| Video from "The Legacy of Wynne Godley" Now Available Online
On Wednesday, May 13, friends and colleagues of Distinguished Scholar Wynne Godley gathered online to remember the life and work of a man considered by some to be "the most insightful macroeconomic forecaster of his generation." The event, organized by the Institute and Universita' degli Studi di Cassino e del Lazio Meridionale, marked the 10th anniversary of Godley's passing and was attended by over 100 people.
Click here to view the event schedule and access video of the panels. | |
Policy Note 2020/4 | May 2020
Pavlina R. Tcherneva
The ongoing job losses and mass unemployment that will remain once the COVID-19 crisis is over are of our own making, argues Research Associate Pavlina R. Tcherneva. In this Policy Note, she suggests a public program of guaranteed employment, with the government acting as an employer of last resort, as well as creating jobs directly via mass mobilization and a job guarantee to secure the right to decent, useful, and remunerative employment opportunities for all.
Read complete text (pdf) |
Working Paper No. 956, May 2020
Tanweer Akram and Syed Al-Helal Uddin
Tanweer Akram and Syed Al-Helal Uddin use monthly data to empirically model the dynamics of Brazilian government bond (BGB) yields in the context of the evolution of Brazil’s key macroeconomic variables. The results show that the current short-term interest rate has a decisive influence on BGBs’ long-term interest rates, supporting John Maynard Keynes’s claim that the central bank’s actions influence the long-term interest rate on government bonds mainly through the short-term interest rate.
Read complete text (pdf) |
Working Paper No. 951, April 2020
Tanweer Akram
Tanweer Akram presents a simple model of the long-term interest rate, employing the geometric Brownian motion to formally model Keynes’s assumption that the central bank’s actions influence the long-term interest rate primarily through the short-term interest rate. He suggests that interest rate models based on Keynes’s conjecture can be useful for understanding monetary, fiscal, and other economic policies, as well as a wide range of theoretical questions in macroeconomics and finance.
Read complete text (pdf) |
Levy Graduate Programs in Economic Theory and Policy Now Accepting Students for Fall 2020 |
We are so proud of the Levy Economics Institute Graduate Programs in Economic Theory and Policy’s Class of 2020 and look forward to welcoming students, old and new, back to campus when the fall semester begins in September.
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. With small classes in a dedicated facility, we can also offer more options for social distancing while completing your degree in these uncertain times.
Our diverse student body comes from around the world, with research interests focusing on banking regulations, monetary policy, 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 page.
Applications for fall 2020 are now open, with new part-time options in the MA program and generous financial aid available for Bard alumni. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available. |
“The pandemic brought to the surface the issues masked by our previously ‘roaring’ economy, from lack of federally mandated sick leave, to lack of access to health care, and the folly of tying retirement security to the stock market,” observe Yeva Nersisyan and Senior Scholar L. Randall Wray in their recent article for Dollars&Sense. To remedy these issues, they suggest policies guided by Modern Money Theory (MMT) that would make use of "the fiscal tools of spending and taxation with a view to their functions and the goal of ensuring full employment and other public purpose.” In an April 20th Project Syndicate op-ed, they dispel the myth that MMT is only “cranking up the ‘printing press’ or conducting ‘helicopter drops,’” noting that “jobs, not cash, is MMT’s answer to economic downturns.”
|
|
| | | |
|
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.
|
|
|
