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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

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  Working Paper No. 1003

  What’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 […]
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  Strategic Analysis

  Is 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 […]
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  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 […]
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  Policy Notes No. 1

  What 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 […]
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  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 […]
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  One-Pager No. 69

  Time 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 […]
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  Press Release

  Levy 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. […]