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Working Paper No. 1006Why the Feldstein-Horioka “Puzzle” Remains Unsolved
April 29, 2022 This paper argues that the 40-year-old Feldstein-Horioka “puzzle” (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than...more Publication -
BlogOtmar Issing Is Still Living in His Monetary Fantasy World
April 22, 2022 Otmar Issing can look back on a long and consequential central banking career. Even in his retirement he is still living the part, evaluating whether his successors at the European Central Bank are pursuing stability-oriented monetary policies to his liking. His most recent critique (“‘Living in a fantasy’: euro’s founding father rebukes ECB over inflation [...] Blog -
Policy Note No. 2022/2A Race to the Bottom
April 22, 2022 More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos,...more Publication -
Working Paper No. 1005
A Prototype Regional Stock-Flow Consistent Model
April 15, 2022 Starting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing,...more Publication -
Public Policy Brief No. 157Is It Time for Rate Hikes?
April 12, 2022 Roughly two years into the economic recovery from the COVID-19 crisis, the topic of elevated inflation dominates the economic policy discourse in the United States. And the aggressive use of...more Publication -
Working Paper No. 1004
Financial Barriers to Structural Change in Developing Economies
March 18, 2022 Liabilities denominated in foreign currency have established a permanent role on emerging market firms’ balance sheets, which implies that changes in both global liquidity conditions and in the value of...more Publication -
Working Paper No. 1003
What’s Causing Accelerating Inflation
March 04, 2022 This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by...more Publication -
Strategic AnalysisΕίναι 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 -
Strategic Analysis
Is 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 -
Policy Note No. 1
Τι 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. 2022/1
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. 1002
COVID-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. 156
Still 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 -
