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Working Paper No. 857Ethno-Racial Origin in US Federal Statistics: 1980–2020
December 17, 2015 This paper describes the transformations in federal classification of ethno-racial information since the civil rights era of the 1960s. These changes were introduced in the censuses of 1980 and 2000,...more Publication -
BlogApplying the Brakes: Four Long and Winding Roads to “Normalcy” for the Fed
December 15, 2015 by Daniel Alpert It is highly likely that this week will see the Federal Reserve’s Open Market Committee elect to increase the Fed Funds policy rate of interest for the first time since June of 2006, and after slashing the rate to the lowest level in history—approaching the so-called zero lower bound. But the return [...] Blog -
One-Pager No. 51Completing the Single Financial Market and New Fiscal Rules for the Euro Area
December 11, 2015 Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,...more Publication -
Working Paper No. 856
Redistribution in the Age of Austerity
December 10, 2015 We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13)....more Publication -
Blog
Want More – and Better – Jobs? Put Women in Charge
December 10, 2015 I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in the labour markets of these countries, I searched for evidence on how the challenge of job creation can be overcome without perpetuating gender [...] Blog -
Blog
That Puzzling “Revelation” Politely Called “German Wage Moderation”
December 06, 2015 A few days ago Peter Bofinger, one of Germany’s “wise men,” published an astonishing post titled “German wage moderation and the Eurozone crisis” that appeared on VoxEU.org (see here) and Social Europe (see here). The post was astonishing in more than one way. First of all, it seems astonishing that, in late 2015, and not [...] Blog -
Blog
Review: Minsky Matters and the Next Minsky Moment
December 02, 2015 From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters: Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: [...] Blog -
Working Paper No. 855
The Two Approaches to Money
November 30, 2015 The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept...more Publication -
Blog
MMT and the New New Deal
November 20, 2015 Yesterday, Senator Bernie Sanders gave an important speech in which he invoked President Roosevelt’s “Second Bill of Rights” in defense of his platform. As Bernie rightly pointed out, all of Roosevelt’s New Deal social programs to which we have become accustomed were tagged as “socialism”—just as pundits are branding Bernie’s proposals as dangerous socialist ideas. [...] Blog -
Public Policy Brief No. 140The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
November 18, 2015 Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a...more Publication -
Working Paper No. 854
The Roads Not Taken
November 16, 2015 Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic...more Publication -
Blog
Can Public Money Creation Work? Some Answers from Canadian History
November 13, 2015 by Josh Ryan-Collins The theoretical and policy arguments for monetary reform are becoming more accepted by economists and establishment figures. The financial crisis blew apart the idea that deregulated private money creation by commercial banks leads to more efficient outcomes and allocation of capital, as has been noted by Martin Wolf of the Financial Times [...] Blog -
Blog
New Book on EU Financial Regulation
November 11, 2015 A new volume on EU financial regulation edited by Rainer Kattel, Jan Kregel, and Mario Tonveronachi: Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems within the EU? Edited by Rainer Kattel, Tallinn University of Technology, [...] Blog -
Blog
25th Annual Minsky Conference Returns to Blithewood
November 10, 2015 The 2016 Minsky conference will be held here at Blithewood mansion, home of the Levy Institute. Barney Frank will be among the keynote speakers: Will the Global Economic Environment Constrain US Growth and Employment? Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation Levy Economics Institute of Bard College Blithewood Annandale-on-Hudson, [...] Blog -
Working Paper No. 853
Finance, Foreign Direct Investment, and Dutch Disease
November 09, 2015 In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The energy sector (the “locomotora minero-energetica,” to use the rhetorical expression of President Juan Manuel...more Publication -
Policy Note No. 7Losing Ground
November 04, 2015 US labor force participation has continued to fall in the wake of the Great Recession. Improvements in the US unemployment rate reflect the fact that more people are falling out...more Publication -
Blog
“Why Minsky Matters” Now Available
November 04, 2015 “Hyman Minsky is the most important economist since Keynes, yet it’s virtually impossible to find any books about him.” That’s from Michael Pettis’s blurb for Randy Wray’s new book Why Minsky Matters, which is now shipping: Hyman Minsky’s name has appeared in the popular press a lot more since the financial crisis, but often without much more elaboration [...] Blog -
Blog
Is a “Bad Bank” Model the Solution to Greece’s Credit Crunch?
October 30, 2015 Dimitri Papadimitriou and new Levy Institute Research Associate Emilios Avgouleas write about one of the obstacles to recovery of the Greek economy: the absence of credit expansion in connection with still-troubled Greek banks. Beyond deposit flight and the ongoing recession, Papadimitriou and Avgouleas argue that the botched recapitalization of Greek banks can also be blamed for the failure to alleviate [...] Blog -
Working Paper No. 852
The Malady of Low Global Interest Rates
October 30, 2015 Long-term interest rates in advanced economies have been low since the global financial crisis. However, in the United States the Federal Reserve could begin to hike its policy rate, the...more Publication -
Working Paper No. 851
Money Creation under Full-reserve Banking
October 28, 2015 This paper presents a stock-flow consistent model+ of full-reserve banking. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment...more Publication -
Working Paper No. 850
The Macroeconomics of a Financial Dutch Disease
October 28, 2015 We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources. The first...more Publication -
Working Paper No. 849
Bank Leverage Ratios and Financial Stability
October 23, 2015 Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements. The reasons for this return are manifold, and they are not...more Publication -
Working Paper No. 848
Is Monetary Financing Inflationary?
October 23, 2015 Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today....more Publication -
One-Pager No. 50
A Public Investment Priority for Job Creation in Turkey
October 22, 2015 This one-pager presents the key findings and policy recommendations of the research project report The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty: The...more Publication