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One-Pager No. 60Fighting Inequality Can Strengthen the US Economy
July 26, 2019 Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary...more Publication -
Working Paper No. 933Defaultnomics
July 08, 2019 The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,...more Publication -
Working Paper No. 932
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
June 26, 2019 Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and...more Publication -
Working Paper No. 931
How to Pay for the Green New Deal
May 30, 2019 This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in...more Publication -
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Working Paper No. 930
A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection
May 21, 2019 This paper describes the application of a semiparametric approach, known as a varying coefficients model (Hastie and Tibshirani 1993), to implement a Oaxaca-Blinder type of decomposition in the presence of...more Publication -
Working Paper No. 929
When to Ease Off the Brakes (and Hopefully Prevent Recessions)
May 16, 2019 Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the...more Publication -
Policy Note No. 2Global Imbalances and the Trade War
May 16, 2019 Against the background of an ongoing trade dispute between the United States and China, Senior Scholar Jan Kregel analyzes the potential for achieving international adjustment without producing a negative impact...more Publication -
Working Paper No. 928
Democratizing Money
May 13, 2019 In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many...more Publication -
Working Paper No. 927
Recentered Influence Functions in Stata
April 26, 2019 Recentered influence functions (RIFs) are statistical tools popularized by Firpo, Fortin, and Lemieux (2009) for analyzing unconditional partial effects on quantiles in a regression analysis framework (unconditional quantile regressions). The...more Publication -
Working Paper No. 926
Fiscal Stabilization in the United States
April 25, 2019 The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with...more Publication -
One-Pager No. 59
The Limitations of the “Populism” Explanation
April 23, 2019 Some common accounts of “populism” and its causes risk leading us away from understanding what is happening today in parts of the democratic West, according to Senior Scholar Joel Perlmann....more Publication -
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Policy Note No. 1
A Proposal to Create a European Safe Asset
April 16, 2019 While a consensus has formed that the eurozone’s economic governance mechanisms must be reformed, and some progress has been made on this front, what has been agreed to so far...more Publication -
Strategic AnalysisCan Redistribution Help Build a More Stable Economy?
April 15, 2019 Although the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the...more Publication -
Working Paper No. 925
An Institutional Analysis of China’s Reform of their Monetary Policy Framework
April 08, 2019 This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the...more Publication -
Research Project ReportInvesting in Early Childhood Education and Care in Kyrgyz Republic
April 01, 2019 Expansion of early childhood education and care (ECEC) services for all is a matter of the choices made regarding the allocation of public resources. As such, it is as much...more Publication -
Public Policy Brief No. 147Globalization, Nationalism, and Clearing Systems
March 18, 2019 As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national...more Publication -
BlogRemembering Nina Shapiro
March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to [...] Blog -
Blog
Big Guns Shooting Holes in the Sky
March 12, 2019 The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the [...] Blog -
Blog
Join Us for the 28th Annual Hyman P. Minsky Conference
March 11, 2019 This year’s Minsky conference will be a one-day affair, featuring keynote speakers that include St. Louis Fed President James Bullard, former PIMCO chief economist Paul McCulley (now Senior Fellow at Cornell Law), and First Vice President of the Minneapolis Fed, Ron Feldman. The Levy Institute’s Jan Kregel will be discussing reform of the eurozone system; [...] Blog -
Working Paper No. 924
Induced Shifting Involvements and Cycles of Growth and Distribution
February 27, 2019 The paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where...more Publication