A newsletter from the Levy Economics Institute of Bard College

August 15, 2022
Institute News

Videos from the Summer Seminar on MMT, Minsky, and Godley now available online <[link removed]>

Videos from select sessions of the Institute's Summer Seminar on MMT, Minsky, and Godley are available online. Visit the seminar website <[link removed]> to learn more about the event and link to the videos on the Institute's YouTube page.
Senior Scholar L. Randall Wray Honored in Journal of Economic Issues for Veblen-Commons Win <[link removed]>

Senior Scholar and 2022 Veblen-Commons Award <[link removed]> winner L. Randall Wray <[link removed]> was featured in the recent edition of the Journal of Economic Issues (vol. 56, issue 2). In addition to an article on his contributions to the field <[link removed]> by Research Scholar Yeva Nersisyan <[link removed]>, Wray's article, "Wampeters, Foma, and Granfalloons: Enabling Myths and Not-So-Innocent Frauds," <[link removed]> examines the "innocent frauds" and "enabling myths" that are used by economists and policymakers to justify capitalism's excesses and protect the social order.

Senior Scholar Ajit Zacharias Interviewed by the Institute for New Economic Thinking <[link removed]>

In a new video <[link removed]> for the Institute for New Economic Thinking (INET), Senior Scholar Ajit Zacharias <[link removed]> discusses the development and application of the Levy Institute Measure of Economic Well-Being (LIMEW) <[link removed]> for highlighting aspects of inequality and wellbeing that are neglected by conventional measures.

New Publications

Strategic Analysis, August 2022
Avoiding a Recession: The Fed Conundrum <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>

Institute President Dimitri B. Papadimitriou <[link removed]>, Senior Scholar Gennaro Zezza <[link removed]>, and Research Scholar Michalis Nikiforos <[link removed]> analyze how and why the US economy has achieved a swift recovery in comparison with the last few economic cycles and investigate the significant increases in the trade deficit and inflation that have accompanied this postpandemic recovery. The authors also identify sources of persistent financial instability that have made the US economy increasingly vulnerable to monetary policy tightening and other shocks, and simulate the impact of a financial crisis and private sector deleveraging, along with new rounds of fiscal stimulus that might be needed in response.

? Read complete text (pdf) <[link removed]>
LIMTIP Report, June 2022
Assessing the Impact of Childcare Expansion in Mexico: Time Use, Employment, and Poverty <[link removed]>
Thomas Masterson <[link removed]>, Rania Antonopoulos <[link removed]>, Luiza Nassif Pires <[link removed]>, Fernando Rios-Avila <[link removed]>, and Ajit Zacharias <[link removed]>

Senior Scholars Rania Antonopoulos <[link removed]>, Thomas Masterson <[link removed]>, and Ajit Zacharias <[link removed]>, and Research Scholars Luiza Nassif Pires <[link removed]> and Fernando Rios-Avila <[link removed]>, build on previous studies for Turkey, Ghana, and Tanzania by constructing a combined time-use and income-employment dataset for Mexico to evaluate the net effects a proposed childcare expansion could have on earnings and work hours, with results indicating that increased social care spending reduces gender employment gaps while also helping to alleviate the twin deprivations of time and income poverty.

Read complete text (pdf) <[link removed]>
Working Paper No. 1009, August 2022
Efficacy of Public Financial Management in Reducing Crime Against Children: Empirical Evidence from Subnational Governments in India <[link removed]>
Jitesh Yadav and Lekha S. Chakraborty <[link removed]>

Jitesh Yadav, National Institute of Public Finance and Policy (NIPFP), and Research Associate Lekha S. Chakraborty <[link removed]> employ fixed effects models to explore how public financial management in India (PFM), specifically child budgeting, can play a role in reducing crime against children.

Read complete text (pdf) <[link removed]>
Levy Graduate Programs in Economic Theory and Policy

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.

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.

Interested students should contact the Institute at [email protected] for more information. Scholarships are available.



In This Issue

Institute News <#news>

Strategic Analysis: Avoiding a Recession <#sa_aug>

Assessing the Impact of Childcare Expansion in Mexico <#LIMTIP>

Efficacy of Public Financial Management in Reducing Crime Against Children <#wp_1009>

Levy Graduate Programs <#grad>


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