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  Research Project Report

  Assessing the Impact of Childcare Expansion in Mexico

  There is broad consensus in both research and policy circles that one of the key reasons for a lack of progress in reducing gender gaps in employment and wages is the persistent gender imbalance in unpaid work, three-quarters of which is performed by women. Universal access to quality care services enables the reduction of this […]
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  Working Paper No. 1008

  A GARCH Approach to Modeling Chilean Long-Term Swap Yields

  This paper econometrically models the dynamics of the Chilean interbank swap yields based on macroeconomic factors. It examines whether the month-over-month change in the short-term interest rate has a decisive influence on the long-term swap yield after controlling for other factors, such as the change in inflation, change in the growth of industrial production, change […]
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  Working Paper No. 1007

  School Performance and Child Labor

  The current study aims to investigate the impact of academic achievement on child labor. The study utilizes survey data collected from Palestinian children in West Bank schools who are in the primary grades (5th–9th). The results show that increasing a child’s academic achievement is significantly associated with decreasing the probability that a child works for […]
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  Policy Notes No. 3

  Chile: The Road to Joy Is Paved with Obstacles

  In the second round of the Chilean presidential elections, the coalition led by Gabriel Boric secured a victory under the premise of delivering long-awaited reforms to a financially volatile, structurally fragile, and deeply unequal economic structure. In this policy note, Giuliano Toshiro Yajima sheds light on these three aspects of the Chilean economy, showing that […]
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  Working Paper No. 1006

  Why the Feldstein-Horioka “Puzzle” Remains Unsolved

  This paper argues that the 40-year-old Feldstein-Horioka “puzzle” (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a world characterized by high capital mobility) should have never been labeled as such. First, we show that the investment […]
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  Blog

  Otmar Issing Is Still Living in His Monetary Fantasy World

  Otmar Issing can look back on a long and consequential central banking career. Even in his retirement he is still living the part, evaluating whether his successors at the European Central Bank are pursuing stability-oriented monetary policies to his liking. His most recent critique (“‘Living in a fantasy’: euro’s founding father rebukes ECB over inflation [...]
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  Policy Notes No. 2

  A Race to the Bottom

  More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos, Research Associate Nikolaos Rodousakis, and George Soklis deal with how to approach the measurement of income loss and poverty in Greece and argue for the […]
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  Working Paper No. 1005

  A Prototype Regional Stock-Flow Consistent Model

  Starting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing, showing that consistently taking into account real and financial markets of two open economies will generate different results with respect to more traditional open economy […]
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  Public Policy Brief No. 157

  Is It Time for Rate Hikes?

  Roughly two years into the economic recovery from the COVID-19 crisis, the topic of elevated inflation dominates the economic policy discourse in the United States. And the aggressive use of fiscal policy to support demand and incomes has commonly been singled out as the culprit. Equally as prevalent is the clamor for the Federal Reserve […]
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  Working Paper No. 1004

  Financial Barriers to Structural Change in Developing Economies

  Liabilities denominated in foreign currency have established a permanent role on emerging market firms’ balance sheets, which implies that changes in both global liquidity conditions and in the value of the currency may have a long-lasting effect for them. In order to consider the financial conditions that may encourage (discourage) structural change in a small, […]
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  Press Release

  Levy Institute Receives $90,000 to Study Potential Impacts of Policies that Expand Care Services in Mexico

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  Institute Scholars Yeva Nersisyan and L. Randall Wray’s new op-ed featured in The Hill