Search

Event

Racial, Gender, and Regional Inequalities in Brazil’s Care Provision and the Evolving Role of the State

Join us for our first session of the 2024 Fall Semester, with Luiza Nassif Pires, Assistant Professor at the Institute of Economics at Unicamp and the Director of the Research Center on Macroeconomics of Inequalities (MADE) at FEA/USP, on Monday, September 9th, from 5pm to 6pm in the Levy Conference Room at Blithewood, or on […]

Levy Scholars Present at IAFFE Conference 2024 in Rome

On July 3-5, Senior Scholars Thomas Masterson and Gennaro Zezza and Research Scholars Aashima Sinha and Francesco Zezza presented at the 32nd Annual Conference of the International Association for Feminist Economists (IAFFE) at the Sapienza Universita di Roma in Italy. Masterson presented “The impact of social care provision in Mexico on time and income poverty” (Masterson, Zacharias, […]

The Levy Institute Welcomes Pavlina R. Tcherneva as Incoming President

The Levy Economics Institute of Bard College welcomes Pavlina R. Tcherneva as its next president, succeeding Dimitri B. Papadimitriou, who has held the role since 1986. “After thirty-eight years as president of the Levy Institute, the time has come to pass the baton to the new generation,” Papadimitriou announced, “I can think of no one […]

Working Paper No. 1054

Gender-Responsive Public Financial Management: The Indian Chronology of Gender Budgeting

Gender budgeting is a public financial management (PFM) tool, used to ensure accountability mechanisms. The analysis of “process” indicators of gender-responsive PFM (GRPFM) reveals that India has been successful in integrating a gender lens within the budget cycle, including in the financial planning and allocation, and in effective implementation. However, a legally mandated GRPFM would […]

Working Paper No. 1053

Foreign Deficit and Economic Policy: The Case of Mexico

The article analyzes Mexico under globalization, particularly on the free mobility of capital. It argues that globalization has detrimentally impacted the productive and external sectors, causing the economy to become excessively reliant on volatile capital inflows from abroad. The Mexican government—instead of undoing the structural problems that lead to external deficits—implements policies that resolve the […]

Working Paper No. 1052

Exchange-Rate Stability Causes Deterioration of the Productive Sphere and Destabilizes Developing Economies

For Matías Vernengo and Esteban Pérez Caldentey (2020), the MMT literature overemphasizes the choice of the exchange rate regime and the relevance of a flexible exchange rate regime, as well as the ultimate effect of that choice upon the policy space. In addition, they argue that the role of capital flows is underexplored, and that […]

Strategic Analysis

U.S. Economic Outlook: Prospects for 2024 and Beyond

In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Giuliano T. Yajima, and Senior Scholar Gennaro Zezza discuss the rapid recovery of the US economy in the post-pandemic period. They find that robust consumption and investment and a relaxation of fiscal policy were the key drivers of accelerated GDP growth—however, the signs that the […]

Working Paper No. 1051

Euro Interest Rate Swap Yields: Some ARDL Models

This paper examines the dynamics of euro-denominated (EUR) long-term interest rate swap yields. It shows that the short-term interest rate has an economically and statistically significant effect on EUR swap yields of different maturity tenors, after controlling for various key macroeconomic variables. It presents several autoregressive distributive lag (ARDL) models of the dynamics of EUR […]

One-Pager No. 72

If Government Can Print Money, Why Does It Borrow?

Recently, the neglected question of why the US government borrows, given that it can print money, has arisen in the context of discussions surrounding a new documentary, Finding the Money. As L. Randall Wray observes in this one-pager, Modern Money Theory has been providing answers to this question for some time; and, he argues, it is a topic that mainstream economists are ill-equipped to address, since very few concern themselves with the monetary operations that underlie the question of why a currency-issuing government issues debt.

Working Paper No. 1050

Macroeconomic Effects of a Government Overdraft on Its Central Bank Account

The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This […]

Working Paper No. 1049

Deindustrialization from the Center Perspective: US Trade and Manufacturing in the Last Two Decades

We argue that the US trade and industry sector has experienced several unsustainable sectoral processes, including (i) a fall in the trade balance in machinery and equipment and high-tech (HT) industries, (ii) a rise in import multipliers in machinery and equipment and HT industries, (iii) a fall in the manufacturing share of GDP in machinery […]

Working Paper No. 1048

An Empirical Analysis of Swedish Government Bond Yields

This paper econometrically models the dynamics of Swedish government bond (SGB) yields. It examines whether the short-term interest rate has a decisive influence on long-term SGB yields, after controlling for other macroeconomic and financial variables, such as consumer price inflation, the growth of industrial production, the stock price index, the exchange rate of the Swedish […]