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Strategic Analysis“America First,” Fiscal Policy, and Financial Stability
April 13, 2018 The US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar history. However, the current recovery is also the slowest recovery...more Publication -
Working Paper No. 902The Job Guarantee
April 02, 2018 The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who...more Publication -
Policy Note No. 2Guaranteed Jobs through a Public Service Employment Program
March 19, 2018 Amid a recent upsurge in support for a national job guarantee program, L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler, and Flavia Dantas outline a new proposal...more Publication -
Working Paper No. 901
Income Distribution, Household Debt, and Aggregate Demand
March 06, 2018 During the period leading up to the recession of 2007–08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction...more Publication -
BlogNew Book of Essays in Honor of Roncaglia
February 20, 2018 Director of Research Jan Kregel is one of the editors and contributors for a new collection of essays devoted to the work of Alessandro Roncaglia: Classical Economics Today: Essays in Honor of Alessandro Roncaglia is a collection of essays that pays tribute to Alessandro Roncaglia whose research is based on Schumpeter’s dictum that good economics [...] Blog -
One-Pager No. 54Why the United States Will Beat China to the Next Minsky Moment
February 06, 2018 The outgoing governor of the People’s Bank of China recently warned of a possible Chinese “Minsky moment”—Paul McCulley’s term, most recently applied to the 2007 US real estate crash that...more Publication -
Policy Note No. 1
Does the United States Face Another Minsky Moment?
February 06, 2018 It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised...more Publication -
Research Project ReportThe Macroeconomic Effects of Student Debt Cancellation
February 06, 2018 Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research...more Publication -
Working Paper No. 900
Functional Finance
January 29, 2018 This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively...more Publication -
Working Paper No. 899
Gender Pay Gaps in the Former Soviet Union: A Review of the Evidence
January 12, 2018 The goal of this paper is to examine the patterns and movements of the gender pay gaps in the countries of the former Soviet Union (FSU) and to place them...more Publication -
Blog
Join Us for the 2018 Minsky Summer Seminar
December 21, 2017 The Levy Economics Institute of Bard College is pleased to announce the ninth Minsky Summer Seminar will be held from June 17–23, 2018. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook. [...] Blog -
Policy Note No. 4
How Time Deficits and Hidden Poverty Undermine the Sustainable Development Goals
November 09, 2017 The predominant framework for measuring poverty rests on an implicit assumption that everyone has enough time available to devote to household production or enough resources to compensate for deficits in...more Publication -
Blog
Watch Live: A New New Deal and the Job Guarantee
October 27, 2017 Today at the New School, L. Randall Wray and Stephanie Kelton take part in a public workshop organized by the National Jobs for All Coalition that is focused on developing a “A New ‘New Deal’ for NYC and the USA.” Wray and Kelton will be sharing initial findings from an upcoming Levy Institute project that [...] Blog -
Blog
Applications Open for the Levy Institute M.S. and New One-Year M.A.
October 17, 2017 The Levy Institute is accepting applications to the M.S. and M.A. in Economic Theory and Policy for Fall 2018. The new, one-year M.A.* joins the two-year M.S. in offering students an alternative to mainstream programs in economics and finance. Our graduate curriculum is rooted in the Institute’s distinctive research program, including macroeconomic theory and policy analysis, [...] Blog -
Working Paper No. 898
Corporate Tax Incidence in India
October 12, 2017 The paper attempts to measure the incidence of corporate income tax in India under a general equilibrium setting. Using seemingly uncorrelated regression coefficients and dynamic panel estimates, we tried to...more Publication -
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Blog
IMF Provides Cover for Europe’s Dysfunctional Currency Union
September 20, 2017 The Council on Foreign Relations’ Brad W. Setser has produced a couple of interesting blogposts on Germany’s fiscal policies of late. The first one, titled “Germany Cannot Quit Fiscal Consolidation,” was published at the end of August. On September 18th, the second one appeared, titled “The Global Cost of the Eurozone’s 2012 Fiscal Coordination Failure.” The [...] Blog -
Working Paper No. 897
Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework
September 20, 2017 Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and...more Publication -
Blog
Event: Strategizing a New New Deal
September 08, 2017 If you’re in the vicinity of New York City at the end of October, Levy scholars Randall Wray and Stephanie Kelton are taking part in a public meeting organized by the National Jobs for All Coalition. The meeting is part of a series of public events focused on the legacy of New Deal. Wray and [...] Blog -
Public Policy Brief No. 144A Two-Tier Eurozone or a Euro of Regions?
September 08, 2017 In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar...more Publication -
Working Paper No. 896
Minsky’s Financial Fragility
September 04, 2017 The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it...more Publication -
Working Paper No. 895
Unemployment: The Silent Epidemic
August 23, 2017 This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment...more Publication