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Working Paper No. 908Twenty 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. 55The 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 -
BlogBanks, 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 -
Blog
On the Costs of Doing Without a Job Guarantee
May 01, 2018 Pavlina Tcherneva — who, along with L. Randall Wray, Flavia Dantas, Scott Fullwiler, and Stephanie Kelton, authored this report estimating the economic impact of a job guarantee proposal (the Public Service Employment program) — was interviewed by Bloomberg’s Joe Weisenthal and Julia Chatterley about the purposes and costs of the plan. This recently released policy note [...] Blog -
Policy Note No. 3
A Consensus Strategy for a Universal Job Guarantee Program
May 01, 2018 The idea of a universal job guarantee (JG) policy for the United States has become the subject of renewed public debate due to a number of high-profile political endorsements. L....more Publication -
Working Paper No. 904
Corporate Debt in Latin America and its Macroeconomic Implications
May 01, 2018 This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and...more Publication -
Blog
The Massive Need for Infrastructure in the Emerging and Developed World
April 26, 2018 by Felipe Rezende This is the first in a series of blog posts on financing infrastructure assets Insufficient or inadequate infrastructure in both developing and developed economies has sparked a debate about whether financing is sufficient to sustain infrastructure investment to at least keep pace with projected global GDP growth. The task of keeping the [...] Blog -
Blog
27th Annual Minsky Conference Presentations
April 19, 2018 The 27th Minsky Conference — “Financial Stability in a World of Rising Rates and the Repeal of Dodd-Frank” — just wrapped up yesterday. Anyone interested in the slide presentations can find them below: Welcome and Introduction Jan Kregel, Director of Research, Levy Institute Remarks in PDF Session 1. US AND GLOBAL ECONOMIC OUTLOOK MODERATOR: L. Randall Wray, Senior [...] Blog -
Research Project ReportPublic Service Employment
April 17, 2018 Despite reports of a healthy US labor market, millions of Americans remain unemployed and underemployed, or have simply given up looking for work. It is a problem that plagues our...more Publication -
Working Paper No. 903
The Economics of Instability
April 16, 2018 The dominant postwar tradition in economics assumes the utility maximization of economic agents drives markets toward stable equilibrium positions. In such a world there should be no endogenous asset bubbles...more Publication -
Strategic Analysis“America First,” Fiscal Policy, and Financial Stability
April 13, 2018 The US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar history. However, the current recovery is also the slowest recovery...more Publication -
Working Paper No. 902
The Job Guarantee
April 02, 2018 The job guarantee (JG) is a public option for jobs. It is a permanent, federally funded, and locally administered program that supplies voluntary employment opportunities on demand for all who...more Publication -
Policy Note No. 2
Guaranteed Jobs through a Public Service Employment Program
March 19, 2018 Amid a recent upsurge in support for a national job guarantee program, L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler, and Flavia Dantas outline a new proposal...more Publication -
Working Paper No. 901
Income Distribution, Household Debt, and Aggregate Demand
March 06, 2018 During the period leading up to the recession of 2007–08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction...more Publication -
Blog
New Book of Essays in Honor of Roncaglia
February 20, 2018 Director of Research Jan Kregel is one of the editors and contributors for a new collection of essays devoted to the work of Alessandro Roncaglia: Classical Economics Today: Essays in Honor of Alessandro Roncaglia is a collection of essays that pays tribute to Alessandro Roncaglia whose research is based on Schumpeter’s dictum that good economics [...] Blog -
One-Pager No. 54
Why the United States Will Beat China to the Next Minsky Moment
February 06, 2018 The outgoing governor of the People’s Bank of China recently warned of a possible Chinese “Minsky moment”—Paul McCulley’s term, most recently applied to the 2007 US real estate crash that...more Publication -
Policy Note No. 1
Does the United States Face Another Minsky Moment?
February 06, 2018 It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised...more Publication
