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Book SeriesAmerica Classifies the Immigrants
In America Classifies the Immigrants: From Ellis Island to the 2020 Census (Harvard University Press, 2018), Senior Scholar Joel Perlmann traces the evolution of thinking about “race” and “ethnic groups” in America. Beginning with the 1897 “List of Races and Peoples” through the proposed 2020 changes for the US Census, Perlmann examines the shifting ideas […] -
Press ReleaseLeading Economists and Policymakers to Discuss Historic Challenges Facing Global Financial System at the Levy Economics Institute’s 27th Annual Hyman P. Minsky Conference, April 17–18 at Bard College
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Policy Notes No. 2Guaranteed Jobs through a Public Service Employment Program
Amid a recent upsurge in support for a national job guarantee program, L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler, and Flavia Dantas outline a new proposal for a federally funded program with decentralized administration. Their Public Service Employment (PSE) program would offer a job—paying a uniform living wage with a basic […] -
Working Paper No. 901Income Distribution, Household Debt, and Aggregate Demand
During the period leading up to the recession of 2007–08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction of GDP, and a shift toward more unequal income distribution. It is sometimes claimed that these three developments were closely linked. In these stories, the […] -
Rania Antonopoulou, former Alternate Minister of Labor of Greece, shares her “own truth.”
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Book Series
Classical Economics Today: Essays in Honor of Alessandro Roncaglia
Edited by Marcella Corsi, Sapienza University of Rome, Levy Institute Director of Research Jan Kregel, and Carlo D’Ippoliti, Sapienza University of Rome, this new collection of 16 essays is dedicated to Alessandro Roncaglia and deals with the themes that “have characterized his work or represent expressions of his personality, his interests and method," particularly his […] -
BlogNew Book of Essays in Honor of Roncaglia
Director of Research Jan Kregel is one of the editors and contributors for a new collection of essays devoted to the work of Alessandro Roncaglia: Classical Economics Today: Essays in Honor of Alessandro Roncaglia is a collection of essays that pays tribute to Alessandro Roncaglia whose research is based on Schumpeter’s dictum that good economics [...] -
One-Pager No. 54Why the United States Will Beat China to the Next Minsky Moment
The outgoing governor of the People’s Bank of China recently warned of a possible Chinese “Minsky moment”—Paul McCulley’s term, most recently applied to the 2007 US real estate crash that reverberated around the world as a global financial crisis. Although Western commentators have weighed in on both sides of the debate about the likelihood of […] -
Policy Notes No. 1
Does the United States Face Another Minsky Moment?
It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised financial system, high indebtedness across sectors, and growing inequality together should remind one of the conditions of 1929 and 2007. Comparing the situations of the […] -
Press Release
One-time Student Debt Cancellation Could Have Significant Benefits for U.S. Economy, New Levy Report Suggests
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Research Project ReportThe Macroeconomic Effects of Student Debt Cancellation
Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research Associate Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum examine the likely macroeconomic impacts of a one-time, federally funded cancellation of all outstanding student debt. The […] -
Working Paper No. 900
Functional Finance
This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively widely held in the immediate postwar period. However, with the rise of the Phillips curve, the return of the Quantity Theory, the development of the […]