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Public Policy Brief No. 145

European Sovereign Bond-Backed Securities

In response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant regulatory proposal, and elaborates on an alternative approach to addressing the problems that have motivated this high-level consideration of an SBBS framework. As this policy […]

Working Paper No. 908

Twenty Years after the Fall of the Berlin Wall

Many of the hopes arising from the 1989 fall of the Berlin Wall were still unrealized in 2010 and remain so today, especially in monetary policy and financial supervision. The major players that helped bring on the 2008 financial crisis still exist, with rising levels of moral hazard, including Fannie Mae, Freddie Mac, the too-big-to-fail […]

Policy Notes No. 4

Wage Employment and the Prospects of Women’s Economic Empowerment

In this policy note, Thomas Masterson and Ajit Zacharias address the nexus between wage employment, consumption poverty, and time deficits in the context of Ghana and Tanzania. Based on a recently completed research project supported by the Hewlett Foundation, the authors apply the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) to estimate whether […]

One-Pager No. 55

The Job Guarantee and the Economics of Fear

The job guarantee (JG) is finally getting the public debate it deserves, according to Pavlina R. Tcherneva, and criticism is expected. Following the Levy Institute’s latest report analyzing the economic impact of a JG proposal and providing a blueprint for its implementation, Tcherneva responds to alarmist claims that the JG is (1) an expensive big-government […]

Blog

Banks, Capital Markets, and Institutional Investors as Providers of Long-Term Finance

by Felipe Rezende This is the second in a series of blog posts on financing infrastructure assets. From 1990 to 2012, the stock of global financial assets increased from $56 trillion to $225 trillion. In 2012, it included a $50 trillion stock market, $47 trillion public debt securities market, $42 trillion in financial institution bonds [...]

Blog

The Job Guarantee and the Economics of Fear: A Response to Robert Samuelson

The Job Guarantee is finally getting the public debate it deserves and criticism is expected. Building on several decades of research, the Levy Institute’s latest proposal analyzes the program’s economic impact and advances a blueprint for its implementation. Critics have taken note and are (thus far) restating the usual concerns, but with a notably alarmist [...]

Stephanie Kelton has the biggest idea in Washington

Huffington Post, May 20, 2018. All Rights Reserved. Highlighting the recent Public Service Employment program proposal by Stephanie Kelton, L. Randall Wray, Pavlina Tcherneva, Scott Fullwiler, and Mathew Forstater, Huffington Post's Zach Carter offers a profile of Levy Research Associate Stephanie Kelton's work in academia and Washington. Read more: https://www.huffingtonpost.com/entry/stephanie-kelton-economy-washington_us_5afee5eae4b0463cdba15121

Working Paper No. 907

Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution

The paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within a standard post-Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and related to the first, the SSM model is a model of the long run and […]

The Levy Institute announces the passing of Senior Scholar Fernando Cardim de Carvalho

Working Paper No. 906

The Dynamics of Japanese Government Bonds’ Nominal Yields

This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC) models to estimate long-term government bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan’s (BoJ) accommodative monetary policy, […]

Press Release

Inefficient tax cuts will not have a significant impact on GDP growth due to high income inequality and household indebtedness, new Levy Institute study suggests

Working Paper No. 905

Reflections on the New Deal

I subject some aspects of Roosevelt’s “New Deal” to critical analysis, with particular attention to what is termed “liberal democracy.” This analysis demonstrates the limits to reform, given the power of “vested interests” as articulated by Thorstein Veblen. While progressive economists and others are generally favorably disposed toward the New Deal, a critical perspective casts […]