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Working Paper No. 757Expanding Social Protection in Developing Countries
March 11, 2013 This paper discusses social protection initiatives in the context of developing countries and explores the opportunities they present for promoting a gender-equality agenda and women’s empowerment. The paper begins with...more Publication -
BlogThe Way We Talk (and Don’t Talk) About Money
March 07, 2013 Victoria Chick, a student of Hyman Minsky’s, elaborates on an issue that often strikes non-economists as somewhere between scandalous and baffling: the absence of any substantive acknowledgment of money in much of contemporary economics and economic modelling. (Particularly interesting around the 12:10 mark, where Chick argues that faulty or outdated language in relation to banking [...] Blog -
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What to Do When Reality Refuses to Cooperate With Your Theory, Greek Edition
March 06, 2013 The evident failure of the ongoing austerity and “structural adjustment” experiments in Greece and the rest of the eurozone might have prompted some reconsideration of the intellectual foundations of those policies. Instead, as C. J. Polychroniou observes in his latest policy note, one notable reaction seems to have been to blame the test subjects: In [...] Blog -
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Seminar: William Janeway on Doing Capitalism in the Innovation Economy
February 28, 2013 The Bard Economics Program and the Levy Economics Institute present: William H. Janeway Institute for New Economic Thinking and Warburg Pincus Technology Monday, March 4, 2013 4:45 p.m. Bard College Reem-Kayden Center for Science and Computation (RKC), Room 103 Excerpt from Doing Capitalism: “The Innovation Economy begins with discovery and culminates in speculation. Over some [...] Blog -
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Exiting the Crisis: The Challenge of an Alternative Policy Roadmap
February 27, 2013 A forum organized by the Athens Development and Governance Institute and the Levy Economics Institute — “Exiting the Crisis: The Challenge of an Alternative Policy Roadmap” — will take place in Athens, Greece on March 8–9. The Levy Institute’s Dimitri Papadimitriou, James Galbraith, Jan Kregel, and Rania Antonopoulos are among the academics, journalists, politicians, and [...] Blog -
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On Financial Transaction Taxes and Nonsense-Powered Economic Headwinds
February 25, 2013 Randall Wray joined Suzi Weissman on her “Beneath the Surface” radio show on Friday. They began the interview with a discussion of the policy blunders that are creating headwinds for the US economy, including the expiration of the payroll tax cut, the decline of real per capita government spending, and, as Wray put it, “the [...] Blog -
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Wray, Partnoy, and Brenner on the Economic Crisis
February 24, 2013 Tomorrow at UCLA, Randall Wray, Frank Partnoy, and Robert Brenner will discuss “The Economic Crisis: Causes, Consequences, and What’s Next” as part of the annual colloquium series of the Center for Social Theory and Comparative History. The speakers will consider the origins and results of the ongoing global economic crisis. They will give special attention to [...] Blog -
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It’s Time to Shift the Focus of the Deficit Debate
February 22, 2013 The Congressional Budget Office’s latest report on the budget outlook revealed (perhaps unintentionally) that fixating on Congress and the President as the central players in the federal deficit drama is a mistake. According to the CBO, the path the federal budget deficit will follow over the next 10 years is just as much (if not [...] Blog -
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Legends of the Greek Fall
February 21, 2013 Why has the world’s premiere deficit-reduction laboratory produced such a dismal failure? European leadership still expects the painful über austerity measures imposed on Greece to result in a dramatic improvement of its debt to GDP ratio. But the experiment in endurance is not succeeding for an important reason: Austerity programs have been rooted in myths [...] Blog -
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Budget Wars Roundup
February 19, 2013 A couple of links worth sharing on the politics and policy of the budget debate. First, the Wall Street Journal reports that Alan Simpson and Erskine Bowles are coming out with a new deficit reduction plan, worth $2.4 trillion. If it’s anything like the last plan, every lawmaker will claim to love it, journalists will [...] Blog -
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No, the Euro Crisis Is Not Over. An Interview with Jörg Bibow
February 18, 2013 Jörg Bibow was recently interviewed by CJ Polychroniou in Kyriakatiki Eleftherotypia (Κυριακάτικη Ελευθεροτυπία).* An English transcript of the interview follows: Since Mario Draghi’s announcement last fall that the ECB will intervene with the purchase of government bonds, the euro crisis is in a state of relative calm. Is it over? And if not, what developments [...] Blog -
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More Data on the Golden Age of Postwar Austerity
February 15, 2013 Here’s yet another way of representing the fact that to the extent the United States has a “spending problem,” it is a problem of too little spending. From a speech by Janet Yellen, Vice Chair of the Federal Reserve: … discretionary fiscal policy hasn’t been much of a tailwind during this recovery. In the year following [...] Blog -
Working Paper No. 756
Long-Term Benefits from Temporary Migration
February 14, 2013 Utilizing a nationally representative sample of households from Sri Lanka, this study examines gender differences in the long-term impact of temporary labor migration. We use a propensity score matching (PSM)...more Publication -
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Event: Lewis and Taibbi on Fixing Wall Street
February 14, 2013 Salim B. “Sandy” Lewis in conversation with Matt Taibbi Tuesday, February 19, 7 pm Bard College, Annandale-on-Hudson, NY Room 103, Reem-Kayden Science Building Lewis will explore “Why Fixing Wall Street and the Economy Is Critical to the World” in a discussion with Matt Taibbi, the renowned political and financial columnist for Rolling Stone. The discussion will be moderated by [...] Blog -
Working Paper No. 755
The Economics of Inclusion
February 14, 2013 This paper presents a review of the literature on the economics of shared societies. As defined by the Club de Madrid, shared societies are societies in which people hold an...more Publication -
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Europe’s Perilous Quest for Stability
February 14, 2013 Europe’s currency union is built on two key principles. The first is that the central bank must be independent of political control and its policies squarely focused on maintaining price stability. The second is that fiscal policy must be disciplined and never threaten price stability. Price stability, in turn, is the foundation for economic stability [...] Blog -
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Reverse Pivot?
February 13, 2013 Is the era of the “grand bargain” over? That was the implication of a number of news stories that pre-framed last night’s speech. “When President Obama delivers his State of the Union address Tuesday evening,” wrote the Washington Post‘s Lori Montgomery, “here’s one thing you won’t hear: an ambitious new plan to rein in the national [...] Blog -
Working Paper No. 754
Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
February 11, 2013 Do all types of demand have the same effect on output? To answer this question, I estimate a cointegrated vector autoregressive (VAR) model of consumption, investment, and government spending on...more Publication -
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Master of Science in Economic Theory and Policy
February 11, 2013 Are your student advisees looking for an opportunity to advance their career goals with a graduate degree? The Levy Economics Institute Master of Science in Economic Theory and Policy can help them prepare themselves for responsible positions in government, business, education and research. The M.S. in Economic Theory and Policy degree is designed to meet [...] Blog -
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Can the Deficit Warriors Be Appeased?
February 08, 2013 Over the last few years, there have been significant changes to the federal government’s finances—changes that have had barely any perceptible impact on the budget debate. The federal deficit has been shrinking (from 2009 to 2012) at a faster rate than in any other period since 1937. Most Americans have never lived through more rapid [...] Blog -
Working Paper No. 753
The Missing Macro Link
February 07, 2013 This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework...more Publication -
Working Paper No. 752
Η ανισότητα και η χρηματοοικονομική συμπεριφορά των νοικοκυριών στην «εποχή των καταναλωτών»
February 07, 2013 Θα μπορούσε να περιμένει κανείς ότι η διόγκωση της εισοδηματικής ανισότητας στις ΗΠΑ θα μείωνε την αύξηση της ζήτησης και θα δημιουργούσε τροχοπέδη στην οικονομική ανάπτυξη της χώρας λόγω του...more Publication -
Working Paper No. 752
Inequality and Household Finance during the Consumer Age
February 07, 2013 One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during...more Publication -
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A Progressive Agenda for Greece (Part 2 of an Evening with Syriza)
February 07, 2013 Part 2 of a special event on Greece and the eurozone crisis, featuring top leadership of the official opposition party in Greece, SYRIZA: (1:30) Yiannis Milios, Economic Advisor, SYRIZA, Member of the Political Secretariat of Synaspismos and Professor of Political Economy, National Technical University of Athens (10:15) Rania Antonopolous, Senior Scholar and Director, Gender Equality [...] Blog