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Advanced Search > * About Us * About the Levy Economics Institute * Board of Governors * Blithewood * Staff Directory * Employment at the Levy Institute * Visit the Levy Institute * Research * Research Programs: * The State of the US and World Economies * Monetary Policy and Financial Structure * The Distribution of Income and Wealth * • Levy Institute Measure of Economic Well-Being * • Levy Institute Measure of Time and Income Poverty * Gender Equality and the Economy * • Levy Institute Measure of Time and Income Poverty * Employment Policy and Labor Markets * Immigration, Ethnicity, and Social Structure * Economic Policy for the 21st Century * • Federal Budget Policy * • Explorations in Theory and Empirical Analysis * • INET–Levy Institute Project * Network * Economics Program at Bard * Bard Program in Economics and Finance * Greek Labour Institute Partnership * Economists for Peace and Security * Economists for Full Employment * GEM-IWG * Topics * Current Research Topics: * COVID-19 * Greek economic crisis * Labor force participation * Income inequality * Job guarantee * Employment policy * Financial instability * Stock-flow consistent (SFC) modeling * Time deficits * Fiscal austerity * VIEW ALL * Scholars * By Name * By Program * Publications * * Research Project Reports * Strategic Analysis * Public Policy Briefs * Policy Notes * One-Pagers * Working Papers * LIMEW Reports * LIMTIP Reports * Testimony * e-pamphlets * Book Series * Summary * Conference Proceedings * Biennial Reports * Public Policy Brief Highlights * In TranslationΔημοσιεύσεις στα Ελληνικά * Events * Support Us * Press Room * Press Releases * In the Media * Sign Up for eNews * Ford-Levy Institute Projects * Στα Ελληνικά * Levy-UNDP * Graduate Programs in Economic Theory and Policy * LIMEW * LIMTIP * Minsky Archive * Blog * * * * * * * The Pandemic, the Stimulus, and the Future Prospects for the US Economy MORE >> LEVY INSTITUTE PUBLICATIONS * THE PANDEMIC, THE STIMULUS, AND THE FUTURE PROSPECTS FOR THE US ECONOMY View More View Less Strategic Analysis, June 2021 | June 2021 | Dimitri B. Papadimitriou, Michalis Nikiforos, Gennaro Zezza In this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for recovery. Their baseline simulation using the Institute’s stock-flow macroeconometric model shows a significant pickup in the growth rate in 2021 as a result of the American Rescue Plan Act. The report includes two additional scenarios simulated on top of the baseline, finding that President Biden’s infrastructure and families plans—whether paired with offsetting tax increases on high-earners or “deficit financed”—would have positive macroeconomic effects. Additionally, Papadimitriou, Nikiforos, and Zezza warn that if US policymakers do not prioritize decreasing the trade deficit, maintaining growth will require either continuous and very high government deficits or the private sector once again becoming a net borrower. Finally, they argue that concerns about a sharp increase in inflation spurred by the fiscal stimulus are unwarranted: the US economy was not close to full employment or full utilization of resources before the pandemic, and the propagation mechanisms that could lead to accelerating inflation are not in place. Download: Strategic Analysis, June 2021 Associated Program: The State of the US and World Economies Author(s): Dimitri B. Papadimitriou Michalis Nikiforos Gennaro Zezza Related Topic(s): COVID-19 Macroeconomic impact Macroeconomic policy Stock-flow consistent (SFC) modeling * RESTARTING THE GREEK ECONOMY? View More View Less Strategic Analysis, May 2021 | May 2021 | Dimitri B. Papadimitriou, , Nikolaos Rodousakis, Gennaro Zezza The Greek economy—still fragile due to the lingering effects of the 2009–10 crisis—was hit particularly hard by the COVID-19 pandemic. Greece’s 2020 GDP decline was one of the worst among the group of EU and eurozone member states, along with the highest levels of unemployment and underemployment. Dimitri B. Papadimitriou, Christos Pierros, Nikos Rodousakis, and Gennaro Zezza update their analysis of the state of the Greek economy on the basis of recently released provisional data for 2020Q4, and model three projections through 2023: (1) a baseline scenario in which no agreement is reached on the disbursement of EU funds (the Recovery and Resilience Facility); (2) a scenario in which EU grants and loans are distributed in a timely manner; and (3) an additional scenario that pairs EU funds with implementation of an employer-of-last resort program. The second scenario would see Greece’s GDP growth return to its pre-pandemic trend—albeit still leaving the economy below the level of real GDP it reached in 2008. The third scenario has the most favorable impact on growth and employment—raising real GDP above its pre-pandemic trend. Failure to achieve a proper recovery of GDP in Greece would be directly related to an absence of fiscal policy expansion. This Strategic Analysis is the joint product of the Levy Economics Institute of Bard College and INE-GSEE (Athens, Greece). It is simultaneously issued in both English and Greek. Download: Strategic Analysis, May 2021 Associated Program: The State of the US and World Economies Author(s): Dimitri B. Papadimitriou Nikolaos Rodousakis Gennaro Zezza Related Topic(s): COVID-19 Employer of Last Resort (ELR) policy Greece Greek economic crisis Levy Institute Model for Greece (LIMG) Stock-flow consistent (SFC) modeling * CAN BIDEN BUILD BACK BETTER? View More View Less Public Policy Brief No. 155 | June 2021 | Yeva Nersisyan , L. Randall Wray YES, IF HE ABANDONS FISCAL “PAY FORS" President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19 crisis. According Yeva Nersisyan and L. Randall Wray, this focus on ensuring revenues keep pace with spending increases can undermine the goals internal to both the public investment and tax components of the administration’s plans: the “pay for” approach limits our spending on progressive policy to what we can raise through taxes, and we will only tax the amount we need to spend. Nersisyan and Wray propose an alternative approach to budgeting for large-scale public expenditure programs. In their view, policymakers should evaluate spending and tax proposals on their own terms, according to the goals each is intended to meet. If the purpose of taxing corporations and wealthy individuals is to reduce inequality, then the tax changes should be formulated to accomplish that—not to “raise funds” to finance proposed spending. And while it is possible that general tax hikes might be needed to prevent public investment programs from fueling inflation, they argue that the kinds of taxes proposed by the administration would do little to relieve inflationary pressures should they arise. Under current economic circumstances, however, the president’s proposed infrastructure spending should not require budgetary offsets or other measures to control inflation in their estimation. Download: Public Policy Brief No. 155 Associated Program(s): The State of the US and World Economies Federal Budget Policy Economic Policy for the 21st Century Author(s): Yeva Nersisyan L. Randall Wray * ANOTHER BRETTON WOODS REFORM MOMENT View More View Less Public Policy Brief No. 154, 2021 | February 2021 | Jan Kregel LET US LOOK SERIOUSLY AT THE CLEARING UNION This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar Jan Kregel argues that the willingness of central banks to consider electronic currency provides an opening to reconsider a truly innovative reform of the international financial system, and one that is more appropriate to a digital monetary world: John Maynard Keynes’s original clearing union proposal. Kregel investigates whether such a clearing system could be built up from an already-existing initiative that has emerged in the private sector. He analyzes the operations of a private, cross-border payment system that could serve as a real-world blueprint for a more politically palatable equivalent of Keynes’s international clearing union. Download: Public Policy Brief No. 154, 2021 Associated Program(s): Monetary Policy and Financial Structure The State of the US and World Economies Author(s): Jan Kregel Related Topic(s): Clearing union John Maynard Keynes Webtel.mobi * A RECOVERY FOR WHOM? View More View Less Policy Note 2021/4 | November 2021 | Vlassis Missos, Nikolaos Rodousakis, George Soklis THE CASE OF THE GREEK TOURISM SECTOR The COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in the severe impact the pandemic has had on one of the linchpins of the Greek economy: the tourism sector. Vlassis Missos, Nikolaos Rodousakis, and George Soklis document the impact of the pandemic on tourism and the significance of tourism revenues for Greece’s 2021 GDP recovery. They argue that the distributional effect of the tourism sector plays a significant role in overall income inequality in Greece and develop a number of policy recommendations aiming to correct some of the problematic aspects of the country’s tourism sector. Download: Policy Note 2021/4 Associated Program: The State of the US and World Economies Author(s): Vlassis Missos Nikolaos Rodousakis George Soklis Related Topic(s): COVID-19 Greece * WHY PRESIDENT BIDEN SHOULD ELIMINATE CORPORATE TAXES TO BUILD BACK BETTER View More View Less Policy Note 2021/3 | June 2021 | Edward Lane, L. Randall Wray Edward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a poor complement to President Biden’s proposed infrastructure plans, but are inefficient and ineffective taxes more broadly, according to Lane and Wray. The authors follow Hyman Minsky in recommending the elimination of corporate taxes, and they outline a replacement centered on the taxation of unrealized capital gains. Download: Policy Note 2021/3 Associated Program(s): Economic Policy for the 21st Century Federal Budget Policy Author(s): Edward Lane L. Randall Wray Related Topic(s): Corporate taxes COVID-19 Federal budget policy * WHAT IS MMT’S STATE OF PLAY IN WASHINGTON? View More View Less e-pamphlet, August 2021 | August 2021 | L. Randall Wray Modern Money Theory (MMT) has been frequently mentioned in recent media—first as “crazy talk” that if followed would bankrupt the nation and then, after the COVID-19 pandemic hit, as a way to finance an emergency response. In recent months, however, Washington seems to have returned to the old view that government spending must be “paid for” with new taxes. This raises the question: Has MMT really made headway with policymakers? This e-pamphlet examines the extraordinary interview given recently by Representative John Yarmuth’s (D, KY-03), Chair of the House Budget Committee, in which he explicitly adopts an MMT approach to budgeting. Chairman Yarmuth also lays out a path for realizing the major elements of President Biden’s proposals. Finally, Wray summarizes a recent presentation he gave to the Congressional Budget Office’s Macroeconomic Analysis section that urged reconsideration of the way that fiscal policy impacts are assessed. Download: e-pamphlet, August 2021 Associated Program(s): Monetary Policy and Financial Structure Economic Policy for the 21st Century The State of the US and World Economies Author(s): L. Randall Wray Related Topic(s): Federal budget policy Fiscal policy Functional finance Modern Money Theory (MMT) * STATEMENT OF SENIOR SCHOLAR L. RANDALL WRAY TO THE HOUSE BUDGET COMMITTEE, US HOUSE OF REPRESENTATIVES View More View Less Testimony, November 20, 2019 | November 2019 | L. Randall Wray, Yeva Nersisyan REEXAMINING THE ECONOMIC COSTS OF DEBT On November 20, 2019, Senior Scholar L. Randall Wray testified before the House Committee on the Budget on the topic of reexamining the economic costs of debt: "In recent months a new approach to national government budgets, deficits, and debts—Modern Money Theory (MMT)—has been the subject of discussion and controversy. [. . .] In this testimony I do not want to rehash the theoretical foundations of MMT. Instead I will highlight empirical facts with the goal of explaining the causes and consequences of the intransigent federal budget deficits and the growing national government debt. I hope that developing an understanding of the dynamics involved will make the topic of deficits and debt less daunting. I will conclude by summarizing the MMT views on this topic, hoping to set the record straight." Update 1/7/2020: In an appendix, L. Randall Wray responds to a Question for the Record submitted by Rep. Ilhan Omar Download: Testimony, November 20, 2019 Associated Program(s): Monetary Policy and Financial Structure Economic Policy for the 21st Century Author(s): L. Randall Wray Yeva Nersisyan Related Topic(s): Debt reduction Fiscal deficit Fiscal policy Modern Money Theory (MMT) Monetary policy National debt * SCOPE AND EFFECTS OF REDUCING TIME DEFICITS VIA INTRAHOUSEHOLD REDISTRIBUTION OF HOUSEHOLD PRODUCTION View More View Less Research Project Report, July 2021 | July 2021 | Ajit Zacharias, Thomas Masterson, Fernando Rios-Avila, Abena D. Oduro EVIDENCE FROM SUB-SAHARAN AFRICA Gender disparity in the division of responsibilities for unpaid care and domestic work (household production) is a central and pervasive component of inequalities between men and women and boys and girls. Reducing disparity in household production figures as one element of the goal of gender equality enshrined in the United Nations’ Sustainable Development Goals (SDGs) and feminist scholars and political activists have articulated that the redistribution of household production responsibilities from females to males is important for its own sake, as well as for achieving gender equality in labor market outcomes. A cursory examination of available cross-country data indicates that higher per capita GDP—the neoliberal panacea for most societal malaise—provides little bulwark against the gender inequality in household production. Ajit Zacharias, Thomas Masterson, Fernando Rios-Avila, and Abena D. Oduro contribute to the literature on the intrahousehold distribution of household production by placing the question within a framework of analyzing deprivation, applying that framework to better understand the interactions between poverty and the gendered division of labor in four sub-Saharan African nations: Ethiopia, Ghana, South Africa, and Tanzania. Central to their framework is the notion that attaining a minimal standard of living requires command over an adequate basket of commodities and sufficient time to be spent on home production, where meeting those requirements produces benefits for all—including those beyond the household. Their findings motivate questions regarding the feasibility and effectiveness of redistribution of household responsibilities to alleviate time deficits and their impoverishing effects. By developing a framework to assess the mechanics of redistribution among family members and applying it to gender-based redistribution, they derive the maximum extent to which redistribution—either among all family members, between sexes, or between husbands and wives—can lower the incidence of time deficits. The conclude with a discussion of alternative principles of distributing household production responsibilities among family members and examine their impact on the Levy Institute Measure of Time and Income Poverty (LIMTCP) and discuss some policy questions in light of their findings. Download: Research Project Report, July 2021 Associated Program: The Levy Institute Measure of Economic Well-Being Author(s): Ajit Zacharias Thomas Masterson Fernando Rios-Avila Abena D. Oduro Related Topic(s): Gender disparities Levy Institute Measure of Time and Consumption Poverty (LIMTCP) Sub-Saharan Africa Time poverty Time use * PUBLIC SERVICE EMPLOYMENT View More View Less Research Project Report, April 2018 | April 2018 | L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, Stephanie A. Kelton A PATH TO FULL EMPLOYMENT Despite reports of a healthy US labor market, millions of Americans remain unemployed and underemployed, or have simply given up looking for work. It is a problem that plagues our economy in good times and in bad—there are never enough jobs available for all who want to work. L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton examine the impact of a new “job guarantee” proposal that would seek to eliminate involuntary unemployment by directly creating jobs in the communities where they are needed. The authors propose the creation of a Public Service Employment (PSE) program that would offer a job at a living wage to all who are ready and willing to work. Federally funded but with a decentralized administration, the PSE program would pay $15 per hour and offer a basic package of benefits. This report simulates the economic impact over a ten-year period of implementing the PSE program beginning in 2018Q1. Unemployment, hidden and official, with all of its attendant social harms, is a policy choice. The results in this report lend more weight to the argument that it is a policy choice we need no longer tolerate. True full employment is both achievable and sustainable. Download: Research Project Report, April 2018 Associated Program: Employment Policy and Labor Markets Author(s): L. Randall Wray Flavia Dantas Scott Fullwiler Pavlina R. Tcherneva Stephanie A. Kelton Related Topic(s): Economic policy Employer of Last Resort (ELR) policy Employment guarantee Job guarantee * THE MACROECONOMIC EFFECTS OF STUDENT DEBT CANCELLATION View More View Less Research Project Report, February 2018 | February 2018 | Scott Fullwiler, Stephanie A. Kelton, Catherine Ruetschlin, Marshall Steinbaum Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research Associate Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum examine the likely macroeconomic impacts of a one-time, federally funded cancellation of all outstanding student debt. The report analyzes households’ mounting reliance on debt to finance higher education, including the distributive implications of student debt and debt cancellation; describes the financial mechanics required to carry out the cancellation of debt held by the Department of Education (which makes up the vast majority of student loans outstanding) as well as privately owned student debt; and uses two macroeconometric models to provide a plausible range for the likely impacts of student debt cancellation on key economic variables over a 10-year horizon. The authors find that cancellation would have a meaningful stimulus effect, characterized by greater economic activity as measured by GDP and employment, with only moderate effects on the federal budget deficit, interest rates, and inflation (while state budgets improve). These results suggest that policies like student debt cancellation can be a viable part of a needed reorientation of US higher education policy. Download: Research Project Report, February 2018 Associated Program(s): Economic Policy for the 21st Century The State of the US and World Economies Author(s): Scott Fullwiler Stephanie A. Kelton Catherine Ruetschlin Marshall Steinbaum Related Topic(s): Consumer spending Debt cancellation Education Government intervention Household debt * ARE CONCERNS OVER GROWING FEDERAL GOVERNMENT DEBT MISPLACED? View More View Less One-Pager No. 68 | November 2021 | L. Randall Wray With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government, concerns about affordability and solvency can both be laid to rest. According to Wray, the question is never whether the federal government can spend more, but whether it should. And while there are still strongly held beliefs about the negative impacts of deficits and debt on inflation, interest rates, growth, and exchange rates, with two centuries of experience the evidence for these concerns is mixed at best. Download: One-Pager No. 68 Associated Program(s): The State of the US and World Economies Federal Budget Policy Economic Policy for the 21st Century Author(s): L. Randall Wray Related Topic(s): Federal budget policy Federal debt Federal deficit Inflation Modern Money Theory (MMT) Monetary policy * SHOULD CORPORATE TAX HIKES BE INCLUDED IN BIDEN’S “BUILD BACK BETTER” PLANS? View More View Less One-Pager No. 67 | June 2021 | Edward Lane, L. Randall Wray President Biden has proposed pairing his American Jobs Plan with an increase in federal corporate income taxes. Leaving aside the issue of whether any tax increases are needed to “pay for” the plan, Edward Lane and L. Randall Wray assess the proposed corporate profits tax hike in terms of its ability to meet two objectives: (1) fighting potential inflation that might result from the new Jobs Plan (and all the other relief and stimulus plans enacted), and (2) taxing the rich to reduce inequality. They argue the federal corporate income tax is far less effective at combating inflation and inequality than what many might think, and propose replacing corporate taxation with taxes on individuals that would ensure the burden is mostly imposed on high earners. Download: One-Pager No. 67 Associated Program(s): Economic Policy for the 21st Century Federal Budget Policy Author(s): Edward Lane L. Randall Wray Related Topic(s): Corporate taxes Federal budget policy * THE EMPLOYER OF LAST RESORT SCHEME AND THE ENERGY TRANSITION View More View Less Working Paper No. 995 | November 2021 | Giuliano Toshiro Yajima A STOCK-FLOW CONSISTENT ANALYSIS The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due to the economic disruption of the lockdown measures, has increased the interest in policies that target employment directly instead of trying to achieve it via a general “demand push.” One of the proposals currently under debate is the job guarantee. Under such a policy the government would act as an “employer of last resort” by offering a job to everyone that is able and wants to work but cannot find a job in the private sector. This paper argues that a carefully designed scheme of direct employment and public provision by the state—addressing both the low- and high-skill workforce—can have permanent effects and promote the economy’s structural transformation, in particular by fostering energy transition and a lower carbon footprint. Starting from this point, a stock-flow consistent model is developed to study the long-run effect of the job guarantee’s implementation, inspired by the work of Godin (2013) and Sawyer and Passarella (2021). Download: Working Paper No. 995 Associated Program: Economic Policy for the 21st Century Author(s): Giuliano Toshiro Yajima Related Topic(s): Green jobs Job guarantee Stock-flow consistent (SFC) modeling Structural change * PRODUCTION FUNCTION ESTIMATION View More View Less Working Paper No. 994 | October 2021 | Jesus Felipe, John McCombie, Aashish Mehta, Donna Faye Bajaro BIASED COEFFICIENTS AND ENDOGENOUS REGRESSORS, OR A CASE OF COLLECTIVE AMNESIA? The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since the 1940s. This paper revisits an argument first outlined in the 1950s, which questioned production function estimations. This argument is that output, capital, and employment are linked through a distribution accounting identity, a key point that the recent literature has overlooked. This identity can be rewritten as a form that resembles a production function (Cobb-Douglas, CES, translog). We show that this happens because the data used in empirical exercises are value (monetary) data, not physical quantities. The argument has clear predictions about the size of the factor elasticities and about what is commonly interpreted as the bias of the estimated elasticities. To test these predictions, we estimate a typical Cobb-Douglas function using five estimators and show that: (i) the identity is responsible for the fact that the elasticities must be the factor shares; (ii) the bias of the estimated elasticities (i.e., departure from the factor shares) is, in reality, caused by the omission of a term in the identity. However, unlike in the standard omitted-variable bias problem, here the omitted term is known; and (iii) the estimation method is a second-order issue. Estimation methods that theoretically deal with endogeneity, including the most recent ones, cannot solve this problem. We conclude that the use of monetary values rather than physical data poses an insoluble problem for the estimation of production functions. This is, consequently, far more serious than any supposed endogeneity problems. Download: Working Paper No. 994 Associated Program: Explorations in Theory and Empirical Analysis Author(s): Jesus Felipe John McCombie Aashish Mehta Donna Faye Bajaro Related Topic(s): Accounting identity Endogeneity Monetary values Production functions Total factor productivity (TFP) * SUMMARY SPRING 2021 View More View Less Volume 30, No. 2 | May 2021 | Elizabeth Dunn, Michael Stephens A trio of publications in this Summary explores how the plumbing of an existing cross-border payment system associated with a private company provides the operational blueprints for a potential revival of John Maynard Keynes’s international clearing union proposal, and how the willingness of central banks to consider electronic currency provides an opening to reconsider this reform. Working papers in this issue argue that once we understand the purposes and incidence of corporate taxation, it is revealed to be a particularly inefficient tax; explain that while Japan, which is occasionally held up as a poster child for Modern Money Theory (MMT), helps demonstrates some of the errors of mainstream thinking concerning sovereign budgeting, policy-wise the country has not been in line with MMT prescriptions; investigate the impact of pandemic-associated daycare closures on the time parents of young children dedicate to caregiving in Turkey; apply Hyman Minsky’s work on public employment programs to demonstrate how jobs that generate socially useful output can help us face today’s challenges and create a greener tomorrow; analyze factors that may explain the gendered differences in household production burdens to identify where policy can help achieve a more egalitarian distribution and reduce women’s time poverty; review three strands of literature on the Palestinian labor market over the past three decades, illustrating how the ongoing conflict in the region impacts decisions around education and employment; build stock-flow consistent (SFC) models for Latin American economies to demonstrate the balance sheet effects of currency depreciation and test the impact of alternative policy scenarios; reflect on Keynes’s writings on the state theory of money, financial markets, and uncertainty; and consider the empirics of long-term bond yields in Mexico. INSTITUTE RESEARCH Program: The State of the US and World Economies LORENZO NALIN and GIULIANO TOSHIRO YAJIMA, Balance Sheet Effects of a Currency Devaluation: A Stock-Flow Consistent Framework for Mexico SEBASTIAN VALDECANTOS, Argentina’s (Macroeconomic?) Trap: Some Insights from an Empirical Stock-Flow Consistent Model Program: Monetary Policy and Financial Structure JAN KREGEL, Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone JAN KREGEL, Another Bretton Woods Reform Moment: Let Us Look Seriously at the Clearing Union L. RANDALL WRAY and YEVA NERSISYAN, Has Japan Been Following Modern Money Theory Without Recognizing It? No! And Yes. TANWEER AKRAM and SYED AL-HELAL UDDIN, The Empirics of Long-Term Mexican Government Bond Yields JAN KREGEL, The Economic Problem: From Barter to Commodity Money to Electronic Money TANWEER AKRAM, A Note Concerning Government Bond Yields Program: Distribution of Wealth and Income FERNANDO RIOS-AVILA, ABENA D. ODURO, and LUIZA NASSIF PIRES, Intrahousehold Allocation of Household Production: A Comparative Analysis for Sub-Saharan African Countries Program: Employment Policy and Labor Markets DANIEL HAIM, What Jobs Should a Public Job Guarantee Provide? Lessons from Hyman P. Minsky SAMEH HALLAQ, The Palestinian Labor Market over the Last Three Decades Program: Gender Equality and the Economy EMEL MEMIŞ and EBRU KONGAR, Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey Program: Economic Policy for the 21st Century EDWARD LANE and L. RANDALL WRAY, Is It Time to Eliminate Federal Corporate Income Taxes? INSTITUTE NEWS UPCOMING EVENTS 29th Annual Hyman. P. Minsky Conference Download: Volume 30, No. 2 Author(s): Elizabeth Dunn Michael Stephens * A GREAT LEAP FORWARD View More View Less Book Series, January 2020 | January 2020 | L. Randall Wray HETERODOX ECONOMIC POLICY FOR THE 21ST CENTURY A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several macroeconomic policy themes to present an integrated survey of progressive policy on topics of interest today that are likely to remain topics of interest for many years. Published by: Elsevier Press Associated Program: Economic Policy for the 21st Century Author(s): L. Randall Wray Related Topic(s): Heterodox macroeconomics Macroeconomic policy CURRENT RESEARCH TOPICS * COVID-19 * Greek economic crisis * Labor force participation * Income inequality * Job guarantee * Employment policy * Financial instability * Stock-flow consistent (SFC) modeling * Time deficits * Fiscal austerity View All FROM THE PRESS ROOM FED'S EVANS SAYS HE DOESN'T SEE LABOR MARKET OVERHEATING Read more >>> VIDEOS FROM THE 29TH ANNUAL MINSKY CONFERENCE NOW AVAILABLE ONLINE Hear more >> SENIOR SCHOLAR L. RANDALL WRAY DEBATED THE HERITAGE FOUNDATION'S STEPHEN MOORE AT AN APRIL 22 EVENT SPONSORED BY CFA SOCIETY CHICAGO. Hear more >> SENIOR SCHOLAR L. RANDALL WRAY AND YEVA NERSISYAN PEN AN APRIL 17 OP-ED FOR THE GUARDIAN View More >> RESEARCH SCHOLAR PAVLINA TCHERNEVA CALLS FOR DIRECT INVESTMENT IN INFRASTRUCTURE AND EMPLOYMENT TO STIMULATE ECONOMIC RECOVERY Watch more >> UPCOMING EVENTS June 11–18 2022 SEMINAR Summer Seminar Blithewood Annandale-on-Hudson, N.Y. PRESS RELEASES * Biden Infrastructure and Families Plans Would Have Significant Positive Macroeconomic Benefits for US Economy, New Levy Economics Institute Study Says * Leading Economists and Policymakers to Discuss the Prospects and Challenges for the U.S. And European Economies as They Emerge From the Pandemic at the Levy Economics Institute’s 29th Annual Hyman P. Minsky Conference, May 5–6 Site Map * Home * About Us * Research * Topics * Scholars * Publications * Events * Press Room * Support Us * Bard College Levy Economics Institute of Bard College Blithewood Bard College Annandale-on-Hudson New York 12504-5000 845-758-7700 © 1986 – 2021 Levy Economics Institute. All Rights Reserved ShareThis Copy and Paste