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Policy Note 2022/3 | May 2022
Chile: The Road to Joy Is Paved with Obstacles
Giuliano Toshiro Yajima
In this policy note, Giuliano Toshiro Yajima, University of Rome La Sapienza, sheds light on the promise of long-awaited reforms to the volatile and unequal structure of the Chilean economy, showing that its external and internal fragility feeds back on the excessive specialization and heterogeneity of the productive sectors, which in turn influence income and wealth distribution.
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Working Paper No. 1008 | May 2022
A GARCH Approach to Modeling Chilean Long-Term Swap Yields
Tanweer Akram and Khawaja Mamun
Tanweer Akram, Citibank, and Khawaja Mamun, Sacred Heart University, model the long-term dynamics of Chilean interbank swap yields applying the generalized autoregressive conditional heteroskedasticity (GARCH) approach to ascertain whether the month-over-month change in the short-term interest rate has a decisive influence on the long-term swap yield.
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Working Paper No. 1007 | May 2022
School Performance and Child Labor: Evidence from West Bank Schools
Sameh Hallaq and Ayman Khalifah
Research Associate Sameh Hallaq and Ayman Khalifah, Al-Quds Bard College, utilize survey data collected from primary school-aged Palestinian children in West Bank schools to investigate the impact of academic achievement on child labor, with results indicating that increasing a child’s academic achievement is significantly associated with decreasing the probability that a child works for money in the following period.
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Working Paper No. 1006 | April 2022
Financial Barriers to Structural Change in Developing Economies: A Theoretical Framework
Jesus Felipe, Scott Fullwiler, and Al-Habbyel Yusoph
Research Associate Jesus Felipe, Scott Fullwiler, University of Missouri–Kansas City, and Al-Habbyel Yusoph, University of the Philippines, argue that the investment and saving series typically used in empirical exercises to test the Feldstein-Horioka thesis are not appropriate for testing capital mobility and that the Feldstein-Horioka regression is not a model in the econometric sense, therefore the 40-year-old Feldstein-Horioka “puzzle” is not correctly labeled as such.
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Levy Graduate Programs in Economic Theory and Policy Now Accepting Students for Fall 2022
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Backed by over 30 years of proven policy impact, the Levy Institute Graduate Programs in Economic Theory and Policy provide innovative approaches to topics such as time use, poverty, gender, student debt, and employment that other programs neglect, encouraging students to evaluate policies, examine behavior, and dig deeper into the social phenomena that underlie economic outcomes. Research from this year’s class focuses on diverse topics including the care economy and the social division of labor; the roots of migration crises in El Salvador; a stock-flow model for Germany; Latin America’s debt and the prospects of an alternate currency; wealth tax incidence in the United States; and unpaid labor in Nepal.
Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students benefit from sharing their research with faculty and their peers to promote academic exchanges and intellectual collaboration.
To find out more, visit bard.edu/levygrad or follow the program’s Facebook page.
Applications for fall 2022 are now open. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available. |
New Book, "Handbook of Economic Stagnation," by Senior Scholar L. Randall Wray and Flavia Dantas Is Now Available
Senior Scholar L. Randall Wray and Flavia Dantas are coauthors of the Handbook of Economic Stagnation (Elsevier, 2022), featuring contributions from orthodox and heterodox economists, including Levy Research Scholars Yeva Nersisyan and Michalis Nikiforos and Research Associates Steven Fazzari, Eckhard Hein, and Éric Tymoigne. By synthesizing diverse perspectives about crisis economics and growth while emphasizing the relationships among stagnation, international economics, and the global distribution of labor, this book's approach to stagnation will be of interest to those who want to learn more about boom–bust cycles.
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Institute President Dimitri B. Papadimitriou was interviewed by Bryan Mena for a March 31 article in the Wall Street Journal, “U.S. Jobless Claims Edge Higher Amid Tight Labor Market.”
On April 15, Senior Scholar Jan Kregel participated in the Thomson Reuter’s event, “Manifest Destiny: Risk, Opportunity & Reward Around Digital Currencies” in the panel on “Paradigm Shift: Accessibility, Transparency, and the Social Impact of Money” and on April 20 he spoke on the topic of global inflation as part of the Association for Heterodox Economics (AHE) 2022 Webinar Series: Heterodox Economics Goes Global.
Yeva Nersisyan and L. Randall Wray discussed their recent work on the root causes of inflation on episode #128 of the MMT Podcast with Patricia Pino & Christian Reilly. On February 24, Wray gave a talk to the Oxford Economics Society on “Keynes versus the Classics,” on March 31 he spoke with the Stanford University Rethinking Economics student group on “MMT in the Age of Multiple Pandemics,” and on April 11 he participated in the “In Search of a New Paradigm for Monetary Policy” event, sponsored by the Brazilian Center for International Relations (CEBRI) and the Federation of Industries of the State of São Paulo (FIESP).
Levy Graduate Programs alum Andrew Bunker (’19) contributed to a new Actionaid USA report regarding the macro-structural challenges presented by climate change and the overlapping global crises of the COVID-19 pandemic and the widening inequality gap within and between countries. Simon Grothe (MS ’22) was among the winners of The Association for Institutional Thought’s 17th Annual AFIT-AFEE Student Scholars Competition who presented their work on April 1 in Denver.
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