A newsletter from the Levy Economics Institute of Bard College
Levy Economics Institute of Bard College
February 2, 2023
Institute News
yajima

New Research Scholar

We are pleased to announce that Giuliano Toshiro Yajima is joining the Levy Institute as a member of the Institute’s Macro-Modeling Team and a coauthor of our Strategic Analysis reports. His research focuses on macroeconomic theory and policy, growth and income distribution, structural change and patterns of innovation, international financial instability, and ecological economics.
 

Read Giuliano’s Institute publications here.
 

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New Publications
OP_70
One Pager No. 70, December 2022
The Causes of Pandemic Inflation
L. Randall Wray

Senior Scholar L. Randall Wray explores the causes of the inflationary environment, arguing that continuing inflation pressures come mostly from the supply side, and warns of the negative impact of interest rate hikes in light of declining federal spending.

» Read complete text (pdf)
SA_OCT22
Strategic Analysis, October 2022
Greece: Recovery, or Another Recession? 
Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis

In this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in international prices of some commodities.

» Read complete text (pdf)
WP1013
Working Paper No. 1013, January 2023
The Economic and Environmental Effects of a Green Employer of Last Resort: A Sectoral Multiplier Analysis for the United States
Giuliano Toshiro Yajima, Nikolaos Rodousakis, and George Soklis

Research Scholar  Giuliano Toshiro Yajima, Research Associate Nikolaos Rodousakis, and George Soklis, Panteion University, assess the sectoral impact of the implementation of a “green” employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s multiplier framework and data from OECD Input-Output tables. The authors use these multipliers to estimate the impact of an “optimal” ELR, designed to maximize the impact on both output and employment while minimizing both imports and carbon emissions. They then test several alternative policy scenarios based upon different compositions of US government expenditure. 

» Read complete text (pdf)
WP1012
Working Paper No. 1012, December 2022                              
An Analysis of UK Swap Yields
Tanweer Akram and Khawaja Mamun

Tanweer Akram, Citibank, and Khawaja Mamun, Sacred Heart University, investigate whether Keynes's claim concerning the central bank's influence over the long-term interest rate can be extended to the yields of spread products and over-the-counter financial derivatives by econometrically modeling the dynamics of the pound sterling–denominated long-term interest rate swap yield.

» Read complete text (pdf)
WP1011
Working Paper No. 1011, September 2022
The Dynamics of Monthly Changes in US Swap Yields: A Keynesian Perspective
Tanweer Akram and Khawaja Mamun

In testing John Maynard Keynes's assertion that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate, Tanweer Akram, Citibank, and Khawaja Mamun, Sacred Heart University, investigate monthly changes in US long-term swap yields. Their findings indicate a perspicacious Keynesian perspective on key policy questions and contemporary debates in macroeconomics and finance.

» Read complete text (pdf)
WP1010
Working Paper No. 1010, September 2022
Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey
George Zestos, Harrison Whittleton, and Alejandro Fernandez-Ribas

By analyzing the 16-year career of Angela Merkel, the second-longest-standing modern German chancellor, George Zestos, Harrison Whittleton, and Alejandro Fernandez-Ribas of Christopher Newport University assess the effects of an economic approach that placed national interests over EU interests in the long term. Following their historical breakdown, they ask whether Merkel can be held responsible for the prolonging of the eurocrisis and the increase of income inequality in Germany based on her policies.

» Read complete text (pdf)
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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.
Media And Web Coverage

Research Scholar Pavlina Tcherneva met with government officials in Bogotá, Colombia, to present her proposal for a national job guarantee program in December 2022. Tcherneva was hosted on The Hill to debate former Trump Economic Advisor Stephen Moore on the validity of the Inflation Reduction Act on August 18, 2022; on October 31, she spoke with Olivier De Schutter, UN Special Rapporteur on Extreme Poverty and Human Rights, on the upcoming UN report on the job guarantee and again on January 25, 2023 on assessing global progress in advancing the job guarantee. Her book The Case for a Job Guarantee has been translated into Italian, Polish, and Ukrainian, and will be translated to Chinese in 2023. She has spoken at the Brazilian Center for International Relations (CEBRI) on September 27, 2022 on Job Guarantee as Public Policy, and at the Third International Conference in Herterodox Economics in November 2022 on The Crucial Role of Women within the Heterodox Economics Community. In September 2022, Tcherneva authored a policy brief for the Foundation for European Studies titled Economic policy Innovation for Stability, Security and Sustainability.

Senior Scholar L. Randall Wray published a new book titled Modern Monetary Theory in January 2023, aimed at providing an up-to-date account of Modern Monetary Theory from a global perspective. An editorial in The Guardian cited Wray’s research on the use and impact of austerity in open economies operating with a floating exchange rate.

Senior Scholar Rania Antonopoulos took part in a meeting organized by the European Trade Union Institute as part of the preparation of a key publication—“Transformative Ideas: Reconstruction Beyond the Pandemic”—for the 2023 European Trade Union Confederation Congress (ETUC), to which Antonopoulos will be contributing a chapter on a job guarantee for Europe. Antonopoulos was also invited by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) to speak at a high-level panel of the “XV Regional Conference on Women in Latin America and the Caribbean” on the topic of financing the care economy. Download her remarks here.

Research Scholar Luiza Nassif Pires co-authored a paper with Isabella M. Weber, Jesús Lara Jauregui, and Lucas Texeira on inflation and “systemically significant sectors” that was cited in the Financial Times and Bloomberg.

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In This Issue
Institute News
The Causes of Pandemic Inflation
Greece: Recovery, or Another Recession?
The Economic and Environmental Effects of a Green Employer of Last Resort
An Analysis of UK Swap Yields
The Dynamics of Monthly Changes in US Swap Yields
Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey
Levy Graduate Programs
 
Media and News Coverage
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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