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BlogJoin Us for the 2022 Levy Institute Summer Seminar
January 11, 2022 The Levy Economics Institute of Bard College is pleased to announce it will be holding a summer seminar June 11–18, 2022. Through lectures, hands-on workshops, and breakout groups, the seminar will provide an opportunity to engage with the theory and policy of Modern Money Theory (MMT) and the work of Institute Distinguished Scholars Hyman Minsky [...] Blog -
Working Paper No. 998Technology and Productivity
January 10, 2022 Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different...more Publication -
Working Paper No. 997
Identity and Well-Being in the Skilled Crafts and Trades
December 22, 2021 We analyze the extent to which occupational identity is conducive to worker well-being. Using a unique survey dataset of individuals working in the German skilled crafts and trades (2017–18, n=757),...more Publication -
Working Paper No. 996
Seven Replies to the Critiques of Modern Money Theory
December 13, 2021 Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has...more Publication -
Public Policy Brief No. 156Still Flying Blind after All These Years
December 08, 2021 Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are...more Publication -
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BlogAre Concerns over Growing Federal Government Debt Misplaced?
November 10, 2021 If the global financial crisis (GFC) of the mid-to-late 2000s and the COVID crisis of the past couple of years have taught us anything, it is that Uncle Sam cannot run out of money. During the GFC, the Federal Reserve lent and spent over $29 trillion to bail out the world’s financial system,[1] and then [...] Blog -
Blog
Is Climate Change a Fiscal or Monetary Policy Challenge?
November 10, 2021 Lekha Chakraborty (Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the [...] Blog -
Policy Note No. 2021/4A Recovery for Whom?
November 10, 2021 The COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in...more Publication -
Working Paper No. 995
The Employer of Last Resort Scheme and the Energy Transition
November 03, 2021 The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due...more Publication -
One-Pager No. 68Are Concerns over Growing Federal Government Debt Misplaced?
November 01, 2021 With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government,...more Publication -
Blog
Women’s Economic Empowerment and Control over Time in Sub-Saharan Africa (Nov 1-2)
October 29, 2021 November 1–November 2, 2021 The onset of the COVID-19 pandemic and the subsequent losses in lives and livelihoods are looming over Sub-Saharan Africa. As in the rest of the world, the pandemic has exposed the enduring inequalities and injustices in stark terms, including those based on gender and those intersecting with gender, such as economic [...] Blog -
Working Paper No. 994
Production Function Estimation
October 26, 2021 The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since...more Publication -
Working Paper No. 993
The Sraffian Supermultiplier and Cycles
September 03, 2021 This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM)...more Publication -
Working Paper No. 992
Modeling Monopoly Money
August 31, 2021 Many of the claims put forth by Modern Monetary Theory (MMT) center around the state’s monopoly over its own currency. In this paper I interrogate the plausibility of two claims:...more Publication -
Working Paper No. 991
Multifactor Keynesian Models of the Long-Term Interest Rate
July 12, 2021 This paper presents multifactor Keynesian models of the long-term interest rate. In recent years there have been a proliferation of empirical studies based on the Keynesian approach to interest rate...more Publication -
Research Project ReportScope and Effects of Reducing Time Deficits via Intrahousehold Redistribution of Household Production
July 08, 2021 Gender disparity in the division of responsibilities for unpaid care and domestic work (household production) is a central and pervasive component of inequalities between men and women and boys and...more Publication -
Working Paper No. 990
Ecological Fiscal Transfers and State-level Budgetary Spending in India
July 02, 2021 Using panel data models, we analyze the flypaper effects—whether intergovernmental fiscal transfers or states’ own income determine expenditure commitments—on ecological fiscal spending in India. The econometric results show that the...more Publication -
Public Policy Brief No. 155
Can Biden Build Back Better?
June 30, 2021 President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19...more Publication -
Blog
Podcast on Gender Budgeting
June 18, 2021 Research Associate Lekha Chakraborty, recently chosen to join the governing council of the International Institute for Public Finance, was interviewed for an Onmanorama podcast on the question of gender budgeting and the advantages of centering care work. Chakraborty argues policymakers in India should prioritize integrating a comprehensive care economy policy package in macroeconomic management, and [...] Blog -
Strategic AnalysisThe Pandemic, the Stimulus, and the Future Prospects for the US Economy
June 17, 2021 In this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for...more Publication -
Working Paper No. 989
The Endogeneity-to-Demand of the National Emergency Utilization Rate
June 17, 2021 The paper provides an empirical discussion of the national emergency utilization rate (NEUR), which is based on a “national emergency” definition of potential output and is published by the US...more Publication -
Policy Note No. 2021/3
Why President Biden Should Eliminate Corporate Taxes to Build Back Better
June 08, 2021 Edward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a...more Publication