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4182 results found

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  Working Paper No. 1050

  Macroeconomic Effects of a Government Overdraft on Its Central Bank Account

  The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This […]
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  Working Paper No. 1049

  Deindustrialization from the Center Perspective: US Trade and Manufacturing in the Last Two Decades

  We argue that the US trade and industry sector has experienced several unsustainable sectoral processes, including (i) a fall in the trade balance in machinery and equipment and high-tech (HT) industries, (ii) a rise in import multipliers in machinery and equipment and HT industries, (iii) a fall in the manufacturing share of GDP in machinery […]
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  Working Paper No. 1048

  An Empirical Analysis of Swedish Government Bond Yields

  This paper econometrically models the dynamics of Swedish government bond (SGB) yields. It examines whether the short-term interest rate has a decisive influence on long-term SGB yields, after controlling for other macroeconomic and financial variables, such as consumer price inflation, the growth of industrial production, the stock price index, the exchange rate of the Swedish […]
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  Galbraith for INET: “Industrial Policy Is a Good Idea, but So Far We Don’t Have One”

  In a remarkable and comprehensive book, forthcoming from Cambridge, Marc Fasteau and Ian Fletcher provide a theoretical, historical, and up-to-date review of industrial policies, in the United States and elsewhere, as well as a decent summary of the main Biden initiatives.
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  Working Paper No. 1047

  “Just Transition” in India and Fiscal Stance: Analyzing the Tax Buoyancy of the Extractive Sector

  Against the backdrop of fiscal transition concomitant to energy transition policies with climate change commitments, revenue from the extractive sector needs a recalibration in the subnational fiscal space. Extractive tax is the payment due to the government in exchange for the right to extract the mineral substance. Extractive tax has been fixed and paid in […]
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  High school students across the US have been studying and citing the work of Research Scholar Pavlina Tcherneva to argue affirmatively for the job guarantee in preparation for the ’24 national debate tournaments.

  Thousands of high school students across the United States have been studying the work of Bard Professor of Economics and Research Scholar of the Levy Economics Institute Pavlina Tcherneva in preparation for their national debate tournaments.
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  Press Release

  Contracted by BLS: Levy Releases Report on Integrating Household Production into Consumption Data

  The Levy Economics Institute’s research project develops an empirical methodology and identifies data sources to extend the consumer expenditure data collected by BLS by incorporating household production (nonmarket and nongovernmental services such as do-it-yourself home repairs and childcare).
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  Research Project Report

  Integrating Nonmarket Consumption into the Bureau of Labor Statistics Consumer Expenditure Survey

  In spring 2021, under the direction and encouragement of Commissioner William Beach, the US Bureau of Labor Statistics (BLS) kicked off a major initiative—to produce a measure of consumption to supplement the release of consumer expenditures. The production of such a measure would fill a data gap regarding household economic well-being. For years BLS staff, […]
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  Policy Notes

  European Job Guarantee

  Despite the gradual economic recovery and positive policy responses during the COVID-19 pandemic, the problem of long-term unemployment continues to plague millions in Europe. To effectively address this and other overlapping crises in Europe, we need radical changes, according to Senior Scholar Rania Antonopoulos; and in this context, the job guarantee policy has been gaining […]
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  Working Paper No. 1046

  The Aggregate Production Function and Solow’s “Three Denials”

  This paper offers a retrospective view of the key pillar of Solow’s neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how it has survived until today, despite three criticisms that undermined its raison d’être. They are the Cambridge Capital Theory Controversies, the Aggregation Problem, and the […]
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  Working Paper No. 1045

  Social Security and Gender Inequality

  This inquiry examines the role of federal policy in gender inequality using the principles of institutional adjustment (Foster 1981; Bush 1987) in the context of the Veblenian dichotomy of habit formation. Specifically, the authors assert that Social Security, though exclusive at its inception in 1935, has undergone significant institutional adjustment. Today, Social Security plays a […]
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  Blog

  Whatever It Takes: How Neoliberalism Hijacked the Public Purse

  Originally appeared on Levy-affiliated project, the Economic Democracy Initiative. The spectacular government spending post-2008 and post-2020 appeared to upend the neoliberal logic of the past decades, enabling bold public action and opening the door to a more just and democratic social order. Specific policy choices stamped out this opportunity. These pivotal moments did, however, point [...]