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BlogNew Book on Fiscal Policy and Macro in India
October 24, 2016 *Post Updated Below* Fiscal Consolidation, Budget Deficits and the Macro Economy, by Research Associate Lekha Chakraborty, deals with debates about the macroeconomic effects of budget deficits in the context of examining fiscal policy in India over the period 1980/81–2012/13. From the Introduction: In India, efforts were … made to contain the fiscal deficit by both the [...] Blog -
Working Paper No. 876Normalizing the Fed Funds Rate
October 12, 2016 In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither...more Publication -
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The Problem with “Gender-Blind” Economics
October 07, 2016 Pavlina Tcherneva joins Laura Flanders to discuss the need for a more gender-aware economics: [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/fqmy5F98SAs” frameborder=”0″ allowfullscreen></iframe] Blog -
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Levy M.S. Now Accepting Applications for Fall 2017
October 05, 2016 Designed as a terminal degree with a professional focus, the Levy Economics Institute Master of Science in Economic Theory and Policy offers students an alternative to mainstream graduate programs in economics and finance. This innovative two-year program combines a rigorous course of study with exceptional opportunity to participate in advanced economics research, with direct access [...] Blog -
Working Paper No. 875
Minsky at Basel
September 27, 2016 The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the...more Publication -
Working Paper No. 874
“Engendering” Intergovernmental Transfers
September 20, 2016 This paper seeks to evaluate whether a gender-sensitive formula for the inter se devolution of union taxes to the states makes the process more progressive. We have used the state-specific...more Publication -
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Minsky Meets Brazil (Part IV)
September 20, 2016 by Felipe Rezende Part IV This last part of the series (see Part I, II, and III here, here, and here) will focus on the Brazilian response to the crisis. 1. What Should Brazil Do? The current Brazilian crisis fits with Minsky’s theory of instability (see here, here, and here). The traditional response to [...] Blog -
Working Paper No. 873
Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ghana and Tanzania
September 13, 2016 This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines...more Publication -
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Minsky Meets Brazil (Part III)
September 06, 2016 by Felipe Rezende Part III This part of the series (see Parts I and II, here and here) will focus on macroeconomic and microeconomic aspects of financial fragility and the provision of liquidity. Minsky’s framework not only sheds light on how to detect unsustainable financial practices, but the position adopted in this paper is that [...] Blog -
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L. Randall Wray on the Radical Imagination
September 01, 2016 Jim Vrettos, a sociologist at John Jay College and host of “The Radical Imagination”, interviewed the Levy Institute’s Randy Wray on how the discipline of economics has gone astray. Wray’s story begins in the late 1960s, with what he describes as a reaction against “New Deal economics.” The interview ends with a discussion of the [...] Blog -
Minsky’s Moment
August 31, 2016 The second in a series of articles on seminal economic ideas looks at Hyman Minsky’s hypothesis that booms sow the seeds of busts. News -
Working Paper No. 872
Federalism, Fiscal Space, and Public Investment Spending
August 24, 2016 The primary objective of rule-based fiscal legislation at the subnational level in India is to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources...more Publication -
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Minsky Meets Brazil (Part II)
August 24, 2016 by Felipe Rezende This series will discuss at length the underlying forces behind Brazil’s current crisis. (See Part I here) Part II Building on Keynes’s investment theory of the cycle, Minsky’s work suggests that the structure of the economy becomes more fragile over a period of tranquility and prosperity. That is, endogenous processes breed financial [...] Blog -
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Tcherneva: Time for a US Job Guarantee (Part 2)
August 22, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/S_-CRquE_bU?;start=775″ frameborder=”0″ allowfullscreen></iframe] Blog -
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JM Keynes Writings Project
August 22, 2016 A crowdfunding campaign starting October 2016, on Indiegogo: Overall aim: To complete the publication of all of Keynes’s remaining unpublished writings of academic significance. Only about one third were published in the Royal Economic Society edition. A huge quantity of valuable unpublished material remains, scattered across 60 archives in 6 countries. Aim of this campaign: Preparation of [...] Blog -
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Tcherneva: Time for a US Job Guarantee
August 15, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/GvFliCk1osE?;start=800″ frameborder=”0″ allowfullscreen></iframe] Blog -
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Minsky Meets Brazil
August 12, 2016 by Felipe Rezende This is the first in a series of blog posts on the Brazilian crisis. Part I A consensus has emerged in Brazil (and elsewhere) blaming Rousseff’s “new economic matrix” policies for the country’s worst crisis since the Great Depression (see here, here, here, here, and here). With the introduction of policy stimulus [...] Blog -
Working Paper No. 871
Simulations of Employment for Individuals in LIMTCP Consumption-poor Households in Tanzania and Ghana, 2012
August 09, 2016 New methodology for producing employment microsimulations is introduced, with a focus on farms and household nonfarm enterprises. Previous simulations have not dealt with the issue of reduced production in farm...more Publication -
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Brexit Dilemma: Why Did the UK Reduce Interest Rates to Only 0.25 Percent Today?
August 04, 2016 by Abhishek Anand and Lekha Chakraborty [1] The global market was eagerly waiting for the July Monetary Policy Statement of the Bank of England (BoE). Speculation was rife that, post Brexit, the BoE would become the latest entrant into the set of central banks experimenting with negative interest rate policy (NIRP) in a desperate bid to reinvigorate [...] Blog -
Policy Note No. 3The Impact of Immigration on the Native-born Unemployed
August 04, 2016 In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor...more Publication -
Working Paper No. 870
Unemployed, Now What?
August 01, 2016 Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed...more Publication -
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New Book: Rethinking Capitalism
July 21, 2016 A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow: The TOC is below: You can download the introductory chapter here (pdf). Blog -
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Wray on Revenue, Redemption, and When Austerity Is Justified
July 12, 2016 L. Randall Wray has an essay in the recent issue of the World Economic Review. Wray’s target is the belief that “government needs tax revenue to pay for most (or even all) of its spending.” According to Wray, a version of this belief distorts our understanding of what are the limits of, say, the US federal government’s [...] Blog -
Working Paper No. 869
Have We Been Here Before?
June 24, 2016 This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to...more Publication