| Institute to Host Intensive Virtual Course in Gender-Sensitive Macroeconomic Modeling for Policy Analysis, June 28–July 16, 2021
The purpose of this virtual course is to enhance capacity building in research and teaching of gender-sensitive economic analysis, with a focus on care and macroeconomic policy aspects to guide participants toward the formulation of viable research projects focused on addressing care needs in developing countries. The deadline for applications is April 8, 2021.
For more information or to apply, please email AU-Levy Intensive Course Administrator, Thomas Masterson ([email protected]) or visit the seminar website.
This course is organized by the American University’s Care Work and the Economy Project and the Levy Institute and is made possible by the generous support of the William and Flora Hewlett Foundation. |
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Public Policy Brief No. 154, January 2021
Jan Kregel
In a trio of new papers, Senior Scholar Jan Kregel explores a restructuring of the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion.
In Policy Brief No. 154, Kregel argues that the willingness of central banks to consider electronic currency provides an opening to reconsider a truly innovative reform of the international financial system, and one that is more appropriate to a digital monetary world: John Maynard Keynes’s original clearing union proposal. Kregel investigates whether such a clearing system could be built up from an initiative that has emerged in the private sector.
Policy Note 2021/1, “Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone,” outlines an existing payment service provided through a private, international mobile telephone company as a blueprint for a clearing system that retains national currencies without requiring the substitution of the dollar with another national currency or basket of national currencies.
The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, but without a clear idea of the “money” they seek to replace. Working Paper No. 982, “The Economic Problem: From Barter to Commodity Money to Electronic Money,” provides an explanation of money’s role in the organization of production and distribution that is rooted in network clearing systems across balance sheets expressed in a common unit of account. Kregel explores in further detail an existing clearing system, connected to a mobile service provider offering subsidiary domestic and international payment services, whose operations come close to reflecting this alternative explanation of money. |
Working Paper No. 981, January 2021
Daniel Haim
The job guarantee is a viable policy option for tackling both unemployment and underemployment. Daniel Haim looks to the writings of Hyman P. Minsky, one of the seminal scholars on this subject, to identify what kind of jobs he had in mind for his employer-of-last-resort programs and recommend policy prescriptions for economic issues related to the pandemic and beyond.
Read complete text (pdf) |
Working Paper No. 980, December 2020
Lorenzo Nalin and Giuliano Toshiro Yajima
Lorenzo Nalin and Giuliano Toshiro Yajima present a stock-flow consistent model to empirically and theoretically analyze the exchange rate’s role in Mexico’s development for the period 2004–19. Simulating the Mexican peso’s 2014 fall to replicate stylized facts for Mexico, their analysis points to the real exchange rate depreciation’s hysteresis effect on investment flows indicating that firms’ investment ratio does not completely recover from negative currency shocks.
Read complete text (pdf) |
Levy Graduate Programs in Economic Theory and Policy Now Accepting Students for Fall 2021 |
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. Working alongside professors who are actively engaged in tackling today's most pressing economic problems, the Levy graduate programs allow you to apply what you learn in the classroom to real-world research while giving you unprecedented access to leaders in government, NGOs, central banking, academia, and journalism. Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students make lifetime connections. To find out more, visit bard.edu/levygrad or follow the program's Facebook page.
Applications for fall 2021 are now open. Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available. |
On January 22, Senior Scholar Jan Kregel offered his lecture “Growth and the Single Currency: The Disunity of Fiscal Policy” (in Italian) at the Fondazione Luigi Einaudi’s virtual conference, “Is a Europe in the Spirit of the Ventotene Manifesto Still Possible?”
Also on January 22, Senior Scholar L. Randall Wray delivered the keynote address at the virtual conference, “Modern Monetary Theory and the COVID-19 Crisis,” hosted by Tokyo Keizai University’s Department of Economics and NIKKEI in honor of the university’s 100-year anniversary. Over 2,000 attendees tuned in for his lecture, “Has Japan Been Following Modern Money Theory Without Recognizing It? Yes. And No.”
Presentations by Kregel and Wray from the plenary sessions of the Lille Post–Keynesian Conference, “Economic Possibilities for Our Grandchildren,” held December 9–10, 2020, are also available online.
Recent publications by Levy scholars include Kregel’s December 2020 article “Obstáculos politicos a las medidas de recuperación” in Coyuntura y Desarrollo (no. 397; in Spanish) and “External debt matters: What are the limits to monetary sovereignty?” in The Japanese Political Economy (January 2021); Wray contributes to the same issue with his article, “Does the national debt matter?” (coauthored with Yeva Nersisyan). An updated version of Research Scholar Luiza Nassif Pires, Laura Barbosa de Carvalho, and Eduardo Lederman Rawet’s Public Policy Brief No. 153 (“Multidimensional Inequality and COVID-19 in Brazil,” September 2020) has been published in Investigación Económica (v. 80, no. 315).
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