• Recent Bard economics alums (Juan Bages, Stergios Mentesidis, Ahnaf Khan and Nicolai Eddy) sharing their experiences with current students at a career advising panel organized by alumni and the Career Development Office at Morningstar, World Trade Center, NYC  Sept 2017
  • Simon Simoski '17 presenting his research on household-debt driven growth.  In the fall, he will join the Masters program at the Levy Institute at Bard.
  • Professors Mike Martell, Ani Mitra and Sanjay DeSilva at the annual picnic - May 2017
  • Prof. Pavlina Tcherneva with students at the annual program picnic - May 2017
  • Prof. Olivier Giovannoni, Nathan Reece and Arielle Weiner-Bronner discussing their research poster at the Bard Summer Research Institute 2014.
  • Eva-Marie Quinones '17 (joint economics and global and international studies major) presenting her research on economic factors that enabled the spread of far-right political parties in Western Europe. She will proceed to the Ph.D. program in political science at Yale this fall.
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Program Events


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Archive of Past Events



Sunday, June 16, 2019 – Saturday, June 22, 2019

The Hyman P. Minsky Summer Seminar

The Levy Economics Institute of Bard College is pleased to announce that the 10th Minsky Summer Seminar will be held June 16–22, 2019. 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.
  Blithewood, Levy Institute 

Wednesday, May 15, 2019

Systemic Risk Index: An Application of the Financial Instability Hypothesis

Oleg Ivanets
Visiting Assistant Professor of Economics and Business, Drew University This paper introduces the Systemic Risk Index (SRI), a single country-wide measure of systemic risk that can pinpoint problems at various financial markets which could develop if ignored into financial crises. SRI is based on the financial instability hypothesis of Hyman Minsky and, although it does not fully reflect all the ideas postulated in the hypothesis, it contributes to the literature on financial stability and monetary policy by providing an applied model of systemic risk. The model was applied to U.S. data from 1962 to 2016 and indicated significant accumulation of systemic risk prior to major recent financial crises like the global financial crisis in 2008 and the dot-com bubble in 2000.
  Olin, Room 102 

Tuesday, May 7, 2019

Banking on Bubbles: Credit Creation and the Persistence of Bull Markets

Dustin Hamalainen
Department of Economics
University of Utah The traditional approach to financial theory assumes that any profitable speculation in financial markets will have stabilizing effects on prices. Speculation could only be destabilizing if investors, on average, bought high and sold low. Since this strategy would be unprofitable, speculation should dampen fluctuations as “arbitrageurs” bet against speculative bubbles. Despite the large body of theoretical and empirical work in favor of the idea that speculation has destabilizing effects on asset prices, the “traditional view” has still been used to argue that bank lending for the speculative purchase of assets will reduce price volatility. In this paper, I argue that financial intermediaries play a role in perpetuating periods of overvaluation through the extension of credit used for speculation. Using a Markov-switching vector autoregressive model with time-varying transition probabilities, I show that the expected duration of a “bull market” is dependent on the portfolio decisions of financial and nonfinancial sectors. As such, when the banking system lends against collateral, which is itself the object of speculation, asset price bubbles can persist, even when a growing share of investors believes that assets are overvalued. Olin, Room 203 

Friday, May 3, 2019

The Treaty of Versailles at 100: The Consequences of the Peace

Join us as a distinguished roster of historians, IR scholars, and economists discuss the legacy of the Versailles Treaty of 1919, which brought an end to World War I. Far from ending the “war to end all wars,” Versailles saddled the world with debts, imbalances, and festering geopolitical problems that helped lead to the Second World War, many of which are still with us today.

Speakers include:
  • The Lord Skidelsky, Baron of Tilton, Professor Emeritus of Political Economy, Warwick University, and Member of the House of Lords, UK Parliament
  • Dr. Nick Lloyd, King’s College London, and author, Passchendaele and Hundred Days
  • Sean McMeekin, Francis Flournoy Professor of European History, Bard College
  • Nur Bilge Criss, Professor Emeritus of International Relations, Bilkent University
  • David Woolner, Professor of History, Resident Historian of the Roosevelt Institute
  • Richard Aldous, Eugene Meyer Professor of British History and Literature, Bard College
  • Pavlina Tcherneva, Economics Program Director and Associate Professor, Bard College
  • Jan Kregel, Director of Research, Levy Economics Institute
  • L. Randall Wray, Professor of Economics, Bard College, and Senior Scholar, Levy Economics Institute
  • Jörg Bibow, Professor of Economics, Skidmore College, and Research Associate, Levy Economics Institute

Please click on this link to register for the event by April 29th: Registration form

10:15 AM
Welcome Remarks from Dimitri Papadimitriou, President of the Levy Economics Institute of Bard College 

10:30 AM - 12:00 PM
The First World War and the Versailles Treaty

Dr. Nick Lloyd
“The Hundred Days.  How World War I Ended.”
Sean McMeekin
“Unfinished Business.  1918 on the War’s Eastern Fronts.”

David Woolner, Nur Bilge Criss, and Richard Aldous
Panel Discussion

12:00 - 12:30 PM 

12:30 PM
Eugene Meyer Lecture by Lord Robert Skidelsky
“Could Germany have paid? John Maynard Keynes’s lesson for Britain and the Eurozone. ” 
with an introduction by Pavlina R. Tcherneva

1:30 - 2:00 PM
Coffee break and student poster presentations

2:00 - 3:15 PM
The Economic Consequences
Moderator: Pavlina R. Tcherneva

Jan Kregel
“Keynes on International Relations: Gunboat Diplomacy, Free Trade and Capital Controls”
L. Randall Wray
“How To Pay for the War (against neoliberalism)”
Jörg Bibow
“Learning the Wrong Lessons: How Germany’s anti- Keynesianism has brought Europe to its knees”
Blithewood, Levy Institute 

Monday, April 15, 2019

Latin America’s Social Puzzle

Lecture by Daniel Schteingart Poverty, inequality, and the labor market are crucial pieces of the development puzzle in Latin America. Daniel Schteingart will share his view on how these issues leave the majority of economies in the region stuck without being able to catch up. Dr. Schteingart’s research interests include comparative development, comparative industrial policies, poverty, inequality, and global value chains. He is a postdoctoral fellow at Consejo Nacional de Investigaciones Científicas y Técnicas CONICET and holds an MA in economic sociology and a PhD in sociology from the Instituto de Altos Estudios Sociales of the Universidad de San Martín, Argentina. Blithewood, Levy Institute 

Tuesday, January 29, 2019

The Forgotten Lands: A Comparative Analysis of Transition Economies

Liudmila Malyshava
Visiting Instructor of Economics, Siena College When the Soviet Union collapsed in the early 1990s, mainstream economists blamed centralized planning and state ownership of the means of production, advising the newly independent economies to embrace a system of free markets and private ownership. While some countries were able to weather the institutional shocks of change with minimal spillover effects, others remained desperately poor. The unsuccessful countries remained stuck in the “transition trap” even after the imposition of supposedly efficient and self-regulating free market reforms.
This inquiry suggests that the transition process of the former USSR economies has been constrained by the existing institutional organization and stagnating technological progress, the improvement of which requires structural reforms targeted at the dynamic transformation of production structures with conducive macroeconomic conditions and financial stability. To this purpose, the analysis explores the relationship between problems inherent in the physical production process of a soviet-style economy, the underdevelopment of the financial sphere, and disparities in economic structures. The interconnectedness of these problems often remains overlooked by policy makers and encourages policy mismatch. The paper then concludes that there is a need for structural reforms aimed at transforming input allocation to increase productivity, economic growth, and export competitiveness. Olin, Room 102 

Monday, January 28, 2019

Recovery from Financial Crises in Peripheral Economies, 1870–1913

Peter Bent
Assistant Professor of Economics
The American University of Paris What drives recoveries after financial crises? Bent addresses this question for the 1870–1913 “first era of globalization,” a period when international economic integration meant that terms of trade movements could have significant national-level impacts, but before governments were engaged in widespread economic management. Protectionism was one of the few economic policy options available at this time. The impacts of these two factors—terms of trade and tariff rates—over this period have been studied before. But previous studies have not looked specifically at how these factors influenced recoveries from financial crises. Bent finds that tariff shocks had a positive impact on GDP in post-crisis periods, while terms of trade shocks had a slightly negative impact. The tariff results are especially pronounced in temperate economies. Overall, this suggests that national governments, through trade policies, played a more significant role in shaping economic outcomes during this period than is typically recognized. Olin, Room 102