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71 publications found, searching for 'Stock-Flow Macro '

  • Strategic Analysis March 26, 2025

    Greece: Growing on an Unsustainable Path

    Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza
    Abstract

    Greece has been among the fastest growing economies among the EU member states in the post-COVID-19 period. However, in a previous (February 2024) report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza raised serious concerns regarding Greece’s dependency on imports. In their latest report, the authors argue that these problems have worsened, and the […]

    Download Strategic Analysis, March 2025 PDF (1.07 MB)
  • Working Paper No. 1063 December 03, 2024

    Fiscal and Monetary Policy in an SFC Model of the Italian Economy

    Francesco Zezza
    Abstract

    Following the Great Financial Crisis of 2008–9, there has been a shift in mainstream economic policy modeling toward “realism,” with dynamic stochastic general equilibrium (DSGE) models partly diverging from the representative agent framework, and large-scale, New-Keynesian structural models addressing real-financial interactions in greater detail. Still, the need for tractability of the former, and the lack […]

    Download Working Paper No. 1063 PDF (1.71 MB)
  • Strategic Analysis November 05, 2024

    Economic Challenges of the New U.S. Administration

    Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza
    Abstract

    On the eve of the 2024 US presidential election, the authors share their latest macroeconomic projections using the Levy Institute’s tailored stock-flow consistent model and evaluate two alternative policy scenarios, depending upon the next occupant of the White House: (1) a significant increase in import tariffs and decrease in the marginal tax rate, and (2) a substantial increase in government expenditure paired with an increase in the marginal tax rate.

    Download Strategic Analysis November 2024 PDF (673.85 KB)
  • Strategic Analysis June 04, 2024

    U.S. Economic Outlook: Prospects for 2024 and Beyond

    Dimitri B. Papadimitriou, Giuliano Toshiro Yajima, and Gennaro Zezza
    Abstract

    In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Giuliano T. Yajima, and Senior Scholar Gennaro Zezza discuss the rapid recovery of the US economy in the post-pandemic period. They find that robust consumption and investment and a relaxation of fiscal policy were the key drivers of accelerated GDP growth—however, the signs that the […]

    Download Strategic Analysis, June 2024 PDF (981.17 KB)
  • Strategic Analysis February 15, 2024

    Greece: Time to Reduce the Dependency on Imports

    Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza
    Abstract

    In this report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano T. Yajima, and Gennaro Zezza investigate the determinants of the recent performance of the Greek economy. Despite geopolitical instability from the continuing Ukraine-Russia and Israel-Gaza wars and higher-than-expected inflation rates, the country has managed to register the highest growth rates among eurozone member-states in 2021 and […]

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  • Working Paper No. 1031 October 09, 2023

    A Stock-Flow Ecological Model from a Latin American Perspective

    Lorenzo Nalin, Giuliano Toshiro Yajima, Leonardo Rojas Rodriguez, Esteban Pérez-Caldentey, and José Eduardo Alatorre
    Abstract

    This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by Pérez-Caldentey et al. (2021, 2023) and the ecological modeling of Carnevali et al. (2020) and Dafermos et al. (2018). We discuss two scenarios that test […]

    Download Working Paper No. 1031 PDF (1.59 MB)
  • Working Paper No. 1027 August 07, 2023

    Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa

    Izaskun Zuazu
    Abstract

    Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap by analyzing the role of structural change in the gender distribution of sectoral employment in sub-Saharan African countries. I employ aggregate and disaggregate measures of […]

    Download Working Paper No. 1027 PDF (5.79 MB)
  • Working Paper No. 1024 July 26, 2023

    When Minsky and Godley Met Structuralism

    Nitin Nair
    Abstract

    Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency relation between developed and underdeveloped economies. We improvise and quantify the currency hierarchy using ratios from the consolidated sovereign balance sheet. Using the improvisation of […]

    Download Working Paper No. 1024 PDF (2.50 MB)
  • Strategic Analysis July 20, 2023

    Will the US Debt Ceiling Deal Derail the Pandemic Recovery?

    Dimitri B. Papadimitriou, Gennaro Zezza, Michalis Nikiforos, and Giuliano Toshiro Yajima
    Abstract

    In this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its future trajectory. The recent recovery after the pandemic has been remarkable, when compared to previous cycles, and offers evidence of the efficacy of fiscal policy. […]

    Download Strategic Analysis, July 2023 PDF (1.54 MB)
  • Strategic Analysis October 13, 2022

    Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;

    Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
    Abstract

    Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε μια περίοδο αυξανόμενης αβεβαιότητας, λόγω των γεωπολιτικών αναταραχών που προέρχονται από την Ρώσο-Ουκρανική σύγκρουση με αντίκτυπό το υψηλό κόστος ενέργειας και αυξημένων διεθνών τιμών εισαγόμενων […]

    Download ΕΛΛΑΔΑ ΣΤΡΑΤΗΓΙΚΗ ΑΝΑΛΥΣΗ 10 2022 PDF (1.27 MB)
  • Strategic Analysis October 13, 2022

    Greece: Recovery, or Another Recession?

    Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
    Abstract

    In this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in […]

    Download Strategic Analysis, October 2022 PDF (1.18 MB)
  • Strategic Analysis August 11, 2022

    Avoiding a Recession

    Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
    Abstract

    In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Michalis Nikiforos, and Senior Scholar Gennaro Zezza analyze how and why the US economy has achieved a swift recovery in comparison with the last few economic cycles. This recovery has nevertheless been accompanied by significant increases in the trade deficit and inflation. Papadimitriou, Nikiforos, and […]

    Download Strategic Analysis, August 2022 PDF (2.20 MB)
  • Working Paper No. 1005 April 15, 2022

    A Prototype Regional Stock-Flow Consistent Model

    Gennaro Zezza, and Francesco Zezza
    Abstract

    Starting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing, showing that consistently taking into account real and financial markets of two open economies will generate different results with respect to more traditional open economy […]

    Download Working Paper No. 1005 PDF (709.70 KB)
  • Strategic Analysis March 01, 2022

    Is Greece on the Road to Economic Recovery?

    Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
    Abstract

    In this strategic analysis, Institute President Dimitri B. Papadimitriou, Research Scholar Gennaro Zezza, and Research Associate Nikos Rodousakis analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. A key contribution is linked to tourism, which increased significantly in 2021, notwithstanding […]

    Download Strategic Analysis, March 2022 PDF (1.33 MB)
  • Working Paper No. 995 November 03, 2021

    The Employer of Last Resort Scheme and the Energy Transition

    Giuliano Toshiro Yajima
    Abstract

    The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due to the economic disruption of the lockdown measures, has increased the interest in policies that target employment directly instead of trying to achieve it via […]

    Download Working Paper No. 995 PDF (1.12 MB)
  • Strategic Analysis June 17, 2021

    The Pandemic, the Stimulus, and the Future Prospects for the US Economy

    Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
    Abstract

    In this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for recovery. Their baseline simulation using the Institute’s stock-flow macroeconometric model shows a significant pickup in the growth rate in 2021 as a result of the American […]

    Download Strategic Analysis, June 2021 PDF (1.64 MB)
  • Working Paper No. 975 November 05, 2020

    Argentina’s (Macroeconomic?) Trap

    Sebastian Valdecantos
    Abstract

    The Argentinean economy has just ended another lost decade. After the peak registered in 2011, the per capita GDP has oscillated with a decreasing trend, leaving the economy poorer than it was ten years before. During these ten years, different governments with conflicting macroeconomic programs were in power, none of them able to save the […]

    Download Working Paper No. 975 PDF (9.21 MB)
  • Working Paper No. 961 July 13, 2020

    The "Kansas City" Approach to Modern Money Theory

    L. Randall Wray
    Abstract

    Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies Georg Friedrich Knapp’s state money approach (chartalism), also adopted by John Maynard Keynes in his Treatise on Money. MMT emphasizes the difference between a sovereign […]

    Download Working Paper No. 961 PDF (351.33 KB)
  • Working Paper No. 958 June 12, 2020

    A Stock-Flow Consistent Quarterly Model of the Italian Economy

    Gennaro Zezza, and Francesco Zezza
    Abstract

    Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of alternative scenarios. At the heart of all these models lies a standard macroeconomic module that, depending on the degree of sophistication and the research questions […]

    Download Working Paper No. 958 PDF (1.11 MB)
  • Policy Notes No. 1 March 19, 2020

    When Two Minskyan Processes Meet a Large Shock

    Michalis Nikiforos
    Abstract

    The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications of the pandemic without reference to two Minskyan processes at play in the US economy: the growing divergence of stock market prices from output prices, […]

    Download Policy Note 2020/1 PDF (306.68 KB)
  • One-Pager No. 61 March 10, 2020

    A Global Slowdown Will Test US Corporate Fragility

    Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
    Abstract

    The rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly overstretched, exhibiting a degree of fragility that, according to some measures, is unmatched in the postwar historical record. The US economy is vulnerable to a […]

    Download One-Pager No. 61 PDF (118.75 KB)
  • Working Paper No. 949 February 12, 2020

    A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy

    Christos Pierros
    Abstract

    This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions, such as the minimum wage and the collective bargaining coverage rate, are considered as determinants of the wage share and, in turn, of the distribution […]

    Download Working Paper No. 949 PDF (1.32 MB)
  • Strategic Analysis January 23, 2020

    Prospects and Challenges for the US Economy

    Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
    Abstract

    This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that, given current fiscal arrangements and the slowdown in the global economy, the pace of the US recovery will slacken somewhat, with a growth rate that […]

    Download Strategic Analysis, January 2020 PDF (1.00 MB)
  • Working Paper No. 942 January 07, 2020

    An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark

    Mikael Randrup Byrialsen, and Hamid Raza
    Abstract

    This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally well explained in macroeconomic models, the financial side and its interaction with the real economy remains poorly understood. This paper makes an attempt to model […]

    Download Working Paper No. 942 PDF (2.03 MB)

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Blithewood
Bard College
Annandale-on-Hudson, NY 12504-5000
845-758-7700
The Levy Economics Institute of Bard College, founded in 1986 through the generous support of Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization. The Levy Institute is independent of any political or other affiliation, and encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate.