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Working Paper No. 1003What’s Causing Accelerating Inflation
This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by the pandemic versus pressures created on the demand side by pandemic relief. Some have attributed the inflation to excess demand, most notably Larry Summers, who […] -
Strategic AnalysisIs Greece on the Road to Economic Recovery?
In this strategic analysis, Institute President Dimitri B. Papadimitriou, Research Scholar Gennaro Zezza, and Research Associate Nikos Rodousakis analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. A key contribution is linked to tourism, which increased significantly in 2021, notwithstanding […] -
Strategic Analysis
Είναι η Ελλάδα στον δρόμο της οικονομικής ανάκαμψης;
Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Β. Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν πώς η ελληνική οικονομία άρχισε να ανακάμπτει από το σοκ της πανδημίας COVID-19 και τις προοπτικές συνέχισης και διατήρησης της ανάκαμψής της. Ο βασικός παράγων είναι ο τουρισμός, ο οποίος αυξήθηκε σημαντικά […] -
Policy Notes No. 1What Is Happening to the New Greek National Accounts Data?
In 2020, the Hellenic Statistical Authority (ElStat) started a revision of the national accounts for Greece to bring them into line with the new European System of Accounts. Data from national accounts have gained more relevance as a crucial set of information for policy, especially in the eurozone, since many indicators—like the size of the […] -
Policy Notes No. 1
Τι συμβαίνει με τα νέα δεδομένα των ελληνικών Εθνικών Λογαριασμών;
Tο 2020, η Ελληνική Στατιστική Αρχή (ΕΛΣΤΑΤ) ξεκίνησε την αναθεώρηση των εθνικών λογαριασμών για την Ελλάδα, προκειμένου να εναρμονιστούν με το νέο Ευρωπαϊκό Σύστημα Λογαριασμών. Τα δεδομένα από τους εθνικούς λογαριασμούς έχουν αποκτήσει μεγαλύτερη σημασία ως ένα κρίσιμο σύνολο πληροφοριών για την πολιτική, ειδικά στην ευρωζώνη, καθώς πολλοί δείκτες -όπως το μέγεθος του δημόσιου ελλείμματος […] -
One-Pager No. 69Time to Celebrate Modern Money Theory?
A recent article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after its policies were (supposedly) implemented during the response to the COVID-19 pandemic. The article suggests yes, but for the high inflation it sparked. In the view of Yeva Nersisyan and Senior Scholar L. Randall Wray, the federal […] -
Press ReleaseLevy Economics Institute Receives $80,000 Grant to Explore Links between Public Spending and Economic Insecurity
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Working Paper No. 1002
COVID-19 and Fiscal-Monetary Policy Coordination
Against the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy coordination. The shrinking fiscal space due to revenue uncertainties has led to a theoretical plausibility of a reemergence of finite monetization of deficits in India. […] -
Working Paper No. 1001
Estimating a Time-Varying Distribution-Led Regime
This paper estimates the distribution-led regime of the US economy for the period 1947–2019. We use a time varying parameter model, which allows for changes in the regime over time. To the best of our knowledge this is the first paper that has attempted to do this. This innovation is important, because there is no […] -
BlogAn Accommodative Fiscal Stance Is Crucial for India
Omicron is a reminder that the COVID-19 pandemic is still not over. This ongoing health crisis should act as a trigger for greater investments in public health in India. Public spending on health by the union government is still below 1 percent of GDP, though the estimate has increased from 0.2 percent of GDP in 2020–21 [...] -
Working Paper No. 999
Structural Change, Productive Development, and Capital Flows
The outbreak of COVID-19 brought back to the forefront the crucial importance of structural change and productive development for economic resilience to economic shocks. Several recent contributions have already stressed the perverse relationship that may exist between productive backwardness and the intensity of the COVID-19 socioeconomic crisis. In this paper, we analyze the factors that […] -
BlogJoin Us for the 2022 Levy Institute Summer Seminar
The Levy Economics Institute of Bard College is pleased to announce it will be holding a summer seminar June 11–18, 2022. Through lectures, hands-on workshops, and breakout groups, the seminar will provide an opportunity to engage with the theory and policy of Modern Money Theory (MMT) and the work of Institute Distinguished Scholars Hyman Minsky [...]