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Working Paper No. 859The 2030 Sustainable Development Goals and Measuring Gender Inequality
February 01, 2016 Against the backdrop of the 2030 UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme (UNDP) and suggests...more Publication -
BlogStormy Fantasies about Labor Cost Competitiveness
January 27, 2016 Lamenting that intellectual inertia is responsible for slow progress in economics, Servaas Storm sets out to teach a lesson to everyone who may still be foolish enough to believe that relative labor costs matter for international competitiveness and that diverging unit labor cost trends – specifically persistent wage moderation in Europe’s largest economy, Germany – [...] Blog -
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Why Minsky Matters, Reviewed in Times Higher Education
January 13, 2016 L. Randall Wray’s recently published book on the work of Hyman Minsky (Why Minsky Matters: An Introduction to the Work of a Maverick Economist) was reviewed by Victoria Bateman for Times Higher Education. Here’s a taste: Having experienced the pain of a new Great Depression, the very least we should expect is that economists try to learn from it. [...] Blog -
Working Paper No. 858
Gender Dimensions of Inequality in the Countries of Central Asia, South Caucasus, and Western CIS
January 12, 2016 The collapse of the Soviet Union initiated an unprecedented social and economic transformation of the successor countries and altered the gender balance in a region that counted gender equality as...more Publication -
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The Only Graph Needed to Explain the New Year’s Dive of 2016: Larry Summers Sort-Of Gets It, the Fed Doesn’t Seem to Get It, and the Media Seems Hardly Aware of It
January 11, 2016 by Daniel Alpert A practically unnoticed phenomenon underpins the negative U.S. economic data trends we saw in Q4 2015 and the enormous increase in market volatility in the first week of 2016: the United States’ global competitors are—once again—using vast pools of low-wage, underutilized labor, a huge excess of domestic production capacity, and/or the ever-stronger [...] Blog -
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Registration Now Open for 25th Annual Hyman P. Minsky Conference
December 17, 2015 The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth [...] Blog -
Policy Note No. 8The US Census Asks About Race and Ethnicity: 1980–2020
December 17, 2015 This policy note examines the formulation and reformulation of questions deployed by the US Census Bureau to gather information on racial and ethnic origin in recent decades. The likely outcome...more Publication -
Working Paper No. 857
Ethno-Racial Origin in US Federal Statistics: 1980–2020
December 17, 2015 This paper describes the transformations in federal classification of ethno-racial information since the civil rights era of the 1960s. These changes were introduced in the censuses of 1980 and 2000,...more Publication -
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Applying the Brakes: Four Long and Winding Roads to “Normalcy” for the Fed
December 15, 2015 by Daniel Alpert It is highly likely that this week will see the Federal Reserve’s Open Market Committee elect to increase the Fed Funds policy rate of interest for the first time since June of 2006, and after slashing the rate to the lowest level in history—approaching the so-called zero lower bound. But the return [...] Blog -
One-Pager No. 51Completing the Single Financial Market and New Fiscal Rules for the Euro Area
December 11, 2015 Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,...more Publication -
Working Paper No. 856
Redistribution in the Age of Austerity
December 10, 2015 We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13)....more Publication -
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Want More – and Better – Jobs? Put Women in Charge
December 10, 2015 I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in the labour markets of these countries, I searched for evidence on how the challenge of job creation can be overcome without perpetuating gender [...] Blog -
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That Puzzling “Revelation” Politely Called “German Wage Moderation”
December 06, 2015 A few days ago Peter Bofinger, one of Germany’s “wise men,” published an astonishing post titled “German wage moderation and the Eurozone crisis” that appeared on VoxEU.org (see here) and Social Europe (see here). The post was astonishing in more than one way. First of all, it seems astonishing that, in late 2015, and not [...] Blog -
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Review: Minsky Matters and the Next Minsky Moment
December 02, 2015 From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters: Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: [...] Blog -
Working Paper No. 855
The Two Approaches to Money
November 30, 2015 The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept...more Publication -
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MMT and the New New Deal
November 20, 2015 Yesterday, Senator Bernie Sanders gave an important speech in which he invoked President Roosevelt’s “Second Bill of Rights” in defense of his platform. As Bernie rightly pointed out, all of Roosevelt’s New Deal social programs to which we have become accustomed were tagged as “socialism”—just as pundits are branding Bernie’s proposals as dangerous socialist ideas. [...] Blog -
Public Policy Brief No. 140The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
November 18, 2015 Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a...more Publication -
Working Paper No. 854
The Roads Not Taken
November 16, 2015 Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic...more Publication -
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Can Public Money Creation Work? Some Answers from Canadian History
November 13, 2015 by Josh Ryan-Collins The theoretical and policy arguments for monetary reform are becoming more accepted by economists and establishment figures. The financial crisis blew apart the idea that deregulated private money creation by commercial banks leads to more efficient outcomes and allocation of capital, as has been noted by Martin Wolf of the Financial Times [...] Blog -
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New Book on EU Financial Regulation
November 11, 2015 A new volume on EU financial regulation edited by Rainer Kattel, Jan Kregel, and Mario Tonveronachi: Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems within the EU? Edited by Rainer Kattel, Tallinn University of Technology, [...] Blog -
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25th Annual Minsky Conference Returns to Blithewood
November 10, 2015 The 2016 Minsky conference will be held here at Blithewood mansion, home of the Levy Institute. Barney Frank will be among the keynote speakers: Will the Global Economic Environment Constrain US Growth and Employment? Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation Levy Economics Institute of Bard College Blithewood Annandale-on-Hudson, [...] Blog -
Working Paper No. 853
Finance, Foreign Direct Investment, and Dutch Disease
November 09, 2015 In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The energy sector (the “locomotora minero-energetica,” to use the rhetorical expression of President Juan Manuel...more Publication -
Policy Note No. 7
Losing Ground
November 04, 2015 US labor force participation has continued to fall in the wake of the Great Recession. Improvements in the US unemployment rate reflect the fact that more people are falling out...more Publication -
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“Why Minsky Matters” Now Available
November 04, 2015 “Hyman Minsky is the most important economist since Keynes, yet it’s virtually impossible to find any books about him.” That’s from Michael Pettis’s blurb for Randy Wray’s new book Why Minsky Matters, which is now shipping: Hyman Minsky’s name has appeared in the popular press a lot more since the financial crisis, but often without much more elaboration [...] Blog