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Working Paper No. 876Normalizing the Fed Funds Rate
In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither expansionary nor contrary” and are consistent with the established 2 percent longer-run goal for the annual Personal Consumption Expenditures index and the estimated natural rate […] -
BlogThe Problem with “Gender-Blind” Economics
Pavlina Tcherneva joins Laura Flanders to discuss the need for a more gender-aware economics: [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/fqmy5F98SAs” frameborder=”0″ allowfullscreen></iframe] -
Blog
Levy M.S. Now Accepting Applications for Fall 2017
Designed as a terminal degree with a professional focus, the Levy Economics Institute Master of Science in Economic Theory and Policy offers students an alternative to mainstream graduate programs in economics and finance. This innovative two-year program combines a rigorous course of study with exceptional opportunity to participate in advanced economics research, with direct access [...] -
Strategic Analysis
Greece: Getting Out of the Recession
The Greek government has agreed to a new round of fiscal austerity measures consisting of a sharp increase in taxes on income and property and further reductions in pension and other welfare-related expenditures. Based on our model of the Greek economy, policies aimed at reducing the government deficit will cause a recession, unless other components […] -
Working Paper No. 875
Minsky at Basel
The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the robustness of mainstream economics. However, their very success in taming the collapse reduced efforts to radically change the “big bank” business model and lessened the […] -
Tsipras Defeat in Attica Battle Bolsters Bank of Greece Governor
Bloomberg, September 21, 2016. All Rights Reserved. Advantage Yannis Stournaras. In the battle of wits between Greece’s central bank governor and Prime Minister Alexis Tsipras, the former seems to have won the latest round, giving him a leg up should he harbor any ambitions of a return to politics…. Read more: http://www.bloomberg.com/news/articles/2016-09-21/tsipras-defeat-in-attica-battle-bolsters-bank-of-greece-governor -
Working Paper No. 874
“Engendering” Intergovernmental Transfers
This paper seeks to evaluate whether a gender-sensitive formula for the inter se devolution of union taxes to the states makes the process more progressive. We have used the state-specific child sex ratio (the number of females per thousand males in the age group 0–6 years) as one of the criteria for the tax devolution. […] -
Blog
Minsky Meets Brazil (Part IV)
by Felipe Rezende Part IV This last part of the series (see Part I, II, and III here, here, and here) will focus on the Brazilian response to the crisis. 1. What Should Brazil Do? The current Brazilian crisis fits with Minsky’s theory of instability (see here, here, and here). The traditional response to [...] -
MME, September 19, 2016
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Αποψη: Αναδιαρθρώνοντας το ελληνικό δημόσιο χρέος
Kathimerini, 18 Σεπτέμβριος 2016. Με επιφύλαξη παντός δικαιώματος. Η ελληνική κυβέρνηση αναμένεται να ολοκληρώσει με επιτυχία στο τέλος του μήνα ή το αργότερο τον Οκτώβριο τη δεύτερη αξιολόγηση του τρίτου μνημονίου, ανοίγοντας τον δρόμο για την εκταμίευση 2,8 δισ. ευρώ από τους Ευρωπαίους πιστωτές. Το ελληνικό Κοινοβούλιο θα υιοθετήσει, μετά τους συνήθεις θεατρινισμούς, τους βασικούς […] -
Working Paper No. 873
Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ghana and Tanzania
This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines the Living Standards Survey Round 6 (GLSS6) with the Ghana Time Use Survey (GTUS) 2009, and for Tanzania it combines the Household Budget Survey (THBS) […] -
Blog
Minsky Meets Brazil (Part III)
by Felipe Rezende Part III This part of the series (see Parts I and II, here and here) will focus on macroeconomic and microeconomic aspects of financial fragility and the provision of liquidity. Minsky’s framework not only sheds light on how to detect unsustainable financial practices, but the position adopted in this paper is that [...]