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BlogMinskyan Reflections on the Ides of September
September 14, 2018 The 10th anniversary of the September collapse of the US financial system has led to a number of commentaries on the causes of the Lehman bankruptcy and cures for its aftermath. Most tend to focus on identifying the proximate causes of the crisis in an attempt to assess the adequacy of the regulations put in [...] Blog -
Blog
Wray Guest Lectures, Brazil and Italy (Video)
September 13, 2018 L. Randall Wray, Professor of Economics at Bard and Senior Scholar at the Levy Economics Institute, was a visiting professor at the University of Bolzano (Italy) and the University of Bergamo (Italy) in May-June and at the University of Campinas (Brazil) in August. In Campinas, he gave a series of lectures for a course on [...] Blog -
Blog
The Second International Modern Monetary Theory Conference
September 10, 2018 The Levy Institute is a cosponsor of the Second International Modern Monetary Theory Conference, which will take place September 28–30 at the New School and will feature Institute scholars L. Randall Wray, Pavlina Tcherneva, Stephanie Kelton, and Mathew Forstater: Like the first conference, this year will feature contributions from fields as diverse as macroeconomics, law, [...] Blog -
One-Pager No. 57Stagnating Economic Well-Being Amid Rising Government Support
September 10, 2018 The Levy Institute Measure of Economic Well-Being (LIMEW) was designed to provide a more comprehensive understanding of the changes affecting household living standards. Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila...more Publication -
Working Paper No. 914Quality of Match for Statistical Matches Using the American Time Use Survey 2013, the Survey of Consumer Finances 2013, and the Annual Social and Economic Supplement 2014
September 05, 2018 This paper describes the quality of the statistical matching between the March 2014 supplement to the Current Population Survey (CPS) and the 2013 American Time Use Survey (ATUS) and Survey...more Publication -
Working Paper No. 913
German Economic Dominance within the Eurozone and Minsky’s Proposal for a Shared Burden between the Hegemon and Core Economic Powers
August 31, 2018 There is no disputing Germany’s dominant economic role within the eurozone (EZ) and the broader European Union. Economic leadership, however, entails responsibilities, especially in a world system of monetary production...more Publication -
Working Paper No. 912
The Sources and Methods Used in the Creation of the Levy Institute Measure of Economic Well-Being for the United States, 1959–2013
August 29, 2018 This paper documents the sources of data used in the construction of the estimates of the Levy Institute Measure of Economic Wellbeing (LIMEW) for the years 1959, 1972, 1982, 1989,...more Publication -
Working Paper No. 911
Twenty Years of the German Euro Are More than Enough
August 24, 2018 This paper reviews the performance of the euro area since the euro’s launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime....more Publication -
Working Paper No. 910
Australian Government Bonds’ Nominal Yields
August 21, 2018 The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the...more Publication -
Public Policy Brief No. 146Stagnating Economic Well-Being and Unrelenting Inequality
August 16, 2018 Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila update the Levy Institute Measure of Economic Well-Being (LIMEW) for US households for the period 2000–13. The LIMEW—which comprises base income, income from...more Publication -
Blog
Tcherneva and Wray on the Public Service Employment (PSE) Program
August 15, 2018 The job guarantee proposal fleshed out and analyzed by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina Tcherneva, and Stephanie Kelton — dubbed the Public Service Employment (PSE) program — garnered a considerable amount of media attention as support for some version of a job guarantee began appearing on the agendas of various 2020 Democratic [...] Blog -
Research Project ReportThe Measurement of Time and Consumption Poverty in Ghana and Tanzania
August 08, 2018 Time constraints that stem from the overlapping domains of paid and unpaid work are of central concern to the debates surrounding the economic development of developing countries in general and...more Publication -
Working Paper No. 909
External Instability in Transition
July 02, 2018 This inquiry argues that the successful completion of the transition process in the post-Soviet economies is constrained by the prevailing social structure and low levels of technological progress, both of...more Publication -
One-Pager No. 56
An Alternative to Sovereign Bond-Backed Securities for the Euro Area
June 19, 2018 The European Commission's proposal for the regulation of sovereign bond-backed securities (SBBSs) follows the release of a high-level taskforce report, sponsored by the European Systemic Risk Board, on the feasibility...more Publication -
Public Policy Brief No. 145
European Sovereign Bond-Backed Securities
June 08, 2018 In response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant...more Publication -
Working Paper No. 908
Twenty Years after the Fall of the Berlin Wall
June 01, 2018 Many of the hopes arising from the 1989 fall of the Berlin Wall were still unrealized in 2010 and remain so today, especially in monetary policy and financial supervision. The...more Publication -
Policy Note No. 4Wage Employment and the Prospects of Women’s Economic Empowerment
May 31, 2018 In this policy note, Thomas Masterson and Ajit Zacharias address the nexus between wage employment, consumption poverty, and time deficits in the context of Ghana and Tanzania. Based on a...more Publication -
One-Pager No. 55
The Job Guarantee and the Economics of Fear
May 29, 2018 The job guarantee (JG) is finally getting the public debate it deserves, according to Pavlina R. Tcherneva, and criticism is expected. Following the Levy Institute’s latest report analyzing the economic...more Publication -
Blog
Banks, Capital Markets, and Institutional Investors as Providers of Long-Term Finance
May 29, 2018 by Felipe Rezende This is the second in a series of blog posts on financing infrastructure assets. From 1990 to 2012, the stock of global financial assets increased from $56 trillion to $225 trillion. In 2012, it included a $50 trillion stock market, $47 trillion public debt securities market, $42 trillion in financial institution bonds [...] Blog -
Blog
The Job Guarantee and the Economics of Fear: A Response to Robert Samuelson
May 25, 2018 The Job Guarantee is finally getting the public debate it deserves and criticism is expected. Building on several decades of research, the Levy Institute’s latest proposal analyzes the program’s economic impact and advances a blueprint for its implementation. Critics have taken note and are (thus far) restating the usual concerns, but with a notably alarmist [...] Blog -
Working Paper No. 907
Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution
May 17, 2018 The paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within...more Publication -
Working Paper No. 906
The Dynamics of Japanese Government Bonds’ Nominal Yields
May 11, 2018 This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC)...more Publication -
Working Paper No. 905
Reflections on the New Deal
May 08, 2018 I subject some aspects of Roosevelt’s “New Deal” to critical analysis, with particular attention to what is termed “liberal democracy.” This analysis demonstrates the limits to reform, given the power...more Publication
