June 10, 2021
Institute News

Videos from the 29th Annual Hyman P. Minsky Conference Now Available Online <[link removed]>

The 29th Annual Hyman P. Minsky Conference took place May 5--6 and featured the conference's customary mix of perspectives, approaches, and professional backgrounds brought to bear in discussion of the economic issues of the moment. Members of academia, central bankers, and financial markets practitioners, among others, discussed a broad range of topics, such as reform of the eurozone system; the prospects for the US economy, including structural and cyclical perspectives; inequality and monetary policy; financial regulation and too big to fail; evolution in views of fiscal policy; and growing concerns about financial fragility, including issues related to the increasing stock of private corporate debt.

Audio of all the speakers and panels as well as select presentation slides are now available on the conference website <[link removed]> and videos are available on the Institute's YouTube page <[link removed]>.
Upcoming Events

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

Strategic Analysis, May 2021
Restarting the Greek Economy? <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Christos Pierros <[link removed]>, Nikolaos Rodousakis <[link removed]>, and Gennaro Zezza <[link removed]>

Institute President Dimitri B. Papadimitriou <[link removed]>, Research Associates Christos Pierros <[link removed]> and Nikolaos Rodousakis <[link removed]>, and Research Scholar Gennaro Zezza <[link removed]> update their analysis of the state of the Greek economy and evaluate alternative policy scenarios using the Levy Institute Model for Greece. They find that failure of Greece's GDP to recover properly would be directly related to inadequate fiscal policy expansion.

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


Policy Note 2021/2 | May 2021
Gender and Race in the Spotlight during the COVID-19 Pandemic: The Impact of the Emergency Benefit on Poverty and Extreme Poverty in Brazil <[link removed]>
Luiza Nassif Pires <[link removed]>, Luísa Cardoso, and Ana Luíza Matos de Oliveira

Research Scholar Luiza Nassif Pires <[link removed]>, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of Brazil's "emergency benefit" (Auxílio Emergencial) in containing the increase in poverty during the COVID-19 pandemic. Their findings indicate that while it mitigated the loss of income, brought the poverty rate to historically low levels, and reduced inequality, the planned reduction in transfer levels for 2021 will result in substantially less social protection than the more robust 2020 version.

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


Policy Note 2021/3 | June 2021
Why President Biden Should Eliminate Corporate Taxes to Build Back Better <[link removed]>
Edward Lane and L. Randall Wray <[link removed]>

Edward Lane and Senior Scholar L. Randall Wray <[link removed]> explain how federal taxes on corporate profits are not well suited for containing inflationary pressures or reducing inequality and are therefore a poor complement to President Biden's proposed infrastructure plans. Following Hyman Minsky <[link removed]>, they recommend the elimination of corporate taxes and outline a replacement centered on the taxation of unrealized capital gains.

One-Pager No. 67, Should Corporate Tax Hikes Be Included in Biden's "Build Back Better" Plans? <[link removed]>, encapsulates their argument.

Read complete Policy Note (pdf) <[link removed]>


Working Paper No. 988, June 2021
A Keynesian Approach to Modeling the Long-Term Interest Rate <[link removed]>
Tanweer Akram

Tanweer Akram modifies existing benchmark models of the long-term interest rate to incorporate a Keynesian approach to modeling interest rate dynamics. In his models, the long-term interest rate is related to the short-term interest rate and a Wiener process.

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


The Strategic Analysis <[link removed]> by Institute President Dimitri B. Papadimitriou <[link removed]>, Research Associates Christos Pierros <[link removed]> and Nikolaos Rodousakis <[link removed]>, and Research Scholar Gennaro Zezza <[link removed]> was discussed in the Greek newspaper, EfSyn <[link removed]>.

On April 29, Senior Scholar Jan Kregel <[link removed]> and Research Scholar Leonardo Burlamaqui <[link removed]> participated in the panel on "The Post-COVID-19 World: Trends and Challenges" <[link removed]> at the Desirable Tomorrows Conference <[link removed]>, hosted by the Forum of Science and Culture at the Federal University of Rio de Janeiro. Kregel also discussed "The Impact of Financial (In)Stability on Inequality in the Developing World" on May 11 at an online event hosted by the Cambridge Society for Social and Economic Development <[link removed]> (CAMSED).

Research Scholar Luiza Nassif Pires <[link removed]> talked to Chicas Poderosas <[link removed]> about what Brazil can learn from feminist economics when considering responses to the coronavirus crisis (available in Portuguese, English, and Spanish).

Research Associates Pavlina Tcherneva <[link removed]> and Stephanie Kelton <[link removed]> were interviewed by BBC Radio's <[link removed]> Ben Chu in a segment focusing on who decides the value of money in an increasingly digital world.

In an opinion piece for The New York Times <[link removed]>, Alex Williams ('20) explains the global semiconductor shortage and argues that governments should make it their business to monitor and address precarious and critical supply chains.






In This Issue

Institute News: Conference Videos Available Online <#news>

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

Strategic Analysis: Restarting the Greek Economy? <#gr_sa>

Gender and Race in the Spotlight during the COVID-19 Pandemic <#pn_21_2>

Why President Biden Should Eliminate Corporate Taxes to Build Back Better <#pn_21_3>

A Keynesian Approach to Modeling the Long-Term Interest Rate <#wp_988>

Levy Graduate Programs <#grad>

Web and Media Coverage <#media>


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