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Blog
New Book on Fiscal Policy and Macro in India
*Post Updated Below* Fiscal Consolidation, Budget Deficits and the Macro Economy, by Research Associate Lekha Chakraborty, deals with debates about the macroeconomic effects of budget deficits in the context of examining fiscal policy in India over the period 1980/81–2012/13. From the Introduction: In India, efforts were … made to contain the fiscal deficit by both the [...]
Press Release
Latest Round of Austerity Measures in Greece Will Lead to Severe Recession, New Levy Economics Institute Study Says
Summary No. 3
Summary Fall 2016
This issue opens with a policy note that traces the “narrow path” ahead for Brazil as the country struggles through a joint economic and political crisis that has paralyzed its policymaking apparatus and constrained its fiscal and monetary policy space. Two related papers examine the role played by Greece’s public debt in that country’s economic […]
Working Paper No. 876
Normalizing the Fed Funds Rate
In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither expansionary nor contrary” and are consistent with the established 2 percent longer-run goal for the annual Personal Consumption Expenditures index and the estimated natural rate […]
Blog
The Problem with “Gender-Blind” Economics
Pavlina Tcherneva joins Laura Flanders to discuss the need for a more gender-aware economics: [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/fqmy5F98SAs” frameborder=”0″ allowfullscreen></iframe]
Blog
Levy M.S. Now Accepting Applications for Fall 2017
Designed as a terminal degree with a professional focus, the Levy Economics Institute Master of Science in Economic Theory and Policy offers students an alternative to mainstream graduate programs in economics and finance. This innovative two-year program combines a rigorous course of study with exceptional opportunity to participate in advanced economics research, with direct access [...]
Strategic Analysis
Greece: Getting Out of the Recession
The Greek government has agreed to a new round of fiscal austerity measures consisting of a sharp increase in taxes on income and property and further reductions in pension and other welfare-related expenditures. Based on our model of the Greek economy, policies aimed at reducing the government deficit will cause a recession, unless other components […]
Working Paper No. 875
Minsky at Basel
The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the robustness of mainstream economics. However, their very success in taming the collapse reduced efforts to radically change the “big bank” business model and lessened the […]
Tsipras Defeat in Attica Battle Bolsters Bank of Greece Governor
Bloomberg, September 21, 2016. All Rights Reserved. Advantage Yannis Stournaras. In the battle of wits between Greece’s central bank governor and Prime Minister Alexis Tsipras, the former seems to have won the latest round, giving him a leg up should he harbor any ambitions of a return to politics…. Read more: http://www.bloomberg.com/news/articles/2016-09-21/tsipras-defeat-in-attica-battle-bolsters-bank-of-greece-governor
Working Paper No. 874
“Engendering” Intergovernmental Transfers
This paper seeks to evaluate whether a gender-sensitive formula for the inter se devolution of union taxes to the states makes the process more progressive. We have used the state-specific child sex ratio (the number of females per thousand males in the age group 0–6 years) as one of the criteria for the tax devolution. […]
Blog
Minsky Meets Brazil (Part IV)
by Felipe Rezende Part IV This last part of the series (see Part I, II, and III here, here, and here) will focus on the Brazilian response to the crisis. 1. What Should Brazil Do? The current Brazilian crisis fits with Minsky’s theory of instability (see here, here, and here). The traditional response to [...]
MME, September 19, 2016