Archive for October, 2016

Apply Now for the 2017 Minsky Summer Seminar

Michael Stephens | October 24, 2016

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 the June 2017 session:


The Levy Economics Institute is pleased to announce that it will hold the eighth Minsky Summer Seminar June 10–16, 2017. The Seminar will provide 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. It will also provide an introduction to Wynne Godley’s stock-flow consistent modeling methods via hands-on workshops.

The Summer Seminar will be of particular interest to graduate students, recent graduates, and those at the beginning of their academic or professional careers. The teaching staff will include well-known economists working in the tradition of Minsky.

To apply, send a letter of application and current curriculum vitae to Kathleen Mullaly at the Levy Institute ([email protected]). Admission to the Summer Seminar includes room and board on the Bard College campus. A registration fee of $250 is required upon acceptance.

Due to space constraints, the Seminar will be limited to 30 participants. Applications will be reviewed on a rolling basis beginning in January 2017.

The 2017 Summer Seminar program will be organized by Jan Kregel, Dimitri B. Papadimitriou, and L. Randall Wray.


Below the fold is a copy of the 2016 program, to give a sense of the sort of topics and speakers featured at the Seminar (note the guest speakers do change from one year to the next): continue reading…


New Book on Fiscal Policy and Macro in India

Michael Stephens |

*Post Updated Below*

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 central and state governments. The Fiscal Responsibility and Budget Management (FRBM) Act was enacted by the Government of India in 2000 with the aim to … reduce the fiscal deficit to three per cent of GDP by 2008-09. All the states in India also have introduced FRBM legislation. The rationale behind the reduction in fiscal deficits emanated from the theoretical paradigms of macroeconomics which argued that excessive fiscal deficits often trigger inflationary pressures in the economy, increase the rate of interest and crowd out private capital formation, create balance of payments crises and in turn debt spiraling. However, considerable ambiguity exists about the link between fiscal deficit and macroeconomic activity.

For more, visit Sage:




Reviews of the book by Pulapre BalakrishnanVito Tanzi, and Janet Stotsky may be of interest to potential readers.


The Problem with “Gender-Blind” Economics

Michael Stephens | October 7, 2016

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


Levy M.S. Now Accepting Applications for Fall 2017

Michael Stephens | October 5, 2016


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 finance. This innovative two-year program combines a rigorous course of study with exceptional opportunity to participate in advanced economics research, with direct access to the Institute’s global network of researchers.

Application deadlines are November 15 for Early Decision and January 15 for Regular Decision. Scholarships are available. Visit for more information. Click here to apply.

Learn about the Levy M.S. by joining one of our online information sessions hosted by Institute scholars:

Wednesday, October 5, 3:00 p.m. EDT, with Research Scholar Michalis Nikiforos
Tuesday, October 11, 11:00 a.m. EDT, with Ajit Zacharias, Senior Scholar and Distribution of Income and Wealth Program Director
Tuesday, October 18, 10:00 a.m. EDT, with Senior Scholar and Bard College Professor of Economics L. Randall Wray

The program application fee will be waived for all prospective students who attend. Click here for details.