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Modern Money Theory: How I Came to MMT and What I Include in MMT
My remarks for the 2018 MMT Conference, September 28-30, NYC. I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near [...]
Blog
Register for the 2019 Hyman P. Minsky Summer Seminar
We are accepting applications for the 2019 Hyman P. Minsky Summer Seminar, held here at the Levy Institute and the wider Bard College campus June 16–22: The Levy Economics Institute of Bard College is pleased to announce the tenth Minsky Summer Seminar will be held from June 16–22, 2019. The Seminar will provide a rigorous [...]
Working Paper No. 915
Black Employment Trends since the Great Recession
The Great Recession had a devastating impact on labor force participation and employment. This impact was not unlike other recessions, except in size. The recovery, however, has been unusual not so much for its sluggishness but for the unusual pattern of recovery in employment by race. The black employment–population ratio has increased since bottoming out […]
Blog
Minskyan Reflections on the Ides of September
The 10th anniversary of the September collapse of the US financial system has led to a number of commentaries on the causes of the Lehman bankruptcy and cures for its aftermath. Most tend to focus on identifying the proximate causes of the crisis in an attempt to assess the adequacy of the regulations put in [...]
Blog
Wray Guest Lectures, Brazil and Italy (Video)
L. Randall Wray, Professor of Economics at Bard and Senior Scholar at the Levy Economics Institute, was a visiting professor at the University of Bolzano (Italy) and the University of Bergamo (Italy) in May-June and at the University of Campinas (Brazil) in August. In Campinas, he gave a series of lectures for a course on [...]
Blog
The Second International Modern Monetary Theory Conference
The Levy Institute is a cosponsor of the Second International Modern Monetary Theory Conference, which will take place September 28–30 at the New School and will feature Institute scholars L. Randall Wray, Pavlina Tcherneva, Stephanie Kelton, and Mathew Forstater: Like the first conference, this year will feature contributions from fields as diverse as macroeconomics, law, [...]
One-Pager No. 57
Stagnating Economic Well-Being Amid Rising Government Support
The Levy Institute Measure of Economic Well-Being (LIMEW) was designed to provide a more comprehensive understanding of the changes affecting household living standards. Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila summarize their latest research on the trends in economic well-being for US households. They reveal historic stagnation in LIMEW growth over the 2000–13 period, as […]
Summary No. 3
Summary Fall 2018
This issue of the Summary features a public policy brief discussing the European Commission’s proposal for regulating sovereign bond-backed securities (SBBS) and presents an alternative approach to addressing the problems that are supposed to be solved by an SBBS scheme. Three policy notes also are included. The first focuses on the nexus between wage employment, […]
Working Paper No. 914
Quality of Match for Statistical Matches Using the American Time Use Survey 2013, the Survey of Consumer Finances 2013, and the Annual Social and Economic Supplement 2014
This paper describes the quality of the statistical matching between the March 2014 supplement to the Current Population Survey (CPS) and the 2013 American Time Use Survey (ATUS) and Survey of Consumer Finances (SCF), which are used as the basis for the 2013 Levy Institute Measure of Economic Well-Being (LIMEW) estimates for the United States. […]
Working Paper No. 913
German Economic Dominance within the Eurozone and Minsky’s Proposal for a Shared Burden between the Hegemon and Core Economic Powers
There is no disputing Germany’s dominant economic role within the eurozone (EZ) and the broader European Union. Economic leadership, however, entails responsibilities, especially in a world system of monetary production economies that compete with each other according to political and economic interests. In the first section of this paper, historical context is given to the […]
Working Paper No. 912
The Sources and Methods Used in the Creation of the Levy Institute Measure of Economic Well-Being for the United States, 1959–2013
This paper documents the sources of data used in the construction of the estimates of the Levy Institute Measure of Economic Wellbeing (LIMEW) for the years 1959, 1972, 1982, 1989, 1992, 1995, 2000, 2001, 2004, 2007, 2010, and 2013. It also documents the methods used to combine the various sources of data into the synthetic […]
Working Paper No. 911
Twenty Years of the German Euro Are More than Enough
This paper reviews the performance of the euro area since the euro’s launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those imbalances eventually imploded, member states were found to […]