July 30, 2019
Institute News

Levy Institute Hosts 10th Annual Hyman P. Minsky Summer Seminar <[link removed]>

Welcoming students from Argentina, Austria, Bolivia, Brazil, China, Ecuador, El Salvador, Haiti, Hungary, Italy, Jordan, Mexico, Turkey, the United Kingdom, and the United States, the Levy Institute's annual Hyman P. Minsky Summer Seminar <[link removed]> was held at Blithewood on the Bard College campus from Sunday, June 16th through Saturday, June 22nd. The seminar provides a rigorous discussion of both the theoretical and applied aspects of Minsky's economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook, as well as an introduction to Wynne Godley's stock-flow consistent modeling methods via hands-on workshops.

New Publications

One-Pager No. 60, July 2019
Fighting Inequality Can Strengthen the US Economy <[link removed]>
Dimitri B. Papadimitriou <[link removed]>, Michalis Nikiforos <[link removed]>, and Gennaro Zezza <[link removed]>


Institute President Dimitri B. Papadimitriou <[link removed]>, and Research Scholars Michalis Nikiforos <[link removed]> and Gennaro Zezza <[link removed]> explain how reducing inequality through increasing the rate of taxation on high incomes and net worth can help create a more robust and stable US economy when paired with equivalent increases in public spending.

» Read complete text (pdf) <[link removed]>


Working Paper 933, July 2019
Defaultnomics: Making Sense of the Barro-Ricardo Equivalence in a Financialized World <[link removed]>
Lorenzo Esposito and Giuseppe Mastromatteo

In the context of the worldwide increase in public debt, Lorenzo Esposito and Giuseppe Mastromatteo analyze the Barro-Ricardo equivalence's theoretical underpinnings—many of which they consider "implausible"—to ascertain its relevance in the modern, financialized economy.

» Read complete text (pdf) <[link removed]>


Working Paper 932, June 2019
Rethinking China's Local Government Debt in the Frame of Modern Money Theory <[link removed]>
He Zengping and Jia Genliang

Noting the rapid growth of the implicit debt of local governments in China and its destabilizing potential, He Zengping and Jia Genliang advocate for stronger regulations and the abandonment of the central government's fiscal balance target. Framing the argument within Modern Money Theory, the authors observe that China's central government should bear a greater share of the fiscal burden that is currently concentrated at the local level to achieve economic growth targets and fiscal sustainability.

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

Designed as preparation for a professional career in economic research and policy formulation, the Levy Economics Institute Graduate Programs in Economic Theory and Policy offer an alternative to mainstream programs in economics and finance.

Our diverse student body comes from Afghanistan, Australia, Austria, Canada, Chile, Colombia, Ethiopia, Gambia, Germany, India, Kyrgyzstan, Lebanon, Nepal, Peru, the United Kingdom, and the United States, with research interests focusing on banking regulations, monetary policy in Europe, trade, financial regulations, economic forecasting, poverty, unemployment and exclusion, modern monetary theory, and stock-flow-consistent modeling. To find out more about our innovative programs that combine a rigorous course of study with exceptional opportunity to participate in advanced economics research alongside the Institute's global network of researchers, visit bard.edu/levygrad.

Interested students should contact the program recruiter, Martha Tepepa ([email protected]), to discuss their options. Scholarships are available.
Media and Web Coverage


In the continuing debate over the merits of cancelling student loan debt, David Dayen of The American Prospect <[link removed]> cites the Institute's 2018 report, "The Macroeconomic Effects of Student Debt Cancellation," <[link removed]> for its findings that debt cancellation would "create up to one million new jobs per year and increase gross domestic product by around half a percentage point," as well as "encourage additional consumer spending, skills attainment, and entrepreneurship, while improving access to credit and keeping the public more stable through economic downturns." Research Associate and report coauthor Stephanie Kelton <[link removed]> discusses the particulars with Bloomberg <[link removed]> reporters Katia Dmitrieva and Alexandre Tanzi, noting "many students borrowed on an implied promise: that debt-financed degrees would more than pay for themselves, in the form of higher incomes. But the economy hasn't really delivered."

Arguing that "it is far more expensive to go on with the status quo than put in place a program that provides decent living wage jobs for those who need them," Pavlina Tcherneva <[link removed]>, research associate and coauthor of the Institute's research project report, "Public Service Employment: A Path to Full Employment," <[link removed]> presented a lecture <[link removed]> before the Newburgh (NY) City Council on the role of a job guarantee in the Green New Deal.

In part two if its series, "The Economics of a Job Guarantee," Salon's <[link removed]> Ed Dolan focuses on the policy's wage and employment effects, with Senior Scholar L. Randall Wray <[link removed]> noting: "Firms with business models that require that their workers live in abject poverty should find a new business model—or be driven out of business."

Senior Scholar Joel Perlmann <[link removed]> spoke with Jo Bruni of NBC 4 New York <[link removed]> to offer his thoughts on the impact of including a citizenship question on the 2020 Census. Read more about his opposition to the question's inclusion in his recent One-Pager <[link removed]>.






In This Issue

Institute News: 10th Annual Minsky Summer Seminar <#summersem_19>

Fighting Inequality Can Strengthen the US Economy <#op_60>

Defaultnomics <#wp_933>

Rethinking China's Local Government Debt in the Frame of Modern Money Theory <#wp_932>

Graduate Programs in Economic Theory and Policy <#grad>

Web and Media Coverage <#media>


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