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Working Paper No. 927Recentered Influence Functions in Stata
April 26, 2019 Recentered influence functions (RIFs) are statistical tools popularized by Firpo, Fortin, and Lemieux (2009) for analyzing unconditional partial effects on quantiles in a regression analysis framework (unconditional quantile regressions). The...more Publication -
Working Paper No. 926
Fiscal Stabilization in the United States
April 25, 2019 The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with...more Publication -
One-Pager No. 59The Limitations of the “Populism” Explanation
April 23, 2019 Some common accounts of “populism” and its causes risk leading us away from understanding what is happening today in parts of the democratic West, according to Senior Scholar Joel Perlmann....more Publication -
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Policy Note No. 1A Proposal to Create a European Safe Asset
April 16, 2019 While a consensus has formed that the eurozone’s economic governance mechanisms must be reformed, and some progress has been made on this front, what has been agreed to so far...more Publication -
Strategic AnalysisCan Redistribution Help Build a More Stable Economy?
April 15, 2019 Although the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the...more Publication -
Working Paper No. 925
An Institutional Analysis of China’s Reform of their Monetary Policy Framework
April 08, 2019 This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the...more Publication -
Research Project ReportInvesting in Early Childhood Education and Care in Kyrgyz Republic
April 01, 2019 Expansion of early childhood education and care (ECEC) services for all is a matter of the choices made regarding the allocation of public resources. As such, it is as much...more Publication -
Public Policy Brief No. 147Globalization, Nationalism, and Clearing Systems
March 18, 2019 As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national...more Publication -
BlogRemembering Nina Shapiro
March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to [...] Blog -
Blog
Big Guns Shooting Holes in the Sky
March 12, 2019 The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the [...] Blog -
Blog
Join Us for the 28th Annual Hyman P. Minsky Conference
March 11, 2019 This year’s Minsky conference will be a one-day affair, featuring keynote speakers that include St. Louis Fed President James Bullard, former PIMCO chief economist Paul McCulley (now Senior Fellow at Cornell Law), and First Vice President of the Minneapolis Fed, Ron Feldman. The Levy Institute’s Jan Kregel will be discussing reform of the eurozone system; [...] Blog -
Working Paper No. 924
Induced Shifting Involvements and Cycles of Growth and Distribution
February 27, 2019 The paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where...more Publication -
Working Paper No. 923
Economic Planning under Capitalism
February 06, 2019 By the beginning of the 20th century, the possibility and efficacy of economic planning was believed to have been proven by totalitarian experiments in Germany, the Soviet Union, and, to...more Publication -
Working Paper No. 922
It Pays to Study for the Right Job
February 05, 2019 With the rapid increase in educational attainment, technological change, and greater job specialization, decisions regarding human capital investment are no longer exclusively about the quantity of education, but rather the...more Publication -
Blog
This Time Is Different: Wray on Modern Monetary Theory
February 04, 2019 Public interest in Modern Monetary Theory (MMT) is undergoing a new growth spurt, and progressive politicians are playing a key role in the current phase. Rep. Ocasio-Cortez recently referenced the heterodox framework to push back against the assumption that her ambitious policy proposals must, as a matter of financial necessity, be made budget-neutral (an assumption, as [...] Blog -
Working Paper No. 921
Social Policy in Mexico and Argentina
January 29, 2019 This paper is a comparison between two programs implemented to combat poverty in Latin America: Prospera (Prosper) in Mexico and Asignación Universal por Hijo (Universal Assignment for Child) in Argentina. The...more Publication -
Blog
Bad Faith and the US Census
January 18, 2019 A federal judge has ruled that the Trump administration’s attempt to add a citizenship question to the next (2020) decennial census is illegal. The administration has already begun the process of appealing the ruling. One way to understand the broader context behind this proposed change is to see it as part of ongoing attempts to [...] Blog -
Working Paper No. 920
Macroeconomic Policy Effectiveness and Inequality
January 17, 2019 Gender budgeting is a fiscal approach that seeks to use a country’s national and/or local budget(s) to reduce inequality and promote economic growth and equitable development. While the literature has...more Publication -
Working Paper No. 919
On the Design of Empirical Stock-Flow-Consistent Models
January 16, 2019 While the literature on theoretical macroeconomic models adopting the stock-flow-consistent (SFC) approach is flourishing, few contributions cover the methodology for building a SFC empirical model for a whole country. Most...more Publication -
Working Paper No. 918
Investment Decisions under Uncertainty
December 13, 2018 Divergent trends, as observed, between growth in the financial and real sectors of the global economy entail the need for further research, especially on the motivations behind investment decisions. Investments...more Publication