Summary Fall 2016

This issue opens with a policy note that traces the “narrow path” ahead for Brazil as the country struggles through a joint economic and political crisis that has paralyzed its policymaking apparatus and constrained its fiscal and monetary policy space. Two related papers examine the role played by Greece’s public debt in that country’s economic crisis and the failure of austerity to achieve debt stabilization; and the feasibility of introducing fiscal currencies to restore fiscal space in Greece and other countries in the eurozone periphery. The lessons we could have learned from the 1930s New Deal in dealing with the recent global recession are outlined in a public policy brief.

The issue also includes working papers on the origins of financialization; the European Central Bank’s monetary policies from the euro’s inception to the present; an analysis of the ECB’s options for achieving its price stability mandate; the drivers of long-term interest rates in the United States; Japan’s ongoing liquidity trap; the origins and nature of money as a “creature of the state”; and time and income poverty in Buenos Aires, Argentina.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• FERNANDO J. CARDIM DE CARVALHO, The Narrow Path for Brazil
• APOSTOLOS FASIANOS, DIEGO GUEVARA, and CHRISTOS PIERROS, Have We Been Here Before? Phases of Financialization within the 20th Century in the United States
• MICHALIS NIKIFOROS, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, The Greek Public Debt Problem
• MASSIMO AMATO, LUCA FANTACCI, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, Going Forward from B to A? Proposals for the Eurozone Crisis

Program: Monetary Policy and Financial Structure

• JAN KREGEL, What We Could Have Learned from the New Deal in Confronting the Recent Global Recession
• JÖRG BIBOW, From Antigrowth Bias to Quantitative Easing: The ECB’s Belated Conversion?
• WARREN MOSLER and DAMIANO B. SILIPO, Maximizing Price Stability in a Monetary Economy
• TANWEER AKRAM and HUIQING LI, The Empirics of Long-Term US Interest Rates
• TANWEER AKRAM, Japan’s Liquidity Trap
• PAVLINA R. TCHERNEVA, Money, Power, and Monetary Regimes

Program: The Distribution of Income and Wealth

• RANIA ANTONOPOULOS, VALERIA ESQUIVEL, THOMAS MASTERSON, AND AJIT ZACHARIAS, Measuring Poverty in the Case of Buenos Aires: Why Time Deficits Matter

INSTITUTE NEWS

• New Research Associate

Save the Date

• 26th Annual Hyman P. Minsky Conference

PUBLICATIONS AND PRESENTATIONS

• Recent Levy Institute Publications