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BlogOn 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. 3A 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. 904Corporate 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. 54Why 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 -
Research Project Report
The Macroeconomic Effects of Student Debt Cancellation
February 06, 2018 Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research...more Publication -
Working Paper No. 900
Functional Finance
January 29, 2018 This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively...more Publication -
Working Paper No. 899
Gender Pay Gaps in the Former Soviet Union: A Review of the Evidence
January 12, 2018 The goal of this paper is to examine the patterns and movements of the gender pay gaps in the countries of the former Soviet Union (FSU) and to place them...more Publication -
Blog
Join Us for the 2018 Minsky Summer Seminar
December 21, 2017 The Levy Economics Institute of Bard College is pleased to announce the ninth Minsky Summer Seminar will be held from June 17–23, 2018. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook. [...] Blog -
Policy Note No. 4
How Time Deficits and Hidden Poverty Undermine the Sustainable Development Goals
November 09, 2017 The predominant framework for measuring poverty rests on an implicit assumption that everyone has enough time available to devote to household production or enough resources to compensate for deficits in...more Publication -
Blog
Watch Live: A New New Deal and the Job Guarantee
October 27, 2017 Today at the New School, L. Randall Wray and Stephanie Kelton take part in a public workshop organized by the National Jobs for All Coalition that is focused on developing a “A New ‘New Deal’ for NYC and the USA.” Wray and Kelton will be sharing initial findings from an upcoming Levy Institute project that [...] Blog -
Blog
Applications Open for the Levy Institute M.S. and New One-Year M.A.
October 17, 2017 The Levy Institute is accepting applications to the M.S. and M.A. in Economic Theory and Policy for Fall 2018. The new, one-year M.A.* joins the two-year M.S. in offering students an alternative to mainstream programs in economics and finance. Our graduate curriculum is rooted in the Institute’s distinctive research program, including macroeconomic theory and policy analysis, [...] Blog -
Working Paper No. 898
Corporate Tax Incidence in India
October 12, 2017 The paper attempts to measure the incidence of corporate income tax in India under a general equilibrium setting. Using seemingly uncorrelated regression coefficients and dynamic panel estimates, we tried to...more Publication -
