Publications
Summary
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Summary Vol. 30, No. 3 | November 2021This issue of the Summary features two Strategic Analyses, which are focused on the United States and Greece. In the report for the United States the likely impact of President Biden’s infrastructure and families plans is examined to highlight persistent structural weaknesses that continue to threaten the US economy’s stability; the report on the Greek economy examines the Greek experience to analyze its state of acute macrofinancial instability and evaluate different policy scenarios for the near term. A public policy brief urges the Biden administration to reconsider its commitment to the “pay-for” approach to budgeting for its social and physical infrastructure packages, while a policy note explains that corporate taxes are poorly suited to either containing inflationary pressures or reducing inequality. Continuing the Institute’s work on tracing the COVID-19 crisis’s impact on inequality, a second policy note assesses the importance of the “emergency benefit” (Auxílio Emergencial) in containing increases in poverty and extreme poverty in Brazil, and analyzes changes in poverty gaps based on race and gender. Working papers in this issue contribute to the literature on whether utilization is endogenous to demand in the long run by examining the potential determinants of capacity utilization over the period 1989–2019; examine the Keynesian nature of the relationship between the short- and long-term interest rate in new models that incorporate the Keynesian approach while allowing other macroeconomic factors, such as the central bank’s policy rate, inflation targets, and inflation expectations to have a role; compare the trajectory of the Souk al-Manakh, an over-the-counter market in Kuwait, to US markets today, where both featured historically low official interest rates and elevated moral hazard; discuss the important turning points in the evolution of Keynes’s business cycle theory; and assesses the fly-paper effects of ecological fiscal transfers in India.
INSTITUTE RESEARCH
The State of the US and World Economies
DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, The Pandemic, the Stimulus, and the Future Prospects for the US Economy
DIMITRI B. PAPADIMITRIOU, CHRISTOS PIERROS, NIKOLAOS RODOUSAKIS, and GENNARO ZEZZA, Restarting the Greek Economy?
YEVA NERSISYAN and L. RANDALL WRAY, Can Biden Build Back Better?
LUIZA NASSIF PIRES, LUÍSA CARDOSO, and ANA LUÍZA MATOS DE OLIVEIRA,
Gender and Race in the Spotlight during the COVID-19 Pandemic: The Impact of the Emergency Benefit on Poverty and Extreme Poverty in Brazil
MICHALIS NIKIFOROS, The Endogeneity-to-Demand of the National Emergency Utilization Rate
Monetary Policy and Financial Structure
TANWEER AKRAM, Multifactor Keynesian Models of the Long-Term Interest Rate
TANWEER AKRAM, A Keynesian Approach to Modeling the Long-Term Interest Rate
FRANK VENEROSO and MARK PASQUALI, The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble
PABLO GABRIEL BORTZ, Keynes’s Theories of the Business Cycle: Evolution and Contemporary Relevance
Economic Policy for the 21st Century
EDWARD LANE and L. RANDALL WRAY, Why President Biden Should Eliminate Corporate Taxes to Build Back Better
AMANDEEP KAUR, RANJAN KUMAR MOHANTY, LEKHA CHAKRABORTY, and DIVY RANGAN, Ecological Fiscal Transfers and State-level Budgetary Spending in India: Analyzing the Flypaper Effects
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Summary Vol. 30, No. 2 | May 2021A trio of publications in this Summary explores how the plumbing of an existing cross-border payment system associated with a private company provides the operational blueprints for a potential revival of John Maynard Keynes’s international clearing union proposal, and how the willingness of central banks to consider electronic currency provides an opening to reconsider this reform. Working papers in this issue argue that once we understand the purposes and incidence of corporate taxation, it is revealed to be a particularly inefficient tax; explain that while Japan, which is occasionally held up as a poster child for Modern Money Theory (MMT), helps demonstrates some of the errors of mainstream thinking concerning sovereign budgeting, policy-wise the country has not been in line with MMT prescriptions; investigate the impact of pandemic-associated daycare closures on the time parents of young children dedicate to caregiving in Turkey; apply Hyman Minsky’s work on public employment programs to demonstrate how jobs that generate socially useful output can help us face today’s challenges and create a greener tomorrow; analyze factors that may explain the gendered differences in household production burdens to identify where policy can help achieve a more egalitarian distribution and reduce women’s time poverty; review three strands of literature on the Palestinian labor market over the past three decades, illustrating how the ongoing conflict in the region impacts decisions around education and employment; build stock-flow consistent (SFC) models for Latin American economies to demonstrate the balance sheet effects of currency depreciation and test the impact of alternative policy scenarios; reflect on Keynes’s writings on the state theory of money, financial markets, and uncertainty; and consider the empirics of long-term bond yields in Mexico.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
LORENZO NALIN and GIULIANO TOSHIRO YAJIMA, Balance Sheet Effects of a Currency Devaluation: A Stock-Flow Consistent Framework for Mexico
SEBASTIAN VALDECANTOS, Argentina’s (Macroeconomic?) Trap: Some Insights from an Empirical Stock-Flow Consistent Model
Program: Monetary Policy and Financial Structure
JAN KREGEL, Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone
JAN KREGEL, Another Bretton Woods Reform Moment: Let Us Look Seriously at the Clearing Union
L. RANDALL WRAY and YEVA NERSISYAN, Has Japan Been Following Modern Money Theory Without Recognizing It? No! And Yes.
TANWEER AKRAM and SYED AL-HELAL UDDIN, The Empirics of Long-Term Mexican Government Bond Yields
JAN KREGEL, The Economic Problem: From Barter to Commodity Money to Electronic Money
TANWEER AKRAM, A Note Concerning Government Bond Yields
Program: Distribution of Wealth and Income
FERNANDO RIOS-AVILA, ABENA D. ODURO, and LUIZA NASSIF PIRES, Intrahousehold Allocation of Household Production: A Comparative Analysis for Sub-Saharan African Countries
Program: Employment Policy and Labor Markets
DANIEL HAIM, What Jobs Should a Public Job Guarantee Provide? Lessons from Hyman P. Minsky
SAMEH HALLAQ, The Palestinian Labor Market over the Last Three Decades
Program: Gender Equality and the Economy
EMEL MEMIŞ and EBRU KONGAR, Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey
Program: Economic Policy for the 21st Century
EDWARD LANE and L. RANDALL WRAY, Is It Time to Eliminate Federal Corporate Income Taxes?
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Summary Vol. 30, No. 1 | February 2021This issue features two strategic analyses: the first finds that while the disbursement of EU funds would help hasten Greece’s recovery, getting closer to the pre-pandemic growth trend requires further fiscal action; the second, for Italy, cautions that the government’s seeming commitment to use European funds to reduce public debt through expenditure cuts aims at the wrong target and projects the impact of an alternative scenario that increases Italy’s public sector employment. Public policy briefs consider the moral hazard of leaving federal fiscal aid to state and local governments dependent on shifting political winds and address the interactions between the COVID-19 crisis and overlapping inequalities in Brazil. Policy notes propose an alternative to fiscal stimulus for COVID-19 relief—one centered on direct “social provisioning” to support a strict lockdown—and use the work of Michał Kalecki to develop a framework for analyzing the impact of government debt management to enable more effective fiscal policy.
Working papers in this issue discuss evidence of inequality in the disproportionate burden the government-mandated shutdowns have placed on Black women in the United States; outline a Minskyan approach to the post-pandemic recovery to meet the challenges that still lay ahead; apply network dynamics observed in ecosystems to investigate the role networks play in stabilizing and destabilizing economic systems; describe the evolution of John Maynard Keynes’s analysis of instability, illustrating that the General Theory is indeed a general theory; focus on the implications of Keynes’s “beauty contest” metaphor in the modern economy; trace the “Kansas City” approach to Modern Money Theory (MMT) from its origins in the mid-1990s through today; apply an MMT approach to an open economy to ascertain its effect in non-dollar economies; and apply a Keynesian perspective to an exploration of bond yields in the UK and Japan. Several papers employ methodologies developed at the Levy Institute. The first two evaluate the quality of match used to create synthetic datasets for studying time poverty effects: one for data used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ethiopia and South Africa and the second evaluates the match for the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Italy; a third applies a version of the Levy Institute’s macrosimulation method developed for South Africa, Turkey, and the United States to create a macro-micro model for assessing the gendered employment impacts of government expenditure. Two final working papers addressing fiscal issues round out this issue: the first evaluates budget credibility at the subnational level in India and the other advocates for fiscal policies grounded in the principles of functional finance to foster equality in Argentina, Brazil, and Mexico.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
DIMITRI B. PAPADIMITRIOU CHRISTOS PIERROS NIKOLAOS RODOUSAKIS and GENNARO ZEZZA, What’s Ahead for the Greek Economy?
Strategic Analysis
DIMITRI B. PAPADIMITRIOU, FRANCESCO ZEZZA, and GENNARO ZEZZA, When Will Italy Recover?
JAN KREGEL, Alternative Macro Policy Response for a Pandemic Recession
HAROLD M. HASTINGS, TAI YOUNG-TAFT, and CHIH-JUI TSEN, Ecology, Economics, and Network Dynamics
Program: Monetary Policy and Financial Structure
JÖRG BIBOW, The General Theory as “Depression Economics”?: Financial Instability and Crises in Keynes’s Monetary Thought
EMILIO CARNEVALI and MATTEO DELEIDI, The Trade-off between Inflation and Unemployment in an MMT World: An Open Economy Perspective
LORENZO ESPOSITO and GIUSEPPE MASTROMATTEO, In the Long Run We Are All Herd: On the Nature and Outcomes of the Beauty Contest
TANWEER AKRAM and HUIQING LI, The Empirics of UK Gilts’ Yields
LEONARDO BURLAMAQUI and ERNANI T. TORRES FILHO, The COVID-19 Crisis: A Minskyan Approach to Mapping and Managing the (Western?) Financial Turmoil
TANWEER AKRAM and HUIQING LI, Some Empirical Models of Japanese Government Bond Yields Using Daily Data
L. RANDALL WRAY, The "Kansas City" Approach to Modern Money Theory
Program: The Levy Institute Measure of Time and Income Poverty
FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ethiopia and South Africa
Program: Distribution of Wealth and Income
LUIZA NASSIF PIRES, LAURA CARVALHO, and EDUARDO RAWET, Multidimensional Inequality and COVID-19 in Brazil
ALEX WILLIAMS, Moral Hazard in a Modern Federation
ERICA ALOÈ, Quality of Statistical Match Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Italy 2008 and 2014 and Preliminary Results
Program: Employment Policy and Labor Markets
MICHELLE HOLDER, JANELLE JONES, and THOMAS MASTERSON, The Early Impact of COVID-19 on Job Losses among Black Women in the United States
Program: Gender Equality and the Economy
JEROME DE HENAU and SUSAN HIMMELWEIT, Developing a Macro-Micro Model for Analyzing Gender Impacts of Public Policy
Program: Immigration, Ethnicity, and Social Structure
SAMEH HALLAQ, First Palestinian Intifada and Intergenerational Transmission of Human Capital
Program: Economic Policy for the 21st Century
LEKHA S. CHAKRABORTY, PINAKI CHAKRABORTY, and RUZEL SHRESTHA, Budget Credibility of Subnational Governments: Analyzing the Fiscal Forecasting Errors of 28 States in India
BENDREFF DESILUS, Fiscal Policy in Argentina, Brazil, and Mexico and the 2030 Agenda for Sustainable Development
Program: Federal Budget Policy
JAN TOPOROWSKI, Debt Management and the Fiscal Balance
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Summary Vol. 29, No. 3 | October 2020This issue of the Summary features a Strategic Analysis focused on Greece’s economy in light of the COVID-19 pandemic. Two public policy briefs also highlight pandemic-related issues, with the first focusing on the impact in Greece in light of deep cuts in healthcare expenditures and the second dealing with the implications with respect to inequality in the United States. The other brief featured in this issue addresses the threats and opportunities represented by cryptocurrencies and related technological innovations. Policy notes also focus on the pandemic’s impact, the first from a Minskyan perspective, another through the lens of the Trump administration’s immigration policy, and a third supporting the job guarantee as a policy for restarting the economy in the post-pandemic era. A final policy note explores the reform of fiscal federalism in the United States, proposing intergovernmental automatic stabilizers for avoiding procyclical cuts at the state and local levels.
Working papers in this issue discuss a stock-flow consistent quarterly model for Italy, detailing the over two-hundred equations that address the missing links between the real and financial sectors; the short-term interest rate’s impact on the long-term rate, with one paper focusing on a general model and another on an empirical model for Brazil; the impact of various institutional factors on educational outcomes in the West Bank; the role of James Dusenberry’s relative income hypothesis and the “keeping-up-with-the-Jonses-effect” in the rise in debt-driven consumption in Turkey; income distribution’s effect on aggregate demand and growth by class and gender, and the role power dynamics between labor and capital play in their determination; the noneconomic sphere’s role in creating the necessary conditions for a properly functioning economic sphere from a feminist-Marxist standpoint; and some theoretical and empirical issues on the accumulation and utilization of capital, highlighting utilization’s role in bridging the gap between mainstream and alternative theories of growth and distribution. -
Summary Vol. 29, No. 2 | June 2020This issue of the Summary features two Strategic Analyses. The first assesses the trends impacting the US economy’s sectoral balances in the context of overvalued asset markets and overleveraged corporate balance sheets; the second, for Greece, identifies the necessary conditions for achieving the government’s campaign promise of 4 percent GDP growth in 2020 and 2021, forecasting that even with an improvement in global conditions, Greece would still need private expenditure to surge to make more meaningful progress toward restoring household economic well-being to its precrisis levels. A policy brief presents an alternative approach to budgeting for the Green New Deal, much like the one outlined in John Maynard Keynes’s 1940 pamphlet, How to Pay for the War, that contrasts traditional questions about the program’s financial affordability with an approach that asks whether there are sufficient real resources that can be marshalled for its implementation.
Working papers included in this issue addresses how Germany’s social and cultural values have affected European integration, while leaving them better able to weather the asymmetric effects of the eurocrisis they played a part in creating; examine four decades of demand shocks and their effect on output and productivity growth to ascertain if the recovery fits Alvin Hansen’s definition of “secular stagnation”; respond to a critique of a 2016 Cambridge Journal of Economics article on utilization in Kaleckian models of growth and distribution; explore two periods of financial instability associated with financial globalization in the modern era and how institutions meant to control financial fragility instead contributed to its development; investigate the Keynesian nature of the relationship between short- and long-term interest rates using data on daily yields of Canadian government securities; present an empirical stock-flow model for Denmark using data for 1995–2016 to demonstrate the effects of real economic behavior on balance sheets and vice versa; extend the Levy Institute’s model for Greece (LIMG) to assess the effectiveness of Greece’s internal devaluation policy; empirically model the wage differential between Palestinians in the West Bank and Gaza Strip based on refugee status; consider previous investigations of the impact of technical progress on employment growth; and question the origin of China’s low fertility rate in an attempt to disentangle the impacts of population control policies from the socioeconomic changes that accompany economic development.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Prospects and Challenges for the US Economy: 2020 and Beyond
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Greece: In Search of Investors
- YEVA NERSISYAN and L. RANDALL WRAY, Can We Afford the Green New Deal?
- GEORGE ZESTOS and RACHEL N. COOKE, Challenges for the EU as Germany Approaches Recession
- MICHALIS NIKIFOROS, Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation
- MICHALIS NIKIFOROS, On the “Utilization Controversy”: A Rejoinder and Some Comments
Program: Monetary Policy and Financial Structure- MARIO TONVERONACHI, Ages of Financial Instability
- TANWEER AKRAM and ANUPAM DAS, The Empirics of Canadian Government Securities Yields
- MIKAEL RANDRUP BYRIALSEN and HAMID RAZA, An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark
Program: Employment Policy and Labor Markets- CHRISTOS PIERROS, A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy
- JESUS FELIPE, DONNA FAYE BAJARO, GEMMA ESTRADA, and JOHN MCCOMBIE, The Relationship between Technical Progress and Employment: A Comment on Autor and Salomons
- SAMEH HALLAQ, Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza
Program: Explorations in Theory and Empirical Analysis- LIU QIANG, FERNANDO RIOS-AVILA, and HAN JIQIN, Is China’s Low Fertility Rate Caused by the Population Control Policy?
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Summary Vol. 29, No. 1 | January 2020This issue of the Summary features L. Randall Wray’s written testimony submitted for a November 20, 2019 hearing before the US House of Representatives’ Budget Committee, where he urged a reexamination of the economic impact of public debt and deficits; prepared by Wray and Yeva Nersisyan, the testimony explains why federal deficits have become the norm in the context of the US economy, argues that they are not only necessary but useful, and advocates strengthening automatic fiscal stabilizers. A working paper, also by Wray, examines state and local government debt through the lens of Modern Money Theory and proposes a new understanding of how the fiscal space available at the federal level can be used to revitalize local economies.
In a related vein, this issue includes two working papers that are part of a series of empirical investigations uncovering evidence for the Keynesian view that the chief determinants of government bond yields are the decisions of monetary policymakers. Tanweer Akram and Huiqing Li inquire into the impact of Japan’s monetary policy on its government bond yields; Akram and Anupam Das extend their earlier work on the short-term interest rate’s influence over the long-term interest rate, this time employing daily data on changes in US Treasury security yields.
In a Research Project Report under the Levy Institute Measure of Time and Income Poverty (LIMTIP) program, Senior Scholar Ajit Zacharias, Research Scholars Thomas Masterson, Fernando Rios-Avila, Michalis Nikiforos, and Kijong Kim, and Research Associate Tamar Khitarishvili present the findings of their study on consumption and time poverty in Ghana and Tanzania, undertaken with the support of the William and Flora Hewlett Foundation.
A working paper under the Gender Equality and the Economy program by Srinivas Raghavendra, Research Scholar Kijong Kim, Sinead Ashe, Mrinal Chadha, Felix Asante, Petri T. Piiroinen, and Nata Duvvury puts forth the results of their study on the macroeconomic impacts of violence against women and girls in Ghana.
Also in this issue, Research Associate Jörg Bibow reviews the evolution of the international monetary and financial architecture against the background of John Maynard Keynes’s original Bretton Woods plan; Lorenzo Esposito and Giuseppe Mastromatteo argue that the faulty assumptions of a particular strand of mainstream theory played a key role in rendering economic systems more fragile; Research Associate Lekha Chakraborty reflects on the future of fiscal federalism in India; and Zengping He and Genliang Jia examine local government debt growth in China—tying it to increased concerns of a Chinese Minsky moment—and argue that the central government should play a more active role in relieving these local burdens.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- TANWEER AKRAM and ANUPAM DAS, An Analysis of the Daily Changes in US Treasury Security Yields
Program: Monetary Policy and Financial Structure- L. RANDALL WRAY, Congressional Testimony
- TANWEER AKRAM and HUIQING LI, The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields
- LEKHA S. CHAKRABORTY, Indian Fiscal Federalism at the Crossroads: Some Reflections
- L. RANDALL WRAY, Fiscal Reform to Benefit State and Local Governments: The Modern Money Theory Approach
- JÖRG BIBOW, Evolving International Monetary and Financial Architecture and the Development Challenge: A Liquidity Preference Theoretical Perspective
- LORENZO ESPOSITO and GIUSEPPE MASTROMATTEO, Defaultnomics: Making Sense of the Barro-Ricardo Equivalence in a Financialized World
- ZENGPING HE and GENLIANG JIA, Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
Program: The Levy Institute Measure of Time and Income Poverty- AJIT ZACHARIAS, THOMAS MASTERSON, FERNANDO RIOS-AVILA, MICHALIS NIKIFOROS, KIJONG KIM, and TAMAR KHITARISHVILI, Macroeconomic and Microeconomic Impacts of Improving Physical and Social Infrastructure: A Macro-Micro Policy Model for Ghana and Tanzania
Program: Gender Equality and the Economy- SRINIVAS RAGHAVENDRA, KIJONG KIM, SINEAD ASHE, MRINAL CHADHA, FELIX ASANTE, PETRI T. PIIROINEN, and NATA DUVVURY, The Macroeconomic Loss Due to Violence against Women and Girls: The Case of Ghana
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Summary Vol. 28, No. 3 | September 2019This issue of the Summary features a Strategic Analysis identifying the four main structural problems for the US economy and how the feedback effects between them explain the 2007–9 crisis and account for the weak recovery that followed, as well as offering an estimate of the macroeconomic benefits of recent proposals designed to reduce inequality through changes in tax policy. Two policy notes explore the reform of the international financial system undertaken to address global imbalances, and present a proposal to increase the supply of safe European assets to remedy imbalances inherent in the eurozone setup.
Working papers included in this issue estimate the costs of the Green New Deal in terms of resource requirements; examine the spread between 10-year Treasury notes and the federal funds rate to gain a better understanding of when to reduce interest rates to prevent recessions; extend the concept of “shifting involvements” to the relationship between capital and labor to ascertain its effects on distribution and growth; consider the basic principles behind our understanding of money and how to apply them to money’s democratization; focus on fiscal policy’s role in stabilization following a shock; trace the evolution of China’s monetary policy framework to assess the effects of recent reforms; outline experiments with economic planning in the United States and France in the early 20th century to determine their applicability in modern capitalist societies; evaluate the effects of the education-occupation mismatch on both employees and employers; assess obesity’s impact on wages; and investigate changes in inequality in the United States using recentered influence functions.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Can Redistribution Help Build a More Stable Economy?
- JAN KREGEL, Global Imbalances and the Trade War
- PAOLO SAVONA, A Proposal to Create a European Safe Asset
- L. RANDALL WRAY and YEVA NERSISYAN, How to Pay for the Green New Deal
- HAROLD HASTINGS, TAI YOUNG-TAFT, and THOMAS WANG, When to Ease Off the Brakes (and Hopefully Prevent Recessions)
- MICHALIS NIKIFOROS, Induced Shifting Involvements and Cycles of Growth and Distribution
Program: Monetary Policy and Financial Structure- JAN KREGEL, Democratizing Money
- PLAMEN NIKOLOV and PAOLO PASIMENI, Fiscal Stabilization in the United States: Lessons for Monetary Unions
- ZENGPING HE and GENLIANG JIA, An Institutional Analysis of China’s Reform of their Monetary Policy Framework
- FERNANDO CARDIM DE CARVALHO, Economic Planning under Capitalism: The New Deal and Postwar France Experiments
Program: Employment Policy and Labor Markets- FERNANDO RIOS-AVILA, It Pays to Study for the Right Job: Exploring the Causes and Consequences of Education-Occupation Job Mismatch
Program: Distribution of Wealth and Income- FERNANDO RIOS-AVILA, A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection
- FERNANDO RIOS-AVILA, Recentered Influence Functions in Stata: Methods for Analyzing the Determinants of Poverty and Inequality
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Summary Vol. 28, No. 2 | April 2019This issue of the Summary features a public policy brief that considers the flaws in the eurozone’s settlement and payment system and a policy note that revisits the fall of Lehman Brothers ten years later.
Working papers included in this issue discuss the construction of stock-flow-consistent models that consider the specific features of the economy they are built to examine; investigate the role of social institutions in investment decisions under capitalism; compare Hyman Minsky’s and Lauchlin Curry’s positions on monetary economics; explore the evolution of central bank profits as fiscal revenue; assess the scope, successes, and shortcomings of social programs in Mexico and Argentina; and evaluate the impact of gender budgeting on gender equality and fiscal spending in Asia Pacific countries.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- GENNARO ZEZZA and FRANCESCO ZEZZA, On the Design of Empirical Stock-Flow-Consistent Models
Program: Monetary Policy and Financial Structure- JAN KREGEL, Globalization, Nationalism, and Clearing Systems
- JAN KREGEL, Preventing the Last Crisis: Minsky’s Forgotten Lessons Ten Years after Lehman
- SUNANDA SEN, Investment Decisions under Uncertainty
- IVÁN D. VELASQUEZ, Two Harvard Economists on Monetary Economics: Lauchlin Currie and Hyman Minsky on Financial Systems and Crises
- JÖRG BIBOW, Unconventional Monetary Policies and Central Bank Profits: Seigniorage as Fiscal Revenue in the Aftermath of the Global Financial Crisis
Program: Gender Equality and the Economy- MARTHA TEPEPA, Social Policy in Mexico and Argentina
Program: Employment Policy and Labor Markets- LEKHA S. CHAKRABORTY, MARIAN INGRAMS, and YADAWENDRA SINGH, Macroeconomic Policy Effectiveness and Inequality: Efficacy of Gender Budgeting in Asia Pacific
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Summary Vol. 28, No. 1 | January 2019This issue of the Summary features a strategic analysis for Greece, analyzing the sources of the current turnaround in growth and the prospects for increasing the pace of the recovery. A public policy brief in the Distribution of Income and Wealth program updates the Levy Institute Measure of Economic Well-Being (LIMEW) through 2013 to provide a comprehensive assessment of household living standards in the United States, while a research project in the same program applies the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) to Ghana and Tanzania to highlight the role of time constraints in an attempt to meaningfully inform poverty reduction strategies.
Working papers included in this issue consider the transition processes in the countries of the former Soviet Union; reflect on Germany’s dominant role in the European Union and its implications for the stability of the eurozone as a whole; explore what the euro’s German roots mean for the future of the European Monetary Union; investigate the drivers of long-term bond yields in Australia; assess the quality of statistical matches and enumerate the data sources for the LIMEW update; and examine employment trends since the Great Recession, with a focus on the narrowing of the employment–population ratio gap between black and white workers.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Can Greece Grow Faster?
- LIUDMILA MALYSHAVA, External Instability in Transition: Applying Minsky’s Theory of Financial Fragility to International Markets
Program: Monetary Policy and Financial Structure- IGNACIO RAMIREZ CISNEROS, German Economic Dominance within the Eurozone and Minsky’s Proposal for a Shared Burden between the Hegemon and Core Economic Powers
- JÖRG BIBOW, Twenty Years of the German Euro Are More than Enough
- TANWEER AKRAM and ANUPAM DAS, Australian Government Bonds’ Nominal Yields: An Empirical Analysis
Program: The Distribution of Income and Wealth- AJIT ZACHARIAS, THOMAS MASTERSON, and FERNANDO RIOS-AVILA, Stagnating Economic Well-Being and Unrelenting Inequality: Post-2000 Trends in the United States
- AJIT ZACHARIAS, THOMAS MASTERSON, FERNANDO RIOS-AVILA, KIJONG KIM, and TAMAR KHITARISHVILI, The Measurement of Time and Consumption Poverty in Ghana and Tanzania: The Levy Institute Measure of Time and Consumption Poverty
- FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Using the American Time Use Survey 2013, the Survey of Consumer Finances 2013, and the Annual Social and Economic Supplement 2014
- AJIT ZACHARIAS, THOMAS MASTERSON, and FERNANDO RIOS-AVILA, The Sources and Methods Used in the Creation of the Levy Institute Measure of Economic Well-Being for the United States, 1959–2013
Program: Employment Policy and Labor Markets- THOMAS MASTERSON, Black Employment Trends since the Great Recession
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Summary Vol. 27, No. 3 | September 2018This issue of the Summary features a public policy brief discussing the European Commission’s proposal for regulating sovereign bond-backed securities (SBBS) and presents an alternative approach to addressing the problems that are supposed to be solved by an SBBS scheme. Three policy notes also are included. The first focuses on the nexus between wage employment, consumption poverty, and time deficits, particularly as they affect women’s economic empowerment, while the other two consider the impacts of a federally funded and locally administered Public Service Employment (PSE) program. A research project report provides details on the full scope of the PSE proposal.
Working papers included in this issue present a critical discussion of the Sraffian supermultiplier approach to growth and distribution; analyze the macroeconomic implications of corporate debt in Latin America; consider the costs of the failure of state-managed intervention in financial markets and the increase in moral hazard in the period following the fall of the Berlin Wall; investigate the dynamics of bond yields in Japan; employ a historic perspective to evaluate how supposedly stable and efficient markets embark on disequilibrium paths; examine the impetus behind the increase in household debt relative to consumption; evaluate popular New Deal–era programs through the lens of the evolving definition of “liberal democracy”; and suggest a blueprint for implementing a job guarantee program, with an appendix addressing a list of frequently asked questions about the costs and benefits of such a program.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- MICHALIS NIKIFOROS, Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution
- ESTEBAN PÉREZ CALDENTEY, NICOLE FAVREAU-NEGRONT, and LUIS MÉNDEZ LOBOS, Corporate Debt in Latin America and Its Macroeconomic Implications
Program: Monetary Policy and Financial Structure
- MARIO TONVERONACHI, European Sovereign Bond-Backed Securities: An Assessment and an Alternative Proposal
- W. LEE HOSKINS and WALKER F. TODD, Twenty Years after the Fall of the Berlin Wall: Rethinking the Role of Money and Markets in the Global Economy
- TANWEER AKRAM and HUIQING LI, The Dynamics of Japanese Government Bonds’ Nominal Yields
- FRANK VENEROSO, The Economics of Instability: An Abstract of an Excerpt
Program: The Distribution of Income and Wealth
- THOMAS MASTERSON and AJIT ZACHARIAS, Wage Employment and the Prospects of Women’s Economic Empowerment: Some Lessons from Ghana and Tanzania
- J. W. MASON, Income Distribution, Household Debt, and Aggregate Demand: A Critical Assessment
Program: Employment Policy and Labor Markets
- L. RANDALL WRAY, FLAVIA DANTAS, SCOTT FULLWILER, PAVLINA R. TCHERNEVA, and STEPHANIE A. KELTON, Public Service Employment: A Path to Full Employment
- L. RANDALL WRAY, A Consensus Strategy for a Universal Job Guarantee Program
- L. RANDALL WRAY, FLAVIA DANTAS, SCOTT FULLWILER, PAVLINA R. TCHERNEVA, and STEPHANIE A. KELTON, Guaranteed Jobs through a Public Service Employment Program
- JOHN F. HENRY, Reflections on the New Deal: The Vested Interests, Limits to Reform, and the Meaning of Liberal Democracy
- PAVLINA R. TCHERNEVA, The Job Guarantee: Design, Jobs, and Implementation
INSTITUTE NEWS
- Fernando Cardim de Carvalho
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Summary Vol. 27, No. 2 | April 2018This issue of the Summary opens with a policy note regarding the predictions of an impending Chinese “Minsky moment” and the far more likely prospect of another crisis in the United States. It also presents the results of a research project investigating the macroeconomic impact of a one-time cancellation of existing US student loan debt.
Working papers included in this issue examine Hyman Minsky’s and Abba Lerner’s writings on the functional finance approach to fiscal policy; the forces underlying the gender pay gap in the countries of the former Soviet Union; and the impact of corporate taxes on capital and labor in a modern, open economy. The issue closes with a look at the newest book in the Levy Institute Book Series, a compilation of essays dedicated to classical political economist, Alessandro Roncaglia.
INSTITUTE RESEARCH
Program: Monetary Policy and Financial Structure- L. RANDALL WRAY, Does the United States Face Another Minsky Moment?
- L. RANDALL WRAY, Functional Finance: A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner
Program: Gender Equality and the Economy- TAMAR KHITARISHVILI, Gender Pay Gaps in the Former Soviet Union: A Review of the Evidence
Program: Economic Policy for the 21st Century- SCOTT FULLWILER, STEPHANIE A. KELTON, CATHERINE RUETSCHLIN, and MARSHALL STEINBAUM, The Macroeconomic Effects of Student Debt Cancellation
- SAMIKSHA AGARWAL and LEKHA S. CHAKRABORTY, Corporate Tax Incidence in India
INSTITUTE NEWS
New Books in the Levy Institute Book Series- Classical Economics Today: Essays in Honor of Alessandro Roncaglia, edited by MARCELLA CORSI, JAN KREGEL, and CARLO D’IPPOLITI
Upcoming Events- 27th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
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Summary Vol. 27, No. 1 | January 2018This issue of the Summary opens with a public policy brief that suggests looking to the postwar clearing union proposals made by John Maynard Keynes and Richard Kahn for insight into possible reforms of the current eurozone financial system. Two policy notes featured in this issue focus on current policy in the United States: the first addresses the feasibility of the Trump administration’s campaign promises to the middle class; and the second calls for the implementation of a universal single-payer health system. A third policy note argues that the relationship between time poverty and income poverty must be recognized in policy creation if the UN’s Sustainable Development Goals are to be met.
Working papers included in this issue: examine the determinants of long-term interest rates for US Treasury securities; build a stock-flow consistent model to assess the relationship between quantitative easing and economic instability; use the Minskyan concept of financial fragility to assess the financial soundness of electricity distribution companies in Brazil; discuss the origins of the “science” of economics from its beginnings in the political economy of Adam Smith; survey Minsky’s contributions to the financialization literature for answers to today’s pressing economic issues; and suggest the application of strategies for containing disease epidemics to reduce the socioeconomic costs of unemployment.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- JAN KREGEL, A Two-Tier Eurozone or a Euro of Regions? A Radical Proposal Based on Keynes’s Clearing Union
- TANWEER AKRAM and HUIQING LI, An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
Program: Monetary Policy and Financial Structure- JAN KREGEL, The Concert of Interests in the Age of Trump
- CAMERON HAAS and TAI YOUNG-TAFT, Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework
- ERNANI TEIXEIRA TORRES FILHO, NORBERTO MONTANI MARTINS, and CAROLINE YUKARI MIAGUTI, Minsky’s Financial Fragility: An Empirical Analysis of Electricity Distribution Companies in Brazil (2007–15)
- OSCAR VALDES VIERA, The Neoclassicals’ Conundrum: If Adam Smith is the Father of Economics, It Is a Bastard Child
- CHARLES WHALEN, Understanding Financialization: Standing on the Shoulders of Minsky
Program: The Distribution of Wealth and Income- AJIT ZACHARIAS, How Time Deficits and Hidden Poverty Undermine the Sustainable Development Goals
Program: Economic Policy for the 21st Century- L. RANDALL WRAY, Why the Compulsive Shift to Single Payer? Because Healthcare Is Not Insurable
- PAVLINA TCHERNEVA, Unemployment: The Silent Epidemic
INSTITUTE NEWS
Upcoming Events- 27th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS- Recent Levy Institute Publications
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Summary Vol. 26, No. 3 | September 2017This issue of the Summary opens with a Strategic Analysis that uses the Institute’s stock-flow model to assess the effect of the Trump administration’s policy promises on the recovery from the Great Recession. A policy note investigates the trends in income inequality in the United States over the past four decades.
Working papers included in this issue examine the literature on stock-flow consistent macroeconomic models; the determinants of government bond yields for the eurozone; the potential job-creation effects of the Trump administration’s proposed infrastructure investment; the role of trust in an issuer’s promise of redemption in the valuation of monetary instruments; Germany’s rejection of Keynesianism as the root of the eurozone’s economic woes; the quality of a synthetic dataset that seeks to provide complete information on household demographics in Turkey; the gender divisions of time use in Turkey and how they change over the life cycle; macroeconomic conditions in the United States during the Great Recession and their effect on time use in households with children; and the impact of public spending on economic development in G-20 countries.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- MICHALIS NIKIFOROS and GENNARO ZEZZA, The Trump Effect: Is This Time Different?
- PAVLINA R. TCHERNEVA, Inequality Update: Who Gains When Income Grows?
- MICHALIS NIKIFOROS and GENNARO ZEZZA, Stock-flow Consistent Macroeconomic Models: A Survey
- TANWEER AKRAM AND ANUPAM DAS, The Dynamics of Government Bond Yields in the Eurozone
- PAVLINA R. TCHERNEVA, Trump’s Bait and Switch: Job Creation in the Midst of Welfare State Sabotage
Program: Monetary Policy and Financial Structure- ÉRIC TYMOIGNE, On the Centrality of Redemption: Linking the State and Credit Theories of Money through a Financial Approach to Money
- JÖRG BIBOW, How Germany’s Anti-Keynesianism Has Brought Europe to Its Knees
Program: The Distribution of Income and Wealth- ÖZLEM ALBAYRAK and THOMAS MASTERSON, Quality of Statistical Match of Household Budget Survey and SILC for Turkey
Program: Gender Equality and the Economy- EBRU KONGAR and MARK PRICE, Gender, Socioeconomic Status, and Time Use of Married and Cohabiting Parents during the Great Recession
- EBRU KONGAR and EMEL MEMIŞ, Gendered Patterns of Time Use over the Life Cycle: Evidence from Turkey
Program: Economic Policy for the 21st Century- HORST HANUSCH, LEKHA S. CHAKRABORTY, and SWATI KHURANA, Fiscal Policy, Economic Growth, and Innovation: An Empirical Analysis of G20 Countries
INSTITUTE NEWS- New Research Scholar
- A Note on the Summary
Save the Date- 27th Annual Hyman P. Minsky Conference
PUBLICATIONS AND PRESENTATIONS- Recent Levy Institute Publications
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Summary Vol. 26, No. 2 | April 2017
This issue of the Summary opens with a policy brief that examines the move by Brazil’s Temer administration to impose a radical, two-decades-long public spending freeze aimed at boosting business confidence and investment, and explains why this fiscal strategy is flawed.
Working papers included in this issue investigate the long-run determinants of government bond yields in India; expansionary austerity theory; the Federal Reserve’s announced policy of “normalization”; money’s role in the modern economy; the effects of the Great Recession on the well-being of different racial groups in the United States; why abstractions are necessary for understanding complex economic and social realities; and the economic impacts of expanding the social care sector in Turkey. The issue closes with a policy brief that argues that the current unemployment rate provides an inaccurate picture of the health of the labor market, and that the common narrative attributing shrinking labor force engagement to aging demographics is overstated.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- FERNANDO J. CARDIM DE CARVALHO, Brazil Still in Troubled Waters
Program: Monetary Policy and Financial Structure
- TANWEER AKRAM and ANUPAM DAS, The Long-run Determinants of Indian Government Bond Yields
- ALBERTO BOTTA, The Short- and Long-run Inconsistency of the Expansionary Austerity Theory: A Post-Keynesian/Evolutionist Critique
- JAN KREGEL, Financial Stability and Secure Currency in a Modern Context
- FLAVIA DANTAS, Normalizing the Fed Funds Rate: The Fed’s Unjustified Rationale
Program: Distribution of Income and Wealth
- THOMAS MASTERSON, AJIT ZACHARIAS, FERNANDO RIOS-AVILA, and EDWARD N. WOLFF, The Great Recession and Racial Inequality: Evidence from Measures of Economic Well-Being
- MICHALIS NIKIFOROS, Distribution-led Growth through Methodological Lenses
Program: Gender Equality and the Economy
- KIJONG KIM, İPEK İLKKARACAN, and TOLGA KAYA, Investing in Social Care Infrastructure and Employment Generation: A Distributional Analysis of the Care Economy in Turkey
Program: Employment Policy and Labor Markets
- FLAVIA DANTAS and L. RANDALL WRAY, Full Employment: Are We There Yet?
INSTITUTE NEWS
Upcoming Events
- 26th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
Recent Levy Institute Publications
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Summary Vol. 26, No. 1 | January 2017
This issue of the Summary opens with a strategic analysis for Greece. Using alternative policy scenarios, the authors demonstrate that cleaning up the government’s arrears accounts and boosting public investment would improve GDP growth, but that growth and employment would best be promoted through the implementation of a direct job creation program underwritten by an innovative financing mechanism.
Also in this issue: a policy note examines US Current Population Survey data for 2001–13 to identify the impact of state-level immigration rates on the native-born unemployed; a related paper provides a more in-depth look at the data and methodology used in the study. Other papers evaluate the impact of rule-based fiscal controls on public investment at the state level in India; the impact of incorporating gender criteria into the fiscal devolution formula proposed by India’s 14th Finance Commission; alternatives for increasing the effectiveness of banking supervision, including the use of a global cap rule to break up large banks; and the effects of employment gains on household production in Ghana and Tanzania using the Levy Institute Measure of Time and Consumption Poverty.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Greece: Getting Out of the Recession
- PINAKI CHAKRABORTY, Federalism, Fiscal Space, and Public Investment Spending: Do Fiscal Rules Impose Hard Budget Restraints?
Program: Monetary Policy and Financial Structure
- GIUSEPPE MASTROMATTEO and LORENZO ESPOSITO, Minsky at Basel: A Global Cap to Build an Effective Postcrisis Banking Supervision Framework
Program: Distribution of Income and Wealth
- FERNANDO RIOS-AVILA, 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
- THOMAS MASTERSON, KIJONG KIM, and FERNANDO RIOS-AVILA, Simulations of Employment for Individuals in LIMTCP Consumption-poor Households in Tanzania and Ghana, 2012
Program: Immigration, Ethnicity, and Social Structure
- FERNANDO RIOS-AVILA and GUSTAVO CANAVIRE-BACARREZA, The Impact of Immigration on the Native-born Unemployed
- FERNANDO RIOS-AVILA and GUSTAVO CANAVIRE-BACARREZA, Unemployed, Now What? The Effect of Immigration on Unemployed Transitions of Native-born Workers in the United States
Program: Economic Policy for the 21st Century
- ABHISHEK ANAND and LEKHA S. CHAKRABORTY, Engendering Intergovernmental Transfers: Is There a Case for Gender-sensitive Horizontal Fiscal Equalization?
INSTITUTE NEWS
Upcoming Events
- 26th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
Call for Papers
- Gender and Macroeconomics Workshop
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Summary Vol. 25, No. 3 | October 2016
This issue opens with a policy note that traces the “narrow path” ahead for Brazil as the country struggles through a joint economic and political crisis that has paralyzed its policymaking apparatus and constrained its fiscal and monetary policy space. Two related papers examine the role played by Greece’s public debt in that country’s economic crisis and the failure of austerity to achieve debt stabilization; and the feasibility of introducing fiscal currencies to restore fiscal space in Greece and other countries in the eurozone periphery. The lessons we could have learned from the 1930s New Deal in dealing with the recent global recession are outlined in a public policy brief.
The issue also includes working papers on the origins of financialization; the European Central Bank’s monetary policies from the euro’s inception to the present; an analysis of the ECB’s options for achieving its price stability mandate; the drivers of long-term interest rates in the United States; Japan’s ongoing liquidity trap; the origins and nature of money as a “creature of the state”; and time and income poverty in Buenos Aires, Argentina.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- FERNANDO J. CARDIM DE CARVALHO, The Narrow Path for Brazil
- APOSTOLOS FASIANOS, DIEGO GUEVARA, and CHRISTOS PIERROS, Have We Been Here Before? Phases of Financialization within the 20th Century in the United States
- MICHALIS NIKIFOROS, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, The Greek Public Debt Problem
- MASSIMO AMATO, LUCA FANTACCI, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, Going Forward from B to A? Proposals for the Eurozone Crisis
Program: Monetary Policy and Financial Structure
- JAN KREGEL, What We Could Have Learned from the New Deal in Confronting the Recent Global Recession
- JÖRG BIBOW, From Antigrowth Bias to Quantitative Easing: The ECB’s Belated Conversion?
- WARREN MOSLER and DAMIANO B. SILIPO, Maximizing Price Stability in a Monetary Economy
- TANWEER AKRAM and HUIQING LI, The Empirics of Long-Term US Interest Rates
- TANWEER AKRAM, Japan’s Liquidity Trap
- PAVLINA R. TCHERNEVA, Money, Power, and Monetary Regimes
Program: The Distribution of Income and Wealth
- RANIA ANTONOPOULOS, VALERIA ESQUIVEL, THOMAS MASTERSON, AND AJIT ZACHARIAS, Measuring Poverty in the Case of Buenos Aires: Why Time Deficits Matter
INSTITUTE NEWS
- New Research Associate
Save the Date
- 26th Annual Hyman P. Minsky Conference
PUBLICATIONS AND PRESENTATIONS
- Recent Levy Institute Publications
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Summary Vol. 25, No. 2 | March 2016
This issue includes two strategic analyses: one for the United States and one for Greece. The first reports that the US recovery continues to be hampered by structural weaknesses—rising income inequality, weak demand for US exports, and fiscal conservatism—while external risks include sluggish growth in US trading partners, dollar appreciation, and asset price declines. Turning to Greece, the medium-term outlook under the current policy regime continues to be bleak, and while efforts to spur investment could provide a measure of growth, these will not produce the levels of growth and employment needed to put the country on a sustainable path. The authors argue for a complementary currency (the Geuro) to fund a job creation program while honoring Greece’s commitments. A related policy note investigates Switzerland’s successful use of a complementary currency, emphasizing its countercyclical role in stabilizing the economy and supporting demand.
The Summaryalso includes new research on trends associated with economic stagnation and economic inequality in the United States, the current upheaval in the Brazilian economy, and the impacts of austerity on the redistribution of income in Europe. Other publications address the factors driving low central bank interest rates globally, the emergence of financial Dutch disease in Colombia, and arguments supporting functional finance as a pragmatic alternative to mainstream policy prescriptions. Gender equality issues are explored in an analysis of the conditions in Central Asia, the South Caucasus, and the Western CIS, and in a second paper examining methods to measure gender inequality. Prospective changes to the US Census’s collection of information on race, ancestry, and ethnicity are discussed in a policy note. The issue closes with a new paper on the application of graph theory to stock-flow consistent modeling.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Destabilizing an Unstable Economy
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, How Long Before Growth and Employment Are Restored in Greece?
- DIMITRI B. PAPADIMITRIOU, Complementary Currencies and Economic Stability
- JORDAN BRENNAN, Rising Corporate Concentration, Declining Trade Union Power, and the Growing Income Gap: American Prosperity in Historical Perspective FERNANDO J. CARDIM DE CARVALHO, Looking Into the Abyss? Brazil at the Mid-2010s
- MARKUS P. A. SCHNEIDER, STEPHEN KINSELLA, and ANTOINE GODIN, Redistribution in the Age of Austerity: Evidence from Europe, 2006–13
Program: Monetary Policy and Financial Structure
- TANWEER AKRAM, The Malady of Low Global Interest Rates
- ALBERTO BOTTA, ANTOINE GODIN, AND MARCO MISSAGLIA, Finance, Foreign Direct Investment, and Dutch Disease: The Case of Colombia
- GIUSEPPE MASTROMATTEO and LORENZO ESPOSITO, The Two Approaches to Money: Debt, Central Banks, and Functional Finance
Program: Gender Equality and the Economy
- BHAVYA AGGARWAL and LEKHA S. CHAKRABORTY, The 2030 Sustainable Development Goals and Measuring Gender Inequality: A Technical Articulation for Asia-Pacific
- TAMAR KHITARISHVILI, Gender Dimensions of Inequality in the Countries of Central Asia, South Caucasus, and Western CIS
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN and PATRICK NEVADA, The US Census Asks About Race and Ethnicity: 1980–2020
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- MIGUEL CARRIÓN ÂLVAREZ and DIRK EHNTS, The Roads Not Taken: Graph Theory and Macroeconomic Regimes in Stock-flow Consistent Modeling
INSTITUTE NEWS
Workshop
- Gender and Macroeconomics: Current State of Research and Future Directions
Upcoming Events
- 25th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 25, No. 1 | January 2016
The Winter 2016 Summary opens with a policy brief discussing the implications for euro-area member-states’ fiscal rules should the European Central Bank (ECB) advance the project of a single financial market through the creation of debt certificates. A policy note follows with proposals to ensure that the most recent round of recapitalizations of Greek banks does not repeat past mistakes and instead promotes a healthier banking sector in Greece. This issue also contains working papers on topics including financial Dutch disease, the performance of the ECB, full reserve banking, bank leverage ratios, and the management of high public debt levels, as well as analyses of monetary financing of public spending in Canada and the secular stagnation debate. A research project report compares the economic impact of public investment in early childhood care and education programs in Turkey, and a policy note investigates demographic factors accompanying labor force participation trends in the United States. Finally, the issue includes synopses of three new books by Institute scholars. The first is a collection of studies on the impact of financial regulation in the European Union, focusing on eight national economies. The second is an update of a primer on Modern Money Theory, and the second volume provides an accessible and rigorous introduction to the contributions of Distinguished Scholar Hyman P. Minsky.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- MARIO TONVERONACHI, The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
- EMILIOS AVGOULEAS and DIMITRI B. PAPADIMITRIOU, What Should Be Done with Greek Banks to Help the Country Return to a Path of Growth?
- ALBERTO BOTTA, The Macroeconomics of a Financial Dutch Disease
- ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Integration, Spurious Convergence, and Financial Fragility: A Post-Keynesian Interpretation of the Spanish Crisis
- JÖRG BIBOW, The Euro’s Savior? Assessing the ECB’s Crisis Management Performance and Potential for Crisis Resolution
Program: Monetary Policy and Financial Structure
- PATRIZIO LAINÀ, Money Creation under Full-reserve Banking: A Stock-flow Consistent Model
- EMILIOS AVGOULEAS, Bank Leverage Ratios and Financial Stability: A Micro- and Macroprudential Perspective
- JOSH RYAN-COLLINS, Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75
Program: The Distribution of Income and Wealth
- ECKHARD HEIN, Secular Stagnation or Stagnation Policy? Steindl after Summers
Program: Gender Equality and the Economy
- İPEK İLKKARACAN, KIJONG KIM, and TOLGA KAYA, The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty: The Turkish Case
Program: Policy and Labor Markets
- FERNANDO RIOS-AVILA, Losing Ground: Demographic Trends in US Labor Force Participation
Program: Economic Policy in the 21st Century
- PEDRO LEAO, Is a Very High Public Debt a Problem?
INSTITUTE NEWS
- New Scholars
New Books by Levy Institute Scholars
- Financial Regulation in the European Union, edited by Rainer Kattel, Jan Kregel, and MARIO TONVERONACHI
- Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, by L. RANDALL WRAY
- Why Minsky Matters: An Introduction to the Work of a Maverick Economist, by L. RANDALL WRAY
Upcoming Events
- Gender and Macroeconomics Conference
- 25th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
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Summary Vol. 24, No. 3 | October 2015
This issue includes the two most recent strategic analyses, for Greece and the United States. The Levy Institute Macro Modeling Team argues that Greece cannot return to economic growth under austerity. The strategic analysis of the US economy follows, and shows that economic growth could easily be undermined by such things as a rising dollar, fiscal austerity, and deepening income inequality. A policy note offers arguments for a pragmatic debt reduction and reconstruction plan for Greece following the historical example of the Marshall Plan in Germany. Two policy notes take up the issue of inequality in the United States. The first examines the distribution of income in the postwar period and the second examines trends in real wages by demographic characteristics. Drawing on the work of Distinguished Scholar Wynne Godley, a nonbehavioral theory of savings is proposed to explain recent developments in the US economy and the challenges it faces going forward. A discussion of the lack of capital development in the increasingly financialized economies of the United States and the UK provides prescriptions for sustainable, inclusive growth.
Turning to the ongoing crisis in Europe, this issue offers a perspective on Germany’s insistence on austerity as a strategy to advance political integration. A new paper analyzes the impact of a euro exit on trade, growth, employment, and wages in light of the historical experience of currency devaluations. And a Euro Treasury, as a means to repair a basic flaw in the euro and support growth, is proposed. The issue also includes several discussions of clearing unions using local currencies to address deficiencies in the current financial system for emerging economies. Further examining the experience in the emerging BRICs economies, John Maynard Keynes’s observations on the relationship between short- and long-term interest rates is confirmed in an analysis of India’s government bond yields. Wage inequality trends in Bolivia are also analyzed in a working paper.
Contributing to our historical understanding of the origins of money, a new paper explores the historical development of class society and money in the ancient societies of Greece and Egypt. The inclusion of unpaid forms of work currently excluded from satellite accounts is reviewed and found to be an obstacle to accurate analysis and sound policy development. The issue concludes with a study that offers both a methodological contribution and substantive guidance for policies and programs aimed at improving the health of children and families.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Greece: Conditions and Strategies for Economic Recovery
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Fiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy
- SUNANDA SEN, The BRICS Initiatives in the Current Global Conjuncture: An Assessment in the Context of the IMF Rulings for Greece
- PAVLINA R. TCHERNEVA, When a Rising Tide Sinks Most Boats: Trends in US Income Inequality
- MICHALIS NIKIFOROS, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, The Greek Public Debt Problem
- MICHALIS NIKIFOROS, A Nonbehavioral Theory of Saving
- JÖRG BIBOW, Making the Euro Viable: The Euro Treasury Plan
- RICCARDO REALFONZO and ANGELANTONIO VISCIONE, The Effects of a Euro Exit on Growth, Employment, and Wages
Program: Monetary Policy and Financial Structure
- JAN KREGEL, Emerging Market Economies and the Reform of the International Financial Architecture: Back to the Future; Emerging Markets and the International Financial Architecture: A Blueprint for Reform
- JAN KREGEL, Europe at the Crossroads: Financial Fragility and the Survival of the Single Currency
- GREG HANNSGEN and TAI YOUNG-TAFT, Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model: The Unit of Account, Inflation, Leverage, and Financial Fragility
- MARIANA MAZZUCATO and L. RANDALL WRAY, Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis
- TANWEER AKRAM and ANUPAM DAS, Does Keynesian Theory Explain Indian Government Bond Yields?
- ALLA SEMENOVA and L. RANDALL WRAY, The Rise of Money and Class Society: The Contributions of John F. Henry
Program: The Distribution of Income and Wealth
- FERNANDO RIOS-AVILA, A Decade of Declining Wages: From Bad to Worse
- GUSTAVO CANAVIRE-BACARREZA and FERNANDO RIOS-AVILA, On the Determinants of Changes in Wage Inequality in Bolivia
Program: Economic Policy in the 21st Century
Explorations in Theory and Empirical Analysis
- TAI YOUNG-TAFT, Marx’s Theory of Money and 21st-century Macrodynamics
- TAMAR KHITARISHVILI, FERNANDO RIOS-AVILA, and KIJONG KIM, Direct Estimates of Food and Eating Production Function Parameters for 2004–12 Using an ATUS/CE Synthetic Dataset
INSTITUTE NEWS
- New Scholars
- Levy MS Faculty Appointments
Upcoming Event
- Gender and Macroeconomics Conference
Save the Dates
- 25th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 24, No. 2 | March 2015
This issue of the Summary opens with the latest strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors find that despite some modest improvements in the country’s economy, continued austerity will not lead to growth. They recommend an end to austerity, call for debt relief, and propose direct intervention in the labor market to spur growth. The strategic analysis is followed by a proposal to resolve the euro-area sovereign debt overhang. Two policy briefs take up current issues surrounding the policies of the Federal Reserve, while a working paper reviews lessons learned from the exercise of monetary policy by the Reserve Bank of India. A paper on the impact of the repeal of the Glass-Steagall Act and the Fed’s subsequent extraordinary actions is also included. Several papers examine the nature and role of state investment banks in creating and shaping the economy. A number of authors contribute papers that apply the work of Distinguished Scholar Hyman P. Minsky to such questions as policymaking in emerging economies, endogenous money, prudent banking practices, and the socialization of investment. This issue also includes a discussion of the quality of the statistical match used in the creation of the Levy Institute’s integrated inequality assessment model. And, finally, a paper on the evolution of rising inequality, as measured by the Gini index, in the post–World War II period reveals two distinct patterns in income inequality.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, GENNARO ZEZZA, Is Greece Heading For a Recovery?
- DIMITRIS P. SOTIROPOULOS, JOHN MILIOS, and SPYROS LAPATSIORAS, An Outline of a Progressive Resolution to the Euro-area Sovereign Debt Overhang: How a Five-year Suspension of the Debt Burden Could Overthrow Austerity
Program: Monetary Policy and Financial Structure
- JAN KREGEL, Why Raising Rates May Speed the Recovery
- JAN KREGEL, Liquidity Preference and the Entry and Exit to ZIRP and QE
- SRINIVAS YANAMANDRA, Minsky, Monetary Policy, and Mint Street: Challenges for the Art of Monetary Policymaking in Emerging Economies
- L. RANDALL WRAY, Outside Money: The Advantages of Owning the Magic Porridge Pot
- RICCARDO BELLOFIORE, The Socialization of Investment, from Keynes to Minsky and Beyond
- FELIPE REZENDE, Why Does Brazil’s Banking Sector Need Public Banks? What Should BNDES Do?
- L. RANDALL WRAY, Minsky on Banking: Early Work on Endogenous Money and the Prudent Banker
- SUNANDA SEN and ZICO DASGUPTA, Financialization and Corporate Investments: The Indian Case
- YEVA NERSISYAN, The Repeal of the Glass-Steagall Act and the Federal Reserve’s Extraordinary Intervention during the Global Financial Crisis
- MARIANA MAZZUCATO and CAETANO C. R. PENNA, Beyond Market Failures: The Market Creating and Shaping Roles of State Investment Banks
Program: The Distribution of Income and Wealth
- MARKUS P. A. SCHNEIDER and DANIELE TAVANI, Tale of Two Ginis in the United States, 1921–2012
- FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Using the Consumer Expenditure Survey 2011 and Annual Social Economic Supplement 2011
Program: Economic Policy in the 21st Century
Explorations in Theory and Empirical Analysis
- GIOVANNA VERTOVA, The State and National Systems of Innovation: A Sympathetic Critique
- MARIANA MAZZUCATO, Building the Entrepreneurial State: A New Framework for Envisioning and Evaluating a Mission-oriented Public Sector
INSTITUTE NEWS
- Levy Scholar Appointed Greek Deputy Labor Minister
- Levy Research Associate Appointed to Senate Budget Committee
New Books in the Levy Institute Book Series
- Economic Development and Financial Instability: Selected Essays, by Jan Kregel
- Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan A. Kregel, edited by Dimitri B. Papadimitriou
Upcoming Events
- 24th Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 24, No. 1 | January 2015
The Winter 2015 Summary opens with the latest strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors find that despite some modest improvements in the Greek economy, continued reliance on market forces and the troika’s policy of austerity will not adequately increase output or employment in the medium term. Instead, Greece requires a program of public investment and job creation; the details of such a program are offered in a policy brief. This issue also includes a report calling for the creation of a co-operative banking system to spur rural investment and support urban entrepreneurship in Greece, as well as policy proposals addressing issues that continue to impede the eurozone, including the need for a single financial market, approaches to manage imbalances in the euro area, a proposal for a Euro Treasury, and a road map for a bond backed by the European Central Bank. Turning to Asia, the issue presents new work on Japanese bond yields, Indian macroeconomic policies, the impact of an expanded child-care entitlement in South Korea, and the determinants of Indian interest rates. The demographic relationships underlying social welfare policy preferences in Israel are also explored in a new paper. Theoretical contributions included in this issue address such topics as endogenous money and the natural rate of interest in Post Keynesian economics, distribution-led growth in the long run, and two papers examining issues in the measurement of subjective well-being and the linkages between work and life satisfaction. Finally, a new paper examines the impact of the Great Recession on the time-use patterns of parents in the United States.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, GENNARO ZEZZA, Will Tourism Save Greece?
- MARIO TONVERONACHI, The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design
- DIMITRI B. PAPADIMITRIOU and TAUN TOAY, Co-operative Banking in Greece: A Proposal for Rural Reinvestment and Urban Entrepreneurship
- ANDREA TERZI, When Good Intentions Pave the Road to Hell: Monetization Fears and Europe’s Narrowing Options
- SUNANDA SEN and ZICO DASGUPTA, Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?
- ECKHARD HEIN and DANIEL DETZER, Economic Policy in India: Coping with Imbalances in the Euro Area: Policy Alternatives Addressing Divergences and Disparities between Member Countries
Program: Monetary Policy and Financial Structure
- JÖRG BIBOW, The Euro Treasury Plan
- PHILIP PILKINGTON, Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets
- TANWEER AKRAM and ANUPAM DAS, The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields
Program: The Distribution of Income and Wealth
- AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Can Child-care Subsidies Reduce Poverty? Assessing the Korean Experience Using the Levy Institute Measure of Time and Income Poverty
- MICHALIS NIKIFOROS, Distribution-led Growth in the Long Run
Program: Gender Equality and the Economy
- EBRU KONGAR and GÜNSELI BERIK, Time Use of Parents in the United States: What Difference Did the Great Recession Make?
Program: Employment Policy and Labor Markets
- RANIA ANTONOPOULOS, SOFIA ADAM, KIJONG KIM, THOMAS MASTERSON, and DIMITRI B. PAPADIMITRIOU, After Austerity: Measuring the Impact of a Job Guarantee Policy for Greece
Program: Immigration, Ethnicity, and Social Structure
- YUVAL ELMELECH, Public Preferences for Redistributive Policies in Israel
Program: Economic Policy in the 21st Century
Explorations in Theory and Empirical Analysis
- MARTIN BINDER and ALEX COAD, Heterogeneity in the Relationship between Unemployment and Subjective Well-Being: A Quantile Approach
- ALEX COAD and MARTIN BINDER, Causal Linkages between Work and Life Satisfaction and Their Determinants in a Structural VAR Approach
- HRISHIKESH VINOD, LEKHA S. CHAKRABORTY, and HONEY KARUN, If Deficits Are Not the Culprit, What Determines Indian Interest Rates? An Evaluation Using the Maximum Entropy Bootstrap Method
INSTITUTE NEWS
- Second Annual Athens Conference
Upcoming Event
- The Hyman P. Minsky Summer Seminar
Save the Date
- 24th Annual Hyman P. Minsky Conference
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 23, No. 3 | September 2014
The latest issue of the Summary opens with a Strategic Analysis of the US economy in which the authors identify an inequality in the distribution of income as an unsustainable process that hampers economic recovery. A related policy note discusses the historical development and lack of progress in wages in the United States, and a working paper takes up the question of unpaid work time in relation to poverty status. The Fall Summary also includes several publications on issues that continue to confront central banks; notably, shadow banking. The nature of money and the evolution of central banks are discussed in several working papers, as is the work of Distinguished Scholar Hyman P. Minsky as a guide to understanding the sources of and responses to financial instability. Several papers discuss findings on time and income poverty in countries such as Turkey and South Korea. This issue closes with a series of papers exploring the theoretical and empirical bases of the labor and profit shares.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, GENNARO ZEZZA, GREG HANNSGEN, Is Rising Inequality a Hindrance to the US Economic Recovery?
- C. J. POLYCHRONIOU, Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
- PHILIP PILKINGTON, A Sustainable Monetary Framework for an Independent Scotland
- ALBERTO BOTTA, Structural Asymmetries at the Roots of the Eurozone Crisis: What’s New for Industrial Policy in the EU?
- ELOY FISHER and JAVIER LÓPEZ BERNARDO, The Political Economy of Shadow Banking: Debt, Finance, and Distributive Politics under a Kalecki-Goodwin-Minsky SFC Framework
Program: Monetary Policy and Financial Structure
- JAN KREGEL, Minsky and Dynamic Macroprudential Regulation
- L. RANDALL WRAY, Central Bank Independence: Myth and Misunderstanding
- L. RANDALL WRAY, From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy
- EUGENIO CAVERZASI, Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
- ÉRIC TYMOIGNE, Monetary Mechanics: A Financial View
- THORVALD GRUNG MOE, Shadow Banking: Policy Challenges for Central Banks
Program: The Distribution of Income and Wealth
- AJIT ZACHARIAS, THOMAS MASTERSON, and EMEL MEMIŞ, How Poor Is Turkey? And What Can Be Done About It?
- FERNANDO RIOS-AVILA and JULIE L. HOTCHKISS, A Decade of Flat Wages?
- THOMAS MASTERSON, Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
- FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011
Program: Gender Equality and the Economy
- LEKHA S. CHAKRABORTY, Gender-responsive Budgeting as Fiscal Innovation: Evidence from India on “Processes”
- TAMAR KHITARISHVILI and KIJONG KIM, The Great Recession and Unpaid Work Time in the United States: Does Poverty Matter?
Program: Economic Policy in the 21st Century
Explorations in Theory and Empirical Analysis
- FABRIZIO PATRIARCA and CLAUDIO SARDONI, Growth with Unused Capacity and Endogenous Depreciation
- MARTIN BINDER and LEONHARD K. LADES, Autonomy-enhancing Paternalism
- OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part I: Theories
- OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part II: Empirical Studies
- OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part III: Measures and Structural Factors
- OLIVIER GIOVANNONI, Income Distribution Macroeconomics
INSTITUTE NEWS
- MS Program Welcomes New Graduate Students
- New Research Scholar
- New Research Associate
Upcoming Event: Conference
- Europe at the Crossroads: A Union of Austerity or Growth Convergence?
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 23, No. 2 | March 2014
The Spring 2014 Summary begins with a strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors analyze several policy scenarios and propose a parallel financial system to support expansionary fiscal policy and a job guarantee program, with Greece remaining in the euro. Related policy notes offer an innovative proposal for a tax-backed bond for Europe, as well as a critical assessment of the “success” of austerity policy in Greece. This issue also contains a policy brief that explores the emergence of vulgarized “stimulus” policies too often confused with Keynesian policy, policy notes assessing relevant lessons from past debt ceiling debates and the social enterprise approach to a US job guarantee, and working papers that examine China’s fiscal and monetary policy options, Modern Money Theory, Federal Reserve governance, time use and gender budgeting, employment effects of North-South trade, Keynes’s full employment proposal, computational challenges in estimating models with more than one fixed effect, productivity effects and profitability impacts of unions in Latin America, and, finally, an analysis of the rational expectations hypothesis in light of Karl Popper’s contribution.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Prospects and Policies for the Greek Economy
- PHILIP PILKINGTON, The Continued Relevance of Tax-backed Bonds in a Post-OMT
- C. J. POLYCHRONIOU, The Myth of the Greek Economic “Success Story
Program: Monetary Policy and Financial Structure
- AMIT BHADURI, What Remains of the Theory of Demand Management in a Globalizing World
- JAN KREGEL, Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates: Lessons for the Current Debate on the US Debt
- L. RANDALL WRAY and XINHUA LIU, Options for China in a Dollar Standard World: A Sovereign Currency
- BERNARD SHULL, Financial Crisis Resolution and Federal Reserve Governance: Economic Thought and Political
- ÉRIC TYMOIGNE , Modern Money Theory and Interrelations between the Treasury and the Central Bank: The Case of the United States
Program: Gender Equality and the Economy
- LEKHA S. CHAKRABORTY, Integrating Time in Public Policy: Empirical Description of Gender-specific Outcomes and Budgeting
- BURÇA KIZILIRMAK, EMEL MEMIŞ, ŞIRIN SARAÇOĞLU, and EBRU VOYVODA, Changes in Global Trade Patterns and Women’s Employment in Manufacturing: An Analysis over the Period of Asianization and Deindustrialization
Program: Employment Policy and Labor Markets
- PAVLINA R. TCHERNEVA, The Social Enterprise Model for a Job Guarantee in the United States
- FERNANDO RIOS-AVILA, Unions and Economic Performance in Developing Countries: Case Studies from Latin America
- PAVLINA R. TCHERNEVA, Full Employment: The Road Not Taken
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- PHILIP PILKINGTON, A Stock-flow Approach to a General Theory of Pricing
- FERNANDO RIOS-AVILA, Feasible Estimation of Linear Models with N-fixed Effects
- IVÁN H. AYALA and ALFONSO PALACIO-VERA, The Rational Expectations Hypothesis: An Assessment from Popper’s Philosophy
INSTITUTE NEWS
- MS Program Welcomes New Graduate Students
- New Research Associate
Upcoming Events
- 23rd Annual Hyman P. Minsky Conference
- The Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 23, No. 1 | January 2014
The Winter 2014 Summary begins with a strategic analysis of the US economy that calls for targeted spending on high-tech R & D manufacturing to buttress the fragile economic recovery. A related policy note, published during the US government shutdown, explores the consequences of not raising the debt ceiling for the US economy. Other topics covered in this issue include the need for more aggressive action by the Federal Reserve to strengthen recovery in the real economy, a detailed response to the critics of Modern Money Theory, and a critical assessment of fiscal fine-tuning. Turning to the eurozone, several new publications address the ongoing crisis, the need for a “Euro Treasury,” the German debt brake, the origins and nature of the Greek crisis, and an analysis of the labor market in Turkey. The issue closes with theoretical explorations of the business cycle, profit- and wage-led growth models, the role of norms and ideals in market interactions, and the process of credit creation by private banks. The Summary also includes overviews of recent Levy Institute conferences in Rio de Janeiro, Brazil and Athens, Greece. (The conference audio and video are available in the Events section of our website.)
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Rescuing the Recovery: Prospects and Policies for the United States
Conference Proceedings
- The Eurozone Crisis, Greece, and the Experience of Austerity
- MICHALIS NIKIFOROS, A New “Lehman Moment,” or Something Worse? A Scenario of Hitting the Debt Ceiling C. J. POLYCHRONIOU, A Failure by Any Other Name: The International Bailouts of Greece
- JÖRG BIBOW, Lost at Sea: The Euro Needs a Euro Treasury
- ECKHARD HEIN and ACHIM TRUGER, Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective
- PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning
- MICHALIS NIKIFOROS, LAURA CARVALHO, and CHRISTIAN SCHODER, Foreign and Public Deficits in Greece: In Search of Causality
Program: Monetary Policy and Financial Structure
Conference Proceedings
- Financial Governance after the Crisis
- WILLIAM GREIDER, “Unusual and Exigent”: How the Fed Can Jump-start the Real Economy
- WILLIAM GREIDER, Debt Relief and the Fed's Money-creation Power
- ÉRIC TYMOIGNE and L. RANDALL WRAY, Modern Money Theory 101: A Reply to Critics
Program: The Distribution of Income and Wealth
- THOMAS MASTERSON, Quality of Statistical Match and Simulations Used in the Estimation of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Turkey in 2006
Program: Employment Policy and Labor Markets
- SERKAN DEĞIRMENCI and İPEK İLKKARACAN, Economic Crises and the Added Worker Effect in the Turkish Labor Market
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- AURÉLIE CHARLES, Hierarchy of Ideals in Market Interactions: An Application to the Labor Market
- GIOVANNI BERNARDO and EMANUELE CAMPIGLIO, A Simple Model of Income, Aggregate Demand, and the Process of Credit Creation by Private Banks
- ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal
- EGMONT KAKAROT-HANDTKE, Keynes’s Employment Function and the Gratuitous Phillips Curve Disaster
- MICHALIS NIKIFOROS, Uncertainty and Contradiction: An Essay on the Business Cycle
INSTITUTE NEWS
- The Levy-Nagoya Joint Workshop on Income Policy
- New Research Associate
Upcoming Event
- The Hyman P. Minsky Summer Seminar
Save the Dates
- 23rd Annual Hyman P. Minsky Conference
- The 12th International Post Keynesian Conference
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 22, No. 3 | October 2013
This issue of the Summary begins with a new Strategic Analysis for Greece, as well as several publications that address the impacts of austerity in the eurozone and Germany’s complicated role in the creation and ongoing consequences of the euro crisis. Other publications address the global financial crisis, including issues of financial regulatory reform and the lessons to be drawn from the Cypriot deposit tax proposal. Turning to the United States, the issue includes a critical analysis of employment trends as well as papers on the source of US inflation moderation, the current unprecedented level of excess reserves, and the actions taken by the Federal Reserve during and following the crisis. Research on the opportunities for more effective social protection policies and analyses of the gender wage gap and the added worker effect in Georgia are also presented. The Summary concludes with an analysis of the factors driving housing markets and a discussion of the nature and role of shocks in heterodox models.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, The Greek Economic Crisis and the Experience of Austerity: A Strategic Analysis
- C. J. POLYCHRONIOU, Toward a Post-Keynesian Political Economy for the 21st Century: General Reflections and Considerations on an Era Ripe for Change
- MICHALIS NIKIFOROS, Employment Recovery(?) after the Great Recession
- C. J. POLYCHRONIOU, The New Rome: The EU and the Pillage of the Indebted Countries
- GERARDO FUJII-GAMBERO and ROSARIO CERVANTES-MARTÍNEZ, Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
- JÖRG BIBOW, On the Franco-German Euro Contradiction and Ultimate Euro Battleground
- JÖRG BIBOW, Germany and the Euroland Crisis: The Making of a Vulnerable Haven
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
- JAN KREGEL, More Swimming Lessons from the London Whale
- JAN KREGEL, Lessons from the Cypriot Deposit Haircut for EU Deposit Insurance Schemes
- NICOLA MATTHEWS, How the Fed Reanimated Wall Street: The Low and Extended Lending Rates that Revived the Big Banks
- NATHAN PERRY and NATHANIEL CLINE, Wages, Exchange Rates, and the Great Inflation Moderation: A Post-Keynesian View
- SUNANDA SEN, Currency Concerns under Uncertainty: The Case of China
- WALKER F. TODD, The Problem of Excess Reserves, Then and Now
Program: Gender Equality and the Economy
- RANIA ANTONOPOULOS, From Safety Nets to Economic Empowerment: Is There Space to Promote Gender Equality in the Evolution of Social Protection?
- TAMAR KHITARISHVILI, The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries
- TAMAR KHITARISHVILI, Evaluating the Gender Wage Gap in Georgia, 2004–2011
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Modeling the Housing Market in OECD Countries
- GREG HANNSGEN, Heterodox Shocks
INSTITUTE NEWS
- New Research Associate
Upcoming Events:
- Conference: Financial Governance after the Crisis, Rio de Janeiro, Brazil
- Conference: The Eurozone Crisis, Greece, and the Experience of Austerity, Athens, Greece
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 22, No. 2 | April 2013
This issue of the Summary features the Macro Modeling Team’s latest Strategic Analysis and a collection of Hyman P. Minsky’s writings on poverty and employment titled Ending Poverty: Jobs, Not Welfare. Also included are publications focused on the Fed’s history, governance, and policies; the social and economic consequences of the ongoing crisis in Greece; the challenges and policy choices faced by the eurozone; a demonstration of the emergence of secondary markets from the flow part of the economy using only structural axioms; gender differences in the long-term benefits of worker migration; the impacts of financialization and uncertainty on the accumulation process; the link between endogenous bank credit and the housing market; a review of the stock-flow consistent modeling literature; analyses of factors affecting US economic growth and business-cycle patterns in Latin America and the Caribbean; a Kaleckian perspective on income redistribution; a discussion of the trends in income inequality and household finance in the United States; and a critical exploration of the opportunities to promote gender equality through social protection initiatives in developing countries.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and MICHALIS NIKIFOROS, Is the Link between Output and Jobs Broken?
- C. J. POLYCRONIOU, The Tragedy of Greece: A Case against Neoliberal Economics, the Domestic Political Elite, and the EU/IMF Duo
- GIORGOS ARGITIS, Greece: Caught Fast in the Troika’s Austerity Trap
- ROBERT J. BARBERA and GERALD HOLTHAM, ECB Worries / European Woes: The Economic Consequences of Parochial Policy
Program: Monetary Policy and Financial Structure
- PHILIP ARESTIS, ANA ROSA GONZÁLEZ, and OSCÁR DEJUÁN, Investment, Financial Markets, and Uncertainty
- THORVALD GRUNG MOE, Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for Central Bank Independence
- PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Endogenous Bank Credit and Its Link to Housing in OECD Countries
- THOMAS M. HUMPHREY, Arresting Financial Crises: The Fed versus the Classicals
- BARRY Z. CYNAMON and STEVEN M. FAZZARI, Inequality and Household Finance during the Consumer Age
- EUGENIO CAVERZASI, The Missing Macro Link
Program: Gender Equality and the Economy
- RANIA ANTONOPOULOS, Expanding Social Protection in Developing Countries: A Gender Perspective
Program: Immigration, Ethnicity, and Social Structure
- SANJAYA DESILVA, Long-Term Benefits from Temporary Migration: Does the Gender of the Migrant Matter?
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- EGMONT KAKAROT-HANDTKE, Primary and Secondary Markets
- LEKHA S. CHAKRABORTY, Interest Rate Determination in India: Empirical Evidence on Fiscal Deficit – Interest Rate Linkages and Financial Crowding Out
- EUGENIO CAVERZASI and ANTOINE GODIN, Stock-flow Consistent Modeling through the Ages
- ECKHARD HEIN, Finance-dominated Capitalism and Redistribution of Income: A Kaleckian Perspective
- LEKHA S. CHAKRABORTY, YADAWENDRA SINGH, and JANNET FARIDA JACOB, Analyzing Public Expenditure Benefit Incidence in Health Care: Evidence from India
- ESTEBAN PÉREZ CALDENTEY, DANIEL TITELMAN, and PABLO CARVALLO, Weak Expansions: A Distinctive Feature of the Business Cycle in Latin America and the Caribbean
- OLIVIER G. GIOVANNONI, Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
- MICHAEL A. VALENTI and OLIVIER GIOVANNONI, The Economics of Inclusion: Building an Argument for a Shared Society
INSTITUTE NEWS
- New Levy Institute Book
- New Master’s Degree Program in Economic Theory and Policy
- New Research Scholar
- Economic Forum in Athens
Upcoming Events:
- 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
- The 2013 Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 22, No. 1 | January 2013
The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. This issue contains the proceedings of the Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets, as well as an analysis of the “fiscal cliff” debate, proposals to address the ongoing eurozone crisis, an examination of the current conditions and prospects for the Greek economy, findings from the application of the Levy Institute Measure of Time and Income Poverty, a proposal for a new meme for money, a review of the implications of Dodd-Frank for the Fed, contributions to the capacity utilization literature, and a discussion of employer-of-last-resort programs as institutions for change.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets
- C. J. POLYCHRONIOU, Greece’s Bailouts and the Economics of Social Disaster
- ECKHARD HEIN, The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies
- JÖRG BIBOW, At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)
- ALBERTO BOTTA, Conflicting Claims in the Eurozone? Austerity’s Myopic Logic and the Need for a European Federal Union in a Post-Keynesian Eurozone Center – Periphery Model
Program: Monetary Policy and Financial Structure
- GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Traps and Macro Policy after the Eurozone Crisis
- BERNARD SHULL, The Impact of Reform on Federal Reserve Autonomy
- L. RANDALL WRAY, A Meme for Money
Program: The Distribution of Income and Wealth
Levy Institute Measure of Time and Income Poverty
- RANIA ANTONOPOULOS, THOMAS MASTERSON, and AJIT ZACHARIAS, It’s About “Time”: Why Time Deficits Matter
Program: Employment Policy and Labor Markets
- DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and VINCENT DUWICQUET, Current Prospects for the Greek Economy: Interim Report
- PAVLINA R. TCHERVENA, Beyond Full Employment: The Employer of Last Resort as an Institution for Change
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- EGMONT KAKAROT-HANDTKE, The Common Error of Common Sense: An Essential Rectification of the Accounting Approach
- ALESSANDRO CAIANI, ANTOINE GODIN, and STEFANO LUCARELLI, Innovation and Finance: An SFC Analysis of Great Surges of Development
- MICHALIS NIKIFOROS, The (Normal) Rate of Capacity Utilization at the Firm Level
- MICHALIS NIKIFOROS, On the “Utilization Controversy”: A Theoretical and Empirical
- Discussion of the Kaleckian Model of Growth and Distribution
INSTITUTE NEWS
- New Research Scholars
- New Research Associate
- New Editor
Upcoming Events:
- 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
- The 2013 Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 21, No. 3 | November 2012
The Levy Economics Institute is pleased to announce the release of the Fall 2012 Summary. Available in both printed and electronic form, the Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events.
In this issue, papers survey the prospects for the US economy, examine the direction of US fiscal policy, analyze the ongoing crisis in the eurozone, discuss the effects of austerity measures in Greece, propose an alternative explanation of the LIBOR scandal, offer more effective measures of poverty, review developments in regulatory reform of the financial sector, present an alternative history of money, outline new issues in gender equality, and contribute to ongoing debates in areas ranging from financial instability to aggregate production functions.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Back to Business as Usual? Or a Fiscal Boost?
- C. J. POLYCHRONIOU, The Mediterranean Conundrum: The Link between the State and the Macroeconomy, and the Disastrous Effects of the European Policy of Austerity
- C. J. POLYCHRONIOU, Reconceiving Change in the Age of Parasitic Capitalism: Writing Down Debt, Returning to Democratic Governance, and Setting Up Alternative Financial Systems—Now
- PHILIP PILKINGTON and WARREN MOSLER, Tax-backed Bonds—A National Solution to the European Debt Crisis
- RAINER KATTEL and RINGA RAUDLA, Austerity that Never Was? The Baltic States and the Crisis
- C. J. POLYCHRONIOU, The Greek Crisis: Possible Costs and Likely Outcomes of a Grexit
- DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland's Original Sin
- JAN KREGEL, Six Lessons from the Euro Crisis
- SUNANDA SEN, Managing Global Financial Flows at the Cost of National Autonomy: China and India
- PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy after the Great Recession
- JÖRG BIBOW, The Euro Debt Crisis and Germany’s Euro Trilemma
- GREG HANNSGEN, Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution
- ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Toward an Understanding of Crises Episodes in Latin America: A Post-Keynesian Approach
Program: Monetary Policy and Financial Structure
- JAN KREGEL, Minsky and the Narrow Banking Proposal: No Solution for Financial Reform
- JAN KREGEL, The Wrong Risks: What a Hedge Gone Awry at JPMorgan Chase Tells Us about What’s Wrong with Dodd-Frank
- JAN KREGEL, The LIBOR Scandal: The Fix Is In—the Bank of England Did It!
- L. RANDALL WRAY, Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed’s Bailout, and the Future
- THORVALD GRUNG MOE, Shadow Banking and the Limits of Central Bank Liquidity Support: How to Achieve a Better Balance between Global and Official Liquidity
- THORVALD GRUNG MOE, Control of Finance as a Prerequisite for Successful Monetary Policy: A Reinterpretation of Henry Simons’s “Rules versus Authorities in Monetary Policy”
- ÉRIC TYMOIGNE, Measuring Macroprudential Risk through Financial Fragility: A Minskyan Approach
- L. RANDALL WRAY, Introduction to an Alternative History of Money
- NICHOLAS APERGIS and EMMANUEL MAMATZAKIS, What Are the Driving Factors behind the Rise of Spreads and CDSs of Euro-area Sovereign Bonds? A FAVAR Model for Greece and Ireland
- CHARLES J. WHALEN, Post-Keynesian Institutionalism after the Great Recession
- JAN KREGEL, Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis
Program: The Distribution of Income and Wealth
Levy Institute Measure of Economic Well-Being
- THOMAS MASTERSON, Simulations of Full-Time Employment and Household Work in the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
Program: Gender Equality and the Economy
- GÜNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times: The US Recession of 2007–09
Program: Employment Policy and Labor Markets
- ANTOINE GODIN, Guaranteed Green Jobs, Sustainable Full Employment
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- JESUS FELIPE, ARNELYN ABDON, and UTSAV KUMAR, Tracking the Middle-income Trap: What Is It, Who Is in It, and Why?
- JESUS FELIPE and JOHN MCCOMBIE, Aggregate Production Functions and the Accounting Identity Critique: Further Reflections on Temple’s Criticisms and Misunderstandings
- JESUS FELIPE and JOHN MCCOMBIE, Problems with Regional Production Functions and Estimates of Agglomeration Economies: A Caveat Emptor for Regional Scientists
- MICHAEL HUDSON, Veblen’s Institutionalist Elaboration of Rent
INSTITUTE NEWS
- New Master’s Degree Program in Economic Theory and Policy
- 21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability
Upcoming Event:
- The 2013 Hyman P. Minsky Summer Seminar
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 21, No. 2 | April 2012
The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the prospects of a new global financial crisis, propose a new institutional architecture and other solutions to the global debt crisis, quantify the Federal Reserve measures to stabilize the US economy, compare inequality and living standards in Canada and the United States, outline labor-demand policies that connect fiscal policy with full employment, and suggest a return to classical economic policies, including debt write-downs.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Fiddling in Euroland as the Global Meltdown Nears
- C. J. POLYCRHONIOU, Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
- ESTEBAN PÉREZ-CALDENTEY and MATÍAS VERNENGO, The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis
- L. RANDALL WRAY, The Euro Crisis and the Job Guarantee: A Proposal for Ireland
- ROBERT DUBOIS, The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity
Program: Monetary Policy and Financial Structure
- JAMES FELKERSON, A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
- JAMES FELKERSON, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
- L. RANDALL WRAY, Is There Room for Bulls, Bears, and States in the Circuit?
- L. RANDALL WRAY, Imbalances? What Imbalances? A Dissenting View
- BERNARD SHULL, Too Big to Fail: Motives, Countermeasures, and the Dodd-Frank Response
Program: The Distribution of Income and Wealth
Levy Institute Measure of Economic Well-Being
- EDWARD N. WOLFF, AJIT ZACHARIAS, THOMAS MASTERSON, SELÇUK EREN, ANDREW SHARPE, and ELSPETH HAZELL, A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being
Program: Employment Policy and Labor Markets
- PAVLINA R. TCHERNEVA, Full Employment through Social Entrepreneurship: The Nonprofit Model for Implementing a Job Guarantee
- PAVLINA R. TCHERNEVA, What Do Poor Women Want? Employment or Cash Transfers? Lessons from Argentina
- PAVLINA R. TCHERNEVA, Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- MICHAEL HUDSON, Trade and Payments Theory in a Financialized Economy
- SANJAYA DESILVA and MOHAMMED MEHRAB BIN BAKHTIAR, Women, Schooling, and Marriage in Rural Philippines
- MICHAEL HUDSON, The Road to Debt Deflation, Debt Peonage, and Neofeudalism
INSTITUTE NEWS
Upcoming Events:
- 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
- The Hyman P. Minsky Summer Seminar, June 16–24, 2012
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 21, No. 1 | December 2011
The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Is the Recovery Sustainable?
- THOMAS I. PALLEY, The Contradictions of Export-led Growth
- JAN KREGEL, Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?
- STUART HOLLAND, Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
- MARSHALL AUERBACK, Toward a Workable Solution for the Eurozone
- C. J. POLYCHRONIOU, An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
- DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland in Crisis as the Global Meltdown Picks Up Speed
- GREGOR SEMIENIUK, TILL VAN TREECK, and ACHIM TRUGER, Reducing Economic Imbalances in the Euro Area: Some Remarks on the Current Stability Programs, 2011–14
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn
- L. RANDALL WRAY, Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
- GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working Paper Version
- JÖRG BIBOW, Permanent and Selective Capital Account Management Regimes as an Alternative in Self-Insurance Strategies in Emerging-market Economies
- ANDREW SHENG, Central Banking in an Era of Quantitative Easing
- ALFONSO PALACIO-VERA, Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
- JESÚS MUÑOZ, Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s
Program: The Distribution of Income and Wealth
- AJIT ZACHARIAS, The Measurement of Time and Income Poverty
Levy Institute Measure of Economic Well-Being
- THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
Program: Gender Equality and the Economy
- EMEL MEMIS and S. A. KAYA BAHÇE, Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
- KIJONG KIM and RANIA ANTONOPOULOS, Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
- GUNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10
Program: Immigration, Ethnicity, and Social Structure
- SELÇUK EREN, HUGO BENÍTEZ-SILVA, and EVA CÁRCELES-POVEDA, Effects of Legal and Unauthorized Immigration on the US Social Security System
Program: Economic Policy for the 21st Century
- SANJAYA DESILVA, Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines
Explorations in Theory and Empirical Analysis
- F. PATRIARCA and C. SARDONI, Distribution and Growth: A Dynamic Kaleckian Approach
INSTITUTE NEWS
- 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
- The Hyman P. Minsky Summer Seminar, June 16–24, 2012
- Levy Institute Launches Greek Website
- 1967 Israeli Census Now Available Online
- New Research Associate and Policy Fellow
- New Research Associate
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 20, No. 3 | September 2011
In this issue, papers focus on the prospects for US economic growth, including jobs programs and other public-sector initiatives; the euro and sovereign-debt crises in the eurozone, as well as global economic tensions between emerging market and industrialized economies; the nature of global finance and its role in real world economies; the impact of government fiscal policy on economic recovery; estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada; and the potential role of social care delivery in generating economy-wide employment outcomes.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Jobless Recovery Is No Recovery: Prospects for the US Economy
- GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Will the Recovery Continue? Four Fragile Markets, Four Years Later
- JAMES K. GALBRAITH, Is the Federal Debt Unsustainable?
- YANIS VAROUFAKIS and STUART HOLLAND, A Modest Proposal for Overcoming the Euro Crisis
- MICHAEL HUDSON, What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
- JULIO LÓPEZ-GALLARDO and LUIS REYES-ORTIZ, Effective Demand in the Recent Evolution of the US Economy
- THOMAS I. PALLEY, The Rise and Fall of Export-led Growth
- NATHAN PERRY and MATÍAS VERNENGO, What Ended the Great Depression? Reevaluating the Role of Fiscal Policy
Program: Monetary Policy and Financial Structure
- JAN KREGEL, Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?
- L. RANDALL WRAY, Financial Keynesianism and Market Instability
- ÉRIC TYMOIGNE, Measuring Macroprudential Risk: Financial Fragility Indexes
- L. RANDALL WRAY, A Minskyan Road to Financial Reform
- L. RANDALL WRAY, Money in Finance
- L. RANDALL WRAY, Keynes after 75 Years: Rethinking Money as a Public Monopoly
- L. RANDALL WRAY, Minsky Crisis
- JÖRG BIBOW, Financial Markets
- L. RANDALL WRAY, Minsky’s Money Manager Capitalism and the Global Financial Crisis
- L. RANDALL WRAY, The Financial Crisis Viewed from the Perspective of the "Social Costs" Theory
- PEDRO LEAO and ALFONSO PALACIO-VERA, Can Portugal Escape Stagnation without Opting Out from the Eurozone?
- DIRK J. BEZEMER, Causes of Financial Instability: Don't Forget Finance
- DAVID FIELDS and MATÍAS VERNENGO, Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
- GARY A. DYMSKI, JESUS HERNANDEZ, and LISA MOHANTY, Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
- CHRISTINE SINAPI, Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of "Institutional Fragility"
Program: The Distribution of Income and Wealth
Levy Institute Measure of Economic Well-Being
-
THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
-
SELÇUK EREN, THOMAS MASTERSON, EDWARD WOLFF, and AJIT ZACHARIAS, The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
-
THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
-
THOMAS MASTERSON, AJIT ZACHARIAS, SELÇUK EREN, and EDWARD N. WOLFF, The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
-
ANDREW SHARPE, ALEXANDER MURRAY, BENJAMIN EVANS, and ELSPETH HAZELL, The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005
Program: Employment Policy and Labor Markets
- MATHEW FORSTATER, The Freedom Budget at 45: Functional Finance and Full Employment
- RANIA ANTONOPOULOS and KIJONG KIM, Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
-
L. RANDALL WRAY, The Dismal State of Macroeconomics and the Opportunity for a New Beginning
-
ARNELYN ABDON and JESUS FELIPE, The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
-
NAZIM KADRI EKINCI, Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
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SUNANDA SEN, The Global Crisis and the Remedial Actions: A Nonmainstream Perspective
INSTITUTE NEWS
- 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
- The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
- The Hyman P. Minsky Summer Seminar
- New Research Associate
- New Senior Editor and Policy Fellow
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 20, No. 2 | April 2011
In this issue of the Summary, papers focus on international trade and the export baskets of China and India, the competitiveness of the eurozone, the roles of the Federal Reserve and Treasury, a reorientation of fiscal policy, a restructuring of the global financial system, the merits of capital controls, financial fragility, a theory of money, and US immigration.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- SUNANDA SEN, International Trade Theory and Policy: A Review of the Literature
- SUNANDA SEN, China in the Global Economy
- JESUS FELIPE and UTSAV KUMAR, Unit Labor Costs in the Eurozone: The Competitiveness Debate Again
Program: Monetary Policy and Financial Structure
- SCOTT FULLWILER and L. RANDALL WRAY, It’s Time to Rein In the Fed
- MARSHALL AUERBACK, What Happens if Germany Exits the Euro?
- PAVLINA R. TCHERNEVA, Bernanke’s Paradox: Can He Reconcile His Position on theFederal Budget with His Recent Charge to Prevent Deflation?
- ÉRIC TYMOIGNE, Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
- MICHAEL HUDSON, US “Quantitative Easing” Is Fracturing the Global Economy
- GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
- SCOTT FULLWILER and L. RANDALL WRAY, Quantitative Easing and Proposals for Reform of Monetary Policy Operations
- L. RANDALL WRAY, Money
- PAVLINA R. TCHERNEVA, Fiscal Policy Effectiveness: Lessons from the Great Recession
- PAVLINA R. TCHERNEVA, Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN, A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
- JOEL PERLMANN, Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
-
JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, Exports, Capabilities, and Industrial Policy in India
-
TIMOTHY AZARCHS and TAMAR KHITARISHVILI, Disaggregating the Resource Curse: Is theCurse More Difficult to Dispel in Oil States than in Mineral States?
-
JESUS FELIPE and JOHN MCCOMBIE, Modeling Technological Progress and Investment in China: Some Caveats
-
JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, How Rich Countries Became Richand Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!
INSTITUTE NEWS
Upcoming Events:
-
20th Annual Hyman P. Minsky Conference, April 13–15, 2011
- The Wynne Godley Memorial Conference, May 25–26, 2011
- The Hyman P. Minsky Summer Seminar, June 18–26, 2011
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 20, No. 1 | January 2011
New policy briefs by Senior Scholars Jan Kregel and L. Randall Wray are featured in the Summary’s Winter issue. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. Wray examines Hyman Minsky’s later works, with a focus on Minsky’s general approach to banking and the proper role of the financial system. Minsky recognized the development of money manager capitalism as leading to a convergence of banking models—an insight that helps to explain the current economic crisis.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- JAN KREGEL, An Alternative Perspective on Global Imbalances and International Reserve Currencies
- JESUS FELIPE, UTSAV KUMAR, NORIO USUI, and ARNELYN ABDON, Why China Has Succeeded—and Why It Will Continue to Do So
- JÖRG BIBOW, How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
- JESUS FELIPE, Asia and the Global Crisis: Recovery Prospects and the Future
- PAOLO CASADIO and ANTONIO PARADISO, The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, What Should Banks Do? A Minskyan Analysis
- MICHAEL HUDSON, Why the IMF Meetings Failed, and the Coming Capital Controls
- MARSHALL AUERBACK, A New “Teachable” Moment?
- MARC LAVOIE, Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
- L. RANDALL WRAY, What Do Banks Do? What Should Banks Do?
- ANDREA TERZI, The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
- DIRK BEZEMER and GEOFFREY GARDINER, Innocent Frauds Meet Goodhart’s Law in Monetary Policy
- SUNANDA SEN, The Meltdown of the Global Economy: A Keynes-Minsky Episode?
- JÖRG BIBOW, A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
- SUNANDA SEN, Managing Finance in Emerging Economies: The Case of India
- MICHAEL HUDSON, How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself
Program: The Distribution of Income and Wealth
- FRANCISCO AZPITARTE, Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain
Levy Institute Measure of Economic Well-Being
-
THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
-
THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
Program: Gender Equality and the Economy
- SUNANDA SEN, Gendered Aspects of Globalization
Program: Employment Policy and Labor Markets
- JAMES B. REBITZER and LOWELL J. TAYLOR, Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
- TAMAR KHITARISHVILI, Assessing the Returns to Education in Georgia
- RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON, and AJIT ZACHARIAS, Investing in Care: A Strategy for Effective and Equitable Job Creation
- JESUS FELIPE and UTSAV KUMAR, A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN and YUVAL ELMELECH, Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, Using Capabilities to Project Growth, 2010–30
- JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, As You Sow So Shall You Reap: From Capabilities to Opportunities
- ARNELYN ABDON, MARIFE BACATE, JESUS FELIPE, and UTSAV KUMAR, Product Complexity and Economic Development
- JESUS FELIPE and UTSAV KUMAR, Technical Change in India’s Organized Manufacturing Sector
- MICHAEL HUDSON, The Transition from Industrial Capitalism to a Financialized Bubble Economy
- JESUS FELIPE and UTSAV KUMAR, The Role of Trade Facilitation in Central Asia: A Gravity Model
- JESUS FELIPE and UTSAV KUMAR, The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
- NEDELYN MAGTIBAY-RAMOS, GEMMA ESTRADA, and JESUS FELIPE, Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
INSTITUTE NEWS
- New Research Associates
- Upcoming Events:
- 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
- The 2011 Hyman P. Minsky Summer Seminar, June 18–26, 2011
- New Levy Institute Book:The Elgar Companion to Hyman Minsky
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 19, No. 3 | September 2010
The Fall Summary provides an overview of the annual Minsky Conference, which was held in April in New York City with support from the Ford Foundation. Titled “After the Crisis: Planning a New Financial Structure,” the conference focused on many Minskyan themes, including the reconstitution of the financial structure, the reregulation and supervision of financial institutions, the moral hazard of the “too big to fail” doctrine, and the economics of the “big bank” and “big government.” In addition, participants considered central bank exit strategies. A related policy note asserts that the late Wynne Godley’s financial balances approach should be the workhorse of discussions on global rebalancing.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- 19th ANNUAL HYMAN P. MINSKY CONFERENCE
- After the Crisis: Planning a New Financial Structure
- JAMES K. GALBRAITH, The Great Crisis and the American Response
- DIMITRI B. PAPADIMITRIOU, L. RANDALL WRAY, and YEVA NERSISYAN, Endgame for the Euro? Without Major Restructuring, the Eurozone Is Doomed
- DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Debts, Deficits, Economic Recovery, and the US Government
- PAUL MCCULLEY, Global Central Bank Focus: Facts on the Ground
- JÖRG BIBOW, Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies
- CLAUDIO H. DOS SANTOS and ANTONIO C. MACEDO E SILVA, Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
- G. E. KRIMPAS, The Recycling Problem in a Currency Union
- JÖRG BIBOW, Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
- YEVA NERSISYAN and L. RANDALL WRAY, Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff
Program: Monetary Policy and Financial Structure
- YEVA NERSISYAN and L. RANDALL WRAY, Deficit Hysteria Redux? Why We Should Stop Worrying about US Government Deficits
- LUIZ CARLOS BRESSER-PEREIRA, The Global Financial Crisis and a New Capitalism?
- AMIT BHADURI, A Contribution to the Theory of Financial Fragility and Crisis
- BERNARD SHULL, Too Big to Fail in Financial Crisis: Motives, Countermeasures, and Prospects
- JAN KREGEL, Fiscal Responsibility: What Exactly Does It Mean?
- GARY A. DYMSKI, Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
- ÉRIC TYMOIGNE, Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility
Program: Gender Equality and the Economy
- LEKHA S. CHAKRABORTY, Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
- FATMA GÜL ÜNAL, MIRJANA DOKMANOVIC, and RAFIS ABAZOV, The Economic and Financial Crises in CEE and CIS: Gender Perspectives and Policy Choices
- RANIA ANTONOPOULOS and EMEL MEMIS, Time and Poverty from a Developing Country Perspective
Program: Employment Policy and Labor Markets
- CHARLES J. WHALEN, Economic Policy for the Real World
Program: Immigration, Ethnicity, and Social Structure
- SANJAYA DESILVA, ANH PHAM, and MICHAEL SMITH, Racial Preferences in a Small Urban Housing Market: A Spatial Econometric Analysis of Microneighborhoods in Kingston, New York
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
• GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR
INSTITUTE NEWS
- The Hyman P. Minsky Summer Seminar and Conference, June 19–29, 2010
- Upcoming Event: The 2011 Hyman P. Minsky Summer Seminar
- New Research Associate
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 19, No. 2 | March 2010
This issue leads off with an updated Strategic Analysis that confirms the necessity of strong policy action to achieve full employment in the medium term, including a persistently high government deficit in the short term. This implies a growing public debt, which is sustainable as long as interest rates are kept at the current low level. The alternative is an ongoing unemployment rate above 10 percent that would represent a higher cost to future generations.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- Strategic Analysis
- GENNARO ZEZZA, Getting Out of the Recession?
Program: Monetary Policy and Financial Structure
- JAN KREGEL, No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
- JAN KREGEL, Observations on the Problem of “Too Big to Fail/Save/Resolve”
- JÖRG BIBOW, The Euro and Its Guardian of Stability: The Fiction and Reality of the 10th Anniversary Blast
- JÖRG BIBOW, The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
- JAN KREGEL, Is Reregulation of the Financial System an Oxymoron?
- JAN KREGEL, Is This the Minsky Moment for Reform of Financial Regulation?
- YEVA NERSISYAN and L. RANDALL WRAY, The Global Financial Crisis and the Shift to Shadow Banking
Program: The Distribution of Income and Wealth
- YEVA NERSISYAN and L. RANDALL WRAY, The Trouble with Pensions: Toward an Alternative Public Policy to Support Retirement
- MARSHALL AUERBACK and L. RANDALL WRAY, Toward True Health Care Reform: More Care, Less Insurance
- EDWARD N. WOLFF, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—An Update to 2007
Program: Employment Policy and Labor Markets
- RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON and AJIT ZACHARIAS, Why President Obama Should Care about “Care”: An Effective and Equitable Investment Strategy for Job Creation
- TSU-YU TSAO and ANDREW PEARLMAN, Decomposition of the Black-White Wage Differential in the Physician Market
INSTITUTE NEWS
Upcoming Events
- The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
- The Hyman P. Minsky Summer Seminar, June 19–29, 2010
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 19, No. 1 | December 2009
In a new Strategic Analysis, the Institute’s Macro-Modeling Team determines that real GDP growth will remain well below the rate required to push unemployment back to a more acceptable level, but that a modest dollar devaluation could be very effective in promoting employment while addressing the threat posed by large imbalances. A related public policy brief, policy note, and working paper show that the success of New Deal programs strengthens the case for fiscal policies and a permanent employer-of-last-resort program as proposed by Hyman Minsky.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- Strategic Analysis
DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Current Recession and Beyond: Medium-term Prospects for the US Economy - DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, The New New Deal Fracas: Did Roosevelt’s “Anticompetitive” Legislation Slow the Recovery from the Great Depression?
- GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?
- GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Lessons from the New Deal: Did the New Deal Prolong or Worsen the Great Depression?
Program: Monetary Policy and Financial Structure
- JAN KREGEL, The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?
- JAMES K. GALBRAITH, Financial and Monetary Issues as the Crisis Unfolds
- ÉRIC TYMOIGNE and L. RANDALL WRAY, It Isn’t Working: Time for More Radical Policies
- STEPHANIE A. KELTON and L. RANDALL WRAY, Can Euroland Survive?
- MARSHALL AUERBACK and L. RANDALL WRAY, Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
- ÉRIC TYMOIGNE, Securitization, Deregulation, Economic Stability, and Financial Crisis
- ÉRIC TYMOIGNE, A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective
- PAOLO CASADIO and ANTONIO PARADISO, A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
- L. RANDALL WRAY, Money Manager Capitalism and the Global Financial Crisis
- ALESSANDRO VERCELLI, A Perspective on Minsky Moments: The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis
- L. RANDALL WRAY, An Alternative View of Finance, Saving, Deficits, and Liquidity
- ALESSANDRO VERCELLI, Minsky Moments, Russell Chickens, and Gray Swans: The Methodological Puzzles of the Financial Instability Analysis
Program: The Distribution of Income and Wealth
Levy Institute Measure of Economic Well-Being
- THOMAS MASTERSON, AJIT ZACHARIAS, and EDWARD N. WOLFF, Has Progress Been Made in Alleviating Racial Economic Inequality?
- HUGO BENÍTEZ-SILVA, SELCUK EREN, FRANK HEILAND, and SERGI JIMÉNEZ-MARTÍN, How Well Do Individuals Predict the Selling Prices of Their Homes?
Program: Gender Equality and the Economy
- BURCA KIZILIRMAK and EMEL MEMIS, The Unequal Burden of Poverty on Time Use
- TAMAR KHITARISHVILI, Explaining the Gender Wage Gap in Georgia
Program: Economic Policy for the 21st Century
- FATMA GÜL ÜNAL, Market Failure and Land Concentration
INSTITUTE NEWS
Upcoming Events
- The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
- The Hyman P. Minsky Summer Seminar, June 19–29, 2010
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Strategic Analysis
-
Summary Vol. 18, No. 3 | September 2009
The Fall Summary leads off with an overview of the Institute’s annual Minsky conference, which this year focused on the extraordinary challenges posed by the global financial crisis. Also in this issue: a new Strategic Analysis outlines how increased deficits and their impact on private sector balance sheets will help stabilize the domestic economy.
INSTITUTE RESEARCH
Program: The State of the US and World Economies- 18TH ANNUAL HYMAN P. MINSKY CONFERENCE
Meeting the Challenges of Financial Crisis
- Strategic Analysis
DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover - MARSHALL AUERBACK, The Return of the State: The New Investment Paradigm
- CLAUDIO H. DOS SANTOS and ANTONIO CARLOS MACEDO E SILVA, Revisiting (and Connecting) Marglin-Bhaduri and Minsky: An SFC Look at Financialization and Profit-led Growth
- GENNARO ZEZZA, Fiscal Policy and the Economics of Financial Balances
Program: Monetary Policy and Financial Structure
- JAMES K. GALBRAITH, A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
- JAN KREGEL, It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
- PHILIP ARESTIS and ELIAS KARAKITSOS, What Role for Central Banks in View of the Current Crisis?
- ELIAS KARAKITSOS, An Assessment of the Credit Crisis Solutions
- JAN TOPOROWSKI, “Enforced Indebtedness” and Capital Adequacy Requirements
- JAN KREGEL, Some Simple Observations on the Reform of the International Monetary System
- JAN KREGEL, Background Considerations to a Regulation of the US Financial System: Third Time a Charm? Or Strike Three?
- JAN KREGEL, Managing the Impact of Volatility in International Capital Markets in an Uncertain World
Program: The Distribution of Income and Wealth
- Special Report
AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Who Gains from President Obama’s Stimulus Package … And How Much? - AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Distributional Impact of the American Recovery and Reinvestment Act: A Microsimulation Approach
Levy Institute Measure of Economic Well-Being
- AJIT ZACHARIAS, EDWARD N. WOLFF, and THOMAS MASTERSON, New Estimates of Economic Inequality in America, 1959–2004
- AJIT ZACHARIAS, and VAMSI VAKULABHARANAM, Caste and Wealth Inequality in India
Program: Gender Equality and the Economy
- RANIA ANTONOPOULOS, Promoting Gender Equality through Stimulus Packages and Public Job Creation: Lessons Learned from South Africa’s Expanded Public Works Programme
- RANIA ANTONOPOULOS, The Current Economic and Financial Crisis: A Gender Perspective
- RANIA ANTONOPOULOS and TAUN TOAY, From Unpaid to Paid Care Work: The Macroeconomic Implications of HIV and AIDS on Women’s Time-tax Burdens
Program: Employment Policy and Labor Markets
- Conference: Employment Guarantee Policies: Responding to the Current Economic Crisis and Contributing to Long-Term Development
- MARTIN SHUBIK, A Crisis in Coordination and Competence
- MARTIN SHUBIK, A Proposal for a Federal Employment Reserve Authority
- SERGIO DESTAFANIS and GIUSEPPE MASTROMATTEO, Labor-market Performance in the OECD: An Assessment of Recent Evidence
- L. RANDALL WRAY, The Social and Economic Importance of Full Employment
Program: Immigration, Ethnicity, and Social Structure
- SANJAYA DESILVA and YUVAL ELMELECH, Housing Inequality in the United States: A Decomposition Analysis of Racial and Ethnic Disparities in Homeownership
Program: Economic Policy for the 21st Century
- MARTIN SHUBIK, The “Unintended Consequences” Game
- GIUSEPPE FONTANA, Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics
- PHILIP ARESTIS, New Consensus Macroeconomics: A Critical Appraisal
INSTITUTE NEWS
- Conference: Gender and the Global Economic Crisis
- New Program Director
- New Research Associates
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
- 18TH ANNUAL HYMAN P. MINSKY CONFERENCE
-
Summary Vol. 18, No. 2 | April 2009
This issue of the Summary begins with a Strategic Analysis by the Levy Institute’s Macro-Modeling Team, along with a review of the latest Federal Reserve flow-of-funds data. The authors foresee a steep rise in the private sector balance and an abrupt fall in GDP in the United States, with employment rising to 10 percent in 2010; moreover, they say, the unprecedented drop in interest rates may not be effective in reactivating standard lending practices. What’s needed in order to achieve balanced growth and full employment? A drastic change in the institutions responsible for running the world economy—one that would involve placing far less than total reliance on market forces.
INSTITUTE RESEARCH
Program: The State of the US and World Economies
Strategic Analysis
- WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve
- GENNARO ZEZZA, Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years
Program: The Distribution of Income and Wealth
Levy Institute Measure of Economic Well-Being
- EDWARD N. WOLFF, AJIT ZACHARIAS, and THOMAS MASTERSON, Postwar Trends in Economic Well-Being in the United States, 1959–2004
- THOMAS MASTERSON, EDWARD N. WOLFF, and AJIT ZACHARIAS, What Are the Long-Term Trends in Intergroup Economic Disparities?
- EDWARD N. WOLFF, AJIT ZACHARIAS, and THOMAS MASTERSON, Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004
Program: Monetary Policy and Financial Structure
- THOMAS I. PALLEY, After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy
- JAMES K. GALBRAITH, L. RANDALL WRAY, and WARREN MOSLER, The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare
- L. RANDALL WRAY, The Return of Big Government: Policy Advice for President Obama
- JÖRG BIBOW, Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?
- JULIA S. PERELSTEIN, Macroeconomic Imbalances in the United States and Their Impact on the International Financial System
- EWA KARWOWSKI, Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia
Program: Employment Policy and Labor Markets
- PAVLINA R. TCHERNEVA, Obama’s Job Creation Promise: A Modest Proposal to Guarantee That He Meets and Exceeds Expectations
- KIJONG KIM, Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis
Program: Economic Policy for the 21st Century
- FATMA GÜL ÜNAL, Small is Beautiful: Evidence of an Inverse Relationship between Farm Size and Yield in Turkey
INSTITUTE NEWS
- Upcoming Event: 18th Annual Hyman P. Minsky Conference, April 16–17
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
-
Summary Vol. 18, No. 1 | December 2008
Recent attempts by the Treasury and the Federal Reserve to counter the worst financial and economic crisis since the Great Depression have brought into question the role of the government and the effectiveness of its rescue package. Levy Institute scholars foresee an extended period of stagnation and possibly deflation if the government does not take a more active part in terms of fiscal policy, direct homeowner relief, and regulatory system reform.
INSTITUTE RESEARCH
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, What’s a Central Bank to Do? Policy Response to the Current Crisis
- JAN KREGEL, A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
- JAN KREGEL, Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
- DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Time to Bail Out: Alternatives to the Bush-Paulson Plan
- PEDRO NICOLACI DA COSTA, Shaky Foundations: Policy Lessons from America’s Historic Housing Crash
- L. RANDALL WRAY, The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities
- L. RANDALL WRAY and ÉRIC TYMOIGNE, Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment
- PHILIP ARESTIS, LUIZ FERNANDO DE PAULA, and FERNANDO FERRARI-FILHO, Inflation Targeting in Brazil
- ÉRIC TYMOIGNE, Minsky and Economic Policy: “Keynesianism” All Over Again?
- LUISA FERNANDEZ, FADHEL KABOUB, and ZDRAVKA TODOROVA, On Democratizing Financial Turmoil: A Minskyan Analysis of the Subprime Crisis
- JAN TOPOROWSKI, Excess Capital and Liquidity Management
Program: Gender Equality and the Economy
- ZAHRA KARIMI, The Effects of International Trade on Gender Inequality: Women Carpet Weavers of Iran
- RANIA ANTONOPOULOS, The Unpaid Care Work–Paid Work Connection
- THOMAS MASTERSON, An Empirical Analysis of Gender Bias in Education Spending in Paraguay
Program: Employment Policy and Labor Markets
- PAVLINA R. TCHERNEVA, Keynes’s Approach to Full Employment: Aggregate or Targeted Demand?
- DIMITRI B. PAPADIMITRIOU, Promoting Equality Through an Employment of Last Resort Policy
Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- GREG HANNSGEN, Do the Innovations in a Monetary VAR Have Finite Variances?
INSTITUTE NEWS
- New Research Scholar
- New Research Associates
- Conference: The Financial Crisis, the US Economy, and International Security in the New Administration
- Research Grants
- Upcoming Event: The 18th Annual Hyman P. Minsky Conference
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 17, No. 3 | August 2008
This latest issue of the Summary includes an overview of the Institute's annual Minsky conference, which focused on the current economic crisis in the United States, its effects on the world economy, and possible solutions. Also featured is a new Strategic Analysis that challenges the notion that a stimulus package larger than the one approved by Congress last winter is unnecessary and potentially inflationary.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- THE 17TH ANNUAL HYMAN P. MINSKY CONFERENCE: Credit, Markets, and the Real Economy: Is the Financial System Working?
- Strategic Analysis
DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Fiscal Stimulus: Is More Needed? - DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Buffett Plan for Reducing the Trade Deficit
- ANTONIO CARLOS MACEDO E SILVA and CLAUDIO H. DOS SANTOS, The Keynesian Roots of Stock-flow Consistent Macroeconomic Models: Peering Over the Edge of the Short Period
Program: Monetary Policy and Financial Structure
- JAMES K. GALBRAITH, The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
- HYMAN P. MINSKY, Securitization (Preface and Afterword by L. Randall Wray)
- L. RANDALL WRAY, Financial Markets Meltdown: What Can We Learn from Minsky?
- JAN KREGEL, Changes in the US Financial System and the Subprime Crisis
- J�RG BIBOW, The International Monetary (Non-)Order and the "Global Capital Flows Paradox"
- MICHAEL MAH-HUI LIM, Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences
- JAN KREGEL, The Discrete Charm of the Washington Consensus
Program: The Distribution of Income and Wealth
- Levy Institute Measure of Economic Well-Being
HYUNSUB KUM and THOMAS MASTERSON, Statistical Matching Using Propensity Scores: Theory and Application to the Levy Institute Measure of Economic Well-Being
Program: Gender Equality and the Economy
- LEKHA S. CHAKRABORTY, Deficient Public Infrastructure and Private Costs: Evidence from a Time-use Survey for the Water Sector in India
Program: Employment Policy and Labor Markets
- DANIEL KOSTZER, Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery
- PAVLINA R. TCHERNEVA, The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post Keynesian View?
Program: Economic Policy for the 21st Century
- Explorations in Theory and Empirical Analysis
GREG HANNSGEN, Can Robbery and Other Theft Help to Explain the Textbook Currency-demand Puzzle? Two Dreadful Models of Money Demand with an Endogenous Probability of Crime
INSTITUTE NEWS
- Special Lecture: Joseph E. Stiglitz on the Costs of the Iraq War
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 17, No. 2 | April 2008
This issue highlights a series of working papers under the Monetary Policy and Financial Structure program that analyze the current instability within the financial industry in the United States. In each case, the author calls for policy and political reform in order to prevent "it" (the Great Depression) from happening again.
Contents:
INSTITUTE RESEARCH
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, Lessons from the Subprime Meltdown
- JAN KREGEL, The Natural Instability of Financial Markets
- THOMAS I. PALLEY, Financialization: What It Is and Why It Matters
- JAN KREGEL, Financial Flows and International Imbalances—The Role of Catching Up by Late-industrializing Developing Countries
- JAN KREGEL, Minsky's Cushions of Safety: Systemic Risk and the Crisis in the US Subprime Mortgage Market
Program: The Distribution of Income and Wealth
- JOSEPH DEUTSCH and JACQUES SILBER, Earnings Functions and the Measurement of the Determinants of Wage Dispersion: Extending Oaxaca's Approach
Program: Gender Equality and the Economy
- PAVLINA R. TCHERNEVA and L. RANDALL WRAY, Public Employment and Women: The Impact of Argentina's Jefes Program on Female Heads of Poor Households
Program: Employment Policy and Labor Markets
- JAN KREGEL, Nurkse and the Role of Finance in Development Economics
- HIND JALAL, Promotion Nationale: Forty-Five Years of Experience of PublicWorks in Morocco
- ZAHRA KARIMI, Financing Job Guarantee Schemes by Oil Revenue: The Case of Iran
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN, American Jewish Opinion about the Future of the West Bank: A Reanalysis of American Jewish Committee Surveys
INSTITUTE NEWS
- Upcoming Event: 17th Annual Hyman P. Minsky Conference, April 17–18
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 17, No. 1 | December 2007
In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, Research Scholars Greg Hannsgen and Gennaro Zezza, and President Dimitri B. Papadimitriou forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment—unless the dollar continues to fall and fiscal policy shifts its course.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- Strategic Analysis
WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The US Economy: Is There a Way Out of the Woods?
Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate
- JAMES K. GALBRAITH, OLIVIER GIOVANNONI, and ANN J. RUSSO, The Fed’s Real Reaction Function: Monetary Policy, Inflation, Unemployment, Inequality—and Presidential Politics
- L. RANDALL WRAY, Endogenous Money: Structuralist and Horizontalist
- CHARLES J. WHALEN, The US Credit Crunch of 2007: A Minsky Moment
Program: The Distribution of Income and Wealth
- JACQUES SILBER and AMEDEO SPADARO, Inequality of Life Chances and the Measurement of Social Immobility
- WORKSHOP: International Comparisons of Economic Well-Being
Levy Institute Measure of Economic Well-BeingProgram: Gender Equality and the Economy
- RANIA ANTONOPOULOS, The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective
Program: Employment Policy and Labor Markets
- JOSEPH DEUTSCH, YVES FLÜCKIGER, and JACQUES SILBER, On Various Ways of Measuring Unemployment, with Applications to Switzerland
- L. RANDALL WRAY, Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
- PAVLINA R. TCHERNEVA, What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN, Who’s a Jew in an Era of High Intermarriage? Surveys, Operational Definitions, and the Contemporary American Context
- JOEL PERLMANN, The American Jewish Committee’s Annual Opinion Surveys: An Assessment of Sample Quality
Program: Economic Policy for the 21st Century
- THOMAS I. PALLEY, Globalization and the Changing Trade Debate: Suggestions for a New Agenda
- LEKHA S. CHAKRABORTY, Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model
- L. RANDALL WRAY, The Continuing Legacy of John Maynard Keynes
Explorations in Theory and Empirical AnalysisINSTITUTE NEWS
- New Research Scholar
- New Levy Institute Book
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Strategic Analysis
-
Summary Vol. 16, No. 3 | September 2007
The Fall issue leads off with the 16th Annual Hyman P. Minsky Conference, in which top policymakers, economists, and analysts explored the impact of global imbalances and whether or not the United States economy was headed for a hard or a soft landing.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies- THE 16TH ANNUAL HYMAN P. MINSKY CONFERENCE
Global Imbalances: Prospects for the US and World Economies - WYNNE GODLEY and MARC LAVOIE, Fiscal Policy in a Stock-flow Consistent (SFC) Model
- DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Effects of a Declining Housing Market on the US Economy
Strategic Analysis - WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, The US Economy: What’s Next?
Program: The Distribution of Income and Wealth
- DIMITRI B. PAPADIMITRIOU, Economic Perspectives on Aging
- EDWARD N. WOLFF, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze
Levy Institute Measure of Economic Well-Being - EDWARD N. WOLFF, AJIT ZACHARIAS, and HYUNSUB KUM, How Well Off Are America’s Elderly? A New Perspective
Program: Gender Equality and the Economy
- WORKSHOP: From Unpaid Work to Employment Guarantee Policy: A Social Accounting Matrix Exercise
- RANIA ANTONOPOULOS and FRANCISCO COS-MONTIEL, State, Difference, and Diversity: Toward a Path of Expanded Democracy and Gender Equality
- MARCELO MEDEIROS, RAFAEL GUERREIRO OS�RIO, and JOANA COSTA, Gender Inequalities in Allocating Time to Paid and Unpaid Work: Evidence from Bolivia
- MELISSA MAHONEY and AJIT ZACHARIAS, Gender Disparities in Employment and Aggregate Profitability in the United States
- THOMAS MASTERSON, Female Land Rights, Crop Specialization, and Productivity in Paraguayan Agriculture
- FADHEL KABOUB, Employment Guarantee Programs: A Survey of Theories and Policy Experiences
- FADHEL KABOUB, ELR-led Economic Development: A Plan for Tunisia
- PINAKI CHAKRABORTY, Implementation of the National Rural Employment Guarantee Act in India: Spatial Dimensions and Fiscal Implications
Program: Immigration, Ethnicity, and Social Structure
- JOEL PERLMANN, Surveying American Jews and Their Views on Middle East Politics: The Current Situation and a Proposal for a New Approach
- JOEL PERLMANN, Two National Surveys of American Jews, 2000–01: A Comparison of the NJPS and AJIS Program: Economic Policy for the 21st Century
Explorations in Theory and Empirical Analysis
- GREG HANNSGEN, Are the Costs of the Business Cycle “Trivially Small”? Lucas’s Calculus of Hardship and Chooser-dependent, Non–Expected Utility Preferences
- CLAUDIO H. DOS SANTOS and GENNARO ZEZZA, A Simplified “Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model
INSTITUTE NEWS
- New Board Member
- New Research Associates
- Event: Economists for Peace and Security Conference
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
- THE 16TH ANNUAL HYMAN P. MINSKY CONFERENCE
-
Summary Vol. 16, No. 2 | May 2007
In this issue: a new Policy Note recommends reforming the Alternative Minimum Tax while retaining some tax cuts in order to reduce the growing tax burden on middle-class families. A related paper criticizes orthodox policymaking that calls for fiscally austere budgets when the real engine of economic growth is government spending.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies
- DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, The April AMT Shock: Tax Reform Advice for the New Majority
- JÖRG BIBOW, Global Imbalances, Bretton Woods II, and Euroland’s Role in All This
- L. RANDALL WRAY, Demand Constraints and Big Government
Program: Monetary Policy and Financial Structure
- THOMAS I. PALLEY, The Economics of Outsourcing: How Should Policy Respond?
- ALFONSO PALACIO-VERA, On Lower-bound Traps: A Framework for the Analysis of Monetary Policy in the “Age” of Central Banks
- ÉRIC TYMOIGNE, An Inquiry into the Nature of Money: An Alternative to the Functional Approach
- ÉRIC TYMOIGNE, Fisher’s Theory of Interest Rates and the Notion of “Real”: A Critique
- GIOVANNI COZZI and JAN TOPOROWSKI, The Balance Sheet Approach to Financial Crises in Emerging Markets
- CLAUDIO SARDONI and L. RANDALL WRAY, Fixed and Flexible Exchange Rates and Currency Sovereignty
Program: The Distribution of Income and Wealth
- AXEL BÖRSCH-SUPAN, European Welfare States and Their Generosity toward the Elderly
- LI GAN, GUAN GONG, and MICHAEL HURD, Net Intergenerational Transfers from and Increase in Social Security Benefits
- EDWARD N. WOLFF and AJIT ZACHARIAS, Class Structure and Economic Inequality
- EDWARD N. WOLFF and AJIT ZACHARIAS, Wealth and Economic Inequality: Who’s at the Top of the Economic Ladder?
Levy Institute Measure of Economic Well-Being
Program: Employment Policy and Labor Markets
- JAMES B. REBITZER and LOWELL J. TAYLOR, When Knowledge Is an Asset: Explaining the Organizational Structure of Large Law Firms
Program: Economic Policy for the 21st Century
- THEODORE PELAGIDIS and TAUN N. TOAY, Expensive Living: The Greek Experience under the Euro
- THOMAS MASTERSON, Productivity, Technical Efficiency, and Farm Size in Paraguayan Agriculture
- THOMAS MASTERSON, Land Rental and Sales Markets in Paraguay
- JAN TOPOROWSKI, Methodology and Microeconomics in the Early Work of Hyman P.Minsky
Explorations in Theory and Empirical Analysis
INSTITUTE NEWS
- New Senior Scholars
- New Research Scholar
- New Editor
- Upcoming Event: 16th Annual Hyman P. Minsky Conference, April 19–20
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
-
Summary Vol. 16, No. 1 | December 2006
The Winter Summary provides an overview of the Institute's October conference on employment guarantee policies, which focused on government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work. Also in this issue: a new Strategic Analysis and Public Policy Brief address the consequences of the current imbalances in the American economy.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies, and Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and GREG HANNSGEN, Can Global Imbalances Continue? Policies for the US Economy
- ROBERT W. PARENTEAU, US Household Deficit Spending: A Rendezvous with Reality Program: Monetary Policy and Financial Structure
- L. RANDALL WRAY, Banking, Finance, and Money: A Socioeconomics Approach
- JÖRG BIBOW, How the Maastricht Regime Fosters Divergence as Well as Fragility
- THOMAS I. PALLEY, Rethinking Trade and Trade Policy: Gomory, Baumol, and Samuelson on Comparative Advantage
- GIUSEPPE FONTANA, The “New Consensus” View of Monetary Policy: A New Wicksellian Connection?
Program: Distribution of Income and Wealth, and the LIMEW
- APRIL 2006 CONFERENCE, Government Spending on the Elderly, Working Papers
Program: Gender Equality and the Economy
- CAREN A. GROWN, Quick Impact Initiatives for Gender Equality: A Menu of Options
- CAREN A. GROWN, CHANDRIKA BAHADUR, JESSIE HANDBURY, and DIANE ELSON, The Financial Requirements of Achieving Gender Equality and Women’s Empowerment
Program: Employment Policy and Labor Markets
- CONFERENCE, Employment Guarantee Policies: Theory and Practice
- JAMES K. GALBRAITH, Maastricht 2042 and the Fate of Europe: Toward Convergence and Full Employment
- ALFONSO PALACIO-VERA, ANA ROSA MARTÍNEZ-CAÑETE, ELENA MÁRQUEZ DE LA CRUZ, and INÉS PÉREZ-SOBA AGUILAR, Capital Stock and Unemployment: Searching for the Missing Link
Explorations in Theory and Empirical Analysis
- KORKUT A. ERTÜRK, On the Minskyan Business Cycle
INSTITUTE NEWS
- New Research Associates
- New Levy Institute Book
- Levy Institute Awarded Grant from UNDP
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 15, No. 3 | September 2006
In a new Strategic Analysis summarized in this issue, President Dimitri B. Papadimitriou and Research Scholars Edward Chilcote and Gennaro Zezza observe that the economy continues to grow on an unbalanced path, and that there is an increase in the default risk for the private and financial sectors.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies, and Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, EDWARD CHILCOTE, and GENNARO ZEZZA, Can the Growth in the US Current Account Deficit Be Sustained? The Growing Burden of Servicing Foreign-Owned US Debt
- WYNNE GODLEY and GENNARO ZEZZA, Debt and Lending: A Cri de Coeur
Program: Distribution of Income and Wealth, and the LIMEW
- CONFERENCE: Government Spending on the Elderly
- EDWARD N. WOLFF and AJIT ZACHARIAS, Household Wealth and the Measurement of Economic Well-Being in the United States
- JAMES MAHMUD RICE, ROBERT E. GOODIN, and ANTTI PARPO, The Temporal Welfare State: A Cross-national Comparison
- J. BONKE, M. DEDING, and M. LAUSTEN, Time and Money: Substitutes in Real Terms and Complements in Satisfactions
- HARLEY FRAZIS and JAY STEWART, How Does Household Production Affect Earnings Inequality? Evidence from the American Time Use Survey
Program: Gender Equality and the Economy
- SYMPOSIUM: Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective
- STEPHANIE SEGUINO and CAREN A. GROWN, Feminist-Kaleckian Macroeconomic Policy for Developing Countries
Program: Economic Policy for the 21st Century
Financial Markets and Monetary Policy
- L. RANDALL WRAY, Can Basel II Enhance Financial Stability? A Pessimistic View
- THOMAS I. PALLEY, The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's International Financial System Is Unsustainable
- ERIC TYMOIGNE, Asset Prices, Financial Fragility, and Central Banking
- CLAUDIO SARDONI, Why Central Banks (and Money) "Rule the Roost"
Federal Budget Policy
- L. RANDALL WRAY, Extending Minsky's Classifications of Fragility to Government and the Open Economy
- L. RANDALL WRAY, Twin Deficits and Sustainability
- L. RANDALL WRAY, The Burden of Aging: Much Ado About Nothing, or Little to Do About Something?
Explorations in Theory and Empirical Analysis
- THOMAS R. MICHL, Tinbergen Rules the Taylor Rule
- GREG HANNSGEN, A Random Walk Down Maple Lane? A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth
- GREG HANNSGEN, Gibson's Paradox II
- ERIC TYMOIGNE, The Minskyan System, Part I: Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy
- ERIC TYMOIGNE, The Minskyan System, Part II: Dynamics of the Minskyan Analysis and the Financial Fragility Hypothesis
- ERIC TYMOIGNE, The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow-Consistent Minskyan Model
INSTITUTE NEWS
- New Research Associates
- New Levy Institute Book
- Upcoming Event: Upcoming Event, Conference, Employment Guarantee Policies: Theory and Practice, October 13-14
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 15, No. 2 | May 2006
The latest Strategic Analysis by the Institute's Macro-Modeling Team suggests that much of the recent growth in GDP can be attributed to house price appreciation and private sector borrowing. However, rising house prices have not improved the equity position of households.
INSTITUTE RESEARCH
Program: The State of the US and World Economies, and Strategic Analysis
- DIMITRI B. PAPADIMITRIOU, EDWARD CHILCOTE, and GENNARO ZEZZA, Are Housing Prices, Household Debt, and Growth Sustainable?
- WYNNE GODLEY and MARC LAVOIE, Prolegomena to Realistic Monetary Macroeconomics: A Theory of Intelligible Sequences
Program: Distribution of Income and Wealth, and the LIMEW
- STEPHANIE SEGUINO, All Types of Inequality Are Not Created Equal: Divergent Impacts of Inequality on Economic Growth
- DANIEL S. HAMERMESH, Time to Eat: Household Production under Increasing Income Inequality
- INDIRA HIRWAY, Enhancing Livelihood Security through the National Employment Guarantee Act: Toward Effective Implementation of the Act
- LYN CRAIG,Where Do They Find the Time? An Analysis of How Parents Shift and Squeeze Their Time around Work and Child Care
- CHARLENE M. KALENKOSKI, DAVID C. RIBAR, and LESLIE S. STRATTON, Parental Child Care in Single Parent, Cohabiting, and Married Couple Families: Time Diary Evidence from the United States and the United Kingdom
- DIMITRI B. PAPADIMITRIOU, Government Effects on the Distribution of Income: An Overview
Program: Gender Equality and the Economy
- EBRU KONGAR, Importing Equality or Exporting Jobs? Competition and Gender Wage and Employment Differentials in USManufacturing
Program: Economic Policy for the 21st Century
- Financial Markets and Monetary Policy
- GIUSEPPE FONTANA and ALFONSO PALACIO-VERA, Are Long-run Price Stability and Short-run Output Stabilization All That Monetary Policy Can Aim For?
- C. SARDONI and L. RANDALL WRAY, Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the United States
- EDWARD CHILCOTE, Credit Derivatives and Financial Fragility
Federal Budget Policy - JAMES K. GALBRAITH, The Fiscal Facts: Public and Private Debts and the Future of the American Economy
The Labor Market - BRUCE FALLICK, CHARLES A. FLEISCHMAN, and JAMES B. REBITZER, Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster
Explorations in Theory and Empirical Analysis - KORKUT A. ERT�RK, Speculation, Liquidity Preference, and Monetary Circulation
- L. RANDALL WRAY, Keynes’s Approach to Money: An Assessment after 70 Years
- KAYE K. W. LEE, Personality and Earnings
INSTITUTE NEWS
Upcoming Events
- Conference: Government Spending on the Elderly, April 28–29
- Symposium: Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective, May 17–18
- Russell Sage Foundation Grant
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 15, No. 1 | January 2006
In most developing countries, efforts to reduce poverty and reach the Millennium Development Goals provide a timely opportunity to draw attention to the contribution of unpaid work to economic and social development. Summarized in this issue, an October 2005 conference organized by the Levy Institute in partnership with the United Nations Development Programme focused on women's unpaid work in the context of achieving the MDGs, and the need for viable pro-poor policy alternatives.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies, and Strategic Analysis
- WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, CLAUDIO H. DOS SANTOS, and GENNARO ZEZZA, The United States and Her Creditors: Can theSymbiosis Last?
Program: Distribution of Income and Wealth, and theLIMEW
- CONFERENCE: Time Use and Economic Well-Being
Program: Gender Equality and the Economy
- CONFERENCE: Unpaid Work and the Economy: Gender, Poverty, and the Millennium Development Goals
Program: Economic Policy for the 21st Century
Financial Markets and Monetary Policy
- JÖRG BIBOW, Bad for Euroland, Worse for Germany—The ECB’s Record
Federal Budget Policy
- L. RANDALL WRAY, The Ownership Society: Social Security is Only the Beginning . . .
- L. RANDALL WRAY, Social Security’s 70th Anniversary: Surviving 20 Years of Reform
INSTITUTE NEWS
- New Research Scholar
- New Research Associates
- New Levy Institute Book: Italians Then, Mexicans Now
- Upcoming Event: Conference, Government Spending on the Elderly, April 28–29
CALL FOR PAPERS
- Symposium: Gender, Tax Policies, and Tax Reform in Comparative Perspective, May 17–18
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 14, No. 3 | September 2005
In a new Policy Note, Distinguished Scholar Wynne Godley observes that the state of aggregate demand in the United States is precariously based, as private debt and borrowing cannot continue to provide the motor for expansion for more than a couple of years, particularly if interest rates continue to rise. The risk is a return to recession, Godley says, and there is no remedy this time in the shape of a fiscal expansion.
Contents:
INSTITUTE RESEARCH
Program: The State of the US and World Economies, and Strategic Analysis
- WYNNE GODLEY, Imbalances Looking for a Policy
- WYNNE GODLEY, Some Unpleasant American Arithmetic
Program: Distribution of Income and Wealth, and the LIMEW
- EDWARD N. WOLFF, AJIT ZACHARIAS, and HYUNSUB KUM, Interim Report 2005:The Effects of Government Deficits and the 2001–02 Recession on Well-Being
- EDWARD N. WOLFF, Is the Equalizing Effect of Retirement Wealth Wearing Off?
Program: Gender Equality and the Economy
- STEPHANIE SEGUINO, Gender Inequality in a Globalizing World
Program: Economic Policy for the 21st Century
- CONFERENCE: The 15th Annual Hyman P.Minsky Conference, “Economic Imbalance: Fiscal and Monetary Policy for Sustainable Growth”
Financial Markets and Monetary Policy
- KORKUT A. ERTÜRK, Is the Dollar at Risk?
- STEPHANIE SEGUINO, Is More Mobility Good?: Firm Mobility and the Low Wage–Low Productivity Trap
- KORKUT A. ERTÜRK, Macroeconomics of Speculation
- JÖRG BIBOW, Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
- JÖRG BIBOW, Liquidity Preference Theory Revisited: To Ditch or to Build On It?
- JÖRG BIBOW, Europe's Quest for Monetary Stability: Central Banking Gone Astray
Federal Budget Policy
- PANOS KONSTAS, FDIC-Sponsored Self-Insured Depositors: Using Insurance to Gain Market Discipline and Lower the Cost of Bank Funding
Explorations in Theory and Empirical Analysis
- CLAUDIO H. DOS SANTOS and GENNARO ZEZZA, A Simplified Stock-Flow Consistent Post-Keynesian Growth Model
- GREG HANNSGEN, The Disutility of International Debt: Analytical Results and Methodological Implications
INSTITUTE NEWS
- New Program Codirector and Senior Scholar
- New Research Scholar and New Research Associate
- United Nations Development Programme and Levy Institute Partnership
- Upcoming Event: Conference, “Time Use and Economic Well-Being,” October 28–29
- Levy Institute Awarded Grant from Smith Richardson Foundation, Inc.
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 14, No. 2 | May 2005
This issue begins with a sensitivity analysis of public consumption—a major component of the Levy Institute Measure of Economic Well-Being—in relation to economic well-being in the United States. One of the notable observations contained in our report is that the distribution of public consumption is pro-rich.
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Summary Vol. 14, No. 1 | January 2005
A conference on the distributional effects of government spending and taxation was held at the Levy Institute's conference center in fall 2004 and is summarized under The Distribution of Income and Wealth program. The presentations outlined how governments play a large role in affecting inequality, since countries spend at least a quarter of GDP on social welfare and most governments tax one group in order to transfer benefits to another.
Contents:
INSTITUTE RESEARCH
Levy Institute Measure of Economic Well-Being
- EDWARD N. WOLFF, AJIT ZACHARIAS, and ASENA CANER, How Much Does Wealth Matter for Well-Being? Alternative Measures of Income from Wealth
Strategic Analysis
- WYNNE GODLEY, ALEX IZURIETA, and GENNARO ZEZZA, Prospects and Policies
for the US Economy:Why Net Exports Must Now Be the Motor for US Growth
Program: Distribution of Income and Wealth
- CONFERENCE: The Distributional Effects of Government Spending and Taxation
Program: Financial Markets and Monetary Policy
- J�RG BIBOW, Assessing the ECB’s Performance since the Global Slowdown: A Structural Policy Bias Coming Home to Roost?
- PHILIP ARESTIS and ASENA CANER, Financial Liberalization and Poverty:
Channels of Influence
Explorations in Theory and Empirical Analysis
- GREG HANNSGEN, Gibson's Paradox,Monetary Policy, and the Emergence of Cycles
- GREG HANNSGEN, The Transmission Mechanism of Monetary Policy: A Critical Review
- MATHEW FORSTATER, Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's
Political Economics, and the Methodology of Ecological Economics
INSTITUTE NEWS
- New Appointment: DIANE ELSON
- New Research Associate
- New Research Scholars
- NIHCM Foundation Award
CALL FOR PAPERS
- Conference: "Time Use and Economic Well-Being"
PUBLICATIONS AND PRESENTATIONS
- Publications and Presentations by Levy Institute Scholars
- Recent Levy Institute Publications
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Summary Vol. 13, No. 3 | October 2004
In this issue: an overview of the 14th Annual Hyman P. Minsky Conference on Financial Structure. A common observation among participants was the atypical business cycle pattern associated with the 2001 recession: strong GDP growth and very little job growth.
Contents:
Institute Research - Levy Institute Measure of Economic Well-Being - Levy Institute Measure of Economic Well-Being: United States, 1989, 1995, 2000, and 2001; Strategic Analysis - Is Deficit-Financed Growth Limited? Policies and Prospects in an Election Year; Program: Distribution of Income and Wealth - The "War on Poverty" after 40 Years: A Minskyan Assessment · Changes in Household Wealth in the 1980s and 1990s in the United States; Program: Financial Markets and Monetary Policy - Conference: The 14th Annual Hyman P. Minsky Conference on Financial Structure, "Can the Recovery Be Sustained? US and International Perspectives" · Investigating the Intellectual Origins of Euroland's Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany after the War; Program: Federal Budget Policy - Inflation Targeting and the Natural Rate of Unemployment · Those "D" Words: Deficits, Debt, Deflation, and Depreciation; Explorations in Theory and Empirical Analysis - Some Simple, Consistent Models of the Monetary Circuit · Keynesian Theorizing during Hard Times: Stock-Flow Consistent Models as an Unexplored "Frontier" of Keynesian Macroeconomics; Institute News - New Board Members: Lakshman Achuthan; J. Ezra Merkin · New Levy Institute Book · Upcoming Event: Conference, The Distributional Effects of Government Spending and Taxation, October 15–16; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications
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Summary Vol. 13, No. 2 | May 2004
The sharp reversal from surplus to deficit of the federal budget has prevented a deep recession, but long-term strategic economic difficulties remain. A new Strategic Analysis suggests that the government continue its substantial fiscal stimulus while enhancing the country’s international competitiveness, so as to stimulate export growth and use the domestic jobs thereby created to fill in the remaining employment gaps.
Contents:
Institute Research - Levy Institute Measure of Economic Well-Being - Levy Institute Measure of Economic Well-Being: United States, 1989 and 2000; Strategic Analysis - Deficits, Debts, and Growth: A Reprieve But Not a Pardon; Program: Distribution of Income and Wealth - Inequality of the Distribution of Personal Wealth in Germany 1973-1998; Program: Financial Markets and Monetary Policy - The Future of the Dollar: Has the Unthinkable Become Thinkable? · Financial Globalization and Regulation · Does Financial Structure Matter? · Fiscal Consolidation: Contrasting Strategies and Lessons from International Experiences; Explorations in Theory and Empirical Analysis - Borrowing Alone: The Theory and Policy Implications of the Commodification of Finance · A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results · A Stock-Flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies; Institute News - Upcoming Events: 14th Annual Hyman P. Minsky Conference, April 23-24, and The Distributional Effects of Government Spending and Taxation, October 15-16; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications
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Summary Vol. 13, No. 1 | January 2004
The Winter Summary highlights the recent Levy Institute conference "International Perspectives on Household Wealth," which focused on the dynamics of the distribution of wealth across population subgroups, income levels, and regions. A common finding was the rapid growth in wealth, but increasing inequality, during the 1990s as a result of the euphoria in the financial markets.
Contents: Institute Research - Program: Distribution of Income and Wealth - Conference: International Perspectives on Household Wealth · Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year? Implications for Social Security Reform · Savings of Entrepreneurs · A Rolling Tide: Changes in the Distribution of Wealth in he US, 1989-2001 · Wealth Transfer Taxation: A Survey · On Household Wealth Trends in Sweden over the 1990s · The Evolution of Wealth Inequality in Canada, 1984-1999; Program: Financial Markets and Monetary Policy - Inflation Targeting: A Critical Appraisal · Aggregate Demand, Conflict, and Capacity in the Inflationary Process; Program: Federal Budget Policy - Deflation Worries · Is International Growth the Way Out of US Current Account Deficits? A Note of Caution · Measures of the Real GDP of US Trading Partners: Methodology and Results · Understanding Deflation: Treating the Disease, Not the Symptoms; Institute News - Upcoming Event: 14th Annual Hyman P. Minsky Conference; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications
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Summary Vol. 12, No. 4 | January 2003
A new Policy Note summarized under the Financial Markets and Monetary Policy program outlines Germany's poor economic record since unification. Author J�rg Bibow warns that the "German disease" (protracted policy-inflicted domestic demand stagnation) and the threat of a deflationary spiral are spreading throughout the Economic and Monetary Union (EMU).
Contents: Institute Research - Program: Distribution of Income and Wealth - Household Wealth, Public Consumption, and Economic Well-Being in the United States; Program: Financial Markets and Monetary Policy - Pushing Germany Off the Cliff Edge · Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory · Is Europe Doomed to Stagnation? An Analysis of the Current Crisis and Recommendations for Reforming Macroeconomic Policymaking in Euroland · Financial Sector Reforms in Developing Countries, with Special Reference to Egypt · Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges; Program: Federal Budget Policy - The Conditions for a Sustainable US Recovery: The Role of Investment · How Long Can US Consumers Carry the Economy on Their Shoulders? · Reinventing Fiscal Policy · The Case for Fiscal Policy; Explorations in Theory and Empirical Analysis - Minsky's Acceleration Channel and the Role of Money; Publications and Presentations - Publications and Presentations by Levy Scholars · Recent Levy Institute Publications
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Summary Vol. 12, No. 3 | January 2003
In a new Strategic Analysis, Distinguished Scholar Wynne Godley argues that personal debt levels in the United States cannot continue and that the country's balance of payments deficit has largely been ignored by both the government and the public. Godley foresees an era of growth recession characterized by rising unemployment—and the risk of financial implosion.
Contents:
Information on the upcoming "International Perspectives on Household Wealth," a conference of The Levy Economics Institute of Bard College · The most recent Strategic Analysis ("The US Economy: A Changing Strategic Predicament," Wynne Godley) · Conference summary: "13th Annual Hyman P. Minsky Conference on the State of the US and World Economies." Working paper topics include The Levy Institute Measure of Economic Well-Being; Does Trade Promote Gender Wage Equity?; USWorkers' Investment Decisions for Participant-Directed Defined Contribution Pension Assets; Mexicans Now, Italians Then: Intermarriage Patterns; The Nature and Role of Monetary Policy When Money Is Endogenous · Policy Note topics include Caring for a Large Geriatric Generation: The Coming Crisis in USHealth Care; Reforming the Euro's Institutional Framework.
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Summary Vol. 12, No. 2 | January 2003
The latest Strategic Analysis by the Institute's Macro-Modeling Team shows that the growth rate of private sector debt is unsustainable. The domestic economy is headed for a period of growth recession that can be offset only by a fiscal stimulus from the government sector, the authors say, and by increasing net export demand.
Contents: The most recent Strategic Analysis (Dimitri B. Papadimitriou, Anwar M. Shaikh, Claudio H. Dos Santos, and Gennaro Zezza) · New Working Paper topics include: Income Dynamics of the Elderly, the Persistence of Hardship, the Causal Significance of the Stock of Money, the Economics of the "Third Way," the Tobin Tax, Equity Prices under Asset and Debt Deflation, the Effectiveness of Monetary and Fiscal Policies, Testing for Financial Contagion, the Credibility of Monetary Policy · New Policy Note: The Case for Public Spending · New Research Associate
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Summary Vol. 12, No. 1 | January 2003
In this issue: Senior Scholar James K. Galbraith, in a new Policy Note, argues that conditions attached to an International Monetary Fund loan to Brazil are a form of blackmail that will deflate the Brazilian economy and lead to further loans until the private foreign sector is safely divested of its Brazilian holdings.
Contents: Conference summary: "Economic Mobility in America and Other Advanced Countries" · Policy Note topics: Brazil and the Larger International Monetary Problem; European Integration and the "Euro Project" · Working paper topics include Inflation and Output-Gap Variability in the EMU, Financial Globalization, Credibility of EMS Interest Rate Policies, Threshold Effects in the US Budget Deficit · New Research Staff · Levy Institute-Shanghai Exchange · Upcoming Conference
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Summary Vol. 11, No. 4 | January 2002
New Working Papers summarized in this issue include an examination of racial and ethnic differentiation in gender inequality, a proposal for a poverty measure that considers household wealth together with income, and a study of the probable impact of the United Kingdom’s adoption of the euro. An analysis of "narrow" banking by the IMF's Biagio Bossone concludes that it deprives the economy of key functions and diminishes the benefits of conventional banking.
Contents: Working paper topics include US Ethnic School Attainments across Generations; Race, Ethnicity, and the Gender-Poverty Gap; Asset Poverty in the United States; Challenges to Economic and Monetary Union Macropolicies; Can Monetary Policy Affect the Real Economy? The Euro, Public Expenditure, and Taxation; and Managed Care, Physician Incentives, and Norms of Medical Practice · Levy Institute News: New Research Staff
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Summary Vol. 11, No. 2 | January 2002
This double issue begins with an account of an international symposium on gender-aware macroeconomics, held at the Levy Institute in May, and includes an overview of the Institute's 12th Annual Hyman P. Minsky Conference on Financial Markets.
Contents: Summaries of events include the 12th annual Hyman P. Minsky conference and a symposium on gender-aware economics · The most recent issue of Strategic Analysis (Wynne Godley and Alex Izurieta) · Working paper topics: Immigrant-to-native wage ratios, dollarization in Argentina, the 25th anniversary of the CRA, the warrented growth rate, a Hicksian definition of income, a historical examination of monetarism, and asset prices and the business cycle · New Book · New Board Members · New Research Associates · Upcoming Conference
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Summary Vol. 11, No. 1 | January 2002
This Summary begins with Senior Scholar James K. Galbraith's analysis of a very topical issue—the war economy.
Contents: New issue of Strategic Analysis (Wynne Godley and Alex Izurieta) · Policy Notes: The War Economy (Galbraith); Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy (Carpenter); Are We All Keynesians (Again)? (Papadimitriou and Wray) · Working Paper topics: Inter vivos transfers; monetary policies of the European Central Bank; economic sociology; incentives in HMOs · New Book · New Research Staff · Call for Papers
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Summary Vol. 10, No. 4 | January 2001
In a new Strategic Analysis, Distinguished Scholar Wynne Godley and Research Scholar Alex Izurieta provide an explanation for the recent economic slowdown in the United States, examine policy options, and discuss alternative scenarios for medium-term economic performance. In a related Policy Note, Phillips & Drew economist Bill Martin forecasts a post-bubble trauma for the United States that will have global consequences.
Contents: Strategic Analysis: As The Implosion Begins...? Prospects and Policies for the US Economy: A Strategic View * New Policy Notes: The New Old Economy * The Backward Art of Tax Cutting * Killing Social Security Softly with Faux Kindness * Project Summary: Quality of Life * New Working Papers: The Role of Institutions and Policies in Creating High European Unemployment: The Evidence * Reflections on the Current Fashion for Central Bank Independence * Can Countries under a Common Currency Conduct Their Own Fiscal Policies? * Toward a Population History of the Second Generation: Birth Cohorts of Southern- , Central- , and Eastern-European Origins, 1871-1970 * Young Mexican Americans, Blacks, and Whites in Recent Years: Schooling and Teen Motherhood as Indicators of Strengths and Risks * Institute News: New Research Staff
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Summary Vol. 10, No. 3 | January 2001
Summaries of the speeches and sessions at the 11th Annual Hyman P. Minsky Conference on Financial Structure include the remarks of Thomas Hoenig, president of the Federal Reserve Bank in Kansas City, who discussed the broad policy lessons that can be learned from the recent proliferation of financial crises in developed nations and their implications for the Fed's role in crisis management.
Contents: Conference Summaries: Quality of Life Indicators; Education Reform outside the School; 11th Annual Minsky Conference · Policy Notes: Put Your Chips on 35 (James K. Galbraith) and Financing Health Care (Walter M. Cadette) · Working Papers include "Euro Instability," "Making EMU Work," and "Will the Euro Bring Economic Crisis to Europe?"
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Summary Vol. 10, No. 2 | January 2001
A special feature by Senior Scholar Edward N. Wolff focuses on the inequality in the distribution of income and wealth—and what can be done about it.
Contents: The Rich Get Richer (Special feature by Edward N. Wolff) · Is there a Skills Crisis? · Testing Profit Rate Equalization · The Markets versus the ECB · Origins of the GATT · Race or People · Productivity in Manufacturing and Length of the Working Day
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Summary Vol. 10, No. 1 | January 2001
A special project report by Senior Scholar Joel Perlmann outlines research he has been conducting on immigration, ethnic assimilation, and social mobility in America. Summaries of the sessions held at a related conference on multiraciality also appear in this issue.
Contents: Conference on multiraciality and the 2000 Census · Project Report: Ethnicity, Assimilation, and Social Mobility in America · Racial wealth disparities · Asset ownership across generations · A reassessment of export-led growth · Demographic outcomes of ethnic intermarriage in American history · Call for papers · Announcement of upcoming conferences
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Summary Vol. 9, No. 4 | January 2000
New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, "Why Does the Fed Want Slower Growth?"), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne Godley, "Drowning in Debt").
Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth · Workshop on Earnings Inequality · New Working Paper topics include: Can European Banks Survive a Unified Currency? · Why Does the Fed Want Slower Growth? · Drowning In Debt · Kaleckian Models of Growth in a Stock-Flow Monetary Framework · New Policy Notes: Why Does the Fed Want Slower Growth? · Drowning in Debt
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Summary Vol. 9, No. 3 | January 2000
Summaries of the sessions held at the 10th Annual Hyman P. Minsky Conference on Financial Structure examine the problems and prospects of the liberalization of financial markets.
Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure: Liberalization of Financial Markets · Is the New Economy Rewriting the Rules? · The Views of Jerome Levy and Michal Kalecki · History of Wage Inequality · Japan's Lost Decade · Trends in Wealth Ownership · Can the Expansion Be Sustained? · Phoenician Port Power
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Summary Vol. 9, No. 2 | January 2000
The Spring Summary leads off with Senior Scholar Edward N. Wolff's report on his new research project: an in-depth empirical examination of the long-term effects of technological change on earnings, inequality, and employment in the United States.
Contents: New Research Project: Long-Term Effects of Technological Change on Earnings, Inequality, and Labor Demand · Notes on the US Trade and Balance of Payments Deficits · On Krugman and the Liquidity Trap · Is There a Skills Crisis? · A New Approach to Tax-Exempt Bonds · Explaining the US Trade Deficit · The Brazilian Crisis · The Social Wage, Welfare Policy, and the Phases of Capital Accumulation · What's Behind the Recent Rise in Profitability?
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Summary Vol. 9, No. 1 | January 2000
A special feature by Distinguished Scholar Wynne Godley focuses on the relationship between inventory investment and the American business cycle. Also in this issue: a new working paper by Federal Reserve Board Governor Laurence Meyer provides a central banker's perspective on the Asian crisis.
Contents: Conference on Inequality in the Industrialized and Developing Countries · Special Feature on Inventories and the US Business Cycle · History of Wage Inequality in America · Finance in a Classical and Harrodian Cyclical Growth Model · Financing Long-Term Care · Rhetorical Evolution of the Minimum Wage · Seven Unsustainable Processes · Computers and the Wage Structure
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Summary | January 2000
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Summary Vol. 8, No. 3 | January 1999
This double issue of the Summary features the Ninth Annual Hyman P. Minsky Conference on Financial Structure, which underscored the renewed general interest in Minsky's work as it applies to the global financial system.
Contents: Risk Reduction in the New Financial Architecture · Can Goldilocks Survive? · Workshop: Earnings Inequality, Technology, and Institutions · Keynesian Alternatives to the Independent Central European Bank · Ninth Annual Hyman P. Minsky Conference on Financial Structure: Structure, Instability, and the World Economy · The Minimum Wage and Regional Wage Structure: Implications for Income Distribution · How Can We Provide for the Baby Boomers in Their Old Age? · Financing Full Employment · Surplus Mania
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Summary Vol. 8, No. 2 | January 1999
In a new Policy Note summarized in this issue, Senior Scholar L. Randall Wray describes three threats to the current "Goldilocks" economy: global financial crisis, global deflation and excess demand, and a domestic surplus coupled with record private deficits.
Contents: The Minimum Wage in Historical Perspective · Constructing Long and Dense Times-Series of Inequality Using the Theil Statistic · Women's Work? School Teaching across American Regions · Is Keynesianism Institutionalist? · Government Spending and Growth Cycles · Distributional Effects of Disinflationary Monetary Policy · President Clinton's Proposed Social Security Reform · How Negative Can US Saving Get? · From Common Market to EMU
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Summary Vol. 8, No. 1 | January 1999
New Working Papers summarized in this issue cover a broad range of topics, including the effects of the Clinton expansion on employment opportunities, the development of modern money from a Chartalist perspective, the federal budget surplus in the context of the coming economic slowdown, concepts of time in economic theory, and the effect of the Asian crisis on Indian economic growth.
Contents: The American Wage Structure 1920-194 · (Full) Employment Policy: Theory and Practice · Symposium: Employment Policies to Reduce Poverty · Money and Credit in a Keynesian Model of Income Determination · Finance and the Macroeconomic Process in a Classical Growth and Cycles Model · Can Expenditure Cuts Eliminate a Budget Deficit? · Modern Money
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Summary Vol. 7, No. 4 | January 1998In this issue, a new Working Paper by Research Associates William J. Baumol and Edward N. Wolff finds a relationship between accelerating technological change and increased duration of unemployment.
Contents: Speed of Technical Progress and Length of the Average Interjob Period · "Inability to Be Self-reliant" as an Indicator of Poverty · Symposium: Is There a Shortage of Information Technology Workers? · Derivatives and Global Capital Flows: Application to Asia · Long-Term Determinants of Real Exchange Rates · The Macroeconomics of Industrial Strategy
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Summary Vol. 7, No. 3 | January 1998
The fragility of the international financial system continues as a topic of discussion in worldwide policy circles. Alice Rivlin, Martin Mayer, Jan Kregel, and others discuss the causes of and recovery from the Asian crisis in remarks at a Levy Institute conference and in working papers.
Contents: New Working Papers: The Political Economy of Corporate Governance in Germany * The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity * Education's Hispanic Challenge * E Pluribus Unum: Bilingualism and Language Loss in the Second Generation * The Romance of Assimilation: Studying the Demographic Outcomes of Ethnic Intermarriage in American History * The Development and Reform of the Modern International Financial System * The Hierarchy of Money * The Asian Disease: Plausible Diagnoses, Possible Remedies * East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations * Public Capital and Economic Growth: Issues of Quantity, Finance, and Efficiency * An Important Inconsistency at the Heart of the Standard Macroeconomic Model * Seminars: The Emergence of a National Labor Market in the United States * Fashion, Immigration, and the Economics of Ready-to-Wear * Help or Hindrance: The Economic Implications of Immigration for African Americans * Money and National Sovereignty in the Global * Money and National Sovereignty in the Global Economy * From Hammarapi to Leviticus: Who Shall Collect the Land's Rent—the Palace or the Creditors? * Workshop on Monetary Theory and Policy * Eighth Annual Hyman P. Minsky Conference on Financial Structure
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Summary Vol. 7, No. 2 | January 1998
Of special interest in this issue is a summation of a congressional policy briefing by Wynne Godley and Jan Kregel. Also of note are summaries of working papers on an assessment of the contributions of Hyman Minsky to economic theory, the relevance of Kaleckian analysis to today's capitalist economies, and policy formulation as a discovery process.
Contents: New Working Paper topics include: Government as Employer of Last Resort: Full Employment without Inflation * The School to Work Transition of Second Generation Immigrants in Metropolitan New York * Selective Use of Discretionary Public Employment and Economic Flexibility * Linking the Minimum Wage to Productivity * The Economic Contributions of Hyman Minsky * Employment Policy, Community Development, and the Underclass * Money and Taxes: The Chartalist Approach * Policy Innovation as a Discovery Procedure * The Kaleckian Analysis and the New Millennium * Institute News
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Summary Vol. 7, No. 1 | January 1998
Scholars take different approaches to the questions of the possibility and desirability of attaining full employment. Barry Bluestone and Stephen Rose explore the effects of labor market slack on the inflation-unemployment trade-off, Malcom Sawyer and Philip Arestis advocate a return to Keynesian policies to secure full employment, and Beth Almeida looks to corporate strategies to explain the loss of good jobs that threatens sustainable prosperity in the United States.
Contents: New Working Papers include: The Growth in Work Time and the Implications for Macro Policy * The Effects of Immigrants on African-American Earnings * Income Distribution, Macroeconomic Analysis, and Barriers to Full Employment * Is European Monetary Union Economically and Politically Sustainable? * Are Good Jobs Flying Away? US Aircraft Engine Manufacturing and Sustainable Prosperity * On Budget Deficits and Capital Expenditure * Seminar: The Mixing of Peoples: Intermarriage and the Making of Americans—History, Prospects, Policy * Symposium: The Second Generation Then and Now: Education and Early Job Market Experience * Selection from New Book: Using Figures to Guide Macroeconomic Policy * Institute News: Congressional Policy Briefings
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Summary Vol. 6, No. 4 | January 1997
Scholars have begun to find explanations for the growing earnings inequality in the United States—not in inexorable market forces, foreign competition, or technological change in itself, but in corporate choices regarding pay, skill, and the adoption of new technology. This issue of the Summary reports on the work of several scholars in this area: William Lazonick compares the distribution of organizational learning in the American and Japanese auto industries, Robert Forrant studies the decline of the machine tool industry in the United States, and Philip Moss proposes case studies of firms' strategies as more productive than econometric analysis.
Contents: New Working Papers: Minimum Wage and Justice? * Earnings Inequality and the Quality of Jobs: The Status of Current Research and Proposals for an Expanded Research Agenda * Second Generations: Past, Present, Future * Organizational Learning and International Competition: The Skill-Base Hypothesis * Skiki vono ko shtuvalo? The Seignorage Loss from Monetary Stabilization in Ukraine * Good Jobs and the Cutting Edge: The US Machine Tool Industry and Sustainable Prosperity * Aggregate Demand, Investment, and the NAIRU * The NAIRU: A Critical Appraisal * Institute News: Immigration Symposium * Debates-Debates * Research Update: Cambridge University Visiting Scholars
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Summary Vol. 6, No. 3 | January 1997
Among the activities summarized in this issue are a series of three papers in which Visiting Scholar David A. Aschauer estimates static and dynamic effects of public capital investment on output and employment growth.
Contents: New Working Papers: Real Estate and the Capital Gains Debate * Do States Optimize? Public Capital and Economic Growth * Output and Employment Effects of Public Capital * Dynamic Output and Employment Effects of Public Capital * Social Security: The Challenge of Financing the Baby Boom's Retirement * The Second Generation and the Children of the Native Born: Comparisons and Refinements * Gender Wage Differentials, Affirmative Action, and Employment Growth on the Industry Level * No Easy Answers: Comparative Labor Market Problems in the United States versus Europe * The Working Poor: Lousy Jobs or Lazy Workers? * "Multiracials," Racial Classification, and American Intermarriage—The Public's Interest * Disinflationary Monetary Policy and the Distribution of Income * The Impact of Declining Union Membership on Voter Participation among Democrats * Conferences: Promoting Employment and Economic Growth * Developments in the Financial System: National and International Perspectives * Institute News: New Book by Resident Scholar Oren M. Levin-Waldman
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Summary Vol. 6, No. 2 | January 1997
At an ASSA session, "The Contributions of Hyman Minsky," scholars from the Levy Institute and elsewhere presented seven papers on the development and lasting influence of the distinguished scholar's work. Portions of the papers are synopsized in this issue.
Contents: Exploring the Politics of the Minimum Wage * Protracted Frictional Unemployment as a Heavy Cost of Technical Progress * The Utilization of Human Capital in the US, 1975-1992: Patterns of Work and Earnings among Working-Age Males * Which Immigrant Occupational Skills? Explanations of Jewish Economic Mobility in the United States and New Evidence, 1910-1920 * Literacy among the Jews of Russia in 1887: A Reanalysis of Census Data * Taxes, Saving, and Macroeconomics * The New Welfare: How Can It Be Improved? * What Do Micro Data Reveal about the User Cost Elasticity? New Evidence on the Responsiveness of Business Capital Formation * Seminar: The Working Poor in the Inner City
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Summary Vol. 6, No. 1 | January 1997
Featured in this double issue are reports on a workshop on the future of the welfare state, papers on assimilation of past and present immigrants and on selective migration among immigrants around 1900 by Joel Perlmann, and papers on alternative definitions of the United States' fiscal deficit by Neil H. Buchanan.
Contents: New Public Policy Brief: Making Work Pay * New Working Papers: The Minimum Wage and the Path toward a High-Wage Economy * Assimilation: The Second Generation and Beyond, Then and Now * Selective Migration as a Basis for Upward Mobility? The Occupations of the Jewish Immigrants to the United States, ca. 1900 * Comparing Alternative Methods of Adjusting US Federal Fiscal Deficits for Cyclical and Price Effects * Which Deficit? Comparing Thirteen Measures of the US Fiscal Deficit on Theoretical and Empirical Grounds * A Critique of Competing Plans for Radical Tax Restructuring * Money, Finance, and National Income Determination: An Integrated Approach * Rethinking Health Care Policy: The Case for Retargeting Tax Subsidies * Debates-Debates: The Dole Tax Plan * The Economics of Aging * Seminar: Cultural Captivity: Japan's Financial Dinosaurs Resist Change * Workshop: The Future of the Welfare State * Institute News: Alan S. Blinder Rejoins Board of Advisors
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Summary Vol. 5, No. 3 | January 1996
In this issue: a series of working papers growing out of the symposium "Global Capital Flows in Economic Development," sponsored by the Levy Institute and UNCTAD; a summary of the annual conference on employment; and a summary of the sixth annual conference on reconstituting the financial structure.
Contents: Conferences: The Employment Act of 1946: 50 Years Later * Recent Developments in the Financial Structure * Forums: Immigration and Ethnicity * Seminars: The Legacy of Separate and Unequal Schooling * Economic Policy for a Winner-Take-All Society * The New Basic Skills * Symposium: Global Capital Flows in Economic Development * New Working Papers: Uncertainty and the Institutional Structure of Capitalist Economies * The Consumer Price Index as a Measure of Inflation and Target of Monetary Policy * Economic Insecurity and the Institutional Prerequisites for Successful Capitalism * A New Facility for the IMF? * Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa * The Anatomy of the Bond Market Turbulence of 1994 * Intervention Versus Regulation: The Role of the IMF in Crisis Prevention and Management * Globalization, Capital Flows, and International Regulation * Capital Account Regulations and Macroeconomic Policy: Two Latin American Experiences * Managing Foreign Capital Flows: The Experiences of Korea, Thailand, Malaysia, and Indonesia * Understanding the 1994 Election: Still No Realignment
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Summary Vol. 5, No. 2 | January 1996
New Working Papers in the research program on employment and labor market structure address nonparticipation in welfare programs by the working poor, trends in workplace skill requirements, and a structural approach to wage determination. A series of papers focusing on federal buget policy includes an analysis of biennial budgeting.
Contents: New Working Papers: The Working Poor and Welfare Recipiency * Technology and the Demand for Skills * Unemployment, Inflation, and the Job Structure * Biennial Budgeting for the Federal Government: Lessons from the States * Reforming Unemployment Insurance: Toward Greater Employment *Seminars: How Credible Are Estimates of the Economic Returns to Schooling? * American Standards of Living * R&D and Innovation * New Public Policy Brief: Revisiting Bretton Woods * Institute News: Two New Members of the Board of Advisers * New Book
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