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Working Paper No. 947Ages of Financial Instability
February 06, 2020 Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more...more Publication -
BlogTcherneva on the Green New Deal and Job Guarantee in France
February 05, 2020 Pavlina Tcherneva recently participated in a hearing before a parliamentary group (La France insoumise) of France’s National Assembly on the subject of the Green New Deal and the job guarantee (the intro is in French; Tcherneva’s testimony is in English): [iframe width=”485″ height=”274″ src=”https://www.youtube.com/embed/csyE46OeS8Q” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] Blog -
Working Paper No. 946
The Relationship between Technical Progress and Employment
February 03, 2020 We show that Autor and Salomons’ (2017, 2018) analysis of the impact of technical progress on employment growth is problematic. When they use labor productivity growth as a proxy for...more Publication -
Working Paper No. 945
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation
January 31, 2020 The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has...more Publication -
Public Policy Brief No. 148Can We Afford the Green New Deal?
January 31, 2020 In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable...more Publication -
Strategic AnalysisProspects and Challenges for the US Economy
January 23, 2020 This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,...more Publication -
Strategic Analysis
Greece: In Search of Investors
January 17, 2020 2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the...more Publication -
Working Paper No. 944
The Empirics of Canadian Government Securities Yields
January 16, 2020 Keynes argued that the short-term interest rate is the main driver of the long-term interest rate. This paper empirically models the relationship between short-term interest rates and long-term government securities...more Publication -
Working Paper No. 943
Is China’s Low Fertility Rate Caused by the Population Control Policy?
January 15, 2020 Whether China’s low fertility rate is the consequence of the country’s strict population control policy is a puzzling question. This paper attempts to disentangle the Chinese population control policy’s impacts...more Publication -
Working Paper No. 942
An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark
January 07, 2020 This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally...more Publication -
Working Paper No. 941
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza
December 12, 2019 This paper measures the wage differential between Palestinian non-refugees and Palestinian refugees in the West Bank and Gaza over the years 1999–2012. First, the main individual and occupational differences between...more Publication -
Blog
Minsky Explains Financial Instability
December 10, 2019 In this rare video from 1987 (there is very little surviving footage of Minsky discussing his work), Hyman Minsky summarizes his theory of the financial fragility at the heart of modern capitalist economies: [iframe width=”486″ height=”364″ src=”https://www.youtube.com/embed/9mHBrixVarU” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] This was part of an event in Bogotá, Colombia (which is [...] Blog -
Working Paper No. 940
On the “Utilization Controversy”
November 21, 2019 The critique by Gahn and González (2019) of the conclusions in Nikiforos (2016) regarding what data should be used to evaluate whether capacity utilization is endogenous to demand is weak...more Publication -
Blog
Join Us for the 11th Minsky Summer Seminar
October 23, 2019 The Hyman P. Minsky Summer Seminar Levy Economics Institute of Bard College Blithewood Annandale-on-Hudson, N.Y. June 7–13, 2020 The Levy Economics Institute of Bard College is pleased to announce the 11th Minsky Summer Seminar will be held from June 7–13, 2020. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects [...] Blog -
Working Paper No. 939
The Macroeconomic Loss Due to Violence against Women and Girls
October 18, 2019 Violence against women and girls (VAWG) is a widely recognized human rights violation with serious consequences for the health and well-being of women and their families. However, the wider ramifications of...more Publication -
Working Paper No. 938
The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields
October 15, 2019 Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP,...more Publication -
Working Paper No. 937
Indian Fiscal Federalism at the Crossroads
October 04, 2019 There is a growing recognition that fundamental changes are happening in Indian fiscal federalism ex post the abolition of the Planning Commission, the creation of the National Institution for Transforming...more Publication -
Research Project ReportMacroeconomic and Microeconomic Impacts of Improving Physical and Social Infrastructure
September 17, 2019 Feminist economics has long emphasized the role of physical and social infrastructure as determinants of the time women spend on household production (the provision of unpaid domestic services and care)....more Publication -
Working Paper No. 936
Fiscal Reform to Benefit State and Local Governments
September 04, 2019 This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money...more Publication -
Working Paper No. 935
Evolving International Monetary and Financial Architecture and the Development Challenge
August 22, 2019 This paper investigates the peculiar macroeconomic policy challenges faced by emerging economies in today’s monetary (non)order and globalized finance. It reviews the evolution of the international monetary and financial architecture...more Publication -
Working Paper No. 934
An Analysis of the Daily Changes in US Treasury Security Yields
August 22, 2019 This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of...more Publication -
Blog
Bloomberg Interview: Wray on Modern Monetary Theory
July 31, 2019 Bloomberg Businessweek‘s Cristina Lindblad and Peter Coy sat down with L. Randall Wray for an in-depth interview on Modern Monetary Theory: [iframe src=”https://www.bloomberg.com/multimedia/api/embed/iframe?id=081295ee-e45c-4dae-a380-2989a5ad4c23″ allowscriptaccess=”always” frameborder=”0″></iframe] Blog
