| From | Levy Economics Institute of Bard College <[email protected]> |
| Subject | Levy News, March 16, 2022 |
| Date | March 16, 2022 7:52 PM |
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From the Levy Economics Institute of Bard College
March 16, 2022
Institute News
Institute Appoints New Scholars <[link removed]>
Emeritus professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University (JNU), New Delhi, C. P. Chandrasekhar <[link removed]>, has been appointed as a senior scholar. He has published widely in academic journals and is the coauthor of Crisis as Conquest: Learning from East Asia (2021, Orient Longman), The Market that Failed: Neo-Liberal Economic Reforms in India (2002, Leftword Books), and Promoting ICT for Human Development: India (2004, Elsevier). In 2009, Chandrasekhar received the Malcolm Adiseshaiah Award for contributions to economics and development studies.
Yeva Nersisyan <[link removed]> has been appointed as a research scholar. Nersisyan is a macroeconomist working in the Modern Money Theory, Post-Keynesian, and Institutionalist traditions and is the author of several Institute publications. She is currently an associate professor of economics at Franklin and Marshall College in Lancaster, PA and coediting the Elgar Companion to Modern Money Theory with L. Randall Wray.
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
Strategic Analysis, March 2022
Is Greece on the Road to Economic Recovery? <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Nikos Rodousakis <[link removed]>, and Gennaro Zezza <[link removed]>
Using the Levy Institute's stock-flow macroeconomic model for Greece, Institute President Dimitri B. Papadimitriou <[link removed]>, Research Scholar Gennaro Zezza <[link removed]>, and Research Associate Nikos Rodousakis <[link removed]> analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. In addition to their baseline scenario, the authors simulate a more optimistic scenario featuring more rapid deployment of NGEU funds and a more worrisome scenario taking into consideration a higher inflation rate regime.
» Read complete text (pdf) <[link removed]>
Policy Note No. 2022/1, March
What Is Happening to the New Greek National Accounts Data? <[link removed]>
Gennaro Zezza <[link removed]>, Dimitri B. Papadimitriou <[link removed]>, and Nikos Rodousakis <[link removed]>
Following ElStat's 2020 revisions to the Greek national accounts to bring them into line with the new European System of Accounts, Gennaro Zezza <[link removed]>, Dimitri Papadimitriou <[link removed]>, and Nikos Rodousakis <[link removed]> analyze the excess volatility that has appeared in the dynamics of relative prices, as measured by the ratios between the deflators of the different seasonally adjusted components of GDP.
» Read complete text (pdf) <[link removed]>
One-Pager No. 69, February
Time to Celebrate Modern Money Theory? <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]>
An article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after the aggressive fiscal response to the COVID-19 pandemic. In the view of Research Scholar Yeva Nersisyan <[link removed]> and Senior Scholar L. Randall Wray <[link removed]>, the federal government's response largely validated MMT's claims regarding public debt and deficits and questions of sovereign government solvency—it did not, however, represent MMT policy.
» Read complete text (pdf) <[link removed]>
Working Paper No. 1003, March 2022
What's Causing Accelerating Inflation: Pandemic or Policy Response? <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]> examine the recent increase in the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by the pandemic versus pressures created on the demand side by pandemic relief.
Read complete text (pdf) <[link removed]>
Working Paper No. 1002, February 2022
COVID-19 and Fiscal-Monetary Policy Coordination: Empirical Evidence from India <[link removed]>
Lekha S. Chakraborty <[link removed]> and Harikrishnan S
Against the backdrop of the COVID-19 pandemic, Research Associate Lekha S. Chakraborty <[link removed]> and Harikrishnan S analyze the economic stimulus packages announced by the Indian national government to identify some plausible fiscal and monetary policy coordination.
Read complete text (pdf) <[link removed]>
Working Paper No. 1001, February 2022
Estimating a Time-Varying Distribution-Led Regime <[link removed]>
Paul Carrillo-Maldonado and Michalis Nikiforos <[link removed]>
Paul Carrillo-Maldonado and Research Scholar Michalis Nikiforos <[link removed]> employ a time varying parameter model to estimate the distribution-led regime of the US economy for the period 1947--2019, allowing for changes in the regime over time. Their findings indicate that the US economy became more profit-led in the first postwar decades until the 1970s and turned slightly wage-led over the last fifteen years.
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
The Institute has recently been the recipient of two grants for studying economic well-being. The first, from the Groundwork Collaborative <[link removed]>, will be used to investigate the connections between public spending and economic insecurity among US households. The year-long project, titled "Interrogating Austerity: An Intersectional Political Economy Perspective," will use the Levy Institute Measure of Economic Well-being (LIMEW) <[link removed]> to investigate how dramatic changes in government expenditure during 2020—and in particular the rescue packages passed in response to the pandemic—contributed to overall economic well-being against the backdrop of significant fluctuations in labor income, private wealth, and time spent in household work. The second <[link removed]> comes from the United Nations Research Institute for Social Development (UNRISD) and the Government of Mexico's Instituto Nacional de las Mujeres and will cover the first phase of a project examining the potential impact of policies aimed at expanding care services in Mexico. As part of this project, Senior Scholar Rania Antonopoulos <[link removed]> will participate in the UNRISD event, "Promoting Evidence-based Policies in the Global Alliance of Care," <[link removed]> on March 17 to share the recent research findings that are informing policy responses around unpaid care work.
Yeva Nersisyan <[link removed]> and L. Randall Wray's <[link removed]> oped, "No, the Fed cannot engineer a soft landing, but can wreak havoc trying," <[link removed]> was featured in the March 10 issue of The Hill. Supporting evidence for their argument can be found in recent Institute publications, such as One-Pager No. 69 <[link removed]> and Public Policy Brief No. 156 <[link removed]>.
In This Issue
Institute News <#news>
Upcoming Event: Institute Summer Seminar <#mmt_summer_sem>
Strategic Analysis: Is Greece on the Road to Economic Recovery? <#sa_march>
What Is Happening to the New Greek National Accounts Data? <#pn_22_1>
Time to Celebrate Modern Money Theory? <#op_69>
What's Causing Accelerating Inflation? <#wp_1003>
COVID-19 and Fiscal-Monetary Policy Coordination <#wp_1002>
Estimating a Time-Varying Distribution-Led Regime <#wp_1001>
Levy Graduate Programs <#grad>
Web and Media Coverage <#media>
Read Our Blog
Levy Book Series
Visit the Institute's Book Series webpage <[link removed]> for selected books by our scholars.
Quick Links
Visit Our Website <[link removed]>
Research Programs <[link removed]>
Events <[link removed]>
Search
LevyInstitute.org <[link removed]>
You are receiving this e-mail because you either signed up at the Levy Institute website or filled out a request card asking to be placed on this list. If you have trouble accessing the Levy Institute's website, please send a brief description of the problem to [email protected].
Copyright © 1986--2022, Levy Economics Institute, Annandale-on-Hudson, NY 12504-5000. All rights reserved.
No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein.
Save
This email was sent to [email protected] by Levy Economics Institute of Bard College.
Unsubscribe from Levy Institute eNewsletter. <[link removed]>
March 16, 2022
Institute News
Institute Appoints New Scholars <[link removed]>
Emeritus professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University (JNU), New Delhi, C. P. Chandrasekhar <[link removed]>, has been appointed as a senior scholar. He has published widely in academic journals and is the coauthor of Crisis as Conquest: Learning from East Asia (2021, Orient Longman), The Market that Failed: Neo-Liberal Economic Reforms in India (2002, Leftword Books), and Promoting ICT for Human Development: India (2004, Elsevier). In 2009, Chandrasekhar received the Malcolm Adiseshaiah Award for contributions to economics and development studies.
Yeva Nersisyan <[link removed]> has been appointed as a research scholar. Nersisyan is a macroeconomist working in the Modern Money Theory, Post-Keynesian, and Institutionalist traditions and is the author of several Institute publications. She is currently an associate professor of economics at Franklin and Marshall College in Lancaster, PA and coediting the Elgar Companion to Modern Money Theory with L. Randall Wray.
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
Strategic Analysis, March 2022
Is Greece on the Road to Economic Recovery? <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Nikos Rodousakis <[link removed]>, and Gennaro Zezza <[link removed]>
Using the Levy Institute's stock-flow macroeconomic model for Greece, Institute President Dimitri B. Papadimitriou <[link removed]>, Research Scholar Gennaro Zezza <[link removed]>, and Research Associate Nikos Rodousakis <[link removed]> analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. In addition to their baseline scenario, the authors simulate a more optimistic scenario featuring more rapid deployment of NGEU funds and a more worrisome scenario taking into consideration a higher inflation rate regime.
» Read complete text (pdf) <[link removed]>
Policy Note No. 2022/1, March
What Is Happening to the New Greek National Accounts Data? <[link removed]>
Gennaro Zezza <[link removed]>, Dimitri B. Papadimitriou <[link removed]>, and Nikos Rodousakis <[link removed]>
Following ElStat's 2020 revisions to the Greek national accounts to bring them into line with the new European System of Accounts, Gennaro Zezza <[link removed]>, Dimitri Papadimitriou <[link removed]>, and Nikos Rodousakis <[link removed]> analyze the excess volatility that has appeared in the dynamics of relative prices, as measured by the ratios between the deflators of the different seasonally adjusted components of GDP.
» Read complete text (pdf) <[link removed]>
One-Pager No. 69, February
Time to Celebrate Modern Money Theory? <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]>
An article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after the aggressive fiscal response to the COVID-19 pandemic. In the view of Research Scholar Yeva Nersisyan <[link removed]> and Senior Scholar L. Randall Wray <[link removed]>, the federal government's response largely validated MMT's claims regarding public debt and deficits and questions of sovereign government solvency—it did not, however, represent MMT policy.
» Read complete text (pdf) <[link removed]>
Working Paper No. 1003, March 2022
What's Causing Accelerating Inflation: Pandemic or Policy Response? <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]> examine the recent increase in the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by the pandemic versus pressures created on the demand side by pandemic relief.
Read complete text (pdf) <[link removed]>
Working Paper No. 1002, February 2022
COVID-19 and Fiscal-Monetary Policy Coordination: Empirical Evidence from India <[link removed]>
Lekha S. Chakraborty <[link removed]> and Harikrishnan S
Against the backdrop of the COVID-19 pandemic, Research Associate Lekha S. Chakraborty <[link removed]> and Harikrishnan S analyze the economic stimulus packages announced by the Indian national government to identify some plausible fiscal and monetary policy coordination.
Read complete text (pdf) <[link removed]>
Working Paper No. 1001, February 2022
Estimating a Time-Varying Distribution-Led Regime <[link removed]>
Paul Carrillo-Maldonado and Michalis Nikiforos <[link removed]>
Paul Carrillo-Maldonado and Research Scholar Michalis Nikiforos <[link removed]> employ a time varying parameter model to estimate the distribution-led regime of the US economy for the period 1947--2019, allowing for changes in the regime over time. Their findings indicate that the US economy became more profit-led in the first postwar decades until the 1970s and turned slightly wage-led over the last fifteen years.
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
The Institute has recently been the recipient of two grants for studying economic well-being. The first, from the Groundwork Collaborative <[link removed]>, will be used to investigate the connections between public spending and economic insecurity among US households. The year-long project, titled "Interrogating Austerity: An Intersectional Political Economy Perspective," will use the Levy Institute Measure of Economic Well-being (LIMEW) <[link removed]> to investigate how dramatic changes in government expenditure during 2020—and in particular the rescue packages passed in response to the pandemic—contributed to overall economic well-being against the backdrop of significant fluctuations in labor income, private wealth, and time spent in household work. The second <[link removed]> comes from the United Nations Research Institute for Social Development (UNRISD) and the Government of Mexico's Instituto Nacional de las Mujeres and will cover the first phase of a project examining the potential impact of policies aimed at expanding care services in Mexico. As part of this project, Senior Scholar Rania Antonopoulos <[link removed]> will participate in the UNRISD event, "Promoting Evidence-based Policies in the Global Alliance of Care," <[link removed]> on March 17 to share the recent research findings that are informing policy responses around unpaid care work.
Yeva Nersisyan <[link removed]> and L. Randall Wray's <[link removed]> oped, "No, the Fed cannot engineer a soft landing, but can wreak havoc trying," <[link removed]> was featured in the March 10 issue of The Hill. Supporting evidence for their argument can be found in recent Institute publications, such as One-Pager No. 69 <[link removed]> and Public Policy Brief No. 156 <[link removed]>.
In This Issue
Institute News <#news>
Upcoming Event: Institute Summer Seminar <#mmt_summer_sem>
Strategic Analysis: Is Greece on the Road to Economic Recovery? <#sa_march>
What Is Happening to the New Greek National Accounts Data? <#pn_22_1>
Time to Celebrate Modern Money Theory? <#op_69>
What's Causing Accelerating Inflation? <#wp_1003>
COVID-19 and Fiscal-Monetary Policy Coordination <#wp_1002>
Estimating a Time-Varying Distribution-Led Regime <#wp_1001>
Levy Graduate Programs <#grad>
Web and Media Coverage <#media>
Read Our Blog
Levy Book Series
Visit the Institute's Book Series webpage <[link removed]> for selected books by our scholars.
Quick Links
Visit Our Website <[link removed]>
Research Programs <[link removed]>
Events <[link removed]>
Search
LevyInstitute.org <[link removed]>
You are receiving this e-mail because you either signed up at the Levy Institute website or filled out a request card asking to be placed on this list. If you have trouble accessing the Levy Institute's website, please send a brief description of the problem to [email protected].
Copyright © 1986--2022, Levy Economics Institute, Annandale-on-Hudson, NY 12504-5000. All rights reserved.
No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein.
Save
This email was sent to [email protected] by Levy Economics Institute of Bard College.
Unsubscribe from Levy Institute eNewsletter. <[link removed]>
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