Levy News, April 26, 2022

April 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 <[link removed]> and Wynne Godley <[link removed]>. 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.

For more information, including a preliminary list of speakers, please visit the conference website <[link removed]>.
Thank You


The Levy Institute wishes to thank the following donors for their recent generosity:

Tanweer Akram
Daniel Alpert
John Anella
Eric Breon
Richard B. Du Boff
Robert J. Ferrari
Rafael Lima de Freitas '04
Goldman, Sachs & Co.
David Hincapie
James Keenan
Damianos V. Lazaridis Giannopoulos '13
Carlos Maciel '16
Vincent J. Mateo
Douglas A. McNeill
Stergios G. Mentesidis '12
Dimitri and Rania Papadimitriou
Gustav Papanek
Radio Kingston
Subramani Seetharama and Lavanya Subramani
Ben Strubel
Taun Toay '05 and Christine Diaz
New Publications

Public Policy Brief No. 157, April 2022
Is It Time for Rate Hikes? The Fed Cannot Engineer a Soft Landing but Risks Stagflation by Trying <[link removed]>
Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]>

According to Research Scholar Yeva Nersisyan <[link removed]> and Senior Scholar L. Randall Wray <[link removed]> the problem with the US economy is not one of excess of demand and the Federal Reserve will not be able to engineer a "soft landing" in the way many seem to be expecting. In their view, dynamics at the micro-level are playing a much more central role in driving the price increases in question, while significant supply chain problems have curtailed productive capacity by disrupting the availability of critical inputs. They suggest a policy oriented around targeted investments that would increase our real resource space and serve not only to address inflationary pressures, but also the far more pressing climate emergency.

? Read complete text (pdf) <[link removed]>
Policy Note No. 2022/2, April
A Race to the Bottom: Measuring Income Loss and Poverty in Greece <[link removed]>
Vlassis Missos, Nikos Rodousakis <[link removed]>, and George Soklis

Vlassis Missos, Research Associate Nikos Rodousakis <[link removed]>, and George Soklis address the measurement of income loss and poverty in Greece and argue for the use of household disposable income (HDI) in estimating adjustments, which they suggest offers a more accurate appreciation of the burden falling on the Greek population.

? Read complete text (pdf) <[link removed]>
Working Paper No. 1005, April 2022
A Prototype Regional Stock-Flow Consistent Model <[link removed]>
Francesco Zezza <[link removed]> and Gennaro Zezza <[link removed]>

Starting from Distinguished Scholar Wynne Godley's <[link removed]> seminal works on stock-flow consistent modeling, Research Associate Francesco Zezza <[link removed]> and Research Scholar Gennaro Zezza <[link removed]> consider two regions that share the same monetary, fiscal, and exchange rate policies, loosely calibrating their model to Italian data to replicate some key features of the Italian economy and shed light on the interactions between financial and real markets in regional economies with "current account" imbalances.

Read complete text (pdf) <[link removed]>
Working Paper No. 1004, March 2022
Financial Barriers to Structural Change in Developing Economies: A Theoretical Framework <[link removed]>
Giuliano Toshiro Yajima and Lorenzo Nalin

Giuliano Toshiro Yajima, Sapienza University of Rome, and Lorenzo Nalin, National Autonomous University of Mexico (UNAM), consider the financial conditions that may encourage (discourage) structural change in a small, open economy, adopting the framework put forward by the "monetary theory of distribution" (MTD) whereby the financial system is intended as a basic sector that promotes innovation. Through this device, their model offers an explanation of the technological lock-in experienced by a small, open economy that takes international prices as given.

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.
Institute News

Self-study Manual on Gender-sensitive Macroeconomic Modeling for Policy Analysis Is Now Available <[link removed]>

The self-study manual on gender-sensitive macroeconomic modeling for policy analysis is now available online. The 15 modules of the self-study manual comprise resources and recorded lectures <[link removed]> from the 2021 Intensive Virtual Course in Gender-Sensitive Macroeconomic Modeling for Policy Analysis <[link removed]>, organized by the Care Work and the Economy Project and the Levy Economics Institute of Bard College, which provided training in gender-sensitive economic analysis, with a focus on care and macroeconomic policy aspects. A downloadable PDF version <[link removed]> of the manual is also available.

We hope the availability of this valuable resource continues to help in enhancing the capacity of economists and researchers on their work in gender-sensitive economic analysis through a better understanding of the care economy and the formulation of gender-sensitive macroeconomic policies.
Media and Web Coverage


Institute President Dimitri B. Papadimitriou <[link removed]> was interviewed by Bryan Mena for a March 31 article in the Wall Street Journal, "U.S. Jobless Claims Edge Higher Amid Tight Labor Market." <[link removed]>

On April 15, Senior Scholar Jan Kregel <[link removed]> participated in the Thomson Reuter's event, "Manifest Destiny: Risk, Opportunity & Reward Around Digital Currencies" <[link removed]> in the panel on "Paradigm Shift: Accessibility, Transparency, and the Social Impact of Money" and on April 20 he spoke on the topic of global inflation as part of the Association for Heterodox Economics (AHE) 2022 Webinar Series: Heterodox Economics Goes Global <[link removed]>.

Yeva Nersisyan <[link removed]> and L. Randall Wray <[link removed]> discussed their recent work <[link removed]> on the root causes of inflation on episode #128 of the MMT Podcast <[link removed]> with Patricia Pino & Christian Reilly. On February 24, Wray gave a talk to the Oxford Economics Society on "Keynes versus the Classics," on March 31 he spoke with the Stanford University Rethinking Economics student group on "MMT in the Age of Multiple Pandemics," and on April 11 he participated in the "In Search of a New Paradigm for Monetary Policy" <[link removed]> event, sponsored by the Brazilian Center for International Relations (CEBRI) and the Federation of Industries of the State of S?o Paulo (FIESP).

Levy Graduate Programs alum Andrew Bunker ('19) contributed to a new Actionaid USA <[link removed]> report regarding the macro-structural challenges presented by climate change and the overlapping global crises of the COVID-19 pandemic and the widening inequality gap within and between countries. Simon Grothe (MS '22) was among the winners of The Association for Institutional Thought's 17th Annual AFIT-AFEE Student Scholars Competition who presented their work <[link removed]> on April 1 in Denver.






In This Issue

Upcoming Event: Institute Summer Seminar <#mmt_summer_sem>

Thank You <#thankyou>

Is It Time for Rate Hikes? <#ppb_157>

A Race to the Bottom <#pn_22_2>

A Prototype Regional Stock-Flow Consistent Model <#wp_1005>

Financial Barriers to Structural Change in Developing Economies <#wp_1004>

Levy Graduate Programs <#grad>

Institute News <#news>

Web and Media Coverage <#media>


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