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BlogBloomberg Interview: Wray on Modern Monetary Theory
Bloomberg Businessweek‘s Cristina Lindblad and Peter Coy sat down with L. Randall Wray for an in-depth interview on Modern Monetary Theory: [iframe src=”https://www.bloomberg.com/multimedia/api/embed/iframe?id=081295ee-e45c-4dae-a380-2989a5ad4c23″ allowscriptaccess=”always” frameborder=”0″></iframe] -
One-Pager No. 60Fighting Inequality Can Strengthen the US Economy
Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary justifications for such policies is that reducing inequality would help safeguard political equality. However, Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza show how these […] -
Working Paper No. 933Defaultnomics
The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence, which has played a decisive role in molding the economic policies that fostered the crisis. We analyze the equivalence and its theoretical underpinnings, concluding that: […] -
Working Paper No. 932
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and can determine to a great extent the distribution of revenue and expenditure between itself and local governments. There is therefore a tendency for the fiscal […] -
Working Paper No. 931
How to Pay for the Green New Deal
This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in terms of resource requirements. Instead of simply adding up estimates of the government spending that would be required, we assess resource availability that can be […] -
OpEd: Don’t let politics derail Greece’s economic recovery
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Working Paper No. 930
A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection
This paper describes the application of a semiparametric approach, known as a varying coefficients model (Hastie and Tibshirani 1993), to implement a Oaxaca-Blinder type of decomposition in the presence of self-selection into treatment groups for a continuum of comparison groups. The flexibility of this methodology may allow for detecting heterogeneity of the role of endowment […] -
Working Paper No. 929
When to Ease Off the Brakes (and Hopefully Prevent Recessions)
Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the start of recessions; reductions in interest rates apparently occurred too late to prevent those recessions. Potential leading indicators include measures of labor productivity, labor utilization, […] -
Policy Notes No. 2Global Imbalances and the Trade War
Against the background of an ongoing trade dispute between the United States and China, Senior Scholar Jan Kregel analyzes the potential for achieving international adjustment without producing a negative impact on national and global growth. Once the structure of trade in the current international system is understood (with its global production chains and large imbalances […] -
Working Paper No. 928
Democratizing Money
In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many cases, absence of equal treatment before the law. Democratizing money will therefore ensure equal opportunity to the ownership of property, and thus full participation in […] -
Press ReleaseEntrepreneur and Investor Mostafiz ShahMohammed ’97 Appointed to Levy Economics Institute Board of Governors
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Press Release
Longstanding Structural Problems, Including Increasing Income Inequality, Put U.S. Economy at Risk for Recession, New Levy Economics Institute Study Suggests