From the Press Room

Greek Banks Ask Investors to Take Uncertain Leap of Faith

Greek Banks Ask Investors to Take Uncertain Leap of Faith

“The recapitalization of Greek banks, perhaps the most critical problem for the Greek state today, has entered its most critical stage,” according to new Levy Institute report.
Greece Is Committed to Staying in Euro Zone: Antonopoulos

Greece Is Committed to Staying in Euro Zone: Antonopoulos

Levy economist and Syriza MP Rania Antonopoulos is interviewed ahead of Brussels Group talks.
<b>Greek Debt: Do the Right Thing</b>

Greek Debt: Do the Right Thing

Adjusting the terms of Greece's debt repayment is an ethical imperative, says Levy President Dimitri B. Papadimitriou.
The Workers

The Workers' Think Tank

The Nation profiles the work of the Levy Institute, including its proposal of a job guarantee to ensure full employment.