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  Working Paper No. 1036

  The Estimation of Production Functions with Monetary Values

  For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other relevant parameters. Theoretical discussions of the problem correctly assume that production functions are relationships among physical inputs and output. However, in practice, they are most […]
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  Working Paper No. 1035

  The Swedish Monetary System from a Balance Sheet Perspective

  In this paper, we discuss the balance sheet mechanics of the Swedish government. We examine spending, government bond purchases, and tax payments. As long as the Swedish central bank, which is created through Swedish laws, supports the Swedish central government, it cannot run out of money. The Swedish government therefore plays a large role in […]
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  Event

  31st Annual Levy Economics Institute Conference

  The 31st Annual Levy Economics Institute Conference was a one-day, virtual event organized around the topics of Economic Prospects for the US Economy, The Revival of Industrial Policy, Causes and Measurement of Inequality, and Aging and Public Policy: Debunking Myths, Providing Solutions.
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  One-Pager No. 71

  Has the Time Arrived for a Job Guarantee in Europe?

  In comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia conflict reveal a greater willingness to deploy public finance in support of the population. Yet, while this display of renewed solidarity is commendable, policymakers have […]
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  Working Paper No. 1034

  Euro Interest Rate Swap Yields: A GARCH Analysis

  This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant effect on the change in EUR swap yields of different maturity tenors, after controlling for various macroeconomic and financial variables, such as the month-over-month change […]
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  Press Release

  Bard College’s Levy Economics Institute Receives $500,000 Hewlett Grant for its Gender Equality and the Economy Program

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  William Waller, Senior Scholar at the Levy Economic Institute, Mary Wrenn, Senior Lecturer at University of the West of England, and Matthew Watson, Professor of Political Economy at Warwick University discussed Thorstein Veblen’s book, The Theory of the Leisure Class on In Our Times with Melvyn Bragg on BBC4 on Thursday, November 9th.

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  Working Paper No. 1033

  The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor

  The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay in the agricultural sector. The main findings suggest that an increase in rainfall in the previous year is associated with a higher proportion of workers […]
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  Working Paper No. 1032

  Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India

  The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child protection schemes of Odisha to understand whether legal commitments on child protection are translated into fiscal commitments. The intergovernmental fiscal transfers and state-targeted programs for […]
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  Working Paper No. 1031

  A Stock-Flow Ecological Model from a Latin American Perspective

  This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by Pérez-Caldentey et al. (2021, 2023) and the ecological modeling of Carnevali et al. (2020) and Dafermos et al. (2018). We discuss two scenarios that test […]
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  Working Paper No. 1030

  Economic Transformation and Growth in the Philippines

  The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and export more complex products with a higher income elasticity of demand. The actual growth rate is constrained by the balance-of-payments equilibrium growth rate, about 6 […]
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  Working Paper No. 1029

  Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?

  The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of the report’s analysis was concerned with the sources of growth in East Asia. This was based on the neoclassical decomposition of growth into productivity and […]