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  Working Paper No. 1016

  Monetary Policy and the Gender and Racial Employment Dynamics in Brazil

  Monetary policy has been historically concerned with controlling inflation, using the interest rate as its main tool. However, such policies are not gender- or race-neutral. This paper explores econometrically the effect of changes in the interest rate for female and black employment creation in Brazil. We conduct a panel data fixed effects analysis for 13 […]
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  Working Paper No. 1015

  CBDC Next-Level: A New Architecture for Financial “Super-Stability” 

  Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital Currency (CBDC) could provide safe money, but at the cost of potentially disrupting bank lending. Our aim is to avoid this potential disruption. Building on […]
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  Working Paper No. 1014

  Chinese Yuan Interest Rate Swap Yields

  This paper models the dynamics of Chinese yuan (CNY)–denominated long-term interest rate swap yields. The financial sector plays a vital role in the Chinese economy, which has grown rapidly in the past several decades. Going forward, interest rate swaps are likely to have an important role in the Chinese financial system. This paper shows that […]
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  Institute Scholar Yeva Nersisyan’s op-ed “Lowering inflation isn’t a job for a one-trick pony” featured in The Hill

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  Working Paper No. 1013

  The Economic and Environmental Effects of a Green Employer of Last Resort

  We assess the sectoral impact of the implementation of a “green” employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s (1985) multiplier framework and data from OECD Input-Output tables. We use these multipliers to estimate the impact of an “optimal” ELR, designed to maximize the impact […]
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  We mourn the untimely passing of the Levy Institute’s long-serving Research Associate Nilüfer Çagatay, a bright and engaging scholar, a leader in feminist economics, and a very dear friend and collaborator from the very early years of the Institute.

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  Working Paper No. 1012

  An Analysis of UK Swap Yields

  John Maynard Keynes argued that the central bank influences the long-term interest rate through the effect of its policy rate on the short-term interest rate. However, Keynes's claim was confined to the behavior of the long-term government bond yield. This paper investigates whether Keynes's claim holds for the yields of spread products and over-the-counter financial […]
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  One-Pager

  The Causes of Pandemic Inflation

  While the trigger for the Covid recession was unusual—a collapse of the supply side that produced a drop in demand—the inflation the US economy is now facing is not atypical, according to L. Randall Wray. In this one-pager, he explores the causes of the current inflationary environment, arguing that continuing inflation pressures come mostly from […]
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  Senior Scholar Rania Antonopoulos was invited by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) to speak at a high level panel of the “XV Regional Conference on Women in Latin America and the Caribbean” on the topic of Financing the Care Economy.

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  Institute President Dimitri B. Papadimitriou discusses current conditions of the Greek economy and recent Strategic Analysis.

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  Strategic Analysis

  Greece: Recovery, or Another Recession?

  In this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in […]
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  Strategic Analysis

  Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;

  Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε μια περίοδο αυξανόμενης αβεβαιότητας, λόγω των γεωπολιτικών αναταραχών που προέρχονται από την Ρώσο-Ουκρανική σύγκρουση με αντίκτυπό το υψηλό κόστος ενέργειας και αυξημένων διεθνών τιμών εισαγόμενων […]