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  Working Paper No. 1023

  Climate Change and Fiscal Marksmanship

  According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally does not waste information, and that expectations depend specifically on the structure of the entire system. Fiscal marksmanship—the accuracy of budgetary forecasting—can be one important […]
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  Working Paper No. 1022

  Has the Time for a European Job Guarantee Policy Arrived?

  As country after country in the European Union is called to respond to the current challenge of our time—high inflation and declining real wages—governments must engage in a transformative agenda and go beyond emergency energy vouchers and income support cash-transfers. And if the goal is to lead the way to a resilient and sustainable European […]
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  Rania Antonopoulos spoke in support of a European Job Guarantee during the 15th Congress of the European Trade Union Confederation

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  Working Paper No. 1021

  Can It Be Prevented This Time?

  Since the nineties, crises have punctuated financial markets, shattering the conventional wisdom about how these markets work and how to regulate them, and forcing a deep rethinking of the supervisory framework that, however, did not change much of the banks’ behavior and incentives. In particular, banking regulation did not face the nexus profitability-riskiness. Based on […]
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  Working Paper No. 1020

  The Macrodynamics of Indian Rupee Swap Yields

  This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest rate has a decisive influence on long-term INR swap yields after controlling for other factors, such as core inflation, the growth of industrial production, the […]
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  Policy Notes No. 2

  The Challenges for the New Greek Government

  Following the recent (June 25, 2023) elections in Greece, Institute President Dimitri B. Papadimitriou and Research Scholar Nikolaos Rodousakis outline the economic and policy challenges facing the Greek government.
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  Policy Notes No. 2

  Οι Προκλήσεις της Νέας Κυβέρνησης στην Ελλάδα

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  Press Release

  Levy Economics Institute of Bard College Receives $211,000 to Continue Study of Potential Impacts of Policies that Expand Care Services in Mexico

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  Levy Economics Institute of Bard College Receives $211,000 to Continue Study of Potential Impacts of Policies that Expand Care Services in Mexico

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  Working Paper No. 1019

  An Inquiry Concerning Japanese Yen Interest Rate Swap Yields

  This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for several key macroeconomic variables, such as core inflation, the growth of industrial production, the percentage change in the equity price index, and the percentage change […]
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  Policy Notes No. 1

  Greece: Higher GDP Growth at What Cost?

  In 2022, Greek GDP grew at a higher rate than the eurozone average as the nation’s economy rebounded from the COVID-19 shock. However, it was not all welcome news. In particular, Greece registered its largest current account deficit since 2009. Despite a widespread focus on fiscal profligacy, it is excessive current account and trade deficits—largely […]
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  Working Paper No. 1018

  The Unbearable Weight of Aging

  The aging of the global population is in the headlines following a report that China’s population fell as deaths surpassed births. Pundits worry that a declining Chinese workforce means trouble for other economies that have come to rely on China’s exports. France is pushing through an increase of the retirement age in the face of […]