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Policy Notes No. 2Οι Προκλήσεις της Νέας Κυβέρνησης στην Ελλάδα
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Press ReleaseLevy 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. 1019An 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 […] -
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 […] -
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 […] -
Working Paper No. 1017
Rentiers, Strategic Public Goods, and Financialization in the Periphery
This paper revisits a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources toward capitalists in technology-intensive sectors with a higher potential for innovation and the creation of higher-productivity jobs. Porcile and Lima argue that this conflict has been reshaped in the […] -
Read Yeva Nersisyan and L. Randall Wray’s latest op-ed on SVB and the Fed
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Working Paper No. 1016
Monetary Policy and the Gender and Racial Employment Dynamics in Brazil
Monetary policy has been historically concerned with controlling inflation, using the interest rate as its main tool. However, such policies are not gender- or race-neutral. This paper explores econometrically the effect of changes in the interest rate for female and black employment creation in Brazil. We conduct a panel data fixed effects analysis for 13 […] -
Working Paper No. 1015
CBDC Next-Level: A New Architecture for Financial “Super-Stability”
Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital Currency (CBDC) could provide safe money, but at the cost of potentially disrupting bank lending. Our aim is to avoid this potential disruption. Building on […] -
Working Paper No. 1014
Chinese Yuan Interest Rate Swap Yields
This paper models the dynamics of Chinese yuan (CNY)–denominated long-term interest rate swap yields. The financial sector plays a vital role in the Chinese economy, which has grown rapidly in the past several decades. Going forward, interest rate swaps are likely to have an important role in the Chinese financial system. This paper shows that […] -
Institute Scholar Yeva Nersisyan’s op-ed “Lowering inflation isn’t a job for a one-trick pony” featured in The Hill