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  Working Paper No. 920

  Macroeconomic Policy Effectiveness and Inequality

  Gender budgeting is a fiscal approach that seeks to use a country’s national and/or local budget(s) to reduce inequality and promote economic growth and equitable development. While the literature has explored the connection between reducing gender inequality and achieving growth and equitable development, more empirical analysis is needed on whether gender budgeting reduces gender inequality. […]
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  Working Paper No. 919

  On the Design of Empirical Stock-Flow-Consistent Models

  While the literature on theoretical macroeconomic models adopting the stock-flow-consistent (SFC) approach is flourishing, few contributions cover the methodology for building a SFC empirical model for a whole country. Most contributions simply try to feed national accounting data into a theoretical model inspired by Wynne Godley and Marc Lavoie (2007), albeit with different degrees of […]
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  Summary No. 1

  Summary Winter 2019

  This issue of the Summary features a strategic analysis for Greece, analyzing the sources of the current turnaround in growth and the prospects for increasing the pace of the recovery. A public policy brief in the Distribution of Income and Wealth program updates the Levy Institute Measure of Economic Well-Being (LIMEW) through 2013 to provide […]
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  Working Paper No. 918

  Investment Decisions under Uncertainty

  Divergent trends, as observed, between growth in the financial and real sectors of the global economy entail the need for further research, especially on the motivations behind investment decisions. Investments in market economies are generally guided by call-put option pricing models—which rely on an ergodic notion of probability that conforms to a normal distribution function. […]
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  Levy Institute President Dimitri B. Papadimitriou Addresses Mexican Congress on National Development Banks as an Instrument of Growth

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  Policy Notes No. 5

  Preventing the Last Crisis

  Ten years after the fall of Lehman Brothers and the collapse of the US financial system, most commentaries remain overly focused on the proximate causes of the last crisis and the regulations put in place to prevent a repetition. According to Director of Research Jan Kregel, there is a broader set of lessons, which can […]
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  Blog

  A Better Way to Think about the “Twin Deficits”

  (These remarks will be delivered today at the UBS European Conference in London.) Q: These questions about deficits are usually cast as problems to be solved. You come from a different way of framing the issue, often referred to as MMT, which—at the risk of oversimplifying—says that we worry far too much about debt issuance. [...]
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  One-Pager No. 58

  A Citizenship Question on the US Census

  The Trump administration is facing a legal challenge to its efforts to add a citizenship question to the 2020 decennial census—a question that was first included in 1890, but has not been asked of the entire population since 1950. If the citizenship question was asked in the past, why not reinstate it? Senior Scholar Joel […]
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  Strategic Analysis

  Can Greece Grow Faster?

  The Greek government has managed to exit the stability support program and achieve a higher-than-required primary surplus so as not to require further austerity measures to depress domestic demand. At the same time, the economy has started to recover, mainly due to the good performance of both exports of goods and tourism and modest increases […]
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  Working Paper No. 917

  Two Harvard Economists on Monetary Economics

  In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post-Keynesian economics. There, Minsky delivered some lectures, and Lauchlin Currie attended two of those lectures at the National University of Colombia. Although Currie is not as well-known as Minsky in the American […]
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  Blog

  On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics

  Mainstream neoclassical economics is hooked on the idea of individual worker-savers as prime movers in capitalist market economies. As workers, individuals choose how much to work, determining the economy’s output; as savers, they determine how much of that output takes the shape of the economy’s capital investment. With banks as conduits channeling saving flows into [...]
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  Working Paper No. 916

  Unconventional Monetary Policies and Central Bank Profits

  This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select group of central banks—namely the Bank of England, the United States Federal Reserve System, the Bank of Japan, the Swiss National Bank, the European Central […]