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  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, […]
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  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. […]
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  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 […]
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  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 […]
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  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 […]
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  Working Paper No. 910

  Australian Government Bonds’ Nominal Yields

  The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the autoregressive distributed lag (ARDL) approach. Keynes held that the central bank exerts decisive influence on government bond yields because the central bank’s policy rate and […]
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  Public Policy Brief No. 146

  Stagnating Economic Well-Being and Unrelenting Inequality

  Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila update the Levy Institute Measure of Economic Well-Being (LIMEW) for US households for the period 2000–13. The LIMEW—which comprises base income, income from wealth, net government expenditures, and the value of household production—is aimed at achieving a more comprehensive understanding of trends in living standards. This policy brief […]
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  Blog

  Tcherneva and Wray on the Public Service Employment (PSE) Program

  The job guarantee proposal fleshed out and analyzed by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina Tcherneva, and Stephanie Kelton — dubbed the Public Service Employment (PSE) program — garnered a considerable amount of media attention as support for some version of a job guarantee began appearing on the agendas of various 2020 Democratic [...]
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  Research Project Report

  The Measurement of Time and Consumption Poverty in Ghana and Tanzania

  Time constraints that stem from the overlapping domains of paid and unpaid work are of central concern to the debates surrounding the economic development of developing countries in general and countries of sub-Saharan Africa in particular. Time deficits due to household production are especially acute in these countries due to the poor state of social […]
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  Is a Job Guarantee Possible in America?

  Newsy, July 6, 2018. All Rights Reserved. With recent polling showing nearly half of American support a job guarantee program, Levy Research Associate Pavlina Tcherneva speaks with Newsy’s Bianca Facchinei about the costs and benefits of guaranteed employment. Read more: https://www.newsy.com/stories/job-guarantee-bill-can-the-u-s-ensure-jobs-for-all/
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  What Is A Federal Jobs Guarantee?

  Huffington Post, July 6, 2018. All Rights Reserved. Though official unemployment numbers are currently low, there are still many who feel they have been left behind. Levy Research Scholar Stephanie Kelton and the coauthors of the Levy Institute research project report “Public Service Employment: A Path to Full Employment” think the answer lies in a […]
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  Working Paper No. 909

  External Instability in Transition

  This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of which require institutional reforms aimed at increasing growth in national income, productivity, and the degree of export competitiveness. Domestic policy implementation has not shown significant […]