October 31, 2019
Institute News

Jan Kregel's Work Included in UNCTAD Trade and Development Report <[link removed]>

The United Nations Conference on Trade and Development's (UNCTAD) 2019 report, "Trade and Development: Financing a Global Green New Deal," was released on September 25th. Together with Yilmaz Akyuz and Andrew Cornford, Senior Scholar and Director of the Graduate Programs in Economic Theory and Policy Jan Kregel <[link removed]> has been a collaborator on UNCTAD's reports since Secretary Rubens Ricupero's tenure in the 1990s.

The report also cites work <[link removed]> by Graduate Programs in Economic Theory and Policy alum, Tamim Akiki, '19.

To access the full report, visit the UNCTAD website <[link removed]>, or see more of Kregel's work on his Levy Institute publications page <[link removed]>.


Early Decision Deadline for the Graduate Programs in Economic Theory and Policy <[link removed]>

The Early Decision deadline for applying <[link removed]> to the Levy Institute Graduate Programs in Economic Theory and Policy is November 15. To find out more about the programs, join us for an informational webinar on Friday, November 8 <[link removed]> from 10am-12pm (Eastern Time). The session will be hosted by Professor Martha Tepepa <[link removed]>, who will answer your questions about admissions requirements, financial aid, specifications for international students, and life at Bard.

To learn more or to register, visit the webinar registration site <[link removed]> or use Facebook Live to join us on November 8 through our Facebook page <[link removed]>.


New Research Associate <[link removed]>

The Levy Institute welcomes its newest Research Associate, Sameh Hallaq <[link removed]>. In addition to his role at the Institute, Hallaq is an assistant vice president for finance and administration at Al-Quds Bard College, Al-Quds University, and serves as an assistant professor in the economics program there. He holds an MBA from Al-Quds University and obtained his Ph.D. in economics at the University of Wuppertal, Germany. Hallaq's research focuses on educational and labor economics in Palestine.


New Books by Institute Scholars <[link removed]>

Published in February by Red Globe Press, the new textbook Macroeconomics <[link removed]> by Senior Scholar L. Randall Wray <[link removed]>, William Mitchell, and Martin Watts is already in its third printing. Suitable for both introductory and intermediate courses, the book encourages students to take a more critical approach to the orthodox assumptions of macroeconomics, and is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of John Maynard Keynes, Michal Kalecki, Thorstein Veblen, Karl Marx, and Hyman Minsky <[link removed]>, among others.

Together with R. Mohan and T. M. Thomas Isaac, Research Associate Lekha Chakraborty's <[link removed]> new book, Challenges to Indian Fiscal Federalism <[link removed]> (Leftword, 2019), examines the principle of fiscal federalism as enshrined in India's constitution, and discusses the challenges for the 15th Finance Commission and beyond.


Apply Today for the 11th Minsky Summer Seminar <[link removed]>
June 7--13, 2020

Applications are now being accepted for the 11th Minsky Summer Seminar, to be held June 7--13, 2020 at Blithewood on the Bard College campus. The Seminar offers a rigorous discussion of the theoretical and applied aspects of Hyman Minsky's economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook, as well as special sessions introducing the theory and applications of Wynne Godley's stock-flow consistent modeling methods.

The Summer Seminar will be of particular interest to graduate students, recent graduates, and those at the beginning of their academic or professional careers. The teaching staff includes international economists working in the theory and policy tradition of Minsky and Godley.

To learn more or submit your application, visit the Seminar website <[link removed]>.


Gender and Macroeconomics Workshop <[link removed]>
September 26--27, 2019

In partnership with the William and Flora Hewlett Foundation, the Levy Institute hosted a workshop on "Gender and Macroeconomics: Inequality, Development, and Growth," September 26--27 in New York City. This invite-only event hosted scholars from around the world to discuss issues related to the multiple dimensions of gender inequalities in macroeconomic processes, outcomes, and policies, as well as how to facilitate the integration of gender and unpaid activities into macroeconomic analyses. Contributors to the event addressed these interconnections, making relevant connections for public policy development and public action to transform inequalities utilizing existing and novel macroeconomic modeling approaches and empirical studies.
New Publications

Working Paper No. 939, October 2019
The Macroeconomic Loss Due to Violence against Women and Girls: The Case of Ghana <[link removed]>
Srinivas Raghavendra, Kijong Kim <[link removed]>, Sinead Ashe, Mrinal Chadha, Felix Asante, Petri T. Piiroinen, and Nata Duvvury

Srinivas Raghavendra, Research AssociateKijong Kim <[link removed]>, Sinead Ashe, Mrinal Chadha, Felix Asante, Petri T. Piiroinen, and Nata Duvvury apply the social accounting approach to analyzing the impact of violence against women and girls (VAWG) in Ghana to account for its broader impacts on the macroeconomy. Using data from a field survey on VAWG's prevalence in Ghana, their findings suggest that the cumulative macroeconomic losses due to violence are sizable, resulting in resource constraints and lost economic growth.

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


Working Paper 938, October 2019
The Impact of the Bank of Japan's Monetary Policy on Japanese Government Bonds' Low Nominal Yields <[link removed]>
Tanweer Akram and Huiqing Li

Employing the Keynesian perspective that short-term interest rates are the main driver of long-term interest rates, Tanweer Akram and Huiqing Li examine the nominal yields on Japanese government bonds, which have been persistently low for several decades in spite of a high government debt ratio.

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


Working Paper 937, October 2019
Indian Fiscal Federalism at the Crossroads: Some Reflections <[link removed]>
Lekha Chakraborty <[link removed]>

Amid growing tensions in federal-state relations in India, Research Associate Lekha Chakraborty <[link removed]> elaborates on the issues outlined in the new book, Indian Fiscal Federalism (OUP, 2019), by Y. V. Reddy and G. R. Reddy.

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


With student debt emerging as a major issue in the 2020 elections, several outlets have turned to the Institute's 2018 Research Project Report, "The Macroeconomic Effects of Student Debt Cancellation," <[link removed]> to support the argument for debt cancellation. Recently, MarketWatch <[link removed]> and Politicus USA <[link removed]> have both pointed to the report's findings that student debt cancellation would spur economic activity, boosting GDP and creating new jobs, while allowing former debt holders to start families, buy homes, and invest in their communities.






In This Issue

Institute News: Jan Kregel Collaborates on UNCTAD Report <#kregel_un>

Institute News: Graduate Programs Early Decision Deadline <#tom>

Institute News: New Research Associate <#hallaq>

Institute News: Books by Institute Scholars <#books>

Institute News: Applications Open for 11th Minsky Summer Seminar <#summersem_20>

Institute News: Gender and Macroeconomics Workshop <#gender>

The Macroeconomic Loss Due to Violence against Women and Girls <#wp_939>

The Impact of the Bank of Japan's Monetary Policy on Japanese Government Bonds' Low Nominal Yields <#wp_938>

Indian Fiscal Federalism at the Crossroads <#wp_937>

Web and Media Coverage <#media>


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