Publications

1699 publications found

• Working Paper No. 911
  August 24, 2018

  Twenty Years of the German Euro Are More than Enough

  Jörg Bibow
  Abstract

  This paper reviews the performance of the euro area since the euro’s launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime….more

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• Working Paper No. 910
  August 21, 2018

  Australian Government Bonds’ Nominal Yields

  Tanweer Akram and Anupam Das
  Abstract

  The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the…more

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• Public Policy Brief No. 146
  August 16, 2018

  Stagnating Economic Well-Being and Unrelenting Inequality

  Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila
  Abstract

  Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila update the Levy Institute Measure of Economic Well-Being (LIMEW) for US households for the period 2000–13. The LIMEW—which comprises base income, income from…more

  Download Public Policy Brief No. 146, 2018 PDF (1.07 MB)
• Research Project Report
  August 08, 2018

  The Measurement of Time and Consumption Poverty in Ghana and Tanzania

  Ajit Zacharias, Thomas Masterson, Kijong Kim, Tamar Khitarishvili, and Fernando Rios-Avila
  Abstract

  Time constraints that stem from the overlapping domains of paid and unpaid work are of central concern to the debates surrounding the economic development of developing countries in general and…more

  Download Research Project Report, August 2018 PDF (4.99 MB)
• Working Paper No. 909
  July 02, 2018

  External Instability in Transition

  Liudmila Malyshava
  Abstract

  This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of…more

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• One-Pager No. 56
  June 19, 2018

  An Alternative to Sovereign Bond-Backed Securities for the Euro Area

  Mario Tonveronachi
  Abstract

  The European Commission's proposal for the regulation of sovereign bond-backed securities (SBBSs) follows the release of a high-level taskforce report, sponsored by the European Systemic Risk Board, on the feasibility…more

  Download One-Pager No. 56 PDF (107.37 KB)
• Public Policy Brief No. 145
  June 08, 2018

  European Sovereign Bond-Backed Securities

  Mario Tonveronachi
  Abstract

  In response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant…more

  Download Public Policy Brief No. 145, 2018 PDF (236.81 KB)
• Working Paper No. 908
  June 01, 2018

  Twenty Years after the Fall of the Berlin Wall

  Walker F. Todd and W. Lee Hoskins
  Abstract

  Many of the hopes arising from the 1989 fall of the Berlin Wall were still unrealized in 2010 and remain so today, especially in monetary policy and financial supervision. The…more

  Download Working Paper No. 908 PDF (52.45 KB)
• Policy Notes No. 4
  May 31, 2018

  Wage Employment and the Prospects of Women’s Economic Empowerment

  Ajit Zacharias and Thomas Masterson
  Abstract

  In this policy note, Thomas Masterson and Ajit Zacharias address the nexus between wage employment, consumption poverty, and time deficits in the context of Ghana and Tanzania. Based on a…more

  Download Policy Note 2018/4 PDF (394.55 KB)
• One-Pager No. 55
  May 29, 2018

  The Job Guarantee and the Economics of Fear

  Pavlina R. Tcherneva
  Abstract

  The job guarantee (JG) is finally getting the public debate it deserves, according to Pavlina R. Tcherneva, and criticism is expected. Following the Levy Institute’s latest report analyzing the economic…more

  Download One-Pager No. 55 PDF (102.53 KB)
• Working Paper No. 907
  May 17, 2018

  Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution

  Michalis Nikiforos
  Abstract

  The paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within…more

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• Working Paper No. 906
  May 11, 2018

  The Dynamics of Japanese Government Bonds’ Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC)…more

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• Working Paper No. 905
  May 08, 2018

  Reflections on the New Deal

  John F. Henry
  Abstract

  I subject some aspects of Roosevelt’s “New Deal” to critical analysis, with particular attention to what is termed “liberal democracy.” This analysis demonstrates the limits to reform, given the power…more

  Download Working Paper No. 905 PDF (131.78 KB)
• Policy Notes No. 3
  May 01, 2018

  A Consensus Strategy for a Universal Job Guarantee Program

  L. Randall Wray
  Abstract

  The idea of a universal job guarantee (JG) policy for the United States has become the subject of renewed public debate due to a number of high-profile political endorsements. L….more

  Download Policy Note 2018/3 PDF (165.79 KB)
• Working Paper No. 904
  May 01, 2018

  Corporate Debt in Latin America and its Macroeconomic Implications

  Nicole Favreau-Negront, Luis Méndez Lobos, and Esteban Pérez-Caldentey
  Abstract

  This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and…more

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• Research Project Report
  April 17, 2018

  Public Service Employment

  L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton
  Abstract

  Despite reports of a healthy US labor market, millions of Americans remain unemployed and underemployed, or have simply given up looking for work. It is a problem that plagues our…more

  Download Research Project Report, April 2018 PDF (2.04 MB)
• Working Paper No. 903
  April 16, 2018

  The Economics of Instability

  Frank Veneroso
  Abstract

  The dominant postwar tradition in economics assumes the utility maximization of economic agents drives markets toward stable equilibrium positions. In such a world there should be no endogenous asset bubbles…more

  Download Working Paper No. 903 PDF (76.58 KB)
• Strategic Analysis
  April 13, 2018

  “America First,” Fiscal Policy, and Financial Stability

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar history. However, the current recovery is also the slowest recovery…more

  Download Strategic Analysis, April 2018 PDF (1.30 MB)
• Working Paper No. 902
  April 02, 2018

  The Job Guarantee

  Pavlina R. Tcherneva
  Abstract

  The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who…more

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• Book Series
  April 01, 2018

  America Classifies the Immigrants

  Joel Perlmann
  Abstract

  In America Classifies the Immigrants: From Ellis Island to the 2020 Census (Harvard University Press, 2018), Senior Scholar Joel Perlmann traces the evolution of thinking about “race” and “ethnic groups”…more

• Policy Notes No. 2
  March 19, 2018

  Guaranteed Jobs through a Public Service Employment Program

  Stephanie A. Kelton, L. Randall Wray, Pavlina R. Tcherneva, Scott Fullwiler, and Flavia Dantas
  Abstract

  Amid a recent upsurge in support for a national job guarantee program, L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler, and Flavia Dantas outline a new proposal…more

  Download Policy Note 2018/2 PDF (248.94 KB)
• Working Paper No. 901
  March 06, 2018

  Income Distribution, Household Debt, and Aggregate Demand

  J. W. Mason
  Abstract

  During the period leading up to the recession of 2007–08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction…more

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• Book Series
  March 01, 2018

  Classical Economics Today: Essays in Honor of Alessandro Roncaglia

  Jan Kregel
  Abstract

  Edited by Marcella Corsi, Sapienza University of Rome, Levy Institute Director of Research Jan Kregel, and Carlo D’Ippoliti, Sapienza University of Rome, this new collection of 16 essays is dedicated…more

• One-Pager No. 54
  February 06, 2018

  Why the United States Will Beat China to the Next Minsky Moment

  L. Randall Wray
  Abstract

  The outgoing governor of the People’s Bank of China recently warned of a possible Chinese “Minsky moment”—Paul McCulley’s term, most recently applied to the 2007 US real estate crash that…more

  Download One-Pager No. 54 PDF (80.80 KB)