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Working Paper No. 1043Interest Rate Dynamics: An Examination of Mainstream and Keynesian Empirical Studies
February 14, 2024 This paper critically reviews both mainstream and Keynesian empirical studies of interest rate dynamics. It assesses the key findings of a selected number of these studies, surveying the debates between...more Publication -
Working Paper No. 1042
Saving Social Security
February 13, 2024 For more than 25 years, the Social Security Trust Fund was projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be...more Publication -
The Disconnect Between Biden’s Great Economic Numbers and How Voters Feel about the Economy
February 06, 2024 Listen to Levy Scholar Pavlina Tcherneva on Back Ground Briefing with Ian Masters. Available on SoundCloud now. News -
Read Senior Scholar James K. Galbraith’s article, “Entropy, the Theory of Value and the Future of Humanity” featured by the Economic Democracy Initiative.
February 05, 2024 In a keynote address to a conference on “Geopolitical Changes” at Kozminski University, Warsaw, on January 29, 2024, Professor James Galbraith called for economics to break with equilibrium dogma and re-found itself on the life principles that govern physics, biology and every existing mechanical and social system. News -
Working Paper No. 1040
COP28 and Environmental Federalism: Empirical Evidence from an Emerging Economy, India
February 02, 2024 Against the backdrop of COP28, this paper investigates the impact of intergovernmental fiscal transfers (IGFT) on climate change commitments in India. Within the analytical framework of environmental federalism, we tested...more Publication -
Working Paper No. 1039
Can the Philippines Attain 6.5-8 Percent Growth During 2023–28?
February 02, 2024 We expand the standard balance-of-payments–constrained (BOPC) growth rate model in three directions. First, we take into account the separate contributions of exports in goods, exports in services, overseas remittances, and...more Publication -
Working Paper No. 1041
Amazon Green Recovery and Labor Market in Brazil
February 02, 2024 Announced in June 2021, the never-implemented Green Recovery Plan for the Brazilian Legal Amazon Region (GRP) would be a green transition initiative to be carried out by the state governments...more Publication -
Working Paper No. 1038
Economic Possibilities for Our Grandchildren—90 Years Later
January 29, 2024 This paper revisits Keynes’s (1930) essay titled “The economic possibilities for our grandchildren.” We discuss the three broader trends identified by Keynes that he expected would come to characterize the...more Publication -
Working Paper No. 1037
Markups, Profit Shares, and Cost-Push-Profit-Led Inflation
January 10, 2024 The post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such...more Publication -
Working Paper No. 1036
The Estimation of Production Functions with Monetary Values
January 05, 2024 For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other...more Publication -
Working Paper No. 1035
The Swedish Monetary System from a Balance Sheet Perspective
January 04, 2024 In this paper, we discuss the balance sheet mechanics of the Swedish government. We examine spending, government bond purchases, and tax payments. As long as the Swedish central bank, which...more Publication -
Event31st Annual Levy Economics Institute Conference
The 31st Annual Levy Economics Institute Conference was a one-day, virtual event organized around the topics of Economic Prospects for the US Economy, The Revival of Industrial Policy, Causes and Measurement of Inequality, and Aging and Public Policy: Debunking Myths, Providing Solutions. Event -
One-Pager No. 71Has the Time Arrived for a Job Guarantee in Europe?
December 14, 2023 In comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia...more Publication -
Working Paper No. 1034
Euro Interest Rate Swap Yields: A GARCH Analysis
December 08, 2023 This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant...more Publication -
Working Paper No. 1033
The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
November 20, 2023 The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay...more Publication -
Working Paper No. 1032
Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India
October 16, 2023 The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child...more Publication -
Working Paper No. 1031
A Stock-Flow Ecological Model from a Latin American Perspective
October 09, 2023 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...more Publication -
Working Paper No. 1030
Economic Transformation and Growth in the Philippines
October 09, 2023 The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and...more Publication -
Working Paper No. 1029
Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?
September 07, 2023 The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of...more Publication -
Policy Note No. 4Effects of Forced Formalization (Demonetization) in the Indian Economy
August 23, 2023 Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked...more Publication -
Working Paper No. 1028
Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)
August 21, 2023 Using the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be...more Publication