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Press ReleaseFederal Fiscal Stabilization Program Needed to Prevent Severe State and Local Budget Shortfalls from Deepening Covid-19 Recession
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Working Paper No. 950Public Charge in the Time of Coronavirus
The United States government recently passed legislation and stabilization packages to respond to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free virus testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding. However, the response to the global pandemic might be hindered by the lassitude of […] -
BlogWhat MMT Is, and Why We Should Not Wait for the Next Crisis to Live Up to Our Means
by Yeva Nersisyan and L. Randall Wray As MMT has been thrust into the spotlight, misrepresentations and misunderstanding have followed. MMT supposedly calls for cranking up the printing press, engaging in helicopter drops of cash or having the Fed finance government spending by engaging in Quantitative Easing. None of this is MMT. Instead, MMT provides [...] -
Policy Notes No. 2Stabilizing State and Local Budgets through the Pandemic and Beyond
The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic standstill resulting from necessary public health measures will soon cripple state and local budgets. Alexander Williams outlines a proposal for an intragovernmental automatic stabilizer program […] -
Blog
We Need Class, Race, and Gender Sensitive Policies to Fight the COVID-19 Crisis
Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods [...] -
Blog
What If We Nationalized Payroll?
As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of [...] -
Research Scholar Pavlina Tcherneva calls for direct investment in infrastructure and employment to stimulate economic recovery
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Blog
Home Quarantine: Confinement With the Abuser?
by Ana Luíza Matos de Oliveira, Lygia Sabbag Fares, Gustavo Vieira da Silva, and Luiza Nassif Pires Even though Covid-19 has already killed thousands worldwide and is paralyzing global economic activity, President Jair Bolsonaro insists on referring to it as a “little flu.” Despite the president’s efforts to avoid a halt to the economic activity [...] -
Blog
The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does
In the last 24 hours, two big news stories regarding the economic impact of the Covid-19 pandemic have broken. The first is news that the Senate has passed a $2 trillion stimulus package that legislators claim is intended to alleviate the economic damage caused by the responses to the unfolding pandemic: closures of schools and [...] -
Press Release
Economic Impact of Novel Coronavirus Exacerbated by Fragile Corporate Balance Sheets, New Levy Study Says
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Policy Notes No. 1
When Two Minskyan Processes Meet a Large Shock
The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications of the pandemic without reference to two Minskyan processes at play in the US economy: the growing divergence of stock market prices from output prices, […] -
Press Release
Significantly Overstretched Corporate Balance Sheets Make U.S. Economy Vulnerable to Economic Shocks, New Levy Economics Institute Study Says