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  Levy BLS Grant Featured in Financial Times Op-Ed

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  New US Consumption Gauge To Include Unpaid Work, Housing

  New US Consumption Gauge To Include Unpaid Work, Housing The U.S. Bureau of Labor Statistics will incorporate estimates of the value of unpaid household work and home ownership into a new measure of consumption, aiming for a more comprehensive view of living standards at a time when policymakers are increasingly concerned with addressing inequality. Read […]
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  Summary No. 3

  Summary Fall 2021

  This 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 […]
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  Levy Institute Wins Contract to Help Department of Labor Broaden Measures of Economic Well-Being

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  Blog

  Are Concerns over Growing Federal Government Debt Misplaced?

  If the global financial crisis (GFC) of the mid-to-late 2000s and the COVID crisis of the past couple of years have taught us anything, it is that Uncle Sam cannot run out of money. During the GFC, the Federal Reserve lent and spent over $29 trillion to bail out the world’s financial system,[1] and then [...]
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  Blog

  Is Climate Change a Fiscal or Monetary Policy Challenge?

  Lekha Chakraborty (Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the [...]
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  Policy Notes No. 4

  A Recovery for Whom?

  The COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in the severe impact the pandemic has had on one of the linchpins of the Greek economy: the tourism sector. Vlassis Missos, Nikolaos Rodousakis, and George […]
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  Working Paper No. 995

  The Employer of Last Resort Scheme and the Energy Transition

  The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due to the economic disruption of the lockdown measures, has increased the interest in policies that target employment directly instead of trying to achieve it via […]
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  One-Pager No. 68

  Are Concerns over Growing Federal Government Debt Misplaced?

  With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government, concerns about affordability and solvency can both be laid to rest. According to Wray, the question is never whether the federal government can spend more, […]
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  Blog

  Women’s Economic Empowerment and Control over Time in Sub-Saharan Africa (Nov 1-2)

  November 1–November 2, 2021 The onset of the COVID-19 pandemic and the subsequent losses in lives and livelihoods are looming over Sub-Saharan Africa. As in the rest of the world, the pandemic has exposed the enduring inequalities and injustices in stark terms, including those based on gender and those intersecting with gender, such as economic [...]
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  Working Paper No. 994

  Production Function Estimation

  The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since the 1940s. This paper revisits an argument first outlined in the 1950s, which questioned production function estimations. This argument is that output, capital, and employment […]
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  Working Paper No. 993

  The Sraffian Supermultiplier and Cycles

  This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM) predicts that the rate of utilization leads the investment share in a dampened cycle or, equivalently,  that a convergent cyclical motion in the utilization-investment share […]