In the Media
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In the Media | November 2021
New US Consumption Gauge To Include Unpaid Work, Housing
By Jean Yung
New US Consumption Gauge To Include Unpaid Work, Housing
The U.S. Bureau of Labor Statistics will incorporate estimates of the value of unpaid household work and home ownership into a new measure of consumption, aiming for a more comprehensive view of living standards at a time when policymakers are increasingly concerned with addressing inequality.
Read more at: https://marketnews.com/homepage/mni-us-bls-to-develop-novel-consumption-measureAssociated Program:In the Media | March 2019For Overspending Governments, an Alternative View on Borrowing Versus Raising Taxes
By Katia Dmitrieva
Bloomberg Quick Take with the Washington Post, March 13, 2019. All rights reserved.
Outlining the basics of Modern Monetary Theory, Bloomberg's Katia Dmitrieva cites the work of Levy Research Associate Pavlina Tcherneva as a leading voice in the field.
Read more: https://www.washingtonpost.com/business/for-overspending-governments-an-alternative-view-on-borrowing-versus-raising-taxes/2019/03/12/13945b5a-44dc-11e9-94ab-d2dda3c0df52_story.html?noredirect=on&utm_term=.ee3a91c52dc5Associated Program:In the Media | July 2018Is a Job Guarantee Possible in America?
By Bianca Facchinei
Newsy, July 6, 2018. All Rights Reserved.
With recent polling showing nearly half of American support a job guarantee program, Levy Research Associate Pavlina Tcherneva speaks with Newsy’s Bianca Facchinei about the costs and benefits of guaranteed employment.
Read more: https://www.newsy.com/stories/job-guarantee-bill-can-the-u-s-ensure-jobs-for-all/Associated Program:In the Media | July 2018What Is A Federal Jobs Guarantee?
by Laura Paddison
Huffington Post, July 6, 2018. All Rights Reserved.
Though official unemployment numbers are currently low, there are still many who feel they have been left behind. Levy Research Scholar Stephanie Kelton and the coauthors of the Levy Institute research project report “Public Service Employment: A Path to Full Employment” think the answer lies in a federally funded job guarantee that will “eliminate involuntary unemployment by creating living-wage, [and] socially beneficial jobs for the millions of Americans who want and need work ― essentially making employment a fundamental right.”
Read more: https://www.huffingtonpost.com/entry/federal-job-guarantee-explained_us_5b363f4ae4b007aa2f7f59fcAssociated Program:In the Media | June 2018Americans are drowning in student-loan debt. The U.S. should forgive all of it.
By Katrina vanden Heuvel
Washington Post, June 19, 2018. All Rights Reserved.
Katrina vanden Heuvel discusses student debt forgiveness and the recent Levy Research Project Report, "The Macroeconomic Effects of Student Debt Cancellation."
Read more: https://www.washingtonpost.com/opinions/americans-are-drowning-in-student-loan-debt-the-us-should-forgive-all-of-it/2018/06/19/82565218-7314-11e8-9780-b1dd6a09b549_story.html?utm_term=.1a2216214882Associated Program:In the Media | May 2018Stephanie Kelton has the biggest idea in Washington
By Zach Carter
Huffington Post, May 20, 2018. All Rights Reserved.
Highlighting the recent Public Service Employment program proposal by Stephanie Kelton, L. Randall Wray, Pavlina Tcherneva, Scott Fullwiler, and Mathew Forstater, Huffington Post's Zach Carter offers a profile of Levy Research Associate Stephanie Kelton's work in academia and Washington.
Read more: https://www.huffingtonpost.com/entry/stephanie-kelton-economy-washington_us_5afee5eae4b0463cdba15121Associated Program:In the Media | May 2017Greek Economy to Grow Over 2 Percent in 2017, Papadimitriou Says
By Georgios Georgiou
Bloomberg, May 11, 2017. All Rights Reserved.
Greece is confident that the country’s economic output will exceed 2 percent in 2017 boosted by investments, privatizations and exports, Economy and Development Minister Dimitri Papadimitriou said.
Read more: https://www.bloomberg.com/news/articles/2017-05-11/greek-economy-to-grow-over-2-percent-in-2017-papadimitriou-saysAssociated Program:In the Media | May 2017EBRD Sees "Enormous Opportunities" in Greece
By Axel Reiserer
EBRD, May 11, 2017. All Rights Reserved.
The EBRD has reiterated its support for Greece and sees “enormous opportunities” in the country. Alain Pilloux, the Bank’s Vice President, Banking, told a well-attended panel on the investment outlook for Greece: “We will continue to ramp up operations in Greece so that our contribution to economic recovery is maximised during our temporary mandate in the country.” . . .
Read more: http://www.ebrd.com/news/2017/ebrd-sees-enormous-opportunities-in-greece.htmlAssociated Program:In the Media | May 2017The Rock-Star Appeal of Modern Monetary Theory
By Atossa Araxia Abrahamian
The Nation, May 22–28, 2017. All Rights Reserved.
In early 2013, Congress entered a death struggle—or a debt struggle, if you will—over the future of the US economy. A spate of old tax cuts and spending programs were due to expire almost simultaneously, and Congress couldn’t agree on a budget, nor on how much the government could borrow to keep its engines running. Cue the predictable partisan chaos: House Republicans were staunchly opposed to raising the debt ceiling without corresponding cuts to spending, and Democrats, while plenty weary of running up debt, too, wouldn’t sign on to the Republicans’ proposed austerity....
Read more: https://www.thenation.com/article/the-rock-star-appeal-of-modern-monetary-theory/Associated Program:In the Media | April 2017Remember Quantitative Easing? It Could Make a Comeback, Says Boston Fed President
By Deirdre Fernandes
The Boston Globe, April 19, 2017. All Rights Reserved.
The next recession will likely force the Federal Reserve to once again buy up large amounts of assets to boost the supply of money and stimulate the economy, a move that nearly a decade ago was considered drastic and unconventional, according to Boston Federal Reserve President Eric Rosengren....
Read more: https://www.bostonglobe.com/business/2017/04/19/remember-quantative-easing-could-make-comeback-says-boston-fed-president/FjNnoluxXb2WPXHJzjgQxO/story.htmlAssociated Program:In the Media | April 2017Fed’s Rosengren Wants to Shrink Balance Sheet So Slowly that Rate Hikes Can Continue at Same Time
MarketWatch, April 19, 2017. All Rights Reserved.
The Federal Reserve should start shrinking its balance sheet relatively soon but do it so slowly that it doesn’t disturb the central bank’s plans to continue to gradually raise short-term interest rates, said Boston Fed President Eric Rosengren on Wednesday....
Read more: http://www.marketwatch.com/story/feds-rosengren-wants-to-shrink-balance-sheet-so-slowly-that-rate-hikes-can-continue-2017-04-19Associated Program:In the Media | April 2017Rosengren: Balance Sheet Will Be Policy Tool Going Forward
Bu Gary Siegel
The Bond Buyer, April 19, 2017. All Rights Reserved.
The Federal Reserve's balance sheet will probably continue to be used as a monetary policy tool in the future, since interest rates remain low, Federal Reserve Bank of Boston President and CEO Eric S. Rosengren said Wednesday....
Read more: https://www.bondbuyer.com/news/rosengren-balance-sheet-will-be-policy-tool-going-forwardAssociated Program:In the Media | April 2017Fed Should Shed Bonds Soon, Keep Hiking Rates: Rosengren
CNBC, April 19, 2017. All Rights Reserved.
The U.S. Federal Reserve should begin shedding its bond holdings soon but do so in a very gradual way that has little effect on its planned interest rate hikes, Boston Fed President Eric Rosengren said on Wednesday....
Read more: http://www.cnbc.com/2017/04/19/fed-should-shed-bonds-soon-keep-hiking-rates-rosengren.htmlAssociated Program:In the Media | April 2017Fed’s Rosengren: Balance-sheet Reduction Can Start "Relatively Soon"
By Jessica Dye
Financial Times, April 19, 2018. All Rights Reserved.
Eric Rosengren, president of the Boston Fed, has added his voice to the chorus of policymakers who say they are prepared to start the process of unwinding the central bank’s massive balance sheet....
Read more: https://www.ft.com/content/14e638f2-b0d8-347b-9eb5-5eff9d83d497Associated Program:In the Media | April 2017Fed's Rosengren Calls For Trimming Balance Sheet Soon but Slowly
By Christopher Condon
Bloomberg, April 19, 2017. All Rights Reserved.
Federal Reserve Bank of Boston President Eric Rosengren said the central bank should shrink its out-sized balance sheet slowly enough that officials don’t need to alter the path of interest-rate increases....
Read more: https://www.bloomberg.com/news/articles/2017-04-19/fed-s-rosengren-calls-for-trimming-balance-sheet-soon-but-slowlyAssociated Program:In the Media | April 2017Fed Should Shed Bonds Soon, Keep Hiking Rates: Rosengren
By Jonathan Spicer
Reuters, April 19, 2017. All Rights Reserved.
The U.S. Federal Reserve should begin shedding its bond holdings soon but do so in a very gradual way that has little effect on its planned interest rate hikes, Boston Fed President Eric Rosengren said on Wednesday....
Read more: http://www.reuters.com/article/us-usa-fed-rosengren-idUSKBN17L276Associated Program:In the Media | April 2017Boston Fed President Rosengren: Balance Sheet Reduction Should Begin 'Soon'
By Giovanni Bruno
The Street, April 19, 2017. All Rights Reserved.
Boston Fed President Eric Rosengren today said that he is prepared to begin the process of reducing the Federal Reserve's vast balance sheet, according to the Financial Times.
"In my view that process could begin relatively soon, and should not significantly alter the (Federal Open Market Committee's) continuing gradual normalization of short-term interest rates," Rosengren said today at the Hyman P Minsky Conference at Bard College....
Read more: https://www.thestreet.com/story/14093318/1/boston-fed-president-rosengren-balance-sheet-reduction-should-begin-soon.htmlAssociated Program:In the Media | April 2017Stocks Mostly Higher, but Dow Dragged Down by IBM
By Wallace Witkowski
Fox Business, April 19, 2017. All Rights Reserved.
Economic news: Boston Federal Reserve President Eric Rosengren said at Bard College's Levy Economics Institute that he would like the Fed to start shrinking the balance sheet but at such a gradual rate (http://www.marketwatch.com/story/feds-rosengren-wants-to-shrink-balance-sheet-so-slowly-that-rate-hikes-can-continue-2017-04-19) that it doesn't disrupt the central bank's raising of interest rates.
Read more: http://www.foxbusiness.com/features/2017/04/19/market-snapshot-stocks-mostly-higher-but-dow-dragged-down-by-ibm.htmlAssociated Program:In the Media | April 2017FDIC's Hoenig Warns Against Scrapping a US Bankruptcy Reform
Reuters, April 19, 2017. All Rights Reserved.
A top U.S. financial regulator on Wednesday warned against scrapping, as some American lawmakers urge, the "Title II" part of the 2010 Dodd-Frank legislation that created an alternative insolvency process for large firms, saying further reforms would be needed to protect the economy....
Read more: http://www.reuters.com/article/us-usa-banks-hoenig-idUSKBN17L1TOAssociated Program:In the Media | April 2017Fed's George Says 2017 Rate Hikes Depend on Economy
Bloomberg Markets, April 18, 2017. All Rights Reserved.
Federal Reserve Bank of Kansas City President Esther George discusses monetary policy and the state of the U.S. economy. She speaks with Bloomberg's Michael McKee on "Bloomberg Markets."
Video: https://www.bloomberg.com/news/videos/2017-04-18/fed-s-george-says-2017-rate-hikes-depend-on-economy-videoAssociated Program:In the Media | April 2017Fed's George Says Continuing with Rate Rises Is "Necessary"
By Michael S. Derby
The Wall Street Journal, April 18, 2017. All Rights Reserved.
Federal Reserve Bank of Kansas City President Esther George said on Tuesday the U.S. central bank needs to press forward with rate rises, adding it should also begin reducing its massive balance sheet later in the year.
Read more: https://www.wsj.com/articles/feds-george-says-continuing-with-rate-rises-is-necessary-1492520723Associated Program:In the Media | April 2017Federal Official Backs Bond Paring This Year
CNBC, April 18, 2017. All Rights Reserved.
Another Federal Reserve policymaker on Tuesday backed an emerging U.S. central bank plan to begin trimming its bond holdings later this year, as Kansas City Fed President Esther George warned against waiting too long in order to "overheat" labor markets....
Read more: http://www.cnbc.com/2017/04/18/fed-official-backs-bond-pairing-this-year.htmlAssociated Program:In the Media | April 2017George Calls For Fed's Balance Sheet to Shrink on "Autopilot"
By Steve Matthews and Matthew Boesler
Bloomberg Markets, April 18, 2017. All Rights Reserved.
Federal Reserve Bank of Kansas City President Esther George urged the Federal Open Market Committee to start shrinking its $4.5 trillion balance sheet this year, making reductions automatic and not subject to a quick reversal....
Read more: https://www.bloomberg.com/news/articles/2017-04-18/george-calls-for-fed-s-balance-sheet-to-shrink-on-autopilotAssociated Program:In the Media | April 2017Another Fed Official Backs Paring Bond Holdings This Year
By Jonathan Spicer
Reuters, April 18, 2017. All Rights Reserved.
Another Federal Reserve policymaker on Tuesday backed an emerging U.S. central bank plan to begin trimming its bond holdings later this year, as Kansas City Fed President Esther George warned against waiting too long in order to "overheat" labor markets....
Read more: http://mobile.reuters.com/article/idUSKBN17K1J9Associated Program:In the Media | April 2017Another Fed Official Backs Paring Bond Holdings This Year
Nasdaq, April 18, 2017. All Rights Reserved.
Another Federal Reserve policymaker on Tuesday backed an emerging U.S. central bank plan to begin trimming its bond holdings later this year, as Kansas City Fed President Esther George warned against waiting too long in order to "overheat" labor markets....
Read more: http://m.nasdaq.com/article/another-fed-official-backs-paring-bond-holdings-this-year-20170418-00756Associated Program:In the Media | March 2017Greece Needs a New Technologically Upgraded and Extrovert Growth Model, Says Econ Min Papadimitriou
Athens-Macedonian News Agency, March 19, 2017. All Rights Reserved.
The country's development plan focuses on the attraction of investments to dynamic and innovative businesses, stated Economy Minister Dimitris Papadimitriou in a statement to the Sunday edition of Ethnos newspaper....
Read more: http://www.amna.gr/english/article/17744/Greece-needs-a-new-technologically-upgraded-and-extrovert-growth-model--says-Econ-Min-PapadimitriouAssociated Program:In the Media | February 2017Greece’s Economy Minister Confident of Reaching Deal With Creditors
By Nektaria Stamouli
The Wall Street Journal, February 9, 2017. All Rights Reserved.
ATHENS—Greece’s economy minister said he is optimistic the country can resolve its deadlock with its international creditors this month over how to fulfill its bailout program, allowing Greece to bring down its borrowing costs and return to bond markets late this year....
Associated Program:In the Media | February 2017Alt Labour Minister Antonopoulou Highlights Potential of "Social Economy" in Greece
Athens-Macedonian News Agency, February 6, 2017. All Rights Reserved.
Developing the social economy in Greece could help stem the emigration of young Greek scientists and professionals abroad, putting the brakes on the so-called "brain drain," Alternate Labour Minister for fighting unemployment Rania Antonopoulou said in an interview with the Athens-Macedonian New Agency (ANA) released on Sunday.
Read more: http://www.amna.gr/english/article/17055/Alt-Labour-Minister-Antonopoulou-highlights-potential-of-social-economy-in-GreeceAssociated Program:In the Media | January 2017Why a Universal Basic Income Is a Poor Substitute for a Guaranteed Job
By Claire Connelly
ABC News, January 18, 2017. All Rights Reserved.
Creating a universal basic income as a means of addressing unemployment and productivity problems has become the topic du-jour as workers become increasingly separated from the means of production, with even modest salaries failing to cover the cost of living.
Consequently, Australian taxpayers have had to take on a greater burden of debt to support themselves....
Read more: http://www.abc.net.au/news/2017-01-19/universal-basic-income-vs-job-guarantee/8187688Associated Program:In the Media | January 2017"Wildcard" Trump Could Affect Markets, Economic Outlook in 2017
CBC News, January 2, 2017. All Rights Reserved.
Donald Trump, who will be inaugurated as the next U.S president on Jan. 20, brings with him a high level of uncertainty for 2017, investment managers and economists say.
Following the election of Trump on Nov. 8, U.S. stocks took off, with key indices hitting multiple records highs. The Dow Jones industrial average — the benchmark index of blue chip companies — came tantalizingly close to topping the 20,000-point plateau for the first time before the rally petered out in the last trading days of 2016....
Read more: http://www.cbc.ca/news/business/markets-economy-2017-lookahead-1.3916631In the Media | December 2016Assessing Demonetisation: Minsky Provides the Link That Traditional Economics Misses
By Vidhu Shekhar
Swarajya, December 30, 2016. All Rights Reserved.
With the end of demonetisation in sight, and partial remonetisation underway, it may be a good time to reassess the much-maligned economics of demonetisation.
Over this 50-day period, several economists have denounced demonetisation as poor economics, so much so that reading them has made us feel like we were experiencing mass famine. This, despite the fact that even the hard, early days were nearly-incident-free in spite of the enormity of the scale of operations....
Read more: http://swarajyamag.com/economy/assessing-demonetisation-minsk-provides-the-link-that-traditional-economics-missesAssociated Program:In the Media | December 2016Greek Minister Sees Progress Despite Latest Debt Drama
By David R. Sands
The Washington Times, December 16, 2017. All Rights Reserved.
It was a chain of events which neatly captured the grinding economic crisis that plagues Greece: Just as a light appeared at the end of the tunnel, the train broke down once again.
In an interview last week, new Greek Economy and Development Minister Dimitri Papadimitriou said he was “very optimistic” the country had “turned the corner” addressing a crushing six-year public debt crisis that has left it wrangling with its fellow European Union members and the International Monetary Fund over bailouts, austerity and the best way to jump-start the economy....
Read more: http://www.washingtontimes.com/news/2016/dec/16/greek-minister-sees-progress-despite-debt-drama/Associated Program:In the Media | December 2016Papadimitriou: Goal for Greece to Participate in QE
Bloomberg Radio, December 13, 2016. All Rights Reserved.
Dimitri Papadimitriou, Greece’s new minister of economy and development, talks to Pimm Fox and Lisa Abramowicz about the outlook for the Greek economy, the IMF, and the EU. The minister spoke at Capital Link’s 18th Annual Invest in Greece Forum in NYC.
Listen to the podcast here: https://www.bloomberg.com/news/audio/2016-12-13/papadimitriou-goal-for-greece-to-participate-in-qeAssociated Program:In the Media | December 2016Papadimitriou on Greek Economy, 2017 Budget
Bloomberg News, December 12, 2017. All Rights Reserved.
Dimitri B. Papadimitriou, president of the Levy Institute and Minister of Economy and Development for Greece, talks to Bloomberg's Mike McKee about the country's 2017 budget plan, GDP growth forecast, and expectations for concluding its second bailout review later this month.
Read more: http://www.bloomberg.com/news/videos/2016-12-12/papadimitriou-on-greek-economy-2017-budgetAssociated Program:In the Media | December 2016Give Greece Credit, Even Just for Treading Water
By Mark Gilbert
Bloomberg, December 6, 2016. All Rights Reserved.
Here are two things I'll bet most people don't know about Greece. The country's just-appointed minister of economy and development, Dimitri Papadimitriou, was lured away from his position as head of the Levy Economics Institute at Bard College in America. He's not a member of the ruling Syriza party. And the man appointed secretary general for public revenue in January is Giorgos Pitsillis, a professional tax lawyer. He's not a party member either....
Read more: https://www.bloomberg.com/view/articles/2016-12-06/greece-deserves-credit-for-its-reform-effortsAssociated Program:In the Media | November 2016IMF Indecision on Bailout Faulted by Greek Economy Minister
By Marcus Bensasson
Bloomberg, November 28, 2016. All Rights Reserved.
The time has come for the International Monetary Fund to make up its mind on Greece, according to the country’s economy minister.
The path to recovery runs sequentially through completion of Greece’s bailout review, debt relief and then admission to the European Central Bank’s quantitative easing program, said Dimitri Papadimitriou, an economist who joined the government this month after a career championing alternatives to the macroeconomics espoused by the IMF. Now, the Washington-based fund must decide whether the Greek recovery will happen with or without it, he said in an interview.
Read more: http://www.bloombergquint.com/global-economics/2016/11/27/imf-indecision-on-bailout-criticized-by-greek-economy-ministerAssociated Program:In the Media | November 2016Bard Professor Appointed Greece’s Minister of Economy and Development
Daily Freeman, November 6, 2016. All Rights Reserved.
Economist Dimitri B. Papadimitriou, president of the Levy Economics Institute of Bard College and executive vice president and Jerome Levy Professor of Economics at Bard College, was appointed Greece’s minister of economy and development....
Read more: http://www.dailyfreeman.com/general-news/20161106/bard-professor-appointed-greeces-minister-of-economy-and-developmentAssociated Program:In the Media | November 2016Greek Prime Minister Reshuffles Cabinet to Boost Bailout Reforms
The Guardian, November 6, 2016. All Rights Reserved.
The Greek prime minister, Alexis Tsipras, has reshuffled his government to boost bailout reforms in the hope of getting the EU to agree to critical debt relief by the end of the year....
Read more: https://www.theguardian.com/world/2016/nov/06/greek-prime-minister-tsipras-reshuffles-cabinet-to-boost-bailout-reformsAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
New Delhi Times, November 5, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said....
Read more: http://www.newdelhitimes.com/greek-cabinet-reshuffle-leaves-key-ministers-in-place123/Associated Program:In the Media | November 2016Tsipras Chases Political Revival with Greek Cabinet Reshuffle
By Marcus Bensasson, Nikos Chrysoloras, and Eleni Chrepa
Chicago Tribune, November 5, 2016. All Rights Reserved.
Greece's president swore in a new Cabinet after Prime Minister Alexis Tsipras sought to turn around his political fortunes and work toward better terms from creditors by naming new ministers.
Tsipras appointed George Stathakis as energy minister late Friday, replacing Panos Skourletis, who repeatedly clashed with the country's creditors and investors such as mining company Eldorado Gold Corp. Skourletis was moved to the interior ministry, while Stathakis' replacement as economy minister was Dimitri Papadimitriou, president of the Levy Economics Institute at Bard College in New York. President Prokopis Pavlopoulos inaugurated the new cabinet in Athens on Saturday....
Read more: http://www.chicagotribune.com/news/sns-wp-blm-greece-16ea3e96-a362-11e6-8864-6f892cad0865-20161105-story.htmlAssociated Program:In the Media | November 2016Greek PM Tsipras Reshapes Cabinet in Bid to Speed Up Reform
By Renee Maltezou and Lefteris Papadimas
Reuters, November 5, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras promised "brighter days" on Saturday after a cabinet reshuffle aimed at speeding up reforms Athens has agreed to implement under its latest international bailout deal and to shore up his government's popularity....
Read more: http://www.reuters.com/article/us-eurozone-greece-reshuffle-idUSKBN12Z2NE
Associated Program:In the Media | November 2016Tsipras Chases Political Revival with Greek Cabinet Reshuffle
By Marcus Bensasson, Nikos Chrysoloras, and Eleni Chrepa
Bloomberg, November 4, 2016. All Rights Reserved.
Greece’s president swore in a new cabinet after Prime Minister Alexis Tsipras sought to turn around his political fortunes and work toward better terms from creditors by naming new ministers.
Tsipras appointed George Stathakis as energy minister late Friday, replacing Panos Skourletis, who repeatedly clashed with the country’s creditors and investors such as mining company Eldorado Gold Corp. Skourletis was moved to the interior ministry, while Stathakis’s replacement as economy minister was Dimitri Papadimitriou, president of the Levy Economics Institute at Bard College in New York. President Prokopis Pavlopoulos inaugurated the new cabinet in Athens on Saturday....
Read more: http://www.bloomberg.com/news/articles/2016-11-04/tsipras-shakes-up-greek-cabinet-to-boost-support-ahead-of-reviewAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
Newsday, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.newsday.com/news/world/greek-cabinet-reshuffle-leaves-key-ministers-in-place-1.12562414Associated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
U.S. News & World Report, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.usnews.com/news/world/articles/2016-11-04/greek-cabinet-reshuffle-leaves-key-ministers-in-placeAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
Miami Herald, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.miamiherald.com/news/business/article112603703.htmlAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
San Francisco Chronicle, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.sfchronicle.com/news/article/Greek-cabinet-reshuffle-leaves-key-ministers-in-10594178.phpAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
ABC News, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://abcnews.go.com/Politics/wireStory/greek-cabinet-reshuffle-leaves-key-ministers-place-43312887Associated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
The Washington Post, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: https://www.washingtonpost.com/world/europe/greek-cabinet-reshuffle-leaves-key-ministers-in-place/2016/11/04/78b2bef8-a2ce-11e6-8864-6f892cad0865_story.htmlAssociated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
The New York Times, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.nytimes.com/aponline/2016/11/04/world/europe/ap-eu-greece-cabinet-reshuffle.html?_r=0Associated Program:In the Media | November 2016Greek Cabinet Reshuffle Leaves Key Ministers in Place
Salon, November 4, 2016. All Rights Reserved.Greek Prime Minister Alexis Tsipras, beset by plummeting popularity and tough bailout talks, reshuffled his cabinet late Friday, retaining his ministers of finance and foreign affairs and enhancing the powers of his top official for immigration.
U.S.-educated economics professor Dimitri Papadimitriou was appointed development minister, government spokeswoman Olga Gerovassili said.
Papadimitriou, 70, is the president of the Levy Economics Institute of Bard College, New York. He replaces George Stathakis, who moved to the energy ministry....
Read more: http://www.salon.com/2016/11/04/greek-cabinet-reshuffle-leaves-key-ministers-in-place/
Associated Program:In the Media | November 2016PM Removes Some Who Opposed Reforms, Brings In New Faces
Kathimerini, November 4, 2016. All Rights Reserved.
Prime Minister Alexis Tsipras proceeded on Friday with a long-awaited government reshuffle, moving out some ministers who have opposed bailout reforms and bringing some new blood into the administration.
Read more: http://www.ekathimerini.com/213441/article/ekathimerini/news/pm-removes-some-who-opposed-reforms-brings-in-new-facesAssociated Program:In the Media | November 2016Greek Prime Minister Reorders Cabinet
By Nektaria Stamouli
The Wall Street Journal, November 4, 2016. All Rights Reserved.
Greek Prime Minister Alexis Tsipras reshuffled his cabinet late Friday to speed up talks with Greece’s creditors and revive the morale of his ruling left-wing Syriza party after heavy setbacks....
Read more: http://www.wsj.com/articles/greek-prime-minister-reorders-cabinet-1478295602Associated Program:In the Media | September 2016Tsipras Defeat in Attica Battle Bolsters Bank of Greece Governor
By Marcus Bensasson
Bloomberg, September 21, 2016. All Rights Reserved.
Advantage Yannis Stournaras.
In the battle of wits between Greece’s central bank governor and Prime Minister Alexis Tsipras, the former seems to have won the latest round, giving him a leg up should he harbor any ambitions of a return to politics....
Read more: http://www.bloomberg.com/news/articles/2016-09-21/tsipras-defeat-in-attica-battle-bolsters-bank-of-greece-governorAssociated Program:In the Media | August 2016Imagining Economics in an Age of Stein, Clinton, Trump, or Johnson
Manhattan Neighborhood Network, August 25, 2016. All Rights Reserved.
"Radical Imagination" host Jim Vrettos talks to Senior Scholar L. Randall Wray about what the US economy might look like under a Stein, Clinton, Trump, or Johnson administration.
Full video of the interview is available here.In the Media | August 2016Hillary Clinton's Economic Dream Team
By Jeff Spross
The Week, August 22, 2016. All Rights Reserved.
The election isn't here yet, but it's looking more and more likely Hillary Clinton will trounce Donald Trump in November. Speculation over who she might appoint as advisors and agency heads has already commenced. And like anyone else, I have got my own opinions about who Clinton should pick, particularly when it comes to the economics positions….
Read more: http://theweek.com/articles/643874/hillary-clintons-economic-dream-team
Associated Program:In the Media | August 2016Tcherneva on Job Guarantee over a Basic Income
RT America, August 20, 2016. All Rights Reserved.
In this interview on "Boom Bust" Research Associate Pavlina R. Tcherneva advocates in favor of a public job guarantee program over universal basic income as a means of alleviating poverty and stabilizing the business cycle. (Interview begins at 15:00.)
Watch here: https://www.rt.com/shows/boom-bust/356572-louisiana-crisis-turkey-economy/In the Media | August 2016Time for a US Job Guarantee?
RT America TV, August 9, 2016. All Rights Reserved.
Research Associate Pavlina R. Tcherneva appears on "Boom Bust" to discuss sluggish growth, labor markets, and her proposal for a job guarantee.
Watch here: https://www.youtube.com/watch?v=GvFliCk1osE#t=13m15s
Associated Program:In the Media | July 2016Minsky's Moment
The Economist, July 28, 2016. All Rights Reserved.
From the start of his academic career in the 1950s until 1996, when he died, Hyman Minsky laboured in relative obscurity. His research about financial crises and their causes attracted a few devoted admirers but little mainstream attention: this newspaper cited him only once while he was alive, and it was but a brief mention. So it remained until 2007, when the subprime-mortgage crisis erupted in America. Suddenly, it seemed that everyone was turning to his writings as they tried to make sense of the mayhem....
Read more: http://www.economist.com/news/economics-brief/21702740-second-article-our-series-seminal-economic-ideas-looks-hyman-minskys />Associated Program:In the Media | July 2016Connecting the Dots: Debt, Savings and the Need for a Fiscal Growth Policy
Andrea Terzi
Public Debt Project, July 14, 2016. All Rights Reserved.
Twice in the second half of the twentieth century, in the midst of a robust economy, economists optimistically talked about the taming and even “the death of the business cycle” based on the belief that advances in macroeconomics had reached a point of perfection. Yet, both times, the economy underwent serious turbulence and the policies that seemed to have “solved the problem” proved inadequate to the challenges presented by unexpected realities. In the 1970s, the “neo-classical synthesis,” with its faith in forecasting and macroeconomic “fine tuning,” succumbed to stagflation and a new theory, the Monetarist paradigm, came to prominence....
Read more: http://privatedebtproject.org/view-articles.php?Connecting-the-Dots-Debt-Savings-and-the-Need-for-a-Fiscal-Growth-Policy-21
In the Media | July 2016Keep Unemployment From Mushrooming With Preventative Policies
Pavlina R. Tcherneva
The New York Times, July 11, 2016. All Rights Reserved.
Though job growth surged in June, by and large, this recovery has been the slowest in postwar history and 7.8 million people continue to look, unsuccessfully, for work.
There is nothing inevitable or natural about jobless recoveries....
Read more: http://www.nytimes.com/roomfordebate/2016/07/11/are-we-ready-for-the-next-recession/keep-unemployment-from-mushrooming-with-preventative-policies
In the Media | June 2016The Argument Against Basic Income
Bloomberg, June 7, 2016. All Rights Reserved.
Research Associate Pavlina R. Tcherneva argues against a universal basic income policy and in favor of a job guarantee in this interview with Bloomberg’s Joe Weisenthal. Click here for the video.In the Media | May 2016Glut: Storing Oil at a Loss, Greece in Need of Money
Boom Bust (RT), May 25, 2016. All Rights Reserved.
Anti-austerity protests take hold in Belgium as tens of thousands take to the streets in opposition. And the Eurogroup meets to discuss the Greek bailout as tension builds between creditors. Ameera David reports....
After the break, Ameera is joined by Levy Economics Institute research associate Marshall Auerback to discuss the situation concerning Greece’s Troika debt and austerity program.... Full video of the interview is available here (15:52).
Associated Program:In the Media | May 2016Can the US "Print Money" to Pay Down the National Debt?
Bloomberg, May 12, 2015. All Rights Reserved.
Senior Scholar L. Randall Wray discusses the US national debt and inflation with Bloomberg’s Joe Weisenthal on “What’d You Miss?”
Full video of the interview is available here.In the Media | May 2016Trump Is Now Running to the Left of Sanders on Federal Debt
By Michelle Jamrisko
Bloomberg, May 11, 2016. All Rights Reserved.
Donald Trump’s about-face on the relevance of a ballooning U.S. debt continues his campaign’s hallmark of zigging and zagging on policy issues, landing him now on economic proposals favored by economists to the left of Bernie Sanders.
The billionaire businessman has advocated for the federal government to take advantage of cheap interest rates by boosting spending on initiatives such as rebuilding infrastructure -- a position shared by traditional Keynesian economists and skewered by budget hawks who say his numbers won’t add up. Now, Trump’s post-Keynesian approach is throwing out budget balancing, and declaring American immunity to a default....
Read more: http://www.bloomberg.com/politics/articles/2016-05-11/trump-is-now-running-to-the-left-of-sanders-on-federal-debtAssociated Program:In the Media | May 2016Book Review: Why Minsky Matters
Reviewed by William J. Bernstein
Seeking Alpha, May 5, 2016. All Rights Reserved.
A few decades ago, Paul Samuelson wrote a letter to Robert Shiller and John Campbell, in which he discussed the notion that while the stock market was “micro efficient,” it was also “macro inefficient,” by which he meant that although profitable security choices were swiftly arbitraged away, the stock market as a whole irrationally swung between extremes of valuation.
Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable….
Read more: http://seekingalpha.com/article/3971589-book-review-minsky-mattersAssociated Program:In the Media | May 2016Levy Economics: 90% of Americans Worse Off Today Than in 1970s
By Gary D. Halbert
ValueWalk, May 3, 2016. All Rights Reserved.
Today we will focus on a recent study from the Levy Economics Institute which found that 90% of Americans were worse off financially in 2015 than at any time since the early 1970s. Furthermore, for the vast majority of Americans, the nation’s economy is in a prolonged period of stagnation, worse even than that of Japan.
So are we really worse off today than Japan? This latest study concludes that the answer isYES, when it comes to real income – that is, income adjusted for inflation. According to their findings, 90% of Americans earn roughly the same real income today as the average American earned back in the early 1970s. It’s an eye-opening look at how the vast majority of Americans are struggling to make ends meet....
Read more: http://www.valuewalk.com/2016/05/americans-worse-off/
Associated Program:In the Media | April 2016Trump Says American Dream Is Dead; Is He Right?
By Dora Mekouar
Voice of America, April 25, 2016. All Rights Reserved.
Donald Trump has famously declared that the American Dream is dead, but the majority of middle class Americans seem to disagree with the Republican presidential frontrunner.
Sixty-three percent of people surveyed earlier this year believe they are living the American Dream. That finding suggests American optimism hasn’t been a casualty of the recession, despite a report that says 90 percent of Americans are worse off today than they were in the 1970s....
Read more: http://blogs.voanews.com/all-about-america/2016/04/25/trump-says-american-dream-is-dead-is-he-right/Associated Program:In the Media | April 2016How Regulators Mess With Bankers’ Minds, and Why That’s Good
By Peter Eavis
The New York Times, April 14, 2016. All Rights Reserved.
Bank regulators on Wednesday sent a message that big banks are still too big and too complex. They rejected special plans, called living wills, that the banks have to submit to show they can go through an orderly bankruptcy.
The thinking behind the regulators’ call for living wills is that if a large bank crash is orderly, there will be no need to save it and no need for taxpayer bailouts....
Read more: http://www.nytimes.com/2016/04/15/upshot/how-regulators-mess-with-bankers-minds-and-why-thats-good.htmlAssociated Program(s):In the Media | April 2016EZB/Constancio: Instrument der Negativzinsen hat Grenzen
Von Tom Fairless
Finanz Nachrichten, 14 April 2016. Alle Rechte vorbehalten.
Für das Instrument der negativen Zinsen gibt es nach Aussage des EZB-Vizepräsidenten Vitor Constancio "klare Grenzen". Die Schwelle, an der die Leute anfangen, Geld abzuziehen, um die Negativzinsen zu umgehen, scheine aber noch weit weg zu sein, sagte Constancio in einer Rede beim Bard College in New York....
Weiterlesen: http://www.finanznachrichten.de/nachrichten-2016-04/37060417-ezb-constancio-instrument-der-negativzinsen-hat-grenzen-015.htm
Associated Program(s):In the Media | April 2016Speech Vítor Constâncio: International Headwinds and the Effectiveness of Monetary Policy
Foreign Affairs, April 14, 2016. All Rights Reserved.
Speech by Vítor Constâncio, Vice-President of the ECB, at the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, New York, 13 April 2016
Ladies and Gentlemen,
I want to start by thanking the Levy Institute for inviting me again to address this important conference honouring Hyman Minsky, the economist that the Great Recession justifiably brought into the limelight. His work provides crucial insights not only identifying the key mechanisms by which periods of financial calm sow the seeds for ensuing crises, but also the specific challenges that economies face in recovering from such crises....
Read more: http://foreignaffairs.co.nz/2016/04/14/speech-vitor-constancio-international-headwinds-and-the-effectiveness-of-monetary-policy/
Associated Program(s):In the Media | April 2016ECB's Constancio Says Negative-Rate Policy Has "Clear Limits"
By Alessandro Speciale and Matthew Boesler
The Washington Post, April 14, 2016. All Rights Reserved.
European Central Bank Vice President Vitor Constancio on Wednesday said there was only so much that negative interest rates can do to boost the economy and defended the central bank’s strategy as positive for the euro area as a whole.
It is “important to recall that there are clear limits to the use of negative deposit facility rates as a policy instrument,” he said in a speech at the Levy Economics Institute of Bard College in New York state. “Tier systems that simply pass direct costs at the margin can mitigate this concern but cannot dispel it altogether.” ...
Read more: http://washpost.bloomberg.com/Story?docId=1376-O5LE8T6TTDS101-597LUN1M75BN1J81FK32I14G7R
Associated Program(s):In the Media | April 2016Negative Rates Not Needed in US for Now—ECB's Constancio
By Richard Leong
Reuters, April 14, 2016. All Rights Reserved.
Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday.
The U.S. economy, while far from robust, has been growing at a steady pace, and has seen some improvement in price growth since hitting a post-crisis low earlier this year.
Read more: http://uk.reuters.com/article/uk-ecb-policy-constancio-negativerates-idUKKCN0XA2Q4
Associated Program(s):In the Media | April 2016AMB/Constancio: Negatif faiz politikasının limitleri var
Bloomberg, 14 Nisan 2016. Her Hakkı Saklıdır.
Avrupa Merkez Bankası (AMB) Başkan Yardımcısı Vitor Constancio Çarşamba günü yaptığı açıklamada, negatif faiz oranının ekonomiyi destekleme konusunda yapabileceklerinin sınırlı olduğunu söyleyerek AMB'nin stratejisinin euro bölgesinin tamamı için olumlu olduğunu söyledi.
Constancio, New York eyaletinde Bard College'de Levy Economics Institute'de yaptığı konuşmada, "Negatif mevduat faiz oranını bir politika aracı olarak kullanmanın açık sınıları olduğunu hatırlamak önemli, kademeli faiz sistemi bu endişeyi azaltabilir ama tamamen yok edemez" dedi....
Daha fazla oku: http://www.bloomberght.com/haberler/haber/1872569-ambconstancio-negatif-faiz-politikasinin-limitleri-var
Associated Program(s):In the Media | April 2016Negative Rates Not Needed in US for Now—ECB's Constancio
By Richard Leong
Yahoo! Finance, April 13, 2016. All Rights Reserved.
Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday.
Read more: http://finance.yahoo.com/news/negative-rates-not-needed-u-225239865.html
Associated Program(s):In the Media | April 2016Update 1—Negative Rates Not Needed in US for Now—ECB's Constancio
By Richard Leong
Reuters, April 13, 2016. All Rights Reserved.
Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday.
The U.S. economy, while far from robust, has been growing at a steady pace, and has seen some improvement in price growth since hitting a post-crisis low earlier this year....
Read more: http://www.reuters.com/article/ecb-policy-constancio-negativerates-idUSL2N17G2GK
Associated Program(s):In the Media | April 2016EZB-Vizepräsident: Negativzinsen sind kein Allheilmittel!
Finanzen 100, 13 April 2016. Alle Rechte vorbehalten.
Die vielumstrittenen Negativzinsen der EZB haben klare Grenzen der Wirksamkeit. Obwohl der EZB-Vizepräsident Vítor Constâncio die Strategie der Notenbank am Mittwochabend als positiv für die Eurozone verteidigt hat, gab er zu, dass negative Zinsen die Konjunktur nur beschränkt ankurbeln können....
Weiterlesen: http://www.finanzen100.de/finanznachrichten/wirtschaft/geldpolitik-ezb-vizepraesident-negativzinsen-sind-kein-allheilmittel_H609679858_263944/
Associated Program(s):In the Media | April 2016ECB's Constancio Says Negative-Rate Policy Has "Clear Limits"
By Alessandro Speciale and Matthew Boesler
Bloomberg, April 13, 2016. All Rights Reserved.
European Central Bank Vice President Vitor Constancio on Wednesday said there was only so much that negative interest rates can do to boost the economy and defended the central bank’s strategy as positive for the euro area as a whole.
It is “important to recall that there are clear limits to the use of negative deposit facility rates as a policy instrument,” he said in a speech at the Levy Economics Institute of Bard College in New York state. “Tier systems that simply pass direct costs at the margin can mitigate this concern but cannot dispel it altogether.” ...
Read more: http://www.bloomberg.com/news/articles/2016-04-13/ecb-s-constancio-says-negative-rate-policy-has-clear-limits
Associated Program(s):In the Media | April 2016Negative Rates Not Needed in US for Now: ECB's Constancio
By Richard Leong
The Fiscal Times, April 13, 2016. All Rights Reserved.
Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday....
Read more: http://www.thefiscaltimes.com/latestnews/2016/04/13/Negative-rates-not-needed-US-now-ECBs-Constancio
Associated Program(s):In the Media | March 2016Ignored for Years, a Radical Economic Theory Is Gaining Converts
In an American election season that’s turned into a bonfire of the orthodoxies, one taboo survives pretty much intact: Budget deficits are dangerous.
A school of dissident economists wants to toss that one onto the flames, too....
Read more: http://www.bloomberg.com/news/articles/2016-03-13/ignored-for-years-a-radical-economic-theory-is-gaining-converts
Associated Program:In the Media | February 2016European Disunion: EU Negotiates UK on #Brexitb
Reuters, February 19, 2016. All Rights Reserved.
All eyes are on Brussels as European leaders converge for meetings that could ultimately redefine the region, and the Organization for Economic Cooperation and Development has lowered its global economic forecast. Ameera David weighs in and then sits down with Marshall Auerback—research associate at the Levy Economics Institute—to continue the discussion on Europe….
Interview begins at 4:45: https://www.rt.com/shows/boom-bust/332954-european-disunion-eu-negotiations/
In the Media | January 2016The Fed Puts Rates on Ice
By Sheyna Steiner
Federal Reserve Blog, January 27, 2016. All Rights Reserved.
After raising interest rates in December for the first time since the financial crisis and Great Recession, the Federal Reserve has gone into a January freeze. The central bank on Wednesday announced no change in interest rates, meaning the target for the Fed's benchmark federal funds rate will remain between 0.25% and 0.50%, the range set last month.
For consumers, the outcome of this week's meeting means more of the same. Savers will continue to suffer low interest rates on savings while debtors continue to enjoy extremely low borrowing costs....
Read more: http://www.bankrate.com/financing/federal-reserve/the-fed-puts-rates-on-ice/
Associated Program:In the Media | January 2016Why Minsky Matters: An Introduction to the Work of a Maverick Economist (a Review)
By William J. Bernstein
CFA Institute, January 20, 2016. All Rights Reserved.
A few decades ago, Paul Samuelson wrote a letter to Robert Shiller and John Campbell in which he discussed the notion that while the stock market was “micro efficient,” it was also “macro inefficient,” by which he meant that although profitable security choices were swiftly arbitraged away, the stock market as a whole irrationally swung between extremes of valuation.
Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable....
Read more: http://www.cfapubs.org/doi/full/10.2469/br.v11.n1.2
Associated Program:In the Media | December 2015The Enduring Relevance of “Manias, Panics, and Crashes”
By Joseph P. Joyce
EconoMonitor, December 14, 2015. All Rights Reserved.
The seventh edition of Manias, Panics, and Crashes has recently been published by Palgrave Macmillan. Charles Kindleberger of MIT wrote the first edition, which appeared in 1978, and followed it with three more editions. Robert Aliber of the Booth School of Business at the University of Chicago took over the editing and rewriting of the fifth edition, which came out in 2005. (Aliber is also the author of another well-known book on international finance, The New International Money Game.) The continuing popularity of Manias, Panics and Crashes shows that financial crises continue to be a matter of widespread concern.
Kindleberger built upon the work of Hyman Minsky, a faculty member at Washington University in St. Louis. Minsky was a proponent of what he called the “financial instability hypothesis,” which posited that financial markets are inherently unstable. Periods of financial booms are followed by busts, and governmental intervention can delay but not eliminate crises. Minsky’s work received a great deal of attention during the global financial crisis (see here and here; for a summary of Minsky’s work, see Why Minsky Matters by L. Randall Wray of the University of Missouri-Kansas City and the Levy Economics Institute)….
Read more: http://www.economonitor.com/blog/2015/12/the-enduring-relevance-of-manias-panics-and-crashes/
Associated Program:In the Media | December 2015Auerback on ISIS Funding and ECB Negative Rates
RT, December 4, 2015. All Rights Reserved.
Edward Harrison sits down with Research Associate Marshall Auerback to talk about Europe in this broadcast interview (04:17): https://www.rt.com/shows/boom-bust/324713-auerback-isis-funding-turkey/
Associated Program:In the Media | November 2015Review: Another "Minsky Moment" May Be on the Way
By Edward Chancellor
Reuters, November 27, 2015. All Rights Reserved.
Forget the living canon of great economists – Paul Krugman, Joe Stiglitz, Larry Summers and the rest. Hyman Minsky was the only contemporary thinker to have predicted with uncanny precision the global financial crisis. This is no small achievement since Minsky died more than a decade before Lehman Brothers filed for bankruptcy. Minsky’s unorthodox vision of capitalism, with its emphasis on the central role of finance and the system’s inherent tendency to crash, was vindicated by the subprime crisis.
In a new book, “Why Minsky Matters: An Introduction to the Work of a Maverick Economist,” L. Randall Wray suggests that he would have approved of policymakers’ initial response to the crisis precipitated by Lehman’s collapse in the fall of 2008. However, by now, Minsky would be fretting that another “Minsky moment” is not far away and pondering what lies ahead....
Read more: http://blogs.reuters.com/breakingviews/2015/11/27/review-another-minsky-moment-may-be-on-the-way/Associated Program:In the Media | November 2015Want More—and Better—Jobs? Put Women in Charge
By Tamar Khitarishvili
Voices from Eurasia, November 24, 2015. All Rights Reserved.
I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in labour markets of these countries, I searched for evidence on how the challenge of job creation can be overcome without perpetuating gender inequalities in the region, and preferably, by reducing them....
Read more: http://europeandcis.undp.org/blog/2015/11/24/want-more-and-better-jobs-put-women-in-charge/
In the Media | November 2015Greek Banks Ask Investors to Take Uncertain Leap of Faith
By Nikos Chrysoloras and Christos Ziotis
Bloomberg, November 13, 2015. All Rights Reserved.
The National Bank of Greece SA and Eurobank Ergasias SA joined Piraeus Bank SA and Alpha Bank AE on Thursday in starting book-building processes as they seek to fill part of 14.4 billion-euro ($15.5 billion) hole in their accounts identified by the European Central Bank. The state-owned Hellenic Financial Stability Fund will contribute the rest from loans from Greece’s latest bailout, but not before imposing mandatory losses or "burden sharing” on shareholders and creditors of the banks....
Read more: http://www.bloomberg.com/news/articles/2015-11-13/greek-banks-ask-investors-to-take-leap-of-faith-amid-uncertainty
Associated Program:In the Media | November 2015Recapitalization of Battered Greek Banks Entering Critical Phase, New Levy Economics Institute Report Says
Investorideas.com, November 12, 2015. All Rights Reserved.
The battered Greek banks will soon face yet another round of recapitalization this November and December. For the banks to have any prospect of returning to their precrisis role as liquidity providers to the Greek economy, it is imperative that the country’s EU creditors and supervisors avoid the pitfalls of previous recapitalizations, argues a new report from the Levy Economics Institute of Bard College. In their Policy Note What Should Be Done with Greek Banks to Help the Country Return to a Path of Growth? Emilios Avgouleas, professor and chair of international banking law and finance at the University of Edinburgh School of Law, and Levy Institute President Dimitri B. Papadimitriou stress that the recapitalization of Greek banks—perhaps the central issue for the Greek state today—has entered its most critical stage....
Read more: http://www.investorideas.com/news/2015/main/11123.asp
Associated Program:In the Media | October 20152015’s Most & Least Recession-Recovered Cities
By Richie Bernardo
WalletHub, October 12, 2015. All Rights Reserved.
For many Americans today, the Great Recession is nothing more than the distant shadow of a troubled economic past. The longest downturn since the Great Depression officially ended six years ago. Cities coast to coast have completely bounced back — some even surpassing their pre-recession economic levels, thanks to lucrative industries that helped them rebuild or stay afloat through the crisis.
Yet the effects of the recession still reverberate in various parts of the U.S., falling deeper into debt and leaving millions of Americans wondering whether the recession has indeed blown over. ...
Read more: https://wallethub.com/edu/most-least-recession-recovered-cities/5219/#pavlina-r-tchernevaAssociated Program:In the Media | September 2015Is It Time for a New New Deal?
By James M. Larkin and Zach Goldhammer
The Nation, September 30, 2015. All Rights Reserved.
To close out our series on work, produced in partnership with Open Source with Christopher Lydon and The Nation, we’re looking ahead to the big proposals and spiritual realignments that might spell a major change for working- and middle-class people who feel as though the recession never ended.
For proof of the problems we face, look no further than this chart, produced by one of our big thinkers this week, the Bulgarian-American economist Pavlina Tcherneva….
Read more: http://www.thenation.com/article/is-it-time-for-a-new-new-deal/
Associated Program:In the Media | September 2015Kregel: "Do nothing about vulture funds; let the case sit there"
By Fermin Koop
Buenos Aires Herald, September 27, 2015. All Rights Reserved.
Jan Kregel, one of the world’s most eminent Post-Keynesian economists specialized in financial crises and structural problems of developing economies, has written several papers on Argentina’s economy after the 2001–2002 economic meltdown. The director of research at the Levy Economics Institute at Bard College in upstate New York, Kregel served as rapporteur of the president of the UN General Assembly’s Commission on Reform of the International Financial System.
In Buenos Aires for a conference, Kregel met with the Herald and discussed the country’s economy, highlighting that the currency is in desperate need of a devaluation. At the same time, he said the country shouldn’t take action regarding the “vulture” funds, which he linked to late special AMIA prosecutor Alberto Nisman....
Read more: http://www.buenosairesherald.com/article/199670/kregel-‘do-nothing-about-vulture-funds-let-the-case-sit-there’Associated Program:In the Media | September 2015Jan Kregel: “Lo importante es generar empleo”
Página|12, 26 Septiembre 2015. Reservados todos los derechos.
“No se puede mirar el crecimiento económico sin empleo. Si se va a desarrollar la economía, no importa la tasa de inversión o de crecimiento si no se genera empleo”, destacó el prestigioso economista estadounidense Jan Kregel, durante su intervención en el Congreso sobre Pensamiento Económico Latinoamericano. El investigador poskeynesiano compartió el panel junto con el especialista francés Pascal Petit, quien advirtió que hacia fin de año habrá 19 millones de desempleados en la Eurozona, unos siete millones más que durante 2008....
Lee más: http://www.pagina12.com.ar/diario/economia/2-282499-2015-09-26.htmlAssociated Program:In the Media | September 2015Alexis Tsipras and Greece Are Still Trapped
By John Cassidy
The New Yorker, September 21, 2015. All Rights Reserved.
How long will the smile on the face of Alexis Tsipras last? On Monday night, Tsipras was sworn in as the head of a new Greek government that looks very similar to the previous one. The left-wing Syriza party is again forming a coalition with a small nationalist party, Independent Greeks; together, the two parties will have a small majority in parliament….
Read more: http://www.newyorker.com/news/john-cassidy/alexis-tsipras-and-greece-are-still-trapped
Associated Program:In the Media | August 2015Papadimitriou on Latest from Greece
Bloomberg Radio, August 20, 2015. All Rights Reserved.
Levy Institute President Dimitri B. Papadimitriou talks to Bloomberg's Michael McKee and Kathleen Hays about the resignation of Greek PM Alex Tsipras, public reaction to the latest bailout package, and the forthcoming snap elections.
Podcast: http://media.bloomberg.com/bb/avfile/v8Dhep9k7w6o.mp3
Associated Program:In the Media | July 2015Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did
By Julie Verhage and Alex Balogh
Bloomberg Business, July 15, 2015. All Rights Reserved.
Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Among the nine listed here? Levy Institute scholars Wynne Godley, L. Randall Wray, Stephanie A. Kelton, and Mathew Forstater.
Read more: http://www.bloomberg.com/news/articles/2015-07-15/nine-people-who-saw-the-greek-crisis-coming-years-before-everyone-else-did
Associated Program:In the Media | July 2015Episode 75: Your Greece Bailout Explainer and the Coming Healthcare Revolution
The American Prospect, July 14, 2015. All Rights Reserved.
Good evening, podcast listeners! We’ve got a great episode for you this week as Richard Aldous speaks with his Bard colleague Pavlina Tcherneva about the recently announced deal with Greece before discussing the promise of disruptive new healthcare technologies with Philip Auerswald....
Full audio of the interview is available here.
In the Media | July 2015Antonopoulos: Greece “Back in Serious Recession” despite Rescue
By Robert Peston
BBC News, July 13, 2015. All Rights Reserved.
Greece's economy will contract a further 3%, Athens minister Rania Antonopoulos has told me in a BBC interview.
The alternate minister for combating unemployment, who was a professional economist, said that the combination of the closure of the banks and austerity measures being forced on the country by eurozone and IMF creditors will tip Greece back into serious recession....
Full video of the interview is available here.
In the Media | July 2015Greece Is Committed to Staying in Euro Zone: Antonopoulos
Bloomberg Business, July 10, 2015. All Rights Reserved.
Ahead of Greek PM Alex Tsipras's meeting with eurozone finance ministers on July 11, Syriza MP and Levy Institute economist Rania Antonopoulos expressed confidence that a "mutually beneficial" agreement between Greece and its creditors would be put in place within the week, and stated that the government's commitment to remaining in the eurozone "is as strong as ever."
Full video of the interview is available here.In the Media | July 2015Levy's Papadimitriou on Narrowing Options for Greece
Bloomberg Radio, July 8, 2015. All Rights Reserved.
Dimitri Papadimitriou talks to Kathleen Hays about anti-left sentiment in the eurozone, the possibility of a Grexit, and Greece's strategic value, as the deadline for submitting a new reform proposal to its creditors approaches.
Full audio of the interview is available here.
In the Media | July 2015Negotiations between the Greek and European Finance Ministers Go Nowhere
Background Briefing with Ian Masters, July 7, 2015. All Rights Reserved.
From Athens, Greece, Levy President Dimitri B. Papadimitriou provides an update on emergency negotiations between the new Greek finance minister and his European counterparts, amid warnings by German Chancellor Angela Merkel that “it is no longer about weeks, but a matter of days” before time runs out on striking a deal.
Listen to the complete interview here:
http://ianmasters.com/sites/default/files/bbriefing_2015_07_07c_dimitri%20papadimitrou.mp3In the Media | July 2015Greece Defaults on IMF
RT, July 2, 2015. All Rights Reserved.
Research Associate Pavlina R. Tcherneva outlines the conditions that would encourage Greece to accept a bailout offer and provides her take on the government’s debt reconstruction deal.
Video of the interview is available here (3:35): http://rt.com/shows/boom-bust/271168-greece-defaults-imf-creditors/Associated Program:In the Media | June 2015Bard’s Papadimitriou on Outcomes of Greece Debt Crisis
Bloomberg Radio, June 29, 2015. All Rights Reserved.
Papadimitriou provides a picture of what it’s like on the ground in Athens, where the prevailing mood is defined by “negotiation fatigue” and anxiety about the end of the bailout agreement on June 30. Greece is being asked to do the impossible, says Papadimitriou: to impose extra austerity measures to maintain a primary surplus—a prescription even the IMF concedes just doesn’t work. The solution, he says, is to roll over Greek debt and put austerity policies aside. “We’re talking about simple economics here, not ideology.”
The full interview is available here (01:25): http://media.bloomberg.com/bb/avfile/Markets/Analyst_Calls/vXNvCeDOi46M.mp3
In the Media | June 2015La crisi negli USA: Il punto di vista di Jan Kregel
Economia, June 23, 2015. All Rights Reserved.
All'interno del quadro economico internazionale, Jan Kregel, direttore del programma “Politica Monetaria” presso il Levy Economic Institute negli USA, analizza qual è stato il ruolo degli Stati Uniti all'interno della crisi economica. Uno degli elementi che viene messo maggiormente in evidenza, è l' importanza data al settore finanziario, rispetto all'economia reale: ciò ha portando ad una minore attenzione a problemi come la disoccupazione, che rappresenta ancora una delle questioni irrisolte dell'Europa, ma soprattutto dell'Italia.
Una volta che la crisi economica è scoppiata negli Usa, si è diffusa a macchia d'olio specie nel continente europeo, dove la forbice presente tra europa meridionale e settentrionale, si è notevolmente ampliata. A tale ritratto, Kregel, aggiunge anche un'attenta le politiche economiche messe in atto da Cina e Giappone e dalle loro ripercussioni sul sistema economico mondiale.
intervista videoregistrata: http://www.economia.rai.it/articoli/la-crisi-negli-usa-il-punto-di-vista-di-jan-kregel/30575/default.aspxIn the Media | June 2015What Is Reform? The Strange Case of Greece and Europe
By James K. Galbraith
The American Prospect, June 12, 2015. All Rights Reserved.
On our way back from Berlin on Tuesday, Greek Finance Minister Yanis Varoufakis remarked to me that current usage of the word “reform” has its origins in the middle period of the Soviet Union, notably under Khrushchev, when modernizing academics sought to introduce elements of decentralization and market process into a sclerotic planning system. In those years when the American struggle was for rights and some young Europeans still dreamed of revolution, “reform” was not much used in the West. Today, in an odd twist of convergence, it has become the watchword of the ruling class....
Read more: http://prospect.org/article/what-reform-strange-case-greece-and-europeAssociated Program:In the Media | June 2015Idealogues Are Crippling Recovery and Undermining an Otherwise Healthy Economy
Background Briefing, June 11, 2015. All Rights Reserved.
Levy President Dimitri B. Papadimitriou and Ian Masters discuss the Institute’s latest Strategic Analysis of the US economy, and how destructive political ideology is crippling recovery and undermining an otherwise healthy economy. Full audio of the interview is available here.
In the Media | June 2015Time to End Europe’s Disgrace of Holding Greek People Hostage
Jörg Bibow
The Conversation, June 10, 2015. All Rights Reserved.
It was never going to be easy. That much was known from the outset.
Greece’s newly elected government and the country’s creditors started from too far apart to quickly settle on anything that would be easily sellable to their respective constituencies....
Read more: https://theconversation.com/time-to-end-europes-disgrace-of-holding-greek-people-hostage-42939
In the Media | June 2015Papadimitriou: "Los fondos buitre deben ser abolidos del sistema"
Genaro Grasso
Tiempo, 07 de Junio de 2015. Todos los derechos reservados.
El economista griego señala que los especuladores deberían estar regulados de la misma manera que las entidades financieras, tanto en forma global como a nivel país.
Apunta contra los efectos de la globalización en tanto ha sido el canal de difusión de una nueva ola de determinismo neoliberal, en los países en desarrollo y también en los desarrollados....
Leer más: http://tiempo.infonews.com/nota/154525/los-fondos-buitre-deben-ser-abolidos-del-sistemaIn the Media | May 2015Railing Against Bailing
Congress Launches New Attacks on America's Central Bank
The Economist, May 16, 2015. All Rights Reserved.
During a financial panic, said Walter Bagehot, a former editor of The Economist, a central bank should help the deserving and let the reckless go under. Bagehot reckoned that the monetary guardians should follow fourrules: lend freely, but only to solvent firms, against good collateral and at high rates. Many American politicians complain that the Federal Reserve is all too happy to lend, but that it ignores Bagehot's other dictums. On May 13th two senators of very different hues—Elizabeth Warren, a darling of the left, and David Vitter, a southern conservative—joined forces to introduce a bill that would restrict the Fed's ability to lend during the next financial panic. Does that make sense?
Emergency lending under Section 13(3) of the Federal Reserve Act was one of the most controversial policy responses to the financial crisis. In a letter to Janet Yellen, the chair of the Fed, Ms Warren and Mr Vitter say that from 2007 to 2009 the Fed provided over $13 trillion to support financial institutions. The loans were cheap. A study from 2013 by the Levy Institute, a nonpartisan think-tank, found that many of them were "below or at the market rates" (sometimes less than 1%). Many of the banks that benefited were insolvent at the time. And much of the $13 trillion went to just three banks (Citigroup, Merrill Lynch and Morgan Stanley), leading many to suspect that the Fed was indulging favoured firms.
Critics focus on details but miss the big picture, counters the Fed. Elizabeth Duke, a former governor, says that the Fed targeted its lending programmes at the right markets, such that it helped to stop the crisis from getting even worse. Jerome Powell, a current governor, points out that "every single loan we made was repaid in full,on time, with interest."
But whether the Fed should be able to offert his kind of financial support at all is a different question. Choosing certain firms or markets to receive credit over others is inherently problematic, says a recent paper from the Federal Reserve Bank of Richmond. The prospect of easy money encourages firms to take excessive risks. And according to a paper by Alexander Mehra, then of Harvard Law School, the Fed "exceeded the bounds of its statutory authority" when it bought privately issued securities as well as making loans.
The Dodd-Frank Act, passed in 2010, was supposed to ensure that the Fed never again made such large, open-ended commitments. Congress told the Fed's board to ensure that emergency lending propped up the financial system as a whole, not individual firms. However, say Ms Warren and Mr Vitter, the Fed has not implemented the new rules in the spirit of the law. The new bill proposes a number of Bagehot-like changes: to toughen up the definition of insolvency, such that the Fed lends only to viable firms; to offer any lending programme to many different institutions; and to ensure that when the Fed does lend, it charges punitive rates.
This battle is not the only one the Fed faces. On May 12th Richard Shelby, a Republican senator and chair of the Senate Banking Committee, introduced his own bill, which he hopes will rein in the Fed's powers in different ways. It would increase the threshold at which a financial institution became "systemically important" (and thus subject to tougher regulatory scrutiny) from assets of $50 billion to $500 billion. Mr Shelby also wants to shake up the structure of the Federal Reserve System, including changing how the president of the New York Fed, which oversees big banks, is appointed. They may have different complaints, but lots of America's lawmakers agree that the Fed must change.
From the print edition: Finance and economicsAssociated Program:In the Media | May 2015Will Greece Get Through This Coming Week's Crisis?
Background Briefing, May 10, 2015. All Rights Reserved.
From Athens, Levy Institute President Dimitri B. Papadimitriou updates Ian Masters on the financial crisis as Greece teeters on the brink of default, with an $840 million payment to the IMF looming and fears that there is no credible plan to reach an agreement with the country’s eurozone creditors.
Full audio of the interview is available here.In the Media | April 2015Wall Street Watchdogs Should Prevent Crises, Not Build Buffers
By Pedro Nicolaci da Costa
The Wall Street Journal, April 22, 2015. All Rights Reserved.
The effort by financial regulators to ensure big banks and other financial institutions have adequate levels of capital is misguided since that will only help lessen the impact of a crisis, not prevent one.
That’s the conclusion of Eric Tymoigne, an economist at Lewis & Clark College, in a presentation last week at the Levy Economics Institute‘s 24th Minsky Conference.
Read more: http://blogs.wsj.com/economics/2015/04/22/wall-street-watchdogs-should-prevent-crises-not-build-buffers/Associated Program:In the Media | April 2015Elizabeth Warren: “The Unfinished Business of Financial Reform”
Moyers & Company, April 18, 2015. All Rights Reserved.
Last Wednesday, Senator Elizabeth Warren delivered this speech at a conference at the Levy Institute in Washington which lays out the banking reform she believes still needs to happen. The Nation’s George Zornick called it “a blueprint for how Warren thinks Democrats should attack continued financial reform.”
Read more: http://billmoyers.com/2015/04/18/elizabeth-warren-speech/
Associated Program:In the Media | April 2015Paul Tucker Warns of Global Financial Risk
By Robert Feinberg
NewsMax, April 17, 2015. All Rights Reserved.
Perhaps the highlight of the 24th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies was a speech by Paul Tucker, senior fellow at both the Kennedy School and the Business School at Harvard, who served as deputy governor of the Bank of England (BOE) from 2009 to 2013....
Read more: http://www.newsmax.com/finance/robertfeinberg/tucker-financial-dodd-frank-bank/2015/04/17/id/639147/
Associated Program:In the Media | April 2015‘Game of Thrones’ and the darkness that awaits us
By Jim Tankersley
The Washington Post, April 17, 2015. All Rights Reserved.
It still isn’t winter in Westeros, at least not on television, although there is no shortage of reminders that it is coming. The seasons in George R.R. Martin’s “Game of Thrones” aren’t regular or celestial. Summer can last a few minutes or many years. At this point in the show, the start of the fifth season, it has gone on for a decade, the longest in the realm’s recorded history. The balmy weather is about to give way to snows and famine, and astoundingly, no one in the land seems prepared....
Read more: http://www.washingtonpost.com/blogs/wonkblog/wp/2015/04/17/game-of-thrones-and-the-economic-darkness-that-awaits-us/
Associated Program:In the Media | April 2015What Elizabeth Warren Has That Hillary Clinton Needs
By David Dayen
The Fiscal Times, April 17, 2015. All Rights Reserved.
“Rules are not the enemy of markets,” Sen. Elizabeth Warren told me yesterday, on the heels of her major address on the unfinished business of financial reform at the Levy Institute’s Hyman Minsky Conference. “Rules promote innovation and competition. Rules prevent markets from blowing up. We learned that in 1929 and we should have learned it again in 2008.”
Read more: http://www.thefiscaltimes.com/Columns/2015/04/17/What-Elizabeth-Warren-Has-Hillary-Clinton-Needs
Associated Program:In the Media | April 2015Free Lunch: Finance and the Rule of Law
By Martin Sandbu
Financial Times, April 17, 2015. All Rights Reserved.
Elizabeth Warren may not be running for president but she does not relent in gunning for Wall Street. On Wednesday she gave a speech arguing powerfully that the task of taming finance is far from finished. It is an important speech that deserves to be widely read. The location she chose to give it was, incidentally, as apt as can be. The Levy Institute has covered itself in more glory than the economics profession at large, with research less marred by the blind spots that once distracted so many economists from the looming crisis. (It was Hyman Minsky's home institution.)
Read more: http://www.ft.com/intl/cms/s/0/a37b9244-e386-11e4-9a82-00144feab7de.html#axzz3Xfu2l4dm
Associated Program:In the Media | April 2015Fed's Bullard, FDIC's Hoenig and Sen. Warren Talk Financial Policy
By Robert Feinberg
NewsMax, April 16, 2015. All Rights Reserved.
On the first day of the Levy Institute's two-day annual Hyman P. Minsky Conference, held at the National Press Club in Washington, high-powered speakers held forth on the most prominent issues in the financial world that will affect the economy as Congress begins to try to legislate during the two years that the Republican Congress has to make its mark as the Obama administration winds down.
Read more: http://www.newsmax.com/finance/robertfeinberg/bullard-hoenig-warren-financial/2015/04/16/id/638861/
Associated Program:In the Media | April 2015Elizabeth Warren Just Laid Out All the Financial Reforms She Wants to Push Through
By Portia Crowe
Business Insider Australia, April 16, 2015. All Rights Reserved.
Elizabeth Warren made a speech at the Levy Institute’s Minsky Conference on Wednesday and laid out some major financial reforms she wants to push through.
“The culture of cheating on Wall Street didn’t stop with the 2008 crash,” the populist Massachusetts Senator said.
Read more: http://www.businessinsider.com.au/elizabeth-warren-new-reforms-2015-4Associated Program:In the Media | April 2015Warren: It’s Time to Break Up Too-Big-to-Fail Banks
MPA Magazine, April 16, 2015. All Rights Reserved.
U.S. Senator Elizabeth Warren has called on lawmakers to break up too-big-to-fail by capping the size of the largest financial institutions and separating commercial and investment banking. She also proposed limiting emergency lending by the Federal Reserve to troubled institutions by the Federal Reserve.
Speaking at the Levy Institute’s 24thannual Hyman Minsky conference, Warren said the fact that the Federal Reserve and the Federal Deposit Insurance Corp. say 11 banks threaten the entire U.S. economy means they are too big.
Read more: http://www.mpamag.com/mortgage-originator/warren-its-time-to-break-up-toobigtofail-banks-22121.aspx
Associated Program:In the Media | April 2015If Elizabeth Warren Were Running for President, This Would Be Her Agenda
By George Zornick
The Nation, April 16, 2015. All Rights Reserved.
If Elizabeth Warren ran for president, a key part of her campaign—if not the centerpiece—would likely involve how to restructure the financial sector in a less dangerous and more productive way. Dodd-Frank was by many accounts a good start, but it’s clear the economy is still over-financialized and too-big-to-fail banks continue to pose an existential threat.
Warren isn’t running for president, but she unveiled that exact agenda in a sweeping speech Wednesday in a conference at the Levy Institute in Washington. It advocated an array of specific, often ambitious policy proposals, many of which have circulated in Washington for years and that Warren, at various times, has already called for.
Read more: http://www.thenation.com/blog/204433/big-elizabeth-warren-speech-how-finish-financial-reform#Associated Program:In the Media | April 2015ECB Monetary Policy to Be Accommodative in the Foreseeable Future—Constancio
By Jan Strupczewski
Reuters, April 16, 2015. All Rights Reserved.
The European Central Bank's monetary policy will be accommodative in the foreseeable future, the bank's Vice President Vitor Constancio said on Thursday.
"... Monetary policy needs to be accommodative, as I expect to be the case for the foreseeable future in the euro area," Constancio told a seminar at the Levy Economics Institute.
Associated Program:In the Media | April 2015ECB Constancio: Eurozone Monetary Policy Needs to Stay Accommodative
By Harriet Torry
The Wall Street Journal, April 16, 2015. All Rights Reserved.
Vitor Constancio, vice president of the European Central Bank, said Thursday that economic recovery in Europe remains “gradual and moderate,” underscoring the need for loose monetary policy in the eurozone for the foreseeable future.
“Monetary policy has to remain accommodative with low interest rates,” Mr. Constancio said, adding that “getting Europe growing again is one of the most important challenges we face at present.”
But Mr. Constancio also highlighted the importance of being aware of the limitations of monetary policy, in remarks at a conference hosted by the Levy Institute.
Read more: http://blogs.wsj.com/economics/2015/04/16/ecb-constancio-eurozone-monetary-policy-needs-to-stay-accommodative/Associated Program:In the Media | April 2015The Senator Professor Drops By the Shebeen
By Charles Pierce
Esquire, April 16, 2015. All Rights Reserved.
It's been an interesting week for Senator Professor Elizabeth Warren. First, in Time Magazine's annual 100 Groovy Folks list, she gets a rapturous shout-out from none other than Hillary Rodham Clinton, currently touring the silos of Iowa and the clam shacks of New Hampshire....
Read more: http://www.esquire.com/news-politics/politics/news/a34418/a-visit-from-senator-professor-warren/
Associated Program: