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Summary No. 2

Summary Spring 2019

This issue of the Summary features a public policy brief that considers the flaws in the eurozone’s settlement and payment system and a policy note that revisits the fall of Lehman Brothers ten years later. Working papers included in this issue discuss the construction of stock-flow-consistent models that consider the specific features of the economy they […]

Working Paper No. 925

An Institutional Analysis of China’s Reform of their Monetary Policy Framework

This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People’s Bank of China transformed its monetary policy framework toward one that targets interest rates. The reform includes two important institutional changes: […]

Research Project Report

Investing in Early Childhood Education and Care in Kyrgyz Republic

Expansion of early childhood education and care (ECEC) services for all is a matter of the choices made regarding the allocation of public resources. As such, it is as much an issue of children’s well-being and gender equality as it is an issue of economic policy and fiscal allocation. This study—authored by Institute scholars Ipek […]

For Overspending Governments, an Alternative View on Borrowing Versus Raising Taxes

Bloomberg Quick Take with the Washington Post, March 13, 2019. All rights reserved. Outlining the basics of Modern Monetary Theory, Bloomberg's Katia Dmitrieva cites the work of Levy Research Associate Pavlina Tcherneva as a leading voice in the field. Read more: https://www.washingtonpost.com/business/for-overspending-governments-an-alternative-view-on-borrowing-versus-raising-taxes/2019/03/12/13945b5a-44dc-11e9-94ab-d2dda3c0df52_story.html?noredirect=on&utm_term=.ee3a91c52dc5

Public Policy Brief No. 147

Globalization, Nationalism, and Clearing Systems

As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national autonomy. The first, a road not taken, is John Maynard Keynes’s proposal to reform the postwar international financial system. The second is the approach taken […]

Remembering Levy Institute Visiting Scholar and post-Keynesian economist, Nina Shapiro

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Remembering Nina Shapiro

We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to [...]

Press Release

Leading Economists and Policymakers to Discuss Increasing Financial Instability and Risk of Recession at the Levy Economics Institute’s 28th Annual Hyman P. Minsky Conference, April 17 at Bard College

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Big Guns Shooting Holes in the Sky

The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the [...]

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Join Us for the 28th Annual Hyman P. Minsky Conference

This year’s Minsky conference will be a one-day affair, featuring keynote speakers that include St. Louis Fed President James Bullard, former PIMCO chief economist Paul McCulley (now Senior Fellow at Cornell Law), and First Vice President of the Minneapolis Fed, Ron Feldman. The Levy Institute’s Jan Kregel will be discussing reform of the eurozone system; [...]

Working Paper No. 924

Induced Shifting Involvements and Cycles of Growth and Distribution

The paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where income distribution is determined by the involvement of the two classes, capitalists and workers. Higher involvement by capitalists and lower involvement by workers tends to […]

Working Paper No. 923

Economic Planning under Capitalism

By the beginning of the 20th century, the possibility and efficacy of economic planning was believed to have been proven by totalitarian experiments in Germany, the Soviet Union, and, to a lesser degree, Fascist Italy; however, the possibilities and limitations of planning in capitalist democracies was unclear. The challenge in the United States in the […]