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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 […]
Blog
An 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 […]
Blog
Join 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 [...]
Working Paper No. 998
Technology and Productivity
Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different dimensions. First, the idea that it is possible to separate out the relative contribution to economic output of labor, capital, and technology requires ignoring their […]
Working Paper No. 997
Identity and Well-Being in the Skilled Crafts and Trades
We analyze the extent to which occupational identity is conducive to worker well-being. Using a unique survey dataset of individuals working in the German skilled crafts and trades (2017–18, n=757), we use a novel occupational identity measure that captures identity more broadly than just referring to organizational identification and social group membership, but rather comprises […]
Working Paper No. 996
Seven Replies to the Critiques of Modern Money Theory
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political circles. MMT has been argued to be both fascist and […]
Public Policy Brief No. 156
Still Flying Blind after All These Years
Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are a poor guide to action. In this policy brief, they examine two previous cases in which the Federal Reserve misread the data and raised rates […]
Levy BLS Grant Featured in Financial Times Op-Ed
New US Consumption Gauge To Include Unpaid Work, Housing
New US Consumption Gauge To Include Unpaid Work, Housing The U.S. Bureau of Labor Statistics will incorporate estimates of the value of unpaid household work and home ownership into a new measure of consumption, aiming for a more comprehensive view of living standards at a time when policymakers are increasingly concerned with addressing inequality. Read […]
Summary No. 3
Summary Fall 2021
This issue of the Summary features two Strategic Analyses, which are focused on the United States and Greece. In the report for the United States the likely impact of President Biden’s infrastructure and families plans is examined to highlight persistent structural weaknesses that continue to threaten the US economy’s stability; the report on the Greek […]
Levy Institute Wins Contract to Help Department of Labor Broaden Measures of Economic Well-Being