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One-Pager No. 67Should Corporate Tax Hikes Be Included in Biden’s “Build Back Better” Plans?
June 07, 2021 President Biden has proposed pairing his American Jobs Plan with an increase in federal corporate income taxes. Leaving aside the issue of whether any tax increases are needed to “pay...more Publication -
Working Paper No. 988A Keynesian Approach to Modeling the Long-Term Interest Rate
June 04, 2021 There are several widely used benchmark models of the long-term interest rate in quantitative finance. However, these models have yet to incorporate Keynes’s valuable insights about interest rate dynamics. The...more Publication -
Policy Note No. 2021/2Gender and Race in the Spotlight during the COVID-19 Pandemic
May 13, 2021 Research Scholar Luiza Nassif-Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of the “emergency benefit” (Auxílio Emergencial) in containing the increase in poverty and extreme poverty...more Publication -
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BlogThe Minsky Conference Returns
April 29, 2021 After pausing last spring due to the pandemic, the Minsky Conference is back. Join us next week, May 5-6. It would be an understatement to say this has been an eventful year in world economies and financial markets. It is also a period in which we are seeing some signs of change in economic thought [...] Blog -
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Direct Job Creation in Greece
April 28, 2021 Senior Scholar Rania Antonopoulos recently participated in a webinar for the European Trade Union Institute, during which she discussed the rationale behind and experience with the implementation of the “Kinofelis” direct job creation program—a limited job guarantee for Greece. Watch her presentation below (accompanying slides are here). The Levy Institute’s previous Strategic Analysis for Greece [...] Blog -
One-Pager No. 66
Anatomy of a Stock Market Bubble
April 01, 2021 According to Frank Veneroso, a broad subset of today’s US stock market has become what he calls a “pure price-chasing bubble.” Examination of the history of comparable pure price-chasing bubbles...more Publication -
Working Paper No. 987
The Souk Al-Manakh
March 22, 2021 It is widely agreed that the Nasdaq during the dot-com era 20 years ago was a full-fledged stock market bubble. Recently, the US stock market according to many metrics has...more Publication -
Working Paper No. 986
Keynes’s Theories of the Business Cycle
March 10, 2021 This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in...more Publication -
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The “Thing” with Job Guarantee Programs…
February 21, 2021 In a February 18th front page article in the business section of the New York Times, Eduardo Porter surveys the potential for a job guarantee program. After starting with the caveat issued by Republican politicians—why trust your life choices to bureaucrats?—the piece goes on to present opinions of various experts on employment programs. It is [...] Blog -
One-Pager No. 65
COVID Relief and the Inflation Warriors
February 17, 2021 With the unveiling of President Biden’s nearly $2 trillion proposal for addressing the COVID-19 crisis, Democrats appear keen to avoid repeating the mistakes of the Great Recession—most notably the inadequate...more Publication -
Working Paper No. 985
Has Japan Been Following Modern Money Theory Without Recognizing It?
February 08, 2021 Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or...more Publication -
Working Paper No. 984
The Empirics of Long-Term Mexican Government Bond Yields
February 05, 2021 This paper presents empirical models of Mexican government bond (MGB) yields based on monthly macroeconomic data. The current short-term interest rate has a decisive influence on MGB yields, after controlling...more Publication -
Working Paper No. 983
Intrahousehold Allocation of Household Production
February 05, 2021 In this working paper, we analyze factors that may explain gender differences in the allocation of time to household production in sub-Saharan Africa. The study uses time use survey data...more Publication -
Blog
The IMF as Deficit Owl? What’s Wrong with This Argument?
February 04, 2021 It seems the IMF aviary has turned on the hawks and embraced the deficit owls. Has the IMF joined the policy shift to MMT? Yes, in part, but it appears to be a viral form of MMT: according to Vitor Gaspar, the IMF’s head of fiscal policy, “Nations’ first priority should be vaccination, while the [...] Blog -
Public Policy Brief No. 154Another Bretton Woods Reform Moment
February 01, 2021 This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar...more Publication -
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Jiu-Jitsu Comes to the Stock Market
January 29, 2021 The core philosophy of this Japanese defensive art used by the weak against the stronger Samurai is to mobilize the opponent’s greater force to your own advantage. Many have criticized the run-up in the quotation of the GameStop shares as a violation of market principles or regulations. Far from it, it simply represents the fact [...] Blog -
Working Paper No. 982
The Economic Problem: From Barter to Commodity Money to Electronic Money
January 24, 2021 The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly...more Publication -
Policy Note No. 2021/1
Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone
January 19, 2021 While governments may consider implementation of John Maynard Keynes’s original clearing union proposal for the international financial architecture too difficult or radical, Senior Scholar Jan Kregel notes that the private...more Publication -
Working Paper No. 981
What Jobs Should a Public Job Guarantee Provide?
January 19, 2021 The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of...more Publication -
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Why “Output Gap” Is Inadequate
January 04, 2021 by Lekha Chakraborty and Amandeep Kaur[1] The macroeconomic uncertainty during the Covid-19 pandemic is hard to measure. Economists and policymakers use the “output gap” variable to capture “slack.” It is a deviation between potential output and actual output, which is a standard representation of a “cycle.” The potential output is an unobserved variable. There is [...] Blog -
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Increasing Diversity in Economics Is Not Only a Moral Obligation
December 08, 2020 November 3rd, 2019, I delivered remarks on the closing panel of The New School/UMASS Amherst Graduate workshop held in New York City. The panel theme was “Broadening the boundaries of political economy”. I have since graduated and successfully gone through the job market. I hope my remarks from last year can serve as encouragement for [...] Blog -
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The Pandemic, “Flexible” Work, and Household Labor in Brazil (Interview)
December 01, 2020 [The following is an interview by Paula Quental of Lygia Sabbag Fares, one of my coauthors for this post on how home quarantine has impacted domestic violence. The interview originally appeared in Portuguese and is posted here with permission.] Labor market deregulation is bad for all workers and even more perverse for women, says [...] Blog