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Is It Time for a New New Deal?
The Nation, September 30, 2015. All Rights Reserved. To close out our series on work, produced in partnership with Open Source with Christopher Lydon and The Nation, we’re looking ahead to the big proposals and spiritual realignments that might spell a major change for working- and middle-class people who feel as though the recession never ended. […] -
Working Paper No. 845The Euro’s Savior?
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually used its leeway since 2007—or might do so in the future. The study finds […] -
Book SeriesModern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Second Edition
In a completely revised second edition, Senior Scholar L. Randall Wray presents the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency regimes, and exchange rates in developed and developing nations. Wray examines how misunderstandings about the nature of money caused the recent global financial meltdown, and provides fresh ideas […] -
BlogKregel on the Vulture Funds
Jan Kregel, the Levy Institute’s director of research, was recently interviewed by the Buenos Aires Herald regarding Argentina’s economic prospects and its ongoing situation with the “vulture funds.” On Argentina’s policy challenges: So there are no alternatives to devaluation? Argentina has one net advantage. As a result of the vulture funds it’s relatively insulated from the global crisis. Now [...] -
Kregel: “Do nothing about vulture funds; let the case sit there”
Buenos Aires Herald, September 27, 2015. All Rights Reserved. Jan Kregel, one of the world’s most eminent Post-Keynesian economists specialized in financial crises and structural problems of developing economies, has written several papers on Argentina’s economy after the 2001–2002 economic meltdown. The director of research at the Levy Economics Institute at Bard College in upstate New […] -
Jan Kregel: “Lo importante es generar empleo”
Página|12, 26 Septiembre 2015. Reservados todos los derechos. “No se puede mirar el crecimiento económico sin empleo. Si se va a desarrollar la economía, no importa la tasa de inversión o de crecimiento si no se genera empleo”, destacó el prestigioso economista estadounidense Jan Kregel, durante su intervención en el Congreso sobre Pensamiento Económico Latinoamericano. […] -
Blog
Endogenous Financial Fragility in Brazil: Does Brazil’s National Development Bank Reduce External Fragility?
by Felipe Rezende Introduction The creation of new sources of financing and funding are at the center of discussions to promote real capital development in Brazil. It has been suggested that access to capital markets and long-term investors are a possible solution to the dilemma faced by Brazil’s increasing financing requirements (such as infrastructure investment [...] -
Research Project ReportThe Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty
Produced in partnership with the International Labour Organization, United Nations Development Programme, and UN Women, this report examines the demand-side rationale for a public investment in the social care sector—specifically, early childhood care and preschool education (ECCPE)—by comparing its potential for job creation, pro-women allocation of jobs, and poverty reduction with an equivalent investment in […] -
Alexis Tsipras and Greece Are Still Trapped
The New Yorker, September 21, 2015. All Rights Reserved. How long will the smile on the face of Alexis Tsipras last? On Monday night, Tsipras was sworn in as the head of a new Greek government that looks very similar to the previous one. The left-wing Syriza party is again forming a coalition with a small […] -
Blog
Reactions to S&P Downgrade: S&P Analyst Confirms There Is No Solvency Issue
by Felipe Rezende In previous posts (see here and here), I discussed Standard & Poor’s (S&P) downgrade of Brazil’s long-term foreign currency sovereign credit rating to junk status, that is, to ‘BB+’ from ‘BBB-‘, and its decision to downgrade Brazil’s local currency debt to a single notch above “junk” status. S&P hosted a conference call [...] -
Blog
Credit Rating Agencies and Brazil: Why the S&P’s Rating of Brazil’s Sovereign Debt Is Nonsense
by Felipe Rezende So S&P has downgraded Brazil’s rating on long-term foreign currency debt to junk and lowered its long-term local currency sovereign credit rating to ‘BBB-‘ from ‘BBB+’. First, what are sovereign debt ratings? Standard & Poor’s sovereign rating is defined as follows: A current opinion of the creditworthiness of a sovereign government, where [...] -
Blog
Levy MS Program Now Accepting Applications for Fall 2016
The Levy Economics Institute Master of Science in Economic Theory and Policy is a two-year degree program that emphasizes theoretical and empirical aspects of economic policy analysis through specialization in one of five key research areas: macroeconomic theory, policy, and modeling; monetary policy and financial structure; distribution of income, wealth, and well-being; gender equality and [...]