Save the Date: 29th Annual Hyman P. Minsky Conference on the State of the US and World Economies, May 5-6, 2021

April 28, 2021
Upcoming Events

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, NY
May 5--6, 2021

The Institute's 29th annual conference will be held virtually, May 5--6, 2021. This year's discussion will focus on "Prospects and Challenges for the US and Europe in an Emerging Post-Pandemic Recovery" and feature speakers from government, academia, financial institutions, and the media, as well as Levy Institute scholars.

Scheduled presenters include Lakshman Achuthan, Economic Cycle Research Institute; Binyamin Appelbaum, New York Times; Robert Barbera, Johns Hopkins University; Peter Coy, Bloomberg Businessweek; Charles Evans, Federal Reserve Bank of Chicago; Jason Furman, Harvard University; Charles Goodhart, London School of Economics; Michael Greenberger, University of Maryland School of Law; Bruce Greenwald, Columbia Business School; Jan Hatzius, Goldman Sachs; David P. Henry, Reuters; Lex Hoogduin, University of Groningen; Kathryn Judge, Columbia Law School; Robert Kaplan, Federal Reserve Bank of Dallas; Bruce Kasman, JP Morgan; Denis MacShane, former Europe Minsister and Avisa Partners; Patricia McCoy, Boston College; James Paulsen, Leuthold Group; Paolo Savona, CONSOB; Jeanna Smialek, New York Times; Deborah Solomon, New York Times; and Frank Veneroso, Veneroso Associates.

For more information or to register, please visit the conference website <[link removed]>.


June 28--July 16, 2021
Institute to Host Intensive Virtual Course in Gender-Sensitive Macroeconomic Modeling for Policy Analysis <[link removed]>

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.

For more information, please email AU-Levy Intensive Course Administrator, Thomas Masterson ([email protected]) or visit the seminar website <[link removed]>.

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.
New Publications

One-Pager No. 66, April 2021
Anatomy of a Stock Market Bubble <[link removed]>
Frank Veneroso

Drawing from his narrative in Working Paper No. 987 <[link removed]>, which describes the workings of an over-the-counter market in Kuwait known as the "Souk al-Manakh," Frank Veneroso, Veneroso Associates, claims a broad subset of today's US stock market, like the Souk al-Manakh, is untethered from fundamentals and will likely follow a similarly disastrous path.

Read complete text (pdf) <[link removed]>


Working Paper No. 987, March 2021
The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble <[link removed]>
Frank Veneroso and Mark Pasquali

Veneroso and Mark Pasquali, Veneroso Associates, survey the history of stock markets for "pure price-chasing bubbles," finding nine or so which have ever reached a speculative extreme, with Kuwait's Souk al-Manakh representing the most extreme example. Based on personal exposure to the Souk al-Manakh almost 40 years ago, the authors describe its anatomy to reveal the recurrent dynamics of these greatest asset bubbles in human history.

Read complete text (pdf) <[link removed]>
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 <[link removed]> 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.
Media and Web Coverage


Luiza Nassif Pires <[link removed]> was featured in BBC News Brazil <[link removed]> for her recent research, coauthored with Luísa Cardoso and Ana Luiza Oliveira, on the poverty- and inequality-increasing impacts of potential cuts to emergency benefits (Auxílio Emergencial) in Brazil. Nassif Pires also joined on a panel <[link removed]> organized by the women's caucus of Brazil's Chamber of Deputies to discuss the impact of the Auxílio Emergencial on women; participated in a debate <[link removed]> organized by Congresswoman Talíria Petrone on popular solutions to the current economic crisis in Brazil; and presented her research on COVID-19 and inequality in the United States <[link removed]> and Brazil <[link removed]> at the UCL Institute for Innovation and Public Purpose.

Rania Antonopoulos <[link removed]> joined a webinar <[link removed]> for the European Trade Union Institute to discuss her experience with and the impact of implementing a limited job guarantee program (Kinofelis) in Greece. And as President Biden pushes forward a comprehensive infrastructure plan, debate over inclusion of social care infrastructure in this package was featured in The New York Times <[link removed]>, citing research <[link removed]> by Antonopoulos, Kijong Kim <[link removed]>, Thomas Masterson <[link removed]>, and Ajit Zacharias <[link removed]> on the employment impact of investing in the care sector.

On a podcast for the UCD Lochlann Quinn School of Business, L. Randall Wray <[link removed]> explored the details and impact of Modern Monetary Theory (MMT). Wray was interviewed <[link removed]> in The Signal on the topic of whether recent US fiscal packages represent an inflationary danger.

Pavlina Tcherneva <[link removed]> was interviewed <[link removed]> by Le Grand Continent on her case <[link removed]> for the job guarantee, and participated in a Brainwash Festival event <[link removed]> on the future of work. A parliamentary group with which she has been involved recently introduced <[link removed]> a job guarantee bill in France's National Assembly; Tcherneva is also working on an EU-level proposal <[link removed]> with a member of the European Parliament.

In a Bloomberg podcast, Stephanie Kelton <[link removed]> explains how MMT <[link removed]> has come to influence the US fiscal policy debate, and in a New York Times op-ed she argues <[link removed]> that President Biden's infrastructure proposal should not be tethered to revenue "pay-fors," referencing research <[link removed]> by Wray and Yeva Nersisyan on how to budget for a Green New Deal.

In a piece for Employ America, Alex Williams ('20) draws <[link removed]> key lessons for industrial and fiscal policy from the history of semiconductor manufacturing.






In This Issue

Upcoming Event: 29th Annual Minsky Conference <#minsky29>

Upcoming Event: Intensive Virtual Course in Gender-Sensitive Macroeconomic Modeling for Policy Analysis <#gender_sem>

Anatomy of a Stock Market Bubble <#op_66>

The Souk Al-Manakh <#wp_987>

Levy Graduate Programs <#grad>

Web and Media Coverage <#media>


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