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Rep. Maloney Attacks Ryan Budget — Part I
MoneyNews, April 28, 2014. All Rights Reserved. Rep. Carolyn Maloney, D-N.Y., spoke at the 23rd Annual Hyman P. Minsky Conference, held in Washington at the National Press Club recently. The conference was sponsored by the Levy Economics Institute of Bard College, an independent group that “encourages diversity of opinion in the examination of economic policy […] -
Strategic AnalysisIs Rising Inequality a Hindrance to the US Economic Recovery?
The US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and the unemployment rate has fallen to 6.7 percent. The restrictive fiscal policy stance of the past three years has exerted a negative influence on aggregate […] -
Strategic Analysis
Αποτελεί η αυξανόμενη ανισότητα εμπόδιο στην οικονομική ανάκαμψη των ΗΠΑ;
Η οικονομία των Ηνωμένων Πολιτειών αναπτύσσεται με μέτριο ρυθμό μετά από την επίσημη λήξη της Ύφεσης το 2009. Το έλλειμμα του προϋπολογισμού μειώνεται σταθερά, ο πληθωρισμός βρίσκεται υπό έλεγχο και το ποσοστό ανεργίας μειώθηκε από 9,8% στο 6,7% (τον Μάρτιο του 2014). Η περιοριστική δημοσιονομική πολιτική των τελευταίων τριών ετών έχει ασκήσει αρνητική επίδραση στη […] -
BlogThe Reality of the Present and the Challenge of the Future: Fagg Foster for the 21st Century
(Here is a presentation I gave at the University of Denver at the annual J. Fagg Foster honors ceremony. Most of you will not know of Foster, but you should. While he did not publish much, he was the professor of a number of prominent institutionalists who attended DU in the early postwar period. I [...] -
Working Paper No. 797Gender-responsive Budgeting as Fiscal Innovation
Gender-responsive budgeting (GRB) is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional mechanisms in which a benefit meets identified problems. GRB is a fiscal innovation in that it translates gender commitments into fiscal commitments by applying a […] -
FOMC Member Evans Calls For More Aggressive Monetary Policy
MoneyNews, April 22, 2014. All Rights Reserved. Charles Evans, president of the Federal Reserve Bank of Chicago and a leading dove of the Federal Open Market Committee (FOMC), delivered a speech April 9 titled "Monetary Goals and Strategy" to the 23rd annual Hyman Minsky Conference, which is sponsored by the Levy Institute of Bard College […] -
Blog
Distribution, Stagnation, and Macro Policy in an Interactive Model
The funny-shaped surface in the Wolfram “CDF” below (software download link) depicts excess demand for goods. The flat one represents the zero line where supply and demand are equal. On each axis is a variable that affects the degree to which demand outpaces or falls short of supply: (1) firms’ share in the price of [...] -
Blog
Minsky and Financial Reform’s “Never Ending” Struggle
In a new policy brief, Jan Kregel looks at a lesser-known, early period of Minsky’s work on financial reform. In the ’60s, Minsky was a consultant to a number of government agencies, including the Federal Reserve, on issues related to financial regulation. In this context, he came up with a new approach to bank examination, [...] -
Blog
Charles Evans on Missing the Fed’s Targets
Chicago Fed President Charles Evans spoke at last week’s Minsky conference, and news reports have focused on his comments regarding the expectation that the Federal Reserve will wait at least six months after the end of QE before beginning to raise interest rates (Evans: “It could be six, it could be 16 months”; “If I [...] -
Blog
Working Paper Roundup 4/15/2014
Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization Eugenio Caverzasi “The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of [...] -
China: The Bad Way and the Good Way to Burst Asset Bubbles
Forbes, April 14, 2014. All Rights Reserved. For years, China has been enjoying robust economic growth that has turned it into the world’s second largest economy. The problem is, however, that China’s growth is in part driven by over investment in construction and manufacturing sectors, fueling asset bubbles that parallel those of Japan in the […] -
Conference Proceedings
Financial Governance after the Crisis
Cosponsored by the Levy Economics Institute of Bard College and MINDS – Multidisciplinary Institute for Development and Strategies, with support from the Ford Foundation Everest Rio Hotel Rio de Janeiro, Brazil September 26–27, 2013 This conference was organized as part of the Levy Institute’s global research agenda and in conjunction with the Ford Foundation Project […]