| Levy Graduate Programs in Economic Theory and Policy Announce the Minsky and Godley Scholarships
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 and Wynne Godley, 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 or email Martha Tepepa at [email protected]. |
The Hyman P. Minsky Summer Seminar
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. |
The 29th Annual Hyman P. Minsky Conference on the State of the US and World Economies
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 as they become available. |
Working Paper 949, February 2020 A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy
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) |
Working Paper 948, February 2020 Challenges for the EU as Germany Approaches Recession
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) |
Working Paper 947, February 2020 Ages of Financial Instability
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) |
Working Paper 944, January 2020 The Empirics of Canadian Government Securities Yields
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) |
Working Paper 942, January 2020 An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark
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) |
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 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. |
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, Barbara G. Ellis cites the Institute’s report, “The Macroeconomic Effects of Student Debt Cancellation,” as evidence of the expansionary potential of debt-free college.
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