| From | Levy Economics Institute of Bard College <[email protected]> |
| Subject | Levy News, February 26, 2020 |
| Date | February 26, 2020 4:11 PM |
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February 26, 2020
Institute News
Levy Graduate Programs in Economic Theory and Policy Announce the Minsky and Godley Scholarships <[link removed]>
The Levy Graduate Programs are pleased to announce new academic scholarships for students entering in fall 2020. The Minsky and Godley Scholarships, named for Distinguished Scholars Hyman P. Minsky <[link removed]> and Wynne Godley <[link removed]>, extend the Levy Institute's investment in students displaying significant academic achievement. Every applicant to the M.S. or M.A. program is given consideration for the scholarships based on their GPA, rigor of curriculum, and class rank (if available). Students who qualify will receive their scholarship offer with their acceptance letter.
For more information, visit the Graduate Programs' website <[link removed]> or email Martha Tepepa at [email protected].
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.
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 the environmental challenges to global trade and payments.
Additional details will be posted on the conference website <[link removed]> as they become available.
New Publications
Working Paper 949, February 2020
A Labor Market--Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy <[link removed]>
Christos Pierros
Christos Pierros contributes to the literature on empirical stock-flow consistent (SCF) modeling with the introduction of distributional features and labor market institutions (such as minimum wage and collective bargaining) to a Godley-type SCF model to examine an economy's medium-term stability conditions, as well as functional income distribution's impact on its growth prospects. Applying the model to Greece, Pierros finds that they face a significant structural competitiveness deficit that must be remedied to stimulate growth in their economy.
» Read complete text (pdf) <[link removed]>
Working Paper 948, February 2020
Challenges for the EU as Germany Approaches Recession <[link removed]>
George K. Zestos and Rachel N. Cooke
George K. Zestos and Rachel N. Cooke consider the recent macroeconomic climate in the eurozone, with a particular emphasis on developments in Germany that point to a looming recession. Noting the shortcomings in the makeup of the European Union and European Monetary Union that create vulnerabilities to asymmetric shocks, the authors advocate for the removal of the German "debt brake" as one way to offer stability in the current geopolitical climate.
» Read complete text (pdf) <[link removed]>
Working Paper 947, February 2020
Ages of Financial Instability <[link removed]>
Mario Tonveronachi
Applying a Minskyan approach to his assessment of the financial system and the stabilizing role of the state, Mario Tonveronachi analyzes two periods of financial instability and their connection to globalization. The first, culminating with the 1929 crisis, is followed by a retrenchment to the pursuit of domestic goals; the second begins in the 1970s and is marked by the new international monetary order that Tonveronachi suggests concealed the seeds of today's fragility.
» Read complete text (pdf) <[link removed]>
Working Paper 946, February 2020
The Relationship between Technical Progress and Employment: A Comment on Autor and Salomons <[link removed]>
Jesus Felipe <[link removed]>, Donna Faye Bajaro, Gemma Estrada, and John McCombie
Research Scholar Jesus Felipe <[link removed]>, Donna Faye Bajaro, Gemma Estrada, and John McCombie review two recent works by David Autor and Anna Salomons (2017, 2018) on technical progress's impact on employment growth through a critical lens, contending that Autor and Salomons' use of labor productivity growth and total factor productivity as proxies for technical progress leaves them unable to answer the questions their work seeks to address.
» Read complete text (pdf) <[link removed]>
Working Paper 945, January 2020
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation <[link removed]>
Michalis Nikiforos <[link removed]>
Asserting that the past four decades of weak net export demand, fiscal conservatism, and increasing income inequality in the United States have put downward pressure on demand and output growth, Research Scholar Michalis Nikiforos <[link removed]> argues there is nothing "secular" about today's economic stagnation.
» Read complete text (pdf) <[link removed]>
Working Paper 944, January 2020
The Empirics of Canadian Government Securities Yields <[link removed]>
Tanweer Akram and Anupam Das
In the latest offering into their investigation of the short-term interest rate's impact on the long-term rate, Tanweer Akram and Anupam Das model the relationship between short- and long-term interest rates in Canada, suggesting that, in accordance with the Keynesian perspective, the actions of the monetary authority are an important determinant of government security yields.
» Read complete text (pdf) <[link removed]>
Working Paper 943, January 2020
Is China's Low Fertility Rate Caused by the Population Control Policy? <[link removed]>
Liu Qiang, Fernando Rios-Avila <[link removed]>, and Han Jiqin
Liu Qiang, Research Scholar Fernando Rios-Avila <[link removed]>, and Han Jiqin apply a synthetic control method to aggregate data in an attempt to disentangle the impacts of China's strict population control policies on the fertility rate from other socioeconomic factors, finding that the "Later, Longer, and Fewer" policy had little effect on the long-run birth rate.
» Read complete text (pdf) <[link removed]>
Working Paper 942, January 2020
An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark <[link removed]>
Mikael Randrup Byrialsen and Hamid Raza
Emphasizing the need for understanding the interdependencies between the real and financial sides of the economy, Mikael Randrup Byrialsen and Hamid Raza employ data for 1995--2016 to build a stock-flow consistent model for the Danish economy. Using the model to simulate a baseline scenario for 2017--30, they analyze the effects of two standard shocks (fiscal and interest rate) to explore how they propagate through the economy.
» Read complete text (pdf) <[link removed]>
Working Paper 941, December 2019
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza <[link removed]>
Sameh Hallaq <[link removed]>
Using Palestinian Labor Force Survey data from 1999--2012, Research Associate Sameh Hallaq <[link removed]> measures the wage differential between Palestinian refugees and non-refugees in the West Bank and Gaza to ascertain how much of the wage gap is due to differences in individuals' characteristics versus those that are attributable to the unexplained components of the wage decomposition model.
» Read complete text (pdf) <[link removed]>
Working Paper 940, November 2019
On the "Utilization Controversy": A Rejoinder and Some Comments <[link removed]>
Michalis Nikiforos <[link removed]>
Research Scholar Michalis Nikiforos <[link removed]> responds to a 2019 critique of his 2016 paper, "On the 'Utilisation Controversy': A Theoretical and Empirical Discussion of the Kaleckian Model of Growth and Distribution" (Cambridge Journal of Economics 40[2]), offering five reasons why he disputes their suggestions about the data that should be employed in examining capacity utilization's relationship to demand.
» 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. program 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 students come from around the globe and are focusing their research on topics as diverse as children's time use in Tanzania, banking crises in Turkey-Cyprus, racial and ethic inequality in Major League Baseball, Big Pharma's role in access to HIV medication, and fiscal disparity in the US. 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 a program similar to one included in the "Servicemen's Readjustment Act of 1944" (also known as the G.I. Bill), the "College for All" Act, introduced by Senator Bernie Sanders and Representative Pramila Jayapal in June 2019, would not only make public college free for current students, but would offer relief for the 45 million borrowers still facing some form of student debt. Discussing the Act's economic impact for Salon <[link removed]>, Barbara G. Ellis cites the Institute's report, "The Macroeconomic Effects of Student Debt Cancellation," <[link removed]> as evidence of the expansionary potential of debt-free college.
In This Issue
Institute News: New Minsky Scholarship for Graduate Programs <#minsky_scholar>
Institute News: Hyman P. Minsky Summer Seminar <#mss>
Save the Date: 29th Annual Minsky Conference <#minsky29>
A Labor Market--Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy <#wp_949>
Challenges for the EU as Germany Approaches Recession <#wp_948>
Ages of Financial Instability <#wp_947>
The Relationship between Technical Progress and Employment <#wp_946>
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation <#wp_945>
The Empirics of Canadian Government Securities Yields <#wp_944>
Is China's Low Fertility Rate Caused by the Population Control Policy? <#wp_943>
An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark <#wp_942>
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza <#wp_941>
On the "Utilization Controversy" <#wp_940>
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
Levy Graduate Programs in Economic Theory and Policy Announce the Minsky and Godley Scholarships <[link removed]>
The Levy Graduate Programs are pleased to announce new academic scholarships for students entering in fall 2020. The Minsky and Godley Scholarships, named for Distinguished Scholars Hyman P. Minsky <[link removed]> and Wynne Godley <[link removed]>, extend the Levy Institute's investment in students displaying significant academic achievement. Every applicant to the M.S. or M.A. program is given consideration for the scholarships based on their GPA, rigor of curriculum, and class rank (if available). Students who qualify will receive their scholarship offer with their acceptance letter.
For more information, visit the Graduate Programs' website <[link removed]> or email Martha Tepepa at [email protected].
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.
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 the environmental challenges to global trade and payments.
Additional details will be posted on the conference website <[link removed]> as they become available.
New Publications
Working Paper 949, February 2020
A Labor Market--Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy <[link removed]>
Christos Pierros
Christos Pierros contributes to the literature on empirical stock-flow consistent (SCF) modeling with the introduction of distributional features and labor market institutions (such as minimum wage and collective bargaining) to a Godley-type SCF model to examine an economy's medium-term stability conditions, as well as functional income distribution's impact on its growth prospects. Applying the model to Greece, Pierros finds that they face a significant structural competitiveness deficit that must be remedied to stimulate growth in their economy.
» Read complete text (pdf) <[link removed]>
Working Paper 948, February 2020
Challenges for the EU as Germany Approaches Recession <[link removed]>
George K. Zestos and Rachel N. Cooke
George K. Zestos and Rachel N. Cooke consider the recent macroeconomic climate in the eurozone, with a particular emphasis on developments in Germany that point to a looming recession. Noting the shortcomings in the makeup of the European Union and European Monetary Union that create vulnerabilities to asymmetric shocks, the authors advocate for the removal of the German "debt brake" as one way to offer stability in the current geopolitical climate.
» Read complete text (pdf) <[link removed]>
Working Paper 947, February 2020
Ages of Financial Instability <[link removed]>
Mario Tonveronachi
Applying a Minskyan approach to his assessment of the financial system and the stabilizing role of the state, Mario Tonveronachi analyzes two periods of financial instability and their connection to globalization. The first, culminating with the 1929 crisis, is followed by a retrenchment to the pursuit of domestic goals; the second begins in the 1970s and is marked by the new international monetary order that Tonveronachi suggests concealed the seeds of today's fragility.
» Read complete text (pdf) <[link removed]>
Working Paper 946, February 2020
The Relationship between Technical Progress and Employment: A Comment on Autor and Salomons <[link removed]>
Jesus Felipe <[link removed]>, Donna Faye Bajaro, Gemma Estrada, and John McCombie
Research Scholar Jesus Felipe <[link removed]>, Donna Faye Bajaro, Gemma Estrada, and John McCombie review two recent works by David Autor and Anna Salomons (2017, 2018) on technical progress's impact on employment growth through a critical lens, contending that Autor and Salomons' use of labor productivity growth and total factor productivity as proxies for technical progress leaves them unable to answer the questions their work seeks to address.
» Read complete text (pdf) <[link removed]>
Working Paper 945, January 2020
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation <[link removed]>
Michalis Nikiforos <[link removed]>
Asserting that the past four decades of weak net export demand, fiscal conservatism, and increasing income inequality in the United States have put downward pressure on demand and output growth, Research Scholar Michalis Nikiforos <[link removed]> argues there is nothing "secular" about today's economic stagnation.
» Read complete text (pdf) <[link removed]>
Working Paper 944, January 2020
The Empirics of Canadian Government Securities Yields <[link removed]>
Tanweer Akram and Anupam Das
In the latest offering into their investigation of the short-term interest rate's impact on the long-term rate, Tanweer Akram and Anupam Das model the relationship between short- and long-term interest rates in Canada, suggesting that, in accordance with the Keynesian perspective, the actions of the monetary authority are an important determinant of government security yields.
» Read complete text (pdf) <[link removed]>
Working Paper 943, January 2020
Is China's Low Fertility Rate Caused by the Population Control Policy? <[link removed]>
Liu Qiang, Fernando Rios-Avila <[link removed]>, and Han Jiqin
Liu Qiang, Research Scholar Fernando Rios-Avila <[link removed]>, and Han Jiqin apply a synthetic control method to aggregate data in an attempt to disentangle the impacts of China's strict population control policies on the fertility rate from other socioeconomic factors, finding that the "Later, Longer, and Fewer" policy had little effect on the long-run birth rate.
» Read complete text (pdf) <[link removed]>
Working Paper 942, January 2020
An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark <[link removed]>
Mikael Randrup Byrialsen and Hamid Raza
Emphasizing the need for understanding the interdependencies between the real and financial sides of the economy, Mikael Randrup Byrialsen and Hamid Raza employ data for 1995--2016 to build a stock-flow consistent model for the Danish economy. Using the model to simulate a baseline scenario for 2017--30, they analyze the effects of two standard shocks (fiscal and interest rate) to explore how they propagate through the economy.
» Read complete text (pdf) <[link removed]>
Working Paper 941, December 2019
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza <[link removed]>
Sameh Hallaq <[link removed]>
Using Palestinian Labor Force Survey data from 1999--2012, Research Associate Sameh Hallaq <[link removed]> measures the wage differential between Palestinian refugees and non-refugees in the West Bank and Gaza to ascertain how much of the wage gap is due to differences in individuals' characteristics versus those that are attributable to the unexplained components of the wage decomposition model.
» Read complete text (pdf) <[link removed]>
Working Paper 940, November 2019
On the "Utilization Controversy": A Rejoinder and Some Comments <[link removed]>
Michalis Nikiforos <[link removed]>
Research Scholar Michalis Nikiforos <[link removed]> responds to a 2019 critique of his 2016 paper, "On the 'Utilisation Controversy': A Theoretical and Empirical Discussion of the Kaleckian Model of Growth and Distribution" (Cambridge Journal of Economics 40[2]), offering five reasons why he disputes their suggestions about the data that should be employed in examining capacity utilization's relationship to demand.
» 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. program 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 students come from around the globe and are focusing their research on topics as diverse as children's time use in Tanzania, banking crises in Turkey-Cyprus, racial and ethic inequality in Major League Baseball, Big Pharma's role in access to HIV medication, and fiscal disparity in the US. 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 a program similar to one included in the "Servicemen's Readjustment Act of 1944" (also known as the G.I. Bill), the "College for All" Act, introduced by Senator Bernie Sanders and Representative Pramila Jayapal in June 2019, would not only make public college free for current students, but would offer relief for the 45 million borrowers still facing some form of student debt. Discussing the Act's economic impact for Salon <[link removed]>, Barbara G. Ellis cites the Institute's report, "The Macroeconomic Effects of Student Debt Cancellation," <[link removed]> as evidence of the expansionary potential of debt-free college.
In This Issue
Institute News: New Minsky Scholarship for Graduate Programs <#minsky_scholar>
Institute News: Hyman P. Minsky Summer Seminar <#mss>
Save the Date: 29th Annual Minsky Conference <#minsky29>
A Labor Market--Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy <#wp_949>
Challenges for the EU as Germany Approaches Recession <#wp_948>
Ages of Financial Instability <#wp_947>
The Relationship between Technical Progress and Employment <#wp_946>
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation <#wp_945>
The Empirics of Canadian Government Securities Yields <#wp_944>
Is China's Low Fertility Rate Caused by the Population Control Policy? <#wp_943>
An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark <#wp_942>
Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza <#wp_941>
On the "Utilization Controversy" <#wp_940>
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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