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Working Paper No. 988A Keynesian Approach to Modeling the Long-Term Interest Rate
There are several widely used benchmark models of the long-term interest rate in quantitative finance. However, these models have yet to incorporate Keynes’s valuable insights about interest rate dynamics. The Keynesian approach to interest rate dynamics can be readily incorporated in the benchmark models of the long-term interest rate. This paper modifies several benchmark interest […] -
Strategic AnalysisRestarting the Greek Economy?
The Greek economy—still fragile due to the lingering effects of the 2009–10 crisis—was hit particularly hard by the COVID-19 pandemic. Greece’s 2020 GDP decline was one of the worst among the group of EU and eurozone member states, along with the highest levels of unemployment and underemployment. Dimitri B. Papadimitriou, Christos Pierros, Nikos Rodousakis, and […] -
Strategic Analysis
Επανεκκινηση της Ελληνικης Οικονομιας;
Tελευταία έκθεση Στρατηγικών Αναλύσεων του Levy Economics Institute που αφορά στις προοπτικές και την επανεκκίνηση της ελληνικής οικονομίας στην μετά-COVID-19 εποχή.Σύμφωνα με τα εμπειρικά ευρήματα η οικονομική μεγένθυση της ελληνικής οικονομίας, αναφορικά με το βασικό σενάριο, εκτιμάται ότι θα είναι 3,4% το 2021 και 4,9% 2022. Τα ευρήματα αυτά δείχνουν ότι η ελληνική οικονομία δεν […] -
Policy Notes No. 2Gender and Race in the Spotlight during the COVID-19 Pandemic
Research Scholar Luiza Nassif-Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of the “emergency benefit” (Auxílio Emergencial) in containing the increase in poverty and extreme poverty in Brazil during the COVID-19 pandemic. They find the emergency benefit mitigated the loss of income, brought the poverty rate to historically low levels, and […] -
Videos from the 29th Annual Minsky Conference now Available Online
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Fed’s Evans says he doesn’t see labor market overheating
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Summary No. 2Summary Spring 2021
A 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 […] -
Blog
The Minsky Conference Returns
After pausing last spring due to the pandemic, the Minsky Conference is back. Join us next week, May 5-6. It would be an understatement to say this has been an eventful year in world economies and financial markets. It is also a period in which we are seeing some signs of change in economic thought [...] -
Blog
Direct Job Creation in Greece
Senior Scholar Rania Antonopoulos recently participated in a webinar for the European Trade Union Institute, during which she discussed the rationale behind and experience with the implementation of the “Kinofelis” direct job creation program—a limited job guarantee for Greece. Watch her presentation below (accompanying slides are here). The Levy Institute’s previous Strategic Analysis for Greece [...] -
Press ReleaseLeading Economists and Policymakers to Discuss the Prospects and Challenges for the U.S. And European Economies as They Emerge From the Pandemic at the Levy Economics Institute’s 29th Annual Hyman P. Minsky Conference, May 5–6
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One-Pager No. 66Anatomy of a Stock Market Bubble
According to Frank Veneroso, a broad subset of today’s US stock market has become what he calls a “pure price-chasing bubble.” Examination of the history of comparable pure price-chasing bubbles shows there has been a set of key causal factors that contributed to these rare market events. The most extreme such case was an over-the-counter […] -
Working Paper No. 987
The Souk Al-Manakh
It is widely agreed that the Nasdaq during the dot-com era 20 years ago was a full-fledged stock market bubble. Recently, the US stock market according to many metrics has become significantly more speculative and overvalued than it was at the dot-com peak 20 years ago. In both instances, a very broad subset of stocks […]