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Strategic AnalysisIs Greece on the Road to Economic Recovery?
March 01, 2022 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...more Publication -
Strategic Analysis
Είναι η Ελλάδα στον δρόμο της οικονομικής ανάκαμψης;
March 01, 2022 Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Β. Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν πώς η ελληνική οικονομία άρχισε να ανακάμπτει...more Publication -
Policy Note No. 1Τι συμβαίνει με τα νέα δεδομένα των ελληνικών Εθνικών Λογαριασμών;
February 25, 2022 Tο 2020, η Ελληνική Στατιστική Αρχή (ΕΛΣΤΑΤ) ξεκίνησε την αναθεώρηση των εθνικών λογαριασμών για την Ελλάδα, προκειμένου να εναρμονιστούν με το νέο Ευρωπαϊκό Σύστημα Λογαριασμών. Τα δεδομένα από τους εθνικούς...more Publication -
Policy Note No. 1
What Is Happening to the New Greek National Accounts Data?
February 25, 2022 In 2020, the Hellenic Statistical Authority (ElStat) started a revision of the national accounts for Greece to bring them into line with the new European System of Accounts. Data from...more Publication -
One-Pager No. 69Time to Celebrate Modern Money Theory?
February 21, 2022 A recent article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after its policies were (supposedly) implemented during the response to the COVID-19 pandemic....more Publication -
Working Paper No. 1002COVID-19 and Fiscal-Monetary Policy Coordination
February 04, 2022 Against the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy...more Publication -
Working Paper No. 1001
Estimating a Time-Varying Distribution-Led Regime
February 02, 2022 This paper estimates the distribution-led regime of the US economy for the period 1947–2019. We use a time varying parameter model, which allows for changes in the regime over time....more Publication -
BlogAn Accommodative Fiscal Stance Is Crucial for India
January 18, 2022 Omicron is a reminder that the COVID-19 pandemic is still not over. This ongoing health crisis should act as a trigger for greater investments in public health in India. Public spending on health by the union government is still below 1 percent of GDP, though the estimate has increased from 0.2 percent of GDP in 2020–21 [...] Blog -
Working Paper No. 999
Structural Change, Productive Development, and Capital Flows
January 18, 2022 The outbreak of COVID-19 brought back to the forefront the crucial importance of structural change and productive development for economic resilience to economic shocks. Several recent contributions have already stressed...more Publication -
BlogJoin Us for the 2022 Levy Institute Summer Seminar
January 11, 2022 The Levy Economics Institute of Bard College is pleased to announce it will be holding a summer seminar June 11–18, 2022. Through lectures, hands-on workshops, and breakout groups, the seminar will provide an opportunity to engage with the theory and policy of Modern Money Theory (MMT) and the work of Institute Distinguished Scholars Hyman Minsky [...] Blog -
Working Paper No. 998
Technology and Productivity
January 10, 2022 Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different...more Publication -
Working Paper No. 997
Identity and Well-Being in the Skilled Crafts and Trades
December 22, 2021 We analyze the extent to which occupational identity is conducive to worker well-being. Using a unique survey dataset of individuals working in the German skilled crafts and trades (2017–18, n=757),...more Publication -
Working Paper No. 996
Seven Replies to the Critiques of Modern Money Theory
December 13, 2021 Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has...more Publication -
Public Policy Brief No. 156Still Flying Blind after All These Years
December 08, 2021 Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are...more Publication -
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BlogAre Concerns over Growing Federal Government Debt Misplaced?
November 10, 2021 If the global financial crisis (GFC) of the mid-to-late 2000s and the COVID crisis of the past couple of years have taught us anything, it is that Uncle Sam cannot run out of money. During the GFC, the Federal Reserve lent and spent over $29 trillion to bail out the world’s financial system,[1] and then [...] Blog -
Blog
Is Climate Change a Fiscal or Monetary Policy Challenge?
November 10, 2021 Lekha Chakraborty (Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the [...] Blog -
Policy Note No. 4
A Recovery for Whom?
November 10, 2021 The COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in...more Publication -
Working Paper No. 995
The Employer of Last Resort Scheme and the Energy Transition
November 03, 2021 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...more Publication -
One-Pager No. 68
Are Concerns over Growing Federal Government Debt Misplaced?
November 01, 2021 With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government,...more Publication -
Blog
Women’s Economic Empowerment and Control over Time in Sub-Saharan Africa (Nov 1-2)
October 29, 2021 November 1–November 2, 2021 The onset of the COVID-19 pandemic and the subsequent losses in lives and livelihoods are looming over Sub-Saharan Africa. As in the rest of the world, the pandemic has exposed the enduring inequalities and injustices in stark terms, including those based on gender and those intersecting with gender, such as economic [...] Blog -
Working Paper No. 994
Production Function Estimation
October 26, 2021 The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since...more Publication -
Working Paper No. 993
The Sraffian Supermultiplier and Cycles
September 03, 2021 This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM)...more Publication