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BlogLevy MS Program Now Accepting Applications for Fall 2016
September 10, 2015 The Levy Economics Institute Master of Science in Economic Theory and Policy is a two-year degree program that emphasizes theoretical and empirical aspects of economic policy analysis through specialization in one of five key research areas: macroeconomic theory, policy, and modeling; monetary policy and financial structure; distribution of income, wealth, and well-being; gender equality and [...] Blog -
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Binzagr Institute Inaugural Conference: Sustainable Full Employment and Transformational Technologies
September 09, 2015 The Binzagr Institute for Sustainable Prosperity is holding its inaugural conference — Provisioning and Prosperity: Sustainable Full Employment and Transformational Technologies — October 2nd-3rd at Denison University. For those who cannot attend, the event will be livestreamed (and questions can be posed via Facebook and Twitter @BinzagrInfo). More information on registration and conference themes can be [...] Blog -
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Euroland Has No Plan B: It Needs an Urgent Recovery Plan
September 08, 2015 At last, the eurozone economy appears to be experiencing some kind of recovery. GDP started growing again in the spring of 2013, following seven quarters of decline, with domestic demand shrinking for even nine consecutive quarters between 2011 and 2013. Today, it is conceivable that within a year or so the eurozone might recoup its [...] Blog -
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Second Edition of the Modern Money Primer
September 07, 2015 The second edition of L. Randall Wray’s Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, an updated and expanded version with new chapters on tax policy and inflation, is now available for order and will be released September 23rd: “This book synthesizes the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency [...] Blog -
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Is Economic Inequality Immoral?
September 07, 2015 Harry Frankfurt, whose formal concept of “bullshit” is indispensable to both professional and everyday life, recently published an article for Bloomberg View arguing that (1) economic (income and wealth) inequality is, in and of itself, morally insignificant and (2) “egalitarianism” (being concerned about economic inequality in and of itself) is harmful. The article is an excerpt from a [...] Blog -
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Folbre on the Consequences of Ignoring Unpaid Work
August 31, 2015 Nancy Folbre, who recently joined the Levy Institute roster as senior scholar, was interviewed by Dollars & Sense on the topic of how conventional economics and policymaking deal with (or rather, fail to deal with) household and caring labor: D&S: What is the practical consequence of not measuring household labor and production? Are economic policies and [...] Blog -
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Working Paper Roundup 8/31/2015
August 31, 2015 A Nonbehavioral Theory of Saving Michalis Nikiforos “We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for full employment to be maintained over time. An increase in income inequality and the current account deficit and [...] Blog -
Policy Note No. 5The BRICS Initiatives in the Current Global Conjuncture
August 05, 2015 Developing countries, led by China and other BRICS members (Brazil, Russia, India, and South Africa), have been successfully organizing alternative sources of credit flows, aiming for financial stability, growth, and...more Publication -
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S&P Threatens to Downgrade Brazil to Junk
July 30, 2015 by Felipe Rezende S&P has issued a negative outlook regarding Brazilian sovereign debt. The S&P’s announcement stated that Over the coming year, failure to advance with (on- and off-budget) fiscal and other policy adjustments could result in a greater-than-expected erosion of Brazil’s financial profile and further erosion of confidence and growth prospects, which could lead [...] Blog -
Working Paper No. 844A Nonbehavioral Theory of Saving
July 29, 2015 We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for...more Publication -
Working Paper No. 843
Is a Very High Public Debt a Problem?
July 27, 2015 This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a...more Publication -
Working Paper No. 842
Making the Euro Viable
July 24, 2015 The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank...more Publication -
Working Paper No. 841
Marx’s Theory of Money and 21st-century Macrodynamics
July 24, 2015 Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of...more Publication -
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Crystal Balls, or Robust Economic Research?
July 16, 2015 An article from Bloomberg listed nine people who saw the Greek crisis coming years ago. The list may be narrowly confined to Anglo-Saxon economists, but I am quite happy that most of the people listed worked at, or were/are affiliated with, the Levy Institute. Wynne Godley is the first on the list, given his [...] Blog -
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Deflation Über Alles
July 15, 2015 The “negotiations” that surrounded the latest Greek deal do not reflect well on the system (such as it is) of EMU governance. And there are no silver linings to be found in the outcome of this process. It is a testament to how far we are from “normal” that even the best-case scenario would have left little room for [...] Blog -
Greece Is Committed to Staying in Euro Zone: Antonopoulos
July 09, 2015 Levy economist and Syriza MP Rania Antonopoulos is interviewed ahead of Brussels Group talks. News -
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Papadimitriou on Making an Example of Greece (Audio)
July 08, 2015 From Athens, Dimitri Papadimitriou spoke with Ian Masters about Tuesday’s emergency meeting in Brussels (attended by Greece’s new finance minister) and the country’s prospects going forward. Papadimitriou touched on both the economic and political facets of the crisis, and discussed the idea that Greece is being “taught a lesson” as a demonstration to the rest of the eurozone [...] Blog -
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Euro Union – Quo Vadis?
July 03, 2015 This week a slow-motion train wreck hit the wall in Europe. Greece’s Syriza government came to power earlier this year on a mandate to keep Greece in the euro but end austerity. It was clear from the start that this project could only work out if Greece’s euro partners finally acknowledged that their austerity policies [...] Blog -
Working Paper No. 840
The Effects of a Euro Exit on Growth, Employment, and Wages
July 02, 2015 A technical analysis shows that the doomsayers who support the euro at all costs and those who naively theorize that a single currency is the root of all evil are...more Publication -
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Why Greece’s Budget and Debt Restructuring Discussions Need to Be Tied Together
July 02, 2015 Pavlina Tcherneva spoke to RT’s Erin Ade yesterday on Greece’s impossible situation: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/1FUcBvaHdik?;start=210″ frameborder=”0″ allowfullscreen></iframe] Blog -
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Greek Debt Disaster Bodes Ill for Daily Life
June 25, 2015 “There are red lines in the sand that will not be crossed,” Greek Prime Minister Alexis Tsipras said just weeks ago as he began the long negotiations process with creditors. Some of these lines included no more pension cuts or value-added tax (VAT) increases, and a debt restructuring deal that incorporates renewed economic assistance from [...] Blog -
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Martin Wolf on the UK’s Sectoral Balances
June 23, 2015 In this video segment, Martin Wolf briefly illustrates the UK’s “severe sectoral imbalances” and the dangers of the current government’s budget policy: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/bVU0LpZrLlk?start=2601″ frameborder=”0″ allowfullscreen></iframe] Below is what Wolf describes as his favourite chart (discussed at 48:40), which puts the UK’s public debt situation — the ostensible justification for the above-mentioned budget policy [...] Blog -
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On Demands for Greek “Reform”
June 16, 2015 Senior Scholar James Galbraith on the “reforms” being demanded by creditors (vis. pensions, labor markets, privatization, and the VAT) in the negotiations over Greece’s fate: On our way back from Berlin last Tuesday, Greek Finance Minister Yanis Varoufakis remarked to me that current usage of the word “reform” has its origins in the middle period of the Soviet [...] Blog -
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An Ecological Future for SFC Macroeconomics?
June 14, 2015 SFC (stock-flow-consistent) economics is about watertight accounting: each model strictly accounts for all financial stocks and flows, making sure, for example, that when a change in someone’s income is assumed, all corresponding changes to other incomes and balance sheet items and their behavioral effects are taken into account. Along the same lines are [...] Blog