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Working Paper No. 942An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark
January 07, 2020 This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally...more Publication -
Working Paper No. 941
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza
December 12, 2019 This paper measures the wage differential between Palestinian non-refugees and Palestinian refugees in the West Bank and Gaza over the years 1999–2012. First, the main individual and occupational differences between...more Publication -
BlogMinsky Explains Financial Instability
December 10, 2019 In this rare video from 1987 (there is very little surviving footage of Minsky discussing his work), Hyman Minsky summarizes his theory of the financial fragility at the heart of modern capitalist economies: [iframe width=”486″ height=”364″ src=”https://www.youtube.com/embed/9mHBrixVarU” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] This was part of an event in Bogotá, Colombia (which is [...] Blog -
Working Paper No. 940
On the “Utilization Controversy”
November 21, 2019 The critique by Gahn and González (2019) of the conclusions in Nikiforos (2016) regarding what data should be used to evaluate whether capacity utilization is endogenous to demand is weak...more Publication -
Blog
Join Us for the 11th Minsky Summer Seminar
October 23, 2019 The Hyman P. Minsky Summer Seminar Levy Economics Institute of Bard College Blithewood Annandale-on-Hudson, N.Y. June 7–13, 2020 The Levy Economics Institute of Bard College is pleased to announce the 11th Minsky Summer Seminar will be held from June 7–13, 2020. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects [...] Blog -
Working Paper No. 939
The Macroeconomic Loss Due to Violence against Women and Girls
October 18, 2019 Violence against women and girls (VAWG) is a widely recognized human rights violation with serious consequences for the health and well-being of women and their families. However, the wider ramifications of...more Publication -
Working Paper No. 938
The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields
October 15, 2019 Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP,...more Publication -
Working Paper No. 937
Indian Fiscal Federalism at the Crossroads
October 04, 2019 There is a growing recognition that fundamental changes are happening in Indian fiscal federalism ex post the abolition of the Planning Commission, the creation of the National Institution for Transforming...more Publication -
Research Project ReportMacroeconomic and Microeconomic Impacts of Improving Physical and Social Infrastructure
September 17, 2019 Feminist economics has long emphasized the role of physical and social infrastructure as determinants of the time women spend on household production (the provision of unpaid domestic services and care)....more Publication -
Working Paper No. 936
Fiscal Reform to Benefit State and Local Governments
September 04, 2019 This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money...more Publication -
Working Paper No. 935
Evolving International Monetary and Financial Architecture and the Development Challenge
August 22, 2019 This paper investigates the peculiar macroeconomic policy challenges faced by emerging economies in today’s monetary (non)order and globalized finance. It reviews the evolution of the international monetary and financial architecture...more Publication -
Working Paper No. 934
An Analysis of the Daily Changes in US Treasury Security Yields
August 22, 2019 This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of...more Publication -
Blog
Bloomberg Interview: Wray on Modern Monetary Theory
July 31, 2019 Bloomberg Businessweek‘s Cristina Lindblad and Peter Coy sat down with L. Randall Wray for an in-depth interview on Modern Monetary Theory: [iframe src=”https://www.bloomberg.com/multimedia/api/embed/iframe?id=081295ee-e45c-4dae-a380-2989a5ad4c23″ allowscriptaccess=”always” frameborder=”0″></iframe] Blog -
One-Pager No. 60Fighting Inequality Can Strengthen the US Economy
July 26, 2019 Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary...more Publication -
Working Paper No. 933
Defaultnomics
July 08, 2019 The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,...more Publication -
Working Paper No. 932
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
June 26, 2019 Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and...more Publication -
Working Paper No. 931
How to Pay for the Green New Deal
May 30, 2019 This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in...more Publication -
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Working Paper No. 930
A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection
May 21, 2019 This paper describes the application of a semiparametric approach, known as a varying coefficients model (Hastie and Tibshirani 1993), to implement a Oaxaca-Blinder type of decomposition in the presence of...more Publication -
Working Paper No. 929
When to Ease Off the Brakes (and Hopefully Prevent Recessions)
May 16, 2019 Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the...more Publication -
Policy Note No. 2Global Imbalances and the Trade War
May 16, 2019 Against the background of an ongoing trade dispute between the United States and China, Senior Scholar Jan Kregel analyzes the potential for achieving international adjustment without producing a negative impact...more Publication -
Working Paper No. 928
Democratizing Money
May 13, 2019 In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many...more Publication