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Strategic Analysis
The Pandemic, the Stimulus, and the Future Prospects for the US Economy
In this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for recovery. Their baseline simulation using the Institute’s stock-flow macroeconometric model shows a significant pickup in the growth rate in 2021 as a result of the American […] -
Working Paper No. 989
The Endogeneity-to-Demand of the National Emergency Utilization Rate
The paper provides an empirical discussion of the national emergency utilization rate (NEUR), which is based on a “national emergency” definition of potential output and is published by the US Census Bureau. Over the peak-to-peak period 1989–2019, the NEUR decreased by 14.2 percent. The paper examines the trajectory of potential determinants of capacity utilization over […] -
Policy Notes No. 3
Why President Biden Should Eliminate Corporate Taxes to Build Back Better
Edward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a poor complement to President Biden’s proposed infrastructure plans, but are inefficient and ineffective taxes more broadly, according to Lane and Wray. The authors follow Hyman […] -
One-Pager No. 67
Should Corporate Tax Hikes Be Included in Biden’s “Build Back Better” Plans?
President Biden has proposed pairing his American Jobs Plan with an increase in federal corporate income taxes. Leaving aside the issue of whether any tax increases are needed to “pay for” the plan, Edward Lane and L. Randall Wray assess the proposed corporate profits tax hike in terms of its ability to meet two objectives: […] -
Working Paper No. 988
A Keynesian Approach to Modeling the Long-Term Interest Rate
There are several widely used benchmark models of the long-term interest rate in quantitative finance. However, these models have yet to incorporate Keynes’s valuable insights about interest rate dynamics. The Keynesian approach to interest rate dynamics can be readily incorporated in the benchmark models of the long-term interest rate. This paper modifies several benchmark interest […] -
Strategic Analysis
Restarting the Greek Economy?
The Greek economy—still fragile due to the lingering effects of the 2009–10 crisis—was hit particularly hard by the COVID-19 pandemic. Greece’s 2020 GDP decline was one of the worst among the group of EU and eurozone member states, along with the highest levels of unemployment and underemployment. Dimitri B. Papadimitriou, Christos Pierros, Nikos Rodousakis, and […] -
Strategic Analysis
Επανεκκινηση της Ελληνικης Οικονομιας;
Tελευταία έκθεση Στρατηγικών Αναλύσεων του Levy Economics Institute που αφορά στις προοπτικές και την επανεκκίνηση της ελληνικής οικονομίας στην μετά-COVID-19 εποχή.Σύμφωνα με τα εμπειρικά ευρήματα η οικονομική μεγένθυση της ελληνικής οικονομίας, αναφορικά με το βασικό σενάριο, εκτιμάται ότι θα είναι 3,4% το 2021 και 4,9% 2022. Τα ευρήματα αυτά δείχνουν ότι η ελληνική οικονομία δεν […] -
Policy Notes No. 2
Gender and Race in the Spotlight during the COVID-19 Pandemic
Research Scholar Luiza Nassif-Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of the “emergency benefit” (Auxílio Emergencial) in containing the increase in poverty and extreme poverty in Brazil during the COVID-19 pandemic. They find the emergency benefit mitigated the loss of income, brought the poverty rate to historically low levels, and […] -
Videos from the 29th Annual Minsky Conference now Available Online
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Fed’s Evans says he doesn’t see labor market overheating
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Summary No. 2
Summary Spring 2021
A trio of publications in this Summary explores how the plumbing of an existing cross-border payment system associated with a private company provides the operational blueprints for a potential revival of John Maynard Keynes’s international clearing union proposal, and how the willingness of central banks to consider electronic currency provides an opening to reconsider this […] -
Blog
The Minsky Conference Returns
After pausing last spring due to the pandemic, the Minsky Conference is back. Join us next week, May 5-6. It would be an understatement to say this has been an eventful year in world economies and financial markets. It is also a period in which we are seeing some signs of change in economic thought [...]