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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. 924Induced 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 -
Policy Note No. 5Preventing the Last Crisis
November 29, 2018 Ten years after the fall of Lehman Brothers and the collapse of the US financial system, most commentaries remain overly focused on the proximate causes of the last crisis and...more Publication -
Blog
A Better Way to Think about the “Twin Deficits”
November 13, 2018 (These remarks will be delivered today at the UBS European Conference in London.) Q: These questions about deficits are usually cast as problems to be solved. You come from a different way of framing the issue, often referred to as MMT, which—at the risk of oversimplifying—says that we worry far too much about debt issuance. [...] Blog -
One-Pager No. 58A Citizenship Question on the US Census
November 09, 2018 The Trump administration is facing a legal challenge to its efforts to add a citizenship question to the 2020 decennial census—a question that was first included in 1890, but has...more Publication -
Working Paper No. 917
Two Harvard Economists on Monetary Economics
October 22, 2018 In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post-Keynesian economics. There, Minsky delivered some lectures,...more Publication -
Blog
On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
October 16, 2018 Mainstream neoclassical economics is hooked on the idea of individual worker-savers as prime movers in capitalist market economies. As workers, individuals choose how much to work, determining the economy’s output; as savers, they determine how much of that output takes the shape of the economy’s capital investment. With banks as conduits channeling saving flows into [...] Blog -
Working Paper No. 916
Unconventional Monetary Policies and Central Bank Profits
October 02, 2018 This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select...more Publication -
Blog
Modern Money Theory: How I Came to MMT and What I Include in MMT
October 01, 2018 My remarks for the 2018 MMT Conference, September 28-30, NYC. I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near [...] Blog -
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Register for the 2019 Hyman P. Minsky Summer Seminar
September 24, 2018 We are accepting applications for the 2019 Hyman P. Minsky Summer Seminar, held here at the Levy Institute and the wider Bard College campus June 16–22: The Levy Economics Institute of Bard College is pleased to announce the tenth Minsky Summer Seminar will be held from June 16–22, 2019. The Seminar will provide a rigorous [...] Blog -
Working Paper No. 915
Black Employment Trends since the Great Recession
September 19, 2018 The Great Recession had a devastating impact on labor force participation and employment. This impact was not unlike other recessions, except in size. The recovery, however, has been unusual not...more Publication
