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Working Paper No. 802Shadow Banking
Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. Many want central banks to embrace this expanded role as “market maker of last resort” going forward. This would provide a liquidity backstop for […] -
Working Paper No. 801
The Political Economy of Shadow Banking
This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy […] -
Jeff Koons’s Popeye Is the Fifth Column
Forbes, May 19, 2014. All Rights Reserved. At the Sotheby’s May evening auction, Steve Wynn was the successful bidder for Jeff Koons’s life-sized Popeye sculpture, knocked down at a disappointing $28,115,000, and destined for one of Steve’s casino properties. Within this lot is some cautionary metaphor about conspicuous consumption reigning, again. The Koons piece is […] -
CDFExcess AD as a Function of Policy Instruments, the Markup, and the K-sector Propensity to Consume
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Jason Furman, chairman of the president’s Council of Economic Advisers, speaking at the 23rd Annual Minsky Conference in Washington, D.C.
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Public Policy Brief No. 133Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
The “happy talk” emanating from eurozone officials regarding the economic crises in the periphery deserves some vigorous pushback. Focusing on the four bailed-out countries of Greece, Ireland, Portugal, and Spain, Research Associate and Policy Fellow C. J. Polychroniou argues in this policy brief that, contrary to the burgeoning optimism in official communications, these countries’ economies […] -
Income Inequality Undermines Growth
MoneyNews, May 8, 2014. All Rights Reserved. Future rises in income inequality will lead to a prolonged period of anemic economic growth and high unemployment. Income for the bottom 90 percent of households has stagnated during the past 35 years. Strong economic activity in the 1990s and 2000s was largely generated by consumption that was financed by […] -
Working Paper No. 800
Autonomy-enhancing Paternalism
Behavioral economics has shown that individuals sometimes make decisions that are not in their best interests. This insight has prompted calls for behaviorally informed policy interventions popularized under the notion of “libertarian paternalism.” This type of “soft” paternalism aims at helping individuals without reducing their freedom of choice. We highlight three problems of libertarian paternalism: […] -
MME, May 7, 2014
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Δ. Παπαδημητρίου (Levy Institute): Κατασκευασμένο το success story στην Ελλάδα
New Money, 7 Μαΐου 2014. Με επιφύλαξη παντός δικαιώματος. Σαν μία πράξη απελπισίας, με μοναδικό στόχο να ενισχύσει την κυβέρνηση εν όψει των δημοτικών και ευρωπαϊκών εκλογών χαρακτηρίζει την έξοδο της Ελλάδας στις αγορές ομολόγων ο πρόεδρος του Levy Economics Institute, Δημήτρης Παπαδημητρίου, με συνέντευξή του στο Truthout, καταρρίπτοντας τον μύθο του ελληνικού success story. […] -
MME, May 7, 2014
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Levy Institute – Κατασκευασμένος πολιτικός μύθος το success story της Ελλάδας
Banking News, 7 Μαΐου 2014. Με επιφύλαξη παντός δικαιώματος. Η επιστροφή της Ελλάδας στις αγορές ήταν μια κίνηση απελπισίας και μια πράξη καθαρά συμβολική Τον μύθο του ελληνικού success story επιχειρεί να αποδομήσει το Levy Economics Institute του Bard College… “Η επιστροφή της Ελλάδας στις αγορές στις 10 Απριλίου ήταν μια πράξη καθαρά συμβολική”, σχολιάζει […]