| Levy Institute Hosts 10th Annual Hyman P. Minsky Summer Seminar
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 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.
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Working Paper 932, June 2019
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) |
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. |
In the continuing debate over the merits of cancelling student loan debt, David Dayen of The American Prospect cites the Institute’s 2018 report, “The Macroeconomic Effects of Student Debt Cancellation,” 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 discusses the particulars with Bloomberg 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, research associate and coauthor of the Institute’s research project report, “Public Service Employment: A Path to Full Employment,” presented a lecture 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 Ed Dolan focuses on the policy’s wage and employment effects, with Senior Scholar L. Randall Wray 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 spoke with Jo Bruni of NBC 4 New York 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.
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