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  The Wynne Godley Memorial Conference

  Wynne Godley’s work focused on the strategic prospects for the US, UK, and world economies, and the use of accounting macroeconomic models to reveal structural imbalances. This conference will provide scholars profoundly influenced by his work the opportunity to celebrate his contributions to the field of economics. Topics will include fiscal policy and stock-flow consistent […]
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  Working Paper No. 672

  Income Distribution in a Monetary Economy

  The paper provides a novel theory of income distribution and achieves an integration of monetary and value theories along Ricardian lines, extended to a monetary production economy as understood by Keynes. In a monetary economy, capital is a fund that must be maintained. This idea is captured in the circuit of capital as first defined […]
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  Diagnosing New Inflation Symptoms

  May 26, 2011. Copyright © 2011 New Geography It’s been more than three years since the Great Recession began, and it’s no longer debatable that the federal spending in its wake did not provoke inflation. Years of forecasts by fiscal conservatives about the result of government expenditures have proved to be wrong. After three fiscal […]
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  Working Paper No. 671

  Public Job-creation Programs: The Economic Benefits of Investing in Social Care

  This paper demonstrates the strong impacts that public job creation in social care provisioning has on employment creation. Furthermore, it shows that mobilizing underutilized domestic labor resources and targeting them to bridge gaps in community-based services yield strong pro-poor income growth patterns that extend throughout the economy. Social care provision also contributes to promoting gender […]
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  Working Paper No. 670

  The Product Space

  In this paper we look at the economic development of Sub-Saharan Africa (SSA) in the context of structural transformation. We use Hidalgo et al.’s (2007) concept of product space to show the evolution of the region’s productive structure, and discuss the opportunities for growth and diversification. The majority of SSA countries are trapped in the export of unsophisticated, […]
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  One-Pager No. 9

  Did Problems with SSDI Cause the Output-Jobs Disconnect?

  The slow recovery of the job market after the recessions of 2001 and 2007–09 has fostered concerns that the link between output growth and job creation has been severed. Between 2000 and 2010, the employment rate for males plunged from 71.9 to 63.7 percent—a decline that can be accounted for almost entirely by a fall […]
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  Working Paper No. 669

  Race, Power, and the Subprime/Foreclosure Crisis

  Economists’ principal explanations of the subprime crisis differ from those developed by noneconomists in that the latter see it as rooted in the US legacy of racial/ethnic inequality, and especially in racial residential segregation, whereas the former ignore race. This paper traces this disjuncture to two sources. What is missing in the social science view […]
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  Op-Ed: To Restore Jobs, US Has to Ramp Up Exports

  May 13, 2011. Copyright © 2011, Los Angeles Times For 20 years, U.S. exports have trailed imports. Addressing the imbalance could hugely boost the job market. One school of thought about the so-called jobless recovery of the American economy blames high unemployment on the federal deficit. But that’s blaming the wrong deficit. To achieve an […]
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  Policy Notes No. 4

  Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunnner of ZIRP and QE? Did He Change His Mind in the General Theory?

  At the end of 1930, as the 1929 US stock market crash was starting to have an impact on the real economy in the form of falling commodity prices, falling output, and rising unemployment, John Maynard Keynes, in the concluding chapters of his Treatise on Money, launched a challenge to monetary authorities to take “deliberate […]
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  Policy Notes No. 4

  Μια ανάλυση της εξέλιξης των απόψεων του Κέινς για τη νομισματική πολιτική—από τη «Πραγματεία για το Χρήμα» στη «Γενική Θεωρία»

  Προς το τέλος του 1930, καθώς το κραχ του Χρηματιστηρίου της Νέας Υόρκης το 1929 είχε αρχίσει να έχει αντίκτυπο στην πραγματική οικονομία των ΗΠΑ πτώση στις τιμές των εμπορευμάτων, μείωση της παραγωγής και αύξηση της ανεργίας ο Τζον Μέιναρντ Κέινς, στα τελευταία κεφάλαια του βιβλίου του «Η Πραγματεία για το Χρήμα» προκαλούσε τις νομισματικές […]
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  Policy Notes No. 3

  A Modest Proposal for Overcoming the Euro Crisis

  This “Modest Proposal” by authors Varoufakis and Holland outlines a three-pronged, comprehensive solution to the eurozone crisis that simultaneously addresses the three main dimensions of the current crisis in the eurozone (sovereign debt, banking, and underinvestment), restructures both a share of sovereign debt and that of banks, and does not involve a fiscal transfer of […]
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  Press Release

  Levy Institute Scholar Questions Unsustainable Debt Argument in New Policy Paper