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BlogWray Guest Lectures, Brazil and Italy (Video)
L. Randall Wray, Professor of Economics at Bard and Senior Scholar at the Levy Economics Institute, was a visiting professor at the University of Bolzano (Italy) and the University of Bergamo (Italy) in May-June and at the University of Campinas (Brazil) in August. In Campinas, he gave a series of lectures for a course on [...] -
Blog
The Second International Modern Monetary Theory Conference
The Levy Institute is a cosponsor of the Second International Modern Monetary Theory Conference, which will take place September 28–30 at the New School and will feature Institute scholars L. Randall Wray, Pavlina Tcherneva, Stephanie Kelton, and Mathew Forstater: Like the first conference, this year will feature contributions from fields as diverse as macroeconomics, law, [...] -
One-Pager No. 57Stagnating Economic Well-Being Amid Rising Government Support
The Levy Institute Measure of Economic Well-Being (LIMEW) was designed to provide a more comprehensive understanding of the changes affecting household living standards. Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila summarize their latest research on the trends in economic well-being for US households. They reveal historic stagnation in LIMEW growth over the 2000–13 period, as […] -
Summary No. 3Summary Fall 2018
This issue of the Summary features a public policy brief discussing the European Commission’s proposal for regulating sovereign bond-backed securities (SBBS) and presents an alternative approach to addressing the problems that are supposed to be solved by an SBBS scheme. Three policy notes also are included. The first focuses on the nexus between wage employment, […] -
Working Paper No. 914Quality of Match for Statistical Matches Using the American Time Use Survey 2013, the Survey of Consumer Finances 2013, and the Annual Social and Economic Supplement 2014
This paper describes the quality of the statistical matching between the March 2014 supplement to the Current Population Survey (CPS) and the 2013 American Time Use Survey (ATUS) and Survey of Consumer Finances (SCF), which are used as the basis for the 2013 Levy Institute Measure of Economic Well-Being (LIMEW) estimates for the United States. […] -
Working Paper No. 913
German Economic Dominance within the Eurozone and Minsky’s Proposal for a Shared Burden between the Hegemon and Core Economic Powers
There is no disputing Germany’s dominant economic role within the eurozone (EZ) and the broader European Union. Economic leadership, however, entails responsibilities, especially in a world system of monetary production economies that compete with each other according to political and economic interests. In the first section of this paper, historical context is given to the […] -
Working Paper No. 912
The Sources and Methods Used in the Creation of the Levy Institute Measure of Economic Well-Being for the United States, 1959–2013
This paper documents the sources of data used in the construction of the estimates of the Levy Institute Measure of Economic Wellbeing (LIMEW) for the years 1959, 1972, 1982, 1989, 1992, 1995, 2000, 2001, 2004, 2007, 2010, and 2013. It also documents the methods used to combine the various sources of data into the synthetic […] -
Working Paper No. 911
Twenty Years of the German Euro Are More than Enough
This paper reviews the performance of the euro area since the euro’s launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those imbalances eventually imploded, member states were found to […] -
Working Paper No. 910
Australian Government Bonds’ Nominal Yields
The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the autoregressive distributed lag (ARDL) approach. Keynes held that the central bank exerts decisive influence on government bond yields because the central bank’s policy rate and […] -
Public Policy Brief No. 146Stagnating Economic Well-Being and Unrelenting Inequality
Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila update the Levy Institute Measure of Economic Well-Being (LIMEW) for US households for the period 2000–13. The LIMEW—which comprises base income, income from wealth, net government expenditures, and the value of household production—is aimed at achieving a more comprehensive understanding of trends in living standards. This policy brief […] -
Blog
Tcherneva and Wray on the Public Service Employment (PSE) Program
The job guarantee proposal fleshed out and analyzed by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina Tcherneva, and Stephanie Kelton — dubbed the Public Service Employment (PSE) program — garnered a considerable amount of media attention as support for some version of a job guarantee began appearing on the agendas of various 2020 Democratic [...] -
Research Project ReportThe Measurement of Time and Consumption Poverty in Ghana and Tanzania
Time constraints that stem from the overlapping domains of paid and unpaid work are of central concern to the debates surrounding the economic development of developing countries in general and countries of sub-Saharan Africa in particular. Time deficits due to household production are especially acute in these countries due to the poor state of social […]