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Research Project ReportThe Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty
Produced in partnership with the International Labour Organization, United Nations Development Programme, and UN Women, this report examines the demand-side rationale for a public investment in the social care sector—specifically, early childhood care and preschool education (ECCPE)—by comparing its potential for job creation, pro-women allocation of jobs, and poverty reduction with an equivalent investment in […] -
Alexis Tsipras and Greece Are Still Trapped
The New Yorker, September 21, 2015. All Rights Reserved. How long will the smile on the face of Alexis Tsipras last? On Monday night, Tsipras was sworn in as the head of a new Greek government that looks very similar to the previous one. The left-wing Syriza party is again forming a coalition with a small […] -
BlogReactions to S&P Downgrade: S&P Analyst Confirms There Is No Solvency Issue
by Felipe Rezende In previous posts (see here and here), I discussed Standard & Poor’s (S&P) downgrade of Brazil’s long-term foreign currency sovereign credit rating to junk status, that is, to ‘BB+’ from ‘BBB-‘, and its decision to downgrade Brazil’s local currency debt to a single notch above “junk” status. S&P hosted a conference call [...] -
Blog
Credit Rating Agencies and Brazil: Why the S&P’s Rating of Brazil’s Sovereign Debt Is Nonsense
by Felipe Rezende So S&P has downgraded Brazil’s rating on long-term foreign currency debt to junk and lowered its long-term local currency sovereign credit rating to ‘BBB-‘ from ‘BBB+’. First, what are sovereign debt ratings? Standard & Poor’s sovereign rating is defined as follows: A current opinion of the creditworthiness of a sovereign government, where [...] -
Blog
Levy MS Program Now Accepting Applications for Fall 2016
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
Binzagr Institute Inaugural Conference: Sustainable Full Employment and Transformational Technologies
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
Euroland Has No Plan B: It Needs an Urgent Recovery Plan
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
Second Edition of the Modern Money Primer
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
Is Economic Inequality Immoral?
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
Folbre on the Consequences of Ignoring Unpaid Work
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
Working Paper Roundup 8/31/2015
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 [...] -
Conference Proceedings
Europe at the Crossroads: A Union of Austerity or Growth Convergence?
A conference coorganized by the Levy Economics Institute of Bard College and Economia Civile with support from the Ford Foundation, the Friedrich-Ebert-Stiftung, and Marinopoulos AE Athens, Greece November 21–22, 2014 This conference was organized as part of the Levy Institute’s international research agenda and in conjunction with the Ford Foundation Project on Financial Instability, which […]