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Research Project ReportThe 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. 900Functional 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 -
BlogJoin 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. 4How 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 -
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Blog
IMF Provides Cover for Europe’s Dysfunctional Currency Union
September 20, 2017 The Council on Foreign Relations’ Brad W. Setser has produced a couple of interesting blogposts on Germany’s fiscal policies of late. The first one, titled “Germany Cannot Quit Fiscal Consolidation,” was published at the end of August. On September 18th, the second one appeared, titled “The Global Cost of the Eurozone’s 2012 Fiscal Coordination Failure.” The [...] Blog -
Working Paper No. 897
Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework
September 20, 2017 Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and...more Publication -
Blog
Event: Strategizing a New New Deal
September 08, 2017 If you’re in the vicinity of New York City at the end of October, Levy scholars Randall Wray and Stephanie Kelton are taking part in a public meeting organized by the National Jobs for All Coalition. The meeting is part of a series of public events focused on the legacy of New Deal. Wray and [...] Blog -
Public Policy Brief No. 144A Two-Tier Eurozone or a Euro of Regions?
September 08, 2017 In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar...more Publication -
Working Paper No. 896
Minsky’s Financial Fragility
September 04, 2017 The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it...more Publication -
Working Paper No. 895
Unemployment: The Silent Epidemic
August 23, 2017 This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment...more Publication -
Working Paper No. 894
An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
August 04, 2017 This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within...more Publication -
Working Paper No. 893
The Neoclassicals’ Conundrum
July 26, 2017 Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam...more Publication -
Policy Note No. 3
Why the Compulsive Shift to Single Payer?
July 21, 2017 The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare)....more Publication -
Blog
The “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?
July 19, 2017 It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up [...] Blog -
Policy Note No. 2
The Concert of Interests in the Age of Trump
July 07, 2017 If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of...more Publication -
Working Paper No. 892
Understanding Financialization
June 21, 2017 Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and...more Publication -