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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.

We Need Class, Race, and Gender Sensitive Policies to Fight the COVID-19 Crisis

Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods the hardest.”[1] In a forthcoming policy brief, we share evidence that this pattern would be the case and provide a solid...

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What If We Nationalized Payroll?

As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of layoffs. Across the ocean, Denmark took a different approach. The Danish government announced that it would cover 75–90% of certain worker salaries for the next 3 months....

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Home Quarantine: Confinement With the Abuser?

by Ana Luíza Matos de Oliveira, Lygia Sabbag Fares, Gustavo Vieira da Silva, and Luiza Nassif Pires Even though Covid-19 has already killed thousands worldwide and is paralyzing global economic activity, President Jair Bolsonaro insists on referring to it as a “little flu.” Despite the president’s efforts to avoid a halt to the economic activity in Brazil, the rhythm in the country has slowed down and people who can afford to stay confined at home are doing so. This week, several cities...

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The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does

In the last 24 hours, two big news stories regarding the economic impact of the Covid-19 pandemic have broken. The first is news that the Senate has passed a $2 trillion stimulus package that legislators claim is intended to alleviate the economic damage caused by the responses to the unfolding pandemic: closures of schools and businesses as well as the social isolation of much of the population. The second–a reported 3 million new unemployment claims in the last week alone–is a direct...

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Tcherneva on the Green New Deal and Job Guarantee in France

Michael Stephens | February 5, 2020 Pavlina Tcherneva recently participated in a hearing before a parliamentary group (La France insoumise) of France’s National Assembly on the subject of the Green New Deal and the job guarantee (the intro is in French; Tcherneva’s testimony is in English): $title = the_title('','',false); ?> if ($title == 'Contributors') {...

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Join Us for the 11th Minsky Summer Seminar

Michael Stephens | October 23, 2019 The Hyman P. Minsky Summer SeminarLevy Economics Institute of Bard CollegeBlithewoodAnnandale-on-Hudson, N.Y. June 7–13, 2020 The Levy Economics Institute of Bard College is pleased to announce the 11th Minsky Summer Seminar will be held from June 7–13, 2020. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects of Minsky’s economics, with an...

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Remembering Nina Shapiro

Jan Kregel | March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to cancer. Nina was best known for her work on the post-Keynesian theory of the...

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Big Guns Shooting Holes in the Sky

The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the field. Like other non-mainstream ideas in economics, MMT was simply ignored by our star mainstream economists, who are always ready and keen to lend...

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