Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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Jobs

The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .


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Graph-of-the-Year Candidates

Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?

Brad DeLong favors the U.S. gdp gap.


Remember M1?

Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?


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EconModel

The Economics Roundtable is sponsored by EconModel.

The Classic Economic Models cover micro, macro, and financial markets.


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Multiplier Effect

The Levy Economics Institute Blog


November 30, 2016, 3:23 pm, 1698676

New York City
September 13–15, 2017

A workshop organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation

The goal of this workshop is to advance the current framework that integrates gender and unpaid work into macroeconomic analysis and enables the development ...


November 15, 2016, 5:23 pm, 1694527

In a presentation here at the Levy Institute, Emilios Avgouleas argued that financial regulatory changes since the crisis have become so complex they represent a source of financial instability, and that new liquidity and capital requirements have contributed to the problem of “short-termism” in finance.

Avgouleas proposed regulatory simplification and a reorientation ...


October 24, 2016, 5:23 pm, 1686290

Fiscal Consolidation, Budget Deficits and the Macro Economy, by Research Associate Lekha Chakraborty, deals with debates about the macroeconomic effects of budget deficits in the context of examining fiscal policy in India over the period 1980/81–2012/13.

From the Introduction:

In India, efforts were … made to contain the fiscal deficit by both the ...


October 24, 2016, 5:23 pm, 1686289

If you’re a grad student or just starting out your career and want to learn more about the work of Hyman Minsky and Wynne Godley, and wouldn’t mind doing so in a turn-of-the-century manor on the banks of the Hudson, you’re in luck.

The Levy Institute’s annual Minsky Summer Seminar is now accepting applications for ...


October 7, 2016, 5:23 pm, 1681906

Pavlina Tcherneva joins Laura Flanders to discuss the need for a more gender-aware economics:


October 5, 2016, 11:23 am, 1681083

Designed as a terminal degree with a professional focus, the Levy Economics Institute Master of Science in Economic Theory and Policy offers students an alternative to mainstream graduate programs in economics and ...


September 20, 2016, 1:23 pm, 1677032
by Felipe Rezende Part IV

This last part of the series (see Part I, II, and III here, here, and here) will focus on the Brazilian response to the crisis.

1. What Should Brazil Do?

The current Brazilian crisis fits with Minsky’s theory of instability (see here, here, and ...


September 6, 2016, 5:23 pm, 1670650
by Felipe Rezende Part III

This part of the series (see Parts I and II, here and here) will focus on macroeconomic and microeconomic aspects of financial fragility and the provision of liquidity. Minsky’s framework not only sheds light on how to detect unsustainable financial practices, but the position adopted ...


September 1, 2016, 1:23 pm, 1669510

Jim Vrettos, a sociologist at John Jay College and host of “The Radical Imagination”, interviewed the Levy Institute’s Randy Wray on how the discipline of economics has gone astray. Wray’s story begins in the late 1960s, with what he describes as a reaction against “New Deal economics.”

The interview ends with ...


August 24, 2016, 11:23 am, 1667226
by Felipe Rezende

This series will discuss at length the underlying forces behind Brazil’s current crisis. (See Part I here)

Part II

Building on Keynes’s investment theory of the cycle, Minsky’s work suggests that the structure of the economy becomes more fragile over a period of tranquility and prosperity. That is, endogenous ...