Publications

1707 publications found

• 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

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• 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

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• 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 Note 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

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• 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)
• Policy Note No. 1
  February 06, 2018

  Does the United States Face Another Minsky Moment?

  L. Randall Wray
  Abstract

  It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised…more

  Download Policy Note 2018/1 PDF (334.91 KB)
• Research Project Report
  February 06, 2018

  The Macroeconomic Effects of Student Debt Cancellation

  Stephanie A. Kelton, Scott Fullwiler, Catherine Ruetschlin, and Marshall Steinbaum
  Abstract

  Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research…more

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• Working Paper No. 900
  January 29, 2018

  Functional Finance

  L. Randall Wray
  Abstract

  This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively…more

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• Working Paper No. 899
  January 12, 2018

  Gender Pay Gaps in the Former Soviet Union: A Review of the Evidence

  Tamar Khitarishvili
  Abstract

  The goal of this paper is to examine the patterns and movements of the gender pay gaps in the countries of the former Soviet Union (FSU) and to place them…more

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• Policy Note No. 4
  November 09, 2017

  How Time Deficits and Hidden Poverty Undermine the Sustainable Development Goals

  Ajit Zacharias
  Abstract

  The predominant framework for measuring poverty rests on an implicit assumption that everyone has enough time available to devote to household production or enough resources to compensate for deficits in…more

  Download Policy Note 2017/4 PDF (282.68 KB)
• Working Paper No. 898
  October 12, 2017

  Corporate Tax Incidence in India

  Lekha S. Chakraborty and Samiksha Agarwal
  Abstract

  The paper attempts to measure the incidence of corporate income tax in India under a general equilibrium setting. Using seemingly uncorrelated regression coefficients and dynamic panel estimates, we tried to…more

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• Working Paper No. 897
  September 20, 2017

  Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework

  Tai Young-Taft and Cameron Haas
  Abstract

  Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and…more

  Download Working Paper No. 897 PDF (385.26 KB)
• Public Policy Brief No. 144
  September 08, 2017

  A Two-Tier Eurozone or a Euro of Regions?

  Jan Kregel
  Abstract

  In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar…more

  Download Public Policy Brief No. 144, 2017 PDF (165.35 KB)
• Working Paper No. 896
  September 04, 2017

  Minsky’s Financial Fragility

  Ernani Teixeira Torres Filho, Norberto Montani Martins, and Caroline Yukari Miaguti
  Abstract

  The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it…more

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• Working Paper No. 895
  August 23, 2017

  Unemployment: The Silent Epidemic

  Pavlina R. Tcherneva
  Abstract

  This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment…more

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• Working Paper No. 894
  August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within…more

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• Working Paper No. 893
  July 26, 2017

  The Neoclassicals’ Conundrum

  Oscar Valdes Viera
  Abstract

  Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam…more

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• Policy Note No. 3
  July 21, 2017

  Why the Compulsive Shift to Single Payer?

  L. Randall Wray
  Abstract

  The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare)….more

  Download Policy Note 2017/3 PDF (252.09 KB)
• Policy Note No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)
• Working Paper No. 892
  June 21, 2017

  Understanding Financialization

  Charles J. Whalen
  Abstract

  Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and…more

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• Working Paper No. 891
  May 24, 2017

  Stock-flow Consistent Macroeconomic Models

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in…more

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