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Watch L. Randall Wray on Entrepreneur, Among Other Things
January 06, 2025 Senior Scholar L. Randall Wray discusses US Debt and its importance (or lack thereof) with Entrepreneur, Among Other Things. News -
Working Paper No. 1074Political Conflict, Green Capabilities, and Growth Patterns in a Kaleckian Small Open Economy
December 24, 2024 The paper presents a Kaleckian extended model exploring sustainable development, defined as growth that is economically stable, socially inclusive, and environmentally respectful. The model links CO2 emission trends with public...more Publication -
Working Paper No. 1073
Frankenstein in Fact and Fiction
December 18, 2024 This paper is based on remarks delivered at the EDI Keynote Lecture at Bard College, November 19th, 2024: ‘Frankenstein in Fact and Fiction.’ View a recording of the lecture on YouTube....more Publication -
Working Paper No. 1072
Macro-Financial Models of Canadian Dollar Interest Rate Swap Yields
December 12, 2024 This paper analyzes the dynamics of Canadian dollar–denominated (CAD) interest rate swap yields. It applies autoregressive distributive lag (ARDL) models, using monthly time series data, to estimate the effects of...more Publication -
Working Paper No. 1071
Tilting at Windmills
December 10, 2024 Originally issued as EDI Working Paper No. 14, May 2023 The Central Bank of the United States, the Federal Reserve, has a dual mandate to maintain both full employment and...more Publication -
Working Paper No. 1070
Notes on Money as Technology
December 10, 2024 Originally issued as EDI Working Paper No. 20, June 2024 Scholars and affiliates of the Levy Economics Institute have long demonstrated a granular understanding of the “operations” of money, which...more Publication -
Working Paper No. 1069
Tax Credits Are Industrial Policy
December 10, 2024 Originally issued as EDI Working Paper No. 19, March 2024 The Inflation Reduction Act (IRA) is criticized for “derisking” private investment by increasing the gains to private firms. The derisking...more Publication -
Working Paper No. 1068
Monetary Power and Vulnerability to Sovereign Debt Crises
December 10, 2024 Originally issued as EDI Working Paper No. 17, March 2024 This paper challenges the prevailing view in the sovereign debt literature by arguing that sovereign debt markets, in many respects,...more Publication -
Working Paper No. 1067
Revisiting the Foreign Debt Problem and the “External Constraint” in the Periphery
December 06, 2024 Originally issued as EDI Working Paper No. 16, March 2024 Most debates and policy proposals about Global South countries’ external debt problem take for granted the view that it is...more Publication -
Working Paper No. 1066
Job Guarantee Program and the Kaleckian Dilemma
December 06, 2024 Originally issued as EDI Working Paper No. 10, November 2023 Minsky (1965) has presented the Job Guarantee program as a recommendation in the war against unemployment and poverty. Kalecki (1943),...more Publication -
Working Paper No. 1065
Resource Constraints and Economic Policy
December 06, 2024 Originally issued as EDI Working Paper No. 09, 2023 This paper explains the MMT approach for evaluating the affordability of spending programs, contrasting it with the mainstream approach. Using the...more Publication -
Working Paper No. 1064
Seismic Shifts in Economic Theory and Policy from the Bernanke Doctrine to Modern Money Theory
December 06, 2024 Originally issued as EDI Working Paper No. 08, 2022 This paper evaluates the relationship between monetary and fiscal policy and the relative effectiveness of macroeconomic stabilization through the lens of...more Publication -
New Assistantship in Labor Studies
December 06, 2024 The Research Assistantship in Labor Studies provides support to Levy Institute graduate students to conduct research on issues of employment, unemployment, and fiscal policy. Applicants who are awarded this assistantship will also...more News -
Working Paper No. 1063
Fiscal and Monetary Policy in an SFC Model of the Italian Economy
December 03, 2024 Following the Great Financial Crisis of 2008–9, there has been a shift in mainstream economic policy modeling toward “realism,” with dynamic stochastic general equilibrium (DSGE) models partly diverging from the...more Publication -
Working Paper No. 1062
The Value of Money
December 03, 2024 This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money’s value to relative scarcity of money or to the price level are...more Publication -
Working Paper No. 1061
Modern Money Theory on Fiscal and Monetary Policies
November 26, 2024 Originally issued as EDI Working Paper No. 04, 2022 Drumetz and Pfister make several claims about the inadequacy and fallacies of Modern Money Theory (MMT) and conclude that MMT is...more Publication -
Working Paper No. 1060
The Job Guarantee
November 26, 2024 Originally issued as EDI Working Paper No. 02, 2022 Orthodox economic theory presents the policy maker with an impossible choice: eradicate unemployment at the cost of undesirable inflation or keep...more Publication -
Working Paper No. 1059
Three Lessons from Government Spending and the Post-Pandemic Recovery
November 26, 2024 Originally issued as EDI Working Paper No. 01, 2021 The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated...more Publication -
Working Paper No. 1058
The Origins of the Platonic Approach to Monetary Systems
November 20, 2024 A monetary approach that combines Chartalism, Nominalism, and Command origins of monetary systems is often deemed to have emerged only recently, while the Aristotelian approach (Commodity, Metallism, and Market origins...more Publication -
Policy Note No. 2024/3Trump Wins While Americans Vote for Progressive Policies
November 07, 2024 On November 5, 2024, American voters sent Donald Trump back to the White House. In 2020, he lost his bid for reelection to Joe Biden, after winning in 2016 against...more Publication -
Strategic AnalysisEconomic Challenges of the New U.S. Administration
November 05, 2024 On the eve of the 2024 US presidential election, the authors share their latest macroeconomic projections using the Levy Institute’s tailored stock-flow consistent model and evaluate two alternative policy scenarios, depending upon the next occupant of the White House: (1) a significant increase in import tariffs and decrease in the marginal tax rate, and (2) a substantial increase in government expenditure paired with an increase in the marginal tax rate. Publication -
Policy Note No. 2024/2Inflation
November 04, 2024 Edward Lane surveys some of the main potential contributors to the recent period of elevated inflation rates in the US economy—focusing on supply disruptions, inflation-adjusted consumer spending, and consumer spending...more Publication -
Policy Note No. 2024/1The Boy Who Cried Wolf About Government Debt
October 11, 2024 In a New York Times editorial, David Leonhardt recounts Aesop’s apocryphal story about the boy and the wolf, warning that while deficit hawks have so far been wrong, the growing government debt will eventually bite. He reports the economic plans of both presidential candidates would add to the debt that will soon exceed GDP and grow to 130 percent of annual output under a President Harris, or 140 percent with a Trump presidency. The story of the boy and the wolf was a fable, although it was within the realm of possibility. The fable of the debt wolf is not. While there are real world wolves—Leonhardt mentions climate catastrophe and autocratic leaders, and the authors would add rising inequality and the concentration of economic and political power in the hands of billionaires—authors Yeva Nersisyan and L. Randall Wray assert, federal debt is not one of them. Publication -
Working Paper No. 1057
Rise and Fall of Mexican Super Peso: Heterodox Perspective versus Orthodoxy
October 09, 2024 This working paper contrasts the neo-Keynesian and post-Keynesian theories of monetary policy for an open economy, highlighting the irrelevance of the orthodox theory and the explanatory capacity of heterodoxy for...more Publication