Publications

1699 publications found

• Policy Notes No. 2025/6
  August 21, 2025

  The USMCA Is Not Competitive Against China

  Arturo Huerta G.
  Abstract

  The governments of the US and Canada are pressuring Mexico not to import products or accept investments from China, such that Mexico would be forced to import products from them…more

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• Working Paper No. 1090
  August 14, 2025

  Education and Economic Isolation

  Yousuf Daas, Sameh Hallaq, Danilo Leite Dalmon, and Jennifer Olmsted
  Abstract

  This study examines the impact of the Gaza blockade on private returns to education, with a focus on regional and gender disparities in the Palestinian territories. Using data from the…more

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• Working Paper No. 1089
  August 07, 2025

  Rising Temperatures, Falling Yields: The Effect of Climate Shocks on Olive Oil Production in Palestine

  Yousuf Daas, Sameh Hallaq, Kenichi Kashiwagi, and Keiichi Ogawa
  Abstract

  This study investigates the effect of climate shocks on olive oil production in Palestine, a region acutely vulnerable to both environmental change and political instability. We estimate the influences of…more

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• Working Paper No. 1088
  August 01, 2025

  The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform

  Agustín Mario
  Abstract

  According to current macroeconomic models, there is a need to maintain a natural rate of unemployment to contain inflation. Put simply, unemployment is considered an (inevitable) cost of price stability….more

  Download Working Paper No. 1088 PDF (754.35 KB)
• Policy Notes
  July 30, 2025

  Working Harder, Paying Less: Wage Suppression in Greece

  Vlassis Missos and Nikolaos Rodousakis
  Abstract

  The state of the labor market in Greece exemplifies the socioeconomic damage caused by austerity.[i] More than 15 years into a recession that has proven both deep and enduring, signs…more

  Download Policy Note 2025/5 PDF (643.45 KB)
• Working Paper No. 1087
  July 30, 2025

  A Model of External Debt Sustainability and Monetary Hierarchy

  Nicolás M. Burotto
  Abstract

  The author develops a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration…more

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• Working Paper No. 1086
  July 29, 2025

  Financial Fragility Without Financial Instability

  Leonardo Burlamaqui
  Abstract

  Between the late 1990s and mid-2000s, China’s banking sector underwent a profound yet largely underappreciated transformation—arguably one of the most consequential episodes of financial restructuring in recent economic history. This…more

  Download Working Paper No. 1086 PDF (702.26 KB)
• Working Paper No. 1085
  July 17, 2025

  Fiscal Deficit and Term Structure of Interest Rate Links on Corporate Investment

  Lekha S. Chakraborty and C. Prasanth
  Abstract

  Using high-frequency macro data from a financially deregulated regime, this paper examines whether there is any evidence of financial crowding out in India. The macroeconomic channel through which financial crowding…more

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• Working Paper No. 1084
  July 09, 2025

  MMT: Heuristics versus Paradigm Shift?

  L. Randall Wray
  Abstract

  This is a revised version of the keynote address presented at the FDR library for the Levy Institute Summer Seminar on Money, Finance, and Public Policy on June 20th, 2025.

  Download Working Paper No. 1084 PDF (222.28 KB)
• Working Paper No. 1083
  June 26, 2025

  Integrating the Social Reproduction of Labor into Macroeconomic Theory: Unpaid Caregiving and Productivity in Paid Production

  Mark Setterfield
  Abstract

  The purpose of this paper is to contribute to the integration of unpaid caregiving in the household into short- and long-term macroeconomic theory and, in particular, the theoretical structure of…more

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• Policy Notes
  May 22, 2025

  Ratings Agencies Downgrade the Dollar’s Exorbitant Privilege

  L. Randall Wray
  Abstract

  They are at it again. Moody’s has finally joined the other two ratings agencies in downgrading US government debt. Standard & Poor’s downgrade was first in 2011[1], while Fitch waited…more

  Download Policy Note 2025/4 PDF (584.34 KB)
• Research Project Report
  May 20, 2025

  Investing in Early Childhood Education and Care Services in Jordan

  İpek Ilkkaracan, Ayse Aylin Bayar, Luiza Nassif Pires, Thomas Masterson, and Ajit Zacharias
  Abstract

  Written in October 2022, through a collaboration between Istanbul Technical University (ITU) and the Levy Economics Institute in New York by Ipek Ilkkaracan (ITU), Ayse Aylin Bayar (ITU), Luiza Nassif…more

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• Policy Notes
  May 20, 2025

  What Do We Save When We DOGE the Government?

  Mark Silverman and Yeva Nersisyan
  Abstract

  The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment,…more

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• Working Paper No. 1082
  May 12, 2025

  Growth vs. Discipline: Italy’s Fiscal Dilemmas in a Stock-Flow Consistent Model

  Francesco Zezza and Gennaro Zezza
  Abstract

  This paper investigates the implications of the European Union’s revised fiscal governance framework for Italy, a country facing the dual challenge of high public debt and persistent economic stagnation. Using…more

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• One-Pager No. 73
  May 05, 2025

  The Incoming Recession: Are Imports the Real Culprit?

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

  The preliminary estimates for real GDP growth in the first quarter of 2025 show an annualized contraction rate of 0.28 percent, along with an extraordinary increase in imports of 41.3…more

  Download One-Pager No. 73 PDF (285.37 KB)
• Policy Notes
  April 21, 2025

  Remembering Pope Francis’s Call for a Universal Basic Wage

  Pavlina R. Tcherneva
  Abstract

  On April 21, 2025, a day after Easter Sunday, the world mourned the passing of His Holiness Pope Francis. Five years earlier, on Easter Sunday, April 12, 2020—amid the devastating…more

  Download Policy Note 2025/2 PDF (207.42 KB)
• Working Paper No. 1081
  April 21, 2025

  The Rise and Rise of Feminist Macroeconomics: Who’s Recognizing?

  Günseli Berik and Ebru Kongar
  Abstract

  Macroeconomics is arguably the most male-dominated field within the discipline of economics. Since the mid-1990s, feminist economists have thoroughly and meticulously challenged this field through empirical and theoretical analyses and…more

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• Policy Notes
  April 21, 2025

  Trump’s Tariffs: Ending Globalization

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

  The Trump administration is reintroducing a number of 40-year-old, Reagan-era economic and military policies, but is particularly preoccupied with the imposition of tariffs for all of the country’s imports. Trump,…more

  Download Policy Note 2025/1 PDF (877.05 KB)
• Working Paper No. 1080
  April 04, 2025

  Protecting Social Security: The Case Against Extending the Full Retirement Age

  Edward Lane
  Abstract

  The Social Security “full retirement age” (FRA) is the age at which retirement income benefits are available without reduction for early commencement. Presently, that age is 67 for those born…more

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• Working Paper No. 1079
  April 04, 2025

  Job Allocation in the Levy Institute Microsimulation Model

  Brandon Istenes
  Abstract

  The Levy Institute Microsimulation Model (LIMM) is a tool used for policy simulations to estimate ex-ante the employment and income effects of sectoral investments. In Istenes (2023), a simple implementation…more

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• Working Paper No. 1078
  April 01, 2025

  “A Concentration of Private Power without Equal in History”

  William Van Lear and Daniel Hutchinson
  Abstract

  This manuscript presents a detailed summary and reassessment of the 1941 final report of the Temporary National Economic Committee (TNEC). We portion the manuscript into four major parts: background, major…more

  Download Working Paper No. 1078 PDF (550.51 KB)
• 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…more

  Download Strategic Analysis, March 2025 PDF (1.07 MB)
• Public Policy Brief No. 158
  March 04, 2025

  That “Vision Thing”: Formulating a Winning Policy Agenda

  Pavlina R. Tcherneva and L. Randall Wray
  Abstract

  For a PDF version of this Public Policy Brief, please click here. There are many ways to lose a presidential election, and pundits have come up with a long list:…more

  Download Public Policy Brief No. 158 PDF (2.33 MB)
• Working Paper No. 1077
  February 11, 2025

  A Critical Examination of the “China Collapse” Narrative

  Yan Liang
  Abstract

  Western media and academia have heralded the China collapse narrative. This paper provides a critical and balanced examination of the four challenges facing the Chinese economy—namely, deflation, debt, demographics, and…more

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