January 26, 2022
Upcoming Event

June 11--18, 2022
Announcing the Levy Economics Institute Summer Seminar <[link removed]>

The Levy Economics Institute of Bard College is pleased to announce it will be holding a summer seminar June 11--June 18, 2022. Through lectures, hands-on workshops, and breakout groups, the seminar will provide an opportunity to engage with the theory and policy of Modern Money Theory (MMT) and the work of Institute Distinguished Scholars Hyman Minsky and Wynne Godley. Intended for those who are introducing themselves to these approaches as well as those who are looking to deepen their understanding, the seminar will be of particular interest to graduate students, recent graduates, and those at the beginning of their academic or professional careers.

The seminar will be limited to 60 attendees. For more information, including a preliminary list of speakers and instructions on how to apply, please visit the conference website <[link removed]>.
New Publications

Working Paper No. 999, January 2022
Structural Change, Productive Development, and Capital Flows: Does Financial "Bonanza" Cause Premature Deindustrialization? <[link removed]>
Alberto Botta, Giuliano Toshiro Yajima, and Gabriel Porcile

Alberto Botta, University of Greenwich, Giuliano Toshiro Yajima, University of Rome-La Sapienza, and Gabriel Porcile, UN-ECLAC, analyze the factors that may have hindered productive development during the four decades prior to the COVID-19 pandemic. Investigating the role of (non-FDI) net capital inflows as a potential source of premature deindustrialization, they consider a sample of 36 developed and developing countries from 1980 to 2017, with major emphasis on the case of emerging and developing economies (EDE).

Read complete text (pdf) <[link removed]>
Working Paper No. 998, January 2022
Technology and Productivity: A Critique of Aggregate Indicators <[link removed]>
Fred Block

Fred Block, UC Davis, examines the use of total factor productivity (TFP) for evaluating the effectiveness with which advances in technology are applied in an economy, finding that this measure is problematic on several different dimensions. Contrary to the TFP literature that posits that as an economy faces the headwinds of slowing technological advancement, slower growth will continue into the future, he finds other indicators that suggest the current rates of technological progress might be as strong or stronger than in earlier decades.

Read complete text (pdf) <[link removed]>
Working Paper No. 997, December 2021
Identity and Well-Being in the Skilled Crafts and Trades <[link removed]>
Martin Binder <[link removed]> and Ann-Kathrin Blankenberg

Research Associate Martin Binder <[link removed]> and Ann-Kathrin Blankenberg, Bard Berlin, explore the extent to which occupational identity is conducive to worker well-being. Using a unique dataset of individuals working in the German skilled crafts and trades, they employ a novel occupational identity measure that captures identity more broadly than just referring to organizational identification and social group membership, finding occupational identity is positively associated with a number of work characteristics and that identity mediates the influence of these characteristics with regard to job satisfaction.

Read complete text (pdf) <[link removed]>
Levy Graduate Programs in Economic Theory and Policy Now Accepting Students for Fall 2022

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. Research from this year's class focuses on diverse topics including the care economy and the social division of labor; the roots of migration crises in El Salvador; a stock-flow model for Germany; Latin America's debt and the prospects of an alternate currency; wealth tax incidence in the United States; and unpaid labor in Nepal.

Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students benefit from sharing their research with faculty and their peers to promote academic exchanges and intellectual collaboration.

To find out more, visit bard.edu/levygrad or follow the program's Facebook <[link removed]> page.

Applications for fall 2022 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


A January 11 piece in MarketWatch <[link removed]> cites the latest public policy brief <[link removed]> by Institute President Dimitri B. Papadimitriou <[link removed]> and Senior Scholar L. Randall Wray <[link removed]>, in which they argue that the Fed predicates its policies on the idea that expectations drive inflation when the opposite is true, giving the central bank far less control over inflation than is presumed.

On January 24, Senior Scholar Jan Kregel <[link removed]> participated in the Italian Post-Keynesian Network's roundtable, New Forms of Money and the Structure of the Financial System. More information and a link to a recording of the session can be found on the IPKN's website <[link removed]>.

Findings from the Institute's report on the macroeconomic impact of student loan forgiveness <[link removed]> suggesting that "broad debt cancellation could boost real gross domestic product by an average of $86 billion to $108 billion per year, resulting in lower unemployment levels" were cited in the Business Insider <[link removed]> article, "The US economy has been 'more than fine' without your student debt."

In a December blog post for the Economic Policy Institute's Working Economics Blog <[link removed]>, Marokey Sawo ('20) contends that the COVID-19 pandemic has reinforced existing disparities across race, gender, and class in the labor market, with Black women experiencing these disadvantages at higher rates than the rest of the population.






In This Issue

Upcoming Event: Institute Summer Seminar <#mmt_summer_sem>

Structural Change, Productive Development, and Capital Flows <#wp_999>

Technology and Productivity <#wp_998>

Identity and Well-Being in the Skilled Crafts and Trades <#wp_997>

Levy Graduate Programs <#grad>

Web and Media Coverage <#media>


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Levy Book Series

Visit the Institute's Book Series webpage <[link removed]> for selected books by our scholars.
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