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Learn about the Levy Economics Institute Master of Science in Economic Theory and Policy by joining one of our online information sessions hosted by Institute scholars:
Wednesday, October 5, 3:00 p.m. EDT, with Research Scholar Michalis Nikiforos
Tuesday, October 11, 11:00 a.m. EDT, with Ajit Zacharias, Senior Scholar and Distribution of Income and Wealth Program Director
Tuesday, October 18, 10:00 a.m. EDT, with Senior Scholar and Bard College Professor of Economics L. Randall Wray
The program application fee will be waived for all prospective students who attend. Click here for details.
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Greece has agreed to a new round of austerity measures in order to achieve the fiscal targets specified in its latest bailout agreement. But policies aimed at reducing the government deficit will simply deepen the country’s recession unless other components of aggregate demand increase enough to more than offset the negative impact of fiscal austerity on output and employment.
Using the Institute’s macro model for Greece, President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza provide a baseline analysis of the Greek economy over the medium term and conclude that the outlook for growth is poor. They then evaluate alternative policy scenarios aimed, through resort to innovative financing mechanisms, at stimulating the economy while meeting deficit targets.
» Read complete text (pdf) |
Working Paper No. 875, September 2016
Giuseppe Mastromatteo and Lorenzo Esposito
Given the success of temporary measures in stabilizing the economy following the collapse of 2008, Giuseppe Mastromatteo, Economic Policy Institute, and Lorenzo Esposito, Bank of Italy, contend that authorities have missed an opportunity for meaningful reform of the “big bank” model, setting the stage for a bigger crisis in the future. Through a review of the literature and examination of recent trends in the global financial system, the authors offer alternatives for increasing the effectiveness of banking supervision, focusing on the use of a global cap rule to break up large banks and eliminate the issue of too-big-to-fail from the supervisory framework.
» Read complete text (pdf) |
Last month, Bank of Greece Governor Yannis Stournaras managed to secure the appointment of his own nominee for CEO of Attica Bank by threatening to place the troubled lender under administration—the latest round in his battle of wits with Prime Minister Alexis Tsipras. A favorite of center-left opponents of the Tsipras government, the central banker and former finance minister may be eyeing a return to politics as head of a unity coalition, according to Levy President Dimitri B. Papadimitriou. |
Research Associate and “deficit owl” Stephanie Kelton makes Politico’s annual list of the thinkers, doers, and visionaries transforming American politics. |
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