Coming up: our annual conference and other updates   THE LEVY NEWS April 13, 2023 Our Site Research Events Publications SAVE THE DATE: May 4th, 2023 The 30th Annual Levy Economics Institute Conference is a one-day, virtual event organized around the topics of climate change and fiscal/monetary policy, inflation, unemployment and job creation, and the US macroeconomic outlook. Presenters Include: Daniel Alpert, Westwood Capital and Cornell Law School; Skanda Amarnath, Employ America; Yannis Dafermos, SOAS University of London; James K. Galbraith, LBJ School of Public Affairs; Bruce Kasman, JP Morgan Chase; Michalis Nikiforos, Levy Institute and University of Geneva; Maria Nikolaidi, University of Greenwich; William Oman, International Monetary Fund, Monetary and Capital Markets; Dimitri B. Papadimitriou, Levy Institute; Torsten Slok, Apollo Global Management, Inc.; Pavlina Tcherneva, Levy Institute and Bard College/OSUN Economic Democracy Initiative; Isabella M. Weber, University of Massachusetts Amherst; L. Randall Wray, Levy Institute. Click here to see the schedule and stay up-to-date as more information becomes available. REGISTER HERE Capacity-Building Workshop: Issues Relating to Time and Consumption Poverty and Women’s Economic Empowerment On March 21st, the Levy Institute, alongside the Department of Economics at the University of Ghana, held a capacity-building workshop in Accra on conceptual, measurement, and policy issues relating to time and consumption poverty and women’s economic empowerment. With support from the William and Flora Hewlett Foundation, the workshop aimed to engage with economists in the region to enhance capacity building in research and teaching of gender-sensitive economic analysis. The workshop was attended by scholars from Benin, Burkina Faso, Ethiopia, Ghana, Nigeria, Senegal, and Togo involved in research aimed at influencing policymaking in order to address women’s economic empowerment, especially in the context of time use. SUPPORT OUR PROGRAMS New Publications Working Paper No. 1014 | February 2023 Chinese Yuan Interest Rate Swap Yields Tanweer Akram, Khawaja Mamun Tanweer Akram, Citibank, and Khawaja Mamun, Sacred Heart University, model the dynamics of Chinese yuan (CNY)–denominated long-term interest rate swap yields, showing that the short-term interest rate exerts a decisive influence on the long-term swap yield after controlling for various macro-financial variables, such as inflation or core inflation, the growth of industrial production, percent change in the equity price index, and the percentage change in the CNY exchange rate. Their findings reinforce and extend John Maynard Keynes’s notion that the central bank’s actions have a decisive role in setting the long-term interest rate in emerging market economies, such as China. » Read complete text (PDF) Working Paper No. 1015 | February 2023 CBDC Next-Level: A New Architecture for Financial “Super-Stability” Biagio Bossone, Michael Haines International Financial Advisor Biagio Bossone and Former CEO and Consultant Michael Haines propose what they call the “CBDC next-level model,” whereby the central bank creates money by lending to banks, and banks on-lend the proceeds to the economy. The proposed model would eliminate the threat of bank runs and system collapse and induce a degree of financial stability (“super-stability”) that would be unparalleled by any existing banking system, by allowing for deposits to be taken off the balance sheet of banks and into the balance sheet of the central bank, thereby removing significant risk from the banking system without adversely impacting banks’ basic business. » Read complete text (PDF) Working Paper No. 1016 | February 2023 Monetary Policy and the Gender and Racial Employment Dynamics in Brazil Patricia Couto, Clara Brenck In this paper, Patricia Couto and Clara Brenck of The New School for Social Research explore econometrically the effect of changes in the interest rate for female and black employment creation in Brazil. They conduct a panel data fixed effects analysis for 13 states between 2012 and 2021 to estimate the effects of changes in interest rates on unemployment, separating the data by gender and race and conclude that social stratification, if not considered, can lead to misleading policies that perpetuate unequal socioeconomic outcomes. » Read complete text (PDF) Working Paper No. 1017 | April 2023 Rentiers, Strategic Public Goods, and Financialization in the Periphery Gabriel Porcile, Gilberto Tadeu Lima Gabriel Porcile, Economic Commission for Latin America and the Caribbean (ECLAC) and Gilberto Tadeu Lima, University of São Paulo, Brazil, revisit a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources toward capitalists in technology-intensive sectors with a higher potential for innovation and the creation of higher-productivity jobs. They argue that this conflict has been reshaped in the past three decades by two major transformations in the international economy: the acceleration of technical change and the key role governments play in supporting international competitiveness; and the impact of financial globalization in limiting the ability of governments in the periphery to tax and/or issue debt to finance public goods. » Read complete text (PDF) Levy Graduate Programs in Economic Theory and Policy Backed by over 30 years of proven policy impact, the Levy Institute Graduate Programs in Economic Theory and Policy provide innovative approaches to topics such as time use, poverty, gender, student debt, and employment that other programs neglect, encouraging students to evaluate policies, examine behavior, and dig deeper into the social phenomena that underlie economic outcomes. Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students benefit from sharing their research with faculty and their peers to promote academic exchanges and intellectual collaboration. To find out more, visit bard.edu/levygrad or follow the program’s Facebook page. Interested students should contact the Institute at [email protected] for more information. Scholarships are available. Media and Web Coverage Two op-eds in The Hill have been published by Research Scholar Yeva Nersisyan: "Lowering inflation isn't a one trick pony" and, in collaboration with Senior Scholar L. Randall Wray, "The collapse of SVB shows why monetary policy is the wrong tool to fight inflation." Research Scholar Pavlina Tcherneva met with broadcast journalist Ian Masters last month for a SoundCloud interview: "As Pundits Warn of Recession and Inflation, We Get theBest Economic News Since 1969." Tcherneva was also featured as a guest speaker on the MarketWatch podcast Best New Ideas in Money for an episode on "Does the Fed have a Monopoly on 'Fed'-ing?" The newest release of Senior Scholar L. Randall Wray, Money for Beginners, is now available for purchase at Polity Books. Wray additionally met with John Fullerton of the Capital Institute on February 23rd for a dialogue titled A Non-Newtonian Response to Inflation, and has been a guest with Patricia Pino and Christian Reilly of The MMT Podcast twice, for sessions on "How MMT Can Save the World" and "The Fed’s Magical Monetarist Thinking Strikes Again." On March 16th, Wray joined Simon Johnson of MIT Sloan School of Management and Peter Coy of The New York Times to discuss "Understanding Fiscal Policies, Debt, and Entitlements" for the Network for Responsible Public Policy. On March 18th, Wray also published a piece on The Lens, titled "Magical Monetary Thinking at the Fed Killed SVB" with Stephanie Kelton.   Our Website | Press Room | Donate   Levy Economics Institute | Blithewood, Bard College, Annandale-On-Hudson, NY 12504-5000 (P): 845-758-7700 Unsubscribe [email protected] Update Profile | Constant Contact Data Notice Sent by [email protected] in collaboration with Try email marketing for free today!