| From | Levy Economics Institute of Bard College <[email protected]> |
| Subject | Levy News, February 12, 2020 |
| Date | February 12, 2020 3:31 PM |
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February 12, 2020
Institute News
June 7--13, 2020
The Hyman P. Minsky Summer Seminar <[link removed]>
Levy Economics Institute of Bard College
Annandale-on-Hudson, N.Y.
The Institute's annual summer seminar provides a rigorous discussion of both theoretical and applied aspects of Minsky's economics, and is geared toward recent graduates, graduate students, and those at the beginning of their academic or professional careers. Applications are now being accepted. For further information, visit the seminar website at levyinstitute.org.
Research Scholar Thomas Masterson Receives The Journal of Economic Issues' 2019 Editor's Prize <[link removed]>
Research Scholar Thomas Masterson received the 2019 Editor's Prize <[link removed]> for his paper, "The Great Recession and Racial Inequality: Evidence from Measures of Economic Wellbeing," coauthored with Senior Scholar Ajit Zacharias, Research Scholar Fernando Rios-Avila, and Research Associate Edward N. Wolff (Journal of Economic Issues, Volume LIII, Number 4). An earlier version of the paper was published as "The Great Recession and Racial Inequality: Evidence from Measures of Economic Well-Being" <[link removed]> (Working Paper No. 880, January 2017).
Save the Date
April 16, 2020
The 29th Annual Hyman P. Minsky Conference on the State of the US and World Economies <[link removed]>
Levy Economics Institute of Bard College
Annandale-on-Hudson, N.Y.
The Levy Institute's 29th Annual Conference on the State of the US and World Economies, originally organized by Hyman Minsky, will be held at Blithewood on April 16. The theme of this year's conference will be "Financial Instability and Its Implications for Growth and Employment," and features sessions on the evolution of the US economy in the run up to the national presidential election, the recent legal and regulatory environment, the impact of financial innovations on monetary policy, and the financing of environmental challenges.
Additional details will be posted on the conference website <[link removed]> as they become available.
New Publications
Strategic Analysis, January 2020
Prospects and Challenges for the US Economy: 2020 and Beyond <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>
Institute President Dimitri B. Papadimitriou <[link removed]>, and Research Scholars Michalis Nikiforos <[link removed]> and Gennaro Zezza <[link removed]> report that the already-weak trajectory of the US economy—they project an average growth rate of 1.5 percent in their 2020--23 baseline—is facing a number of downside risks. The slowdown of the global economy, an overvalued stock market, and historically fragile corporate balance sheets are among the identified factors that could derail the aging recovery.
» Read complete text (pdf) <[link removed]>
Greek Strategic Analysis, January 2020
Greece: In Search of Investors <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>
In this Strategic Analysis for the Greek economy, Papadimitriou <[link removed]>, Nikiforos <[link removed]>, and Zezza <[link removed]> report that the current Greek expansion has been driven mainly by net exports, with tourism playing a dominant role, and that household consumption and investment are still too far below their precrisis levels. The authors evaluate the current government's promise to achieve 4 percent GDP growth in 2020 and 2021, and find that this scenario would require an increase in investment that is highly unlikely to materialize, given current adverse trends in the eurozone and elsewhere.
» Read complete text (pdf) <[link removed]>
Public Policy Brief No. 148, January 2020
Can We Afford the Green New Deal? <[link removed]>
Yeva Nersisyan and L. Randall Wray <[link removed]>
The question of whether we can "afford" the Green New Deal requires an exercise in real resource budgeting, not a mere tally of all new spending increases, argue Yeva Nersisyan and Senior Scholar L. Randall Wray <[link removed]>. Following the model of John Maynard Keynes's How to Pay for the War, they compare the net real resources required to implement each major element of the Green New Deal with the resources available, in order to ascertain whether inflationary pressures would require tax increases or other measures to reduce aggregate demand.
» Read complete text (pdf) <[link removed]>
Congressional Testimony, November 2019
Reexamining the Economic Costs of Debt <[link removed]>
L. Randall Wray <[link removed]> and Yeva Nersisyan
On November 20, 2019, Senior Scholar L. Randall Wray <[link removed]> testified before the Budget Committee of the US House of Representatives. In this written testimony submitted to the committee, Wray and Yeva Nersisyan argue for a reexamination of the economic impact of public debt and deficits—explaining how deficits have become the norm for the US economy and why they are helpful in the current environment—and respond to a Question for the Record submitted by Representative Ilhan Omar (D-MN) on the matter of the Green New Deal and the benefits of targeted public spending.
A video of the testimony is available on the House Budget Committee's website <[link removed]>.
» Read complete text (pdf) <[link removed]>
M.A. Program in Economic Theory and Policy Now Accepting International Students
We are pleased to announce that both our M.A. and M.S. programs are now accepting international students for fall 2020.
Designed as preparation for a professional career in economic research and policy formulation, the Levy Economics Institute Graduate Programs in Economic Theory and Policy offer an alternative to mainstream programs in economics and finance.
Our diverse student body comes from Afghanistan, Australia, Austria, Canada, Chile, Colombia, Ethiopia, Gambia, Germany, India, Kyrgyzstan, Lebanon, Nepal, Peru, the United Kingdom, and the United States, with research interests focusing on banking regulations, monetary policy in Europe, trade, financial regulations, economic forecasting, poverty, unemployment and exclusion, modern monetary theory, and stock-flow-consistent modeling. To find out more about our innovative programs that combine a rigorous course of study with exceptional opportunity to participate in advanced economics research alongside the Institute's global network of researchers, visit bard.edu/levygrad or follow the program's Facebook <[link removed]> page.
Applications for fall 2020 are now open. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available.
Media and Web Coverage
In his discussion <[link removed]> of Senator Elizabeth Warren's proposed wealth tax, The Week's Jeff Spross cites One-pager No. 60, "Fighting Inequality Can Strengthen the US Economy," <[link removed]> by Institute President Dimitri B. Papadimitriou <[link removed]>, and Research Scholars Michalis Nikiforos <[link removed]> and Gennaro Zezza <[link removed]>, in which they find that the tax will foster growth, arguing that a "1 percent of GDP increase in tax revenues from the richest households, paired with an equivalent increase in public spending, generates a 1.7 percent increase in GDP."
Reporting on Senior Scholar L. Randall Wray's <[link removed]> testimony before the House Budget Committee, Yahoo Finance <[link removed]> calls it "a watershed moment [...] that captured the drastic change in economic thought over the past decade," while The Fiscal Times <[link removed]> and Newsmax Finance <[link removed]> note that the consensus among those testifying was that debt and deficits do matter, but so too does the need to "differentiate between good deficits—those that contribute to economic growth and productivity—and bad or wasteful ones."
Wray also joined The Mint for an interview titled "Theoretically Speaking," <[link removed]> in which he explains the origins of Modern Money Theory and discusses how it can be applied to solving today's social and economic problems.
At a November meeting <[link removed]> on Prince Edward Island marking the 30th anniversary of the Canadian House of Commons' unanimous resolution to end child poverty in Canada by 2000, Research Associate Pavlina Tcherneva <[link removed]> offered a talk on "Good Jobs for All: Fighting Poverty with a Job Guarantee." In January, she traveled to Paris to give a public lecture <[link removed]> with the general secretaries of Greenpeace and the French union Confédération générale du travail (CTG), as well as participate in a hearing <[link removed]> before a parliamentary group (La France insoumise) of France's National Assembly. Both events focused on the Green New Deal and the job guarantee.
In This Issue
Institute News: Hyman P. Minsky Summer Seminar <#mss>
Institute News: Levy Scholar Wins JEI's 2019 Editor's Prize <#tom>
Save the Date: 29th Annual Minsky Conference <#minsky29>
Strategic Analysis: Prospects and Challenges for the US Economy <#sa_1_20>
Strategic Analysis: Greece: In Search of Investors <#gr_sa_1_20>
Can We Afford the Green New Deal? <#ppb_148>
Reexamining the Economic Costs of Debt <#lwr_cong>
Levy Graduate Programs <#grad>
Web and Media Coverage <#media>
Read Our Blog
Levy Book Series
Visit the Institute's Book Series webpage <[link removed]> for selected books by our scholars.
Quick Links
Visit Our Website <[link removed]>
Research Programs <[link removed]>
Events <[link removed]>
Search
LevyInstitute.org <[link removed]>
You are receiving this e-mail because you either signed up at the Levy Institute website or filled out a request card asking to be placed on this list. If you have trouble accessing the Levy Institute's website, please send a brief description of the problem to [email protected].
Copyright © 1986-2020, Levy Economics Institute, Annandale-on-Hudson, NY 12504-5000. All rights reserved.
No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein.
Save
This email was sent to [email protected] by Levy Economics Institute of Bard College.
Unsubscribe from Levy Institute eNewsletter. <[link removed]>
Institute News
June 7--13, 2020
The Hyman P. Minsky Summer Seminar <[link removed]>
Levy Economics Institute of Bard College
Annandale-on-Hudson, N.Y.
The Institute's annual summer seminar provides a rigorous discussion of both theoretical and applied aspects of Minsky's economics, and is geared toward recent graduates, graduate students, and those at the beginning of their academic or professional careers. Applications are now being accepted. For further information, visit the seminar website at levyinstitute.org.
Research Scholar Thomas Masterson Receives The Journal of Economic Issues' 2019 Editor's Prize <[link removed]>
Research Scholar Thomas Masterson received the 2019 Editor's Prize <[link removed]> for his paper, "The Great Recession and Racial Inequality: Evidence from Measures of Economic Wellbeing," coauthored with Senior Scholar Ajit Zacharias, Research Scholar Fernando Rios-Avila, and Research Associate Edward N. Wolff (Journal of Economic Issues, Volume LIII, Number 4). An earlier version of the paper was published as "The Great Recession and Racial Inequality: Evidence from Measures of Economic Well-Being" <[link removed]> (Working Paper No. 880, January 2017).
Save the Date
April 16, 2020
The 29th Annual Hyman P. Minsky Conference on the State of the US and World Economies <[link removed]>
Levy Economics Institute of Bard College
Annandale-on-Hudson, N.Y.
The Levy Institute's 29th Annual Conference on the State of the US and World Economies, originally organized by Hyman Minsky, will be held at Blithewood on April 16. The theme of this year's conference will be "Financial Instability and Its Implications for Growth and Employment," and features sessions on the evolution of the US economy in the run up to the national presidential election, the recent legal and regulatory environment, the impact of financial innovations on monetary policy, and the financing of environmental challenges.
Additional details will be posted on the conference website <[link removed]> as they become available.
New Publications
Strategic Analysis, January 2020
Prospects and Challenges for the US Economy: 2020 and Beyond <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>
Institute President Dimitri B. Papadimitriou <[link removed]>, and Research Scholars Michalis Nikiforos <[link removed]> and Gennaro Zezza <[link removed]> report that the already-weak trajectory of the US economy—they project an average growth rate of 1.5 percent in their 2020--23 baseline—is facing a number of downside risks. The slowdown of the global economy, an overvalued stock market, and historically fragile corporate balance sheets are among the identified factors that could derail the aging recovery.
» Read complete text (pdf) <[link removed]>
Greek Strategic Analysis, January 2020
Greece: In Search of Investors <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>
In this Strategic Analysis for the Greek economy, Papadimitriou <[link removed]>, Nikiforos <[link removed]>, and Zezza <[link removed]> report that the current Greek expansion has been driven mainly by net exports, with tourism playing a dominant role, and that household consumption and investment are still too far below their precrisis levels. The authors evaluate the current government's promise to achieve 4 percent GDP growth in 2020 and 2021, and find that this scenario would require an increase in investment that is highly unlikely to materialize, given current adverse trends in the eurozone and elsewhere.
» Read complete text (pdf) <[link removed]>
Public Policy Brief No. 148, January 2020
Can We Afford the Green New Deal? <[link removed]>
Yeva Nersisyan and L. Randall Wray <[link removed]>
The question of whether we can "afford" the Green New Deal requires an exercise in real resource budgeting, not a mere tally of all new spending increases, argue Yeva Nersisyan and Senior Scholar L. Randall Wray <[link removed]>. Following the model of John Maynard Keynes's How to Pay for the War, they compare the net real resources required to implement each major element of the Green New Deal with the resources available, in order to ascertain whether inflationary pressures would require tax increases or other measures to reduce aggregate demand.
» Read complete text (pdf) <[link removed]>
Congressional Testimony, November 2019
Reexamining the Economic Costs of Debt <[link removed]>
L. Randall Wray <[link removed]> and Yeva Nersisyan
On November 20, 2019, Senior Scholar L. Randall Wray <[link removed]> testified before the Budget Committee of the US House of Representatives. In this written testimony submitted to the committee, Wray and Yeva Nersisyan argue for a reexamination of the economic impact of public debt and deficits—explaining how deficits have become the norm for the US economy and why they are helpful in the current environment—and respond to a Question for the Record submitted by Representative Ilhan Omar (D-MN) on the matter of the Green New Deal and the benefits of targeted public spending.
A video of the testimony is available on the House Budget Committee's website <[link removed]>.
» Read complete text (pdf) <[link removed]>
M.A. Program in Economic Theory and Policy Now Accepting International Students
We are pleased to announce that both our M.A. and M.S. programs are now accepting international students for fall 2020.
Designed as preparation for a professional career in economic research and policy formulation, the Levy Economics Institute Graduate Programs in Economic Theory and Policy offer an alternative to mainstream programs in economics and finance.
Our diverse student body comes from Afghanistan, Australia, Austria, Canada, Chile, Colombia, Ethiopia, Gambia, Germany, India, Kyrgyzstan, Lebanon, Nepal, Peru, the United Kingdom, and the United States, with research interests focusing on banking regulations, monetary policy in Europe, trade, financial regulations, economic forecasting, poverty, unemployment and exclusion, modern monetary theory, and stock-flow-consistent modeling. To find out more about our innovative programs that combine a rigorous course of study with exceptional opportunity to participate in advanced economics research alongside the Institute's global network of researchers, visit bard.edu/levygrad or follow the program's Facebook <[link removed]> page.
Applications for fall 2020 are now open. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available.
Media and Web Coverage
In his discussion <[link removed]> of Senator Elizabeth Warren's proposed wealth tax, The Week's Jeff Spross cites One-pager No. 60, "Fighting Inequality Can Strengthen the US Economy," <[link removed]> by Institute President Dimitri B. Papadimitriou <[link removed]>, and Research Scholars Michalis Nikiforos <[link removed]> and Gennaro Zezza <[link removed]>, in which they find that the tax will foster growth, arguing that a "1 percent of GDP increase in tax revenues from the richest households, paired with an equivalent increase in public spending, generates a 1.7 percent increase in GDP."
Reporting on Senior Scholar L. Randall Wray's <[link removed]> testimony before the House Budget Committee, Yahoo Finance <[link removed]> calls it "a watershed moment [...] that captured the drastic change in economic thought over the past decade," while The Fiscal Times <[link removed]> and Newsmax Finance <[link removed]> note that the consensus among those testifying was that debt and deficits do matter, but so too does the need to "differentiate between good deficits—those that contribute to economic growth and productivity—and bad or wasteful ones."
Wray also joined The Mint for an interview titled "Theoretically Speaking," <[link removed]> in which he explains the origins of Modern Money Theory and discusses how it can be applied to solving today's social and economic problems.
At a November meeting <[link removed]> on Prince Edward Island marking the 30th anniversary of the Canadian House of Commons' unanimous resolution to end child poverty in Canada by 2000, Research Associate Pavlina Tcherneva <[link removed]> offered a talk on "Good Jobs for All: Fighting Poverty with a Job Guarantee." In January, she traveled to Paris to give a public lecture <[link removed]> with the general secretaries of Greenpeace and the French union Confédération générale du travail (CTG), as well as participate in a hearing <[link removed]> before a parliamentary group (La France insoumise) of France's National Assembly. Both events focused on the Green New Deal and the job guarantee.
In This Issue
Institute News: Hyman P. Minsky Summer Seminar <#mss>
Institute News: Levy Scholar Wins JEI's 2019 Editor's Prize <#tom>
Save the Date: 29th Annual Minsky Conference <#minsky29>
Strategic Analysis: Prospects and Challenges for the US Economy <#sa_1_20>
Strategic Analysis: Greece: In Search of Investors <#gr_sa_1_20>
Can We Afford the Green New Deal? <#ppb_148>
Reexamining the Economic Costs of Debt <#lwr_cong>
Levy Graduate Programs <#grad>
Web and Media Coverage <#media>
Read Our Blog
Levy Book Series
Visit the Institute's Book Series webpage <[link removed]> for selected books by our scholars.
Quick Links
Visit Our Website <[link removed]>
Research Programs <[link removed]>
Events <[link removed]>
Search
LevyInstitute.org <[link removed]>
You are receiving this e-mail because you either signed up at the Levy Institute website or filled out a request card asking to be placed on this list. If you have trouble accessing the Levy Institute's website, please send a brief description of the problem to [email protected].
Copyright © 1986-2020, Levy Economics Institute, Annandale-on-Hudson, NY 12504-5000. All rights reserved.
No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein.
Save
This email was sent to [email protected] by Levy Economics Institute of Bard College.
Unsubscribe from Levy Institute eNewsletter. <[link removed]>
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