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Greece’s Economy Minister Confident of Reaching Deal with Creditors
February 09, 2017 Minister Dimitri B. Papadimitriou expects agreement to be reached at February 20 Eurogroup meeting. News -
Public Policy Brief No. 143Brazil Still in Troubled Waters
February 07, 2017 Since inheriting the Brazilian presidency five months ago, the new Temer administration has successfully ratified a constitutional amendment imposing a radical, two-decades-long public spending freeze, purportedly aimed at sparking an...more Publication -
One-Pager No. 53Falling Labor Force Participation
February 06, 2017 Aging demographics, “social shifts,” and other supply-side and institutional factors have commonly been blamed for the fall in the US labor force participation rate. However, depressed labor force participation for...more Publication -
Public Policy Brief No. 142
Full Employment: Are We There Yet?
February 03, 2017 Flavia Dantas and L. Randall Wray argue that the emerging conventional wisdom—that the US economy has reached full employment—is flawed. The unemployment rate is not providing an accurate picture of...more Publication -
Working Paper No. 882Investing in Social Care Infrastructure and Employment Generation
January 13, 2017 This paper examines the aggregate and gender employment impact of expanding the early childhood care and preschool education (ECCPE) sector in Turkey and compares it to the expansion of the...more Publication -
Working Paper No. 881
The Long-run Determinants of Indian Government Bond Yields
January 11, 2017 This paper investigates the long-term determinants of Indian government bonds’ (IGB) nominal yields. It examines whether John Maynard Keynes’s supposition that short-term interest rates are the key driver of long-term...more Publication -
Working Paper No. 880
The Great Recession and Racial Inequality
January 04, 2017 The Great Recession had a tremendous impact on low-income Americans, in particular black and Latino Americans. The losses in terms of employment and earnings are matched only by the losses...more Publication -
BlogXmas Cheer: The Debt Is Not Our Biggest Problem
December 31, 2016 Why do so many pundits and politicians, including the future director of the Office of Management and Budget, beat the debt drum so loudly and so often? It’s one of the most effective, and most abused, wedge issues in American politics. by Kerry Pechter The nomination of Mick Mulvaney—deficit hawk, three-term Republican congressman from South [...] Blog -
Working Paper No. 879
Distribution-led Growth through Methodological Lenses
December 22, 2016 This paper presents a methodological discussion of two recent “endogeneity” critiques of the Kaleckian model and the concept of distribution-led growth. From a neo-Keynesian perspective, and following Kaldor (1955) and...more Publication -
Blog
“Stimulus” Isn’t the Best Reason to Support (or Oppose) Infrastructure Spending
December 15, 2016 A little while back, Pavlina Tcherneva appeared with Bloomberg’s Joe Weisenthal to talk about the potential infrastructure policy of president-elect Donald Trump. She noted that, contrary to initial assumptions, the upcoming administration may not end up pushing public-debt-financed infrastructure spending, and that if the program simply amounts to tax incentives and public-private partnerships, it won’t [...] Blog -
Working Paper No. 878
The Short- and Long-run Inconsistency of the Expansionary Austerity Theory
December 12, 2016 This paper provides a critical analysis of expansionary austerity theory (EAT). The focus is on the theoretical weaknesses of EAT—the extreme circumstances and fragile assumptions under which expansionary consolidations might...more Publication -
Blog
Call for Papers: Gender and Macro Workshop in NYC
November 30, 2016 New York City September 13–15, 2017 A workshop organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation The goal of this workshop is to advance the current framework that integrates gender and unpaid work into macroeconomic analysis and enables the development of gender-aware and [...] Blog -
Blog
Can Financial Regulatory Changes Help Jumpstart Long-Term Investment?
November 15, 2016 In a presentation here at the Levy Institute, Emilios Avgouleas argued that financial regulatory changes since the crisis have become so complex they represent a source of financial instability, and that new liquidity and capital requirements have contributed to the problem of “short-termism” in finance. Avgouleas proposed regulatory simplification and a reorientation that would create greater [...] Blog -
Working Paper No. 877
Financial Stability and Secure Currency in a Modern Context
November 15, 2016 Against the background of modern-day monetary proposals, ranging from a return to the gold standard to the wholesale abolition of currency, this paper seeks to draw implications from David Ricardo’s...more Publication -
Blog
Apply Now for the 2017 Minsky Summer Seminar
October 24, 2016 If you’re a grad student or just starting out your career and want to learn more about the work of Hyman Minsky and Wynne Godley, and wouldn’t mind doing so in a turn-of-the-century manor on the banks of the Hudson, you’re in luck. The Levy Institute’s annual Minsky Summer Seminar is now accepting applications for the June 2017 session: The [...] Blog -
Blog
New Book on Fiscal Policy and Macro in India
October 24, 2016 *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 [...] Blog -
Working Paper No. 876
Normalizing the Fed Funds Rate
October 12, 2016 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...more Publication -
Blog
The Problem with “Gender-Blind” Economics
October 07, 2016 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 -
Blog
Levy M.S. Now Accepting Applications for Fall 2017
October 05, 2016 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 [...] Blog -
Working Paper No. 875
Minsky at Basel
September 27, 2016 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...more Publication -
Working Paper No. 874
“Engendering” Intergovernmental Transfers
September 20, 2016 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...more Publication -
Blog
Minsky Meets Brazil (Part IV)
September 20, 2016 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 [...] Blog -
Working Paper No. 873
Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ghana and Tanzania
September 13, 2016 This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines...more Publication