A newsletter from the Levy Economics Institute of Bard College
Levy Economics Institute of Bard College
August 15, 2022
Institute News
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Videos from the Summer Seminar on MMT, Minsky, and Godley now available online

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

Senior Scholar and 2022 Veblen-Commons Award winner L. Randall Wray 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 by Research Scholar Yeva Nersisyan, Wray’s article, “Wampeters, Foma, and Granfalloons: Enabling Myths and Not-So-Innocent Frauds,” examines the “innocent frauds” and “enabling myths” that are used by economists and policymakers to justify capitalism’s excesses and protect the social order.
 
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Senior Scholar Ajit Zacharias Interviewed by the Institute for New Economic Thinking

In a new video for the Institute for New Economic Thinking (INET), Senior Scholar Ajit Zacharias discusses the development and application of the Levy Institute Measure of Economic Well-Being (LIMEW) for highlighting aspects of inequality and wellbeing that are neglected by conventional measures.
 
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New Publications
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Strategic Analysis, August 2022
Avoiding a Recession: The Fed Conundrum
Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza

Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Scholar Michalis Nikiforos 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.

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LIMTIP Report, June 2022
Assessing the Impact of Childcare Expansion in Mexico: Time Use, Employment, and Poverty
Thomas Masterson, Rania Antonopoulos, Luiza Nassif Pires, Fernando Rios-Avila, and Ajit Zacharias

Senior Scholars Rania Antonopoulos, Thomas Masterson, and Ajit Zacharias, and Research Scholars Luiza Nassif Pires and Fernando Rios-Avila, 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.

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Working Paper No. 1009, August 2022
Efficacy of Public Financial Management in Reducing Crime Against Children: Empirical Evidence from Subnational Governments in India
Jitesh Yadav and Lekha S. Chakraborty

Jitesh Yadav, National Institute of Public Finance and Policy (NIPFP), and Research Associate Lekha S. Chakraborty 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.

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Levy Graduate Programs in Economic Theory and Policy
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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 page.

Interested students should contact the Institute at [email protected] for more information. Scholarships are available.
       
In This Issue
Institute News
Strategic Analysis: Avoiding a Recession
Assessing the Impact of Childcare Expansion in Mexico
Efficacy of Public Financial Management in Reducing Crime Against Children
Levy Graduate Programs
Read Our Blog
Multiplier Effect
Levy Book Series
Visit the Institute’s Book Series webpage for selected books by our scholars.
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