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Multiplier Effect

Multiplier Effect is the blog of The Levy Economics Institute of Bard College, an economics research organization. The posts focus on economic policy in the United States and the rest of the world, prompting a reasoned discussion on current issues.

Popular topics: Global economic policy.

Otmar Issing Is Still Living in His Monetary Fantasy World

Otmar Issing can look back on a long and consequential central banking career. Even in his retirement he is still living the part, evaluating whether his successors at the European Central Bank are pursuing stability-oriented monetary policies to his liking. His most recent critique (“‘Living in a fantasy’: euro’s founding father rebukes ECB over inflation response” https://www.ft.com/content/145b6795-2d21-48c6-984b-4b05d121ba16) shows him on the wrong side of events and debates about...

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An Accommodative Fiscal Stance Is Crucial for India

by Lekha Chakraborty and Harikrishnan S. Omicron is a reminder that the COVID-19 pandemic is still not over. This ongoing health crisis should act as a trigger for greater investments in public health in India. Public spending on health by the union government is still below 1 percent of GDP, though the estimate has increased from 0.2 percent of GDP in 2020–21 (revised estimates) to 0.4 percent of GDP in 2021–22 (budget estimates). Strengthening investments in the healthcare sector is...

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Join Us for the 2022 Levy Institute Summer Seminar

The Levy Economics Institute of Bard College is pleased to announce it will be holding a summer seminar June 11–18, 2022. Through lectures, hands-on workshops, and breakout groups, the seminar will provide an opportunity to engage with the theory and policy of Modern Money Theory (MMT) and the work of Institute Distinguished Scholars Hyman Minsky and Wynne Godley. Intended for those who are introducing themselves to these approaches as well as those who are looking to deepen their...

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Are Concerns over Growing Federal Government Debt Misplaced?

L. Randall Wray | November 10, 2021 If the global financial crisis (GFC) of the mid-to-late 2000s and the COVID crisis of the past couple of years have taught us anything, it is that Uncle Sam cannot run out of money. During the GFC, the Federal Reserve lent and spent over $29 trillion to bail out the world’s financial system,[1] and then trillions more in various rounds of “unconventional” monetary policy known as quantitative easing.[2] During the COVID crisis, the...

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Is Climate Change a Fiscal or Monetary Policy Challenge?

Lekha Chakraborty(Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the climate crisis but monetary policy is not, due to the latter’s lack of tools. It is widely acknowledged that public...

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Women’s Economic Empowerment and Control over Time in Sub-Saharan Africa (Nov 1-2)

Biographies Patricia Blankson Akakpo is a Programme Manager of the Network for Women’s Rights in Ghana (NETRIGHT) – a women’s rights and economic justice advocacy network. Patricia holds a BA in political science with philosophy; MA in development studies with specialization in human resources and employment; and gender studies; and a diploma in development leadership. Patricia joined NETRIGHT in 2003. She has over twenty-five years of experience in gender and development in Ghana working...

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Podcast on Gender Budgeting

Michael Stephens | June 18, 2021 Research Associate Lekha Chakraborty, recently chosen to join the governing council of the International Institute for Public Finance, was interviewed for an Onmanorama podcast on the question of gender budgeting and the advantages of centering care work. Chakraborty argues policymakers in India should prioritize integrating a comprehensive care economy policy package in macroeconomic...

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Podcast on Gender Budgeting

Michael Stephens | June 18, 2021 Research Associate Lekha Chakraborty, recently chosen to join the governing council of the International Institute for Public Finance, was interviewed for an Onmanorama podcast on the question of gender budgeting and the advantages of centering care work. Chakraborty argues policymakers in India should prioritize integrating a comprehensive care economy policy package in macroeconomic...

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The Minsky Conference Returns

Participants Lakshman Achuthan, Cofounder, Economic Cycle Research Institute Binyamin Appelbaum, Editorial Board Member, New York Times Robert Barbera, Director, J.H.U. Center for Financial Economics; Economics Department Fellow, The Johns Hopkins University Peter Coy, Economics Editor, Bloomberg Businessweek Charles Evans, President and CEO, Federal Reserve Bank of Chicago Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School (HKS) and the Department of...

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The Minsky Conference Returns

Participants Lakshman Achuthan, Cofounder, Economic Cycle Research Institute Binyamin Appelbaum, Editorial Board Member, New York Times Robert Barbera, Director, J.H.U. Center for Financial Economics; Economics Department Fellow, The Johns Hopkins University Peter Coy, Economics Editor, Bloomberg Businessweek Charles Evans, President and CEO, Federal Reserve Bank of Chicago Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School (HKS) and the Department of...

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