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BlogThe Next Bubble?
Is the U.S. economy heading towards another bubble? Since last week, the number of commentators on this subject has been growing, from Robert Shiller to Nouriel Roubini (on housing markets). In our first chart we report the Standard & Poor’s 500 stock market index, normalized by a consumer price index to remove the common trend [...] -
MME, December 1, 2013
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Η συνεχιζόμενη κρίση στην Ελλάδα και η Ευρωζώνη
Kathimerini, December 1, 2013. Με επιφύλαξη παντός δικαιώματος. Οι πρόσφατες διαπραγματεύσεις ανάμεσα στην Ελλάδα και τους δανειστές της βρίσκονται σε εξέλιξη, με τους τελευταίους να επιμένουν ότι το «περίοπτο» πείραμα μείωσης του ελλείμματος πρέπει να συνεχιστεί παρά τη φαντασμαγορική του αποτυχία. Ο στόχος της μείωσης του χρέους σε επίπεδα ανάλογα με το ΑΕΠ έχει αποδειχθεί […] -
Blog
Internal Devaluation in Greece
In a recent speech at the Levy Institute conference on “The Eurozone Crisis, Greece, and the Experience of Austerity” held in Athens, Mr. Yves Mersch, a member of the Executive Board and General Council at the ECB, made it clear that the success of the troika plan for the Greek economy requires the current account [...] -
MME, November 29, 2013
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Οι ΗΠΑ χρειάζονται νέα στρατηγική στις εξαγωγές
Kathimerini, November 29, 2013. Με επιφύλαξη παντός δικαιώματος. Μια πρόσφατη επίσκεψη του προέδρου Ομπάμα σε μια χαλυβουργία του Οχάιο, υπερτόνισε την υπόσχεσή του να δημιουργήσει ένα εκατομμύριο νέες θέσεις εργασίας στη βιομηχανία. Την ίδια ημέρα, η υπουργός Εμπορίου των ΗΠΑ, Πένι Πρίτζκερ, ανακοίνωνε την εκστρατεία του υπουργείου της για την τόνωση των εξαγωγών, λέγοντας: «Το […] -
Blog
Is an R&D-Led Export Strategy Our Best Shot?
Dimitri Papadimitriou, in Reuters’ “Great Debate” series: The U.S. needs an export strategy led by research and development, and it needs it now. A serious federal commitment to R&D would help arrest the long-term decline in manufacturing, and return America to its preeminent and competitive positions in high tech. At the same time, increasing sales [...] -
The U.S. Economy Needs an Exports-led Boost
Reuters, November 26, 2013. All Rights Reserved. A recent visit by President Obama to an Ohio steel mill underscored his promise to create 1 million manufacturing jobs. On the same day, Commerce Secretary Penny Pritzker announced her department’s commitment to exports, saying “Trade must become a bigger part of the DNA of our economy.” These two […] -
Working Paper No. 780Lost at Sea
The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a viable one. Our investigation is informed by the “cartalist” critique of traditional “optimum currency area” theory (Goodhart 1998). Various proposals to rescue […] -
Biennial Report
Biennial Report, 2012–13
Throughout its history, the Levy Economics Institute of Bard College has maintained its commitment to independent thinking and the belief that economics can and should make a profound contribution to improving the human condition. In the two-year period covered by this report, the Institute continued to make significant contributions to the debate on fundamental public […] -
Working Paper No. 779
Hierarchy of Ideals in Market Interactions
This paper argues that a hierarchy of ideals exists in market interactions that sets the benchmark on the norm of fairness associated with these interactions, thus affecting pricing decisions associated with market exchange. As norms emerge, an ideal determines the criteria of optimal behavior and serves as a basis for market exchange. Norms homogenize the […] -
MME, November 14, 2013