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Summary No. 1Summary Winter 2012
The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding […] -
Press ReleaseWithout Increased Fiscal Stimulus, US Economic Growth Will Remain Weak and Unemployment High, New Levy Study Says
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BlogArestis on the EU’s New Fiscal Compact
Philip Arestis and Malcolm Sawyer have a guest post at Triple Crisis that critiques the latest proposal for a new fiscal compact in the EU (essentially an SGP with more automatic sanctions for those who surpass the 3 percent of GDP budget deficit limit and the annual structural deficit limit of 0.5 percent of GDP). [...] -
Blog
New MBA in Sustainability
BARD COLLEGE TO LAUNCH INNOVATIVE MBA IN SUSTAINABILITY Now Enrolling Students for Fall 2012 in New York City www.bard.edu/mb ANNANDALE-ON-HUDSON, N.Y. — Responding to a revolution in business strategy and to rising student demand, Bard College announces the creation of a new Master of Business Administration in Sustainability Program. Based in New York City, the [...] -
Blog
More on the Bailout of the Banking System
J. Andrew Felkerson writes at AlterNet about the study he authored detailing the Federal Reserve’s bailout of financial institutions over the course of the latest crisis. He explains some of the reasoning behind his study’s methodology, particularly with respect to his use of a cumulative measure of loans and asset purchases (the other two measures [...] -
Blog
29 Trillion Dollars, One Page
Randall Wray has a new one-pager following up on the release of a report detailing and tallying up the Federal Reserve’s extraordinary efforts to prop up the banking system—a report with the rather eye-catching headline number of $29.6 trillion. The Levy Institute working paper, the first in a series, is part of a Ford Foundation-supported [...] -
One-Pager No. 23$29,000,000,000,000: A Detailed Look at the Fed’s Bailout of the Financial System
The extraordinary scope and magnitude of the financial crisis of 2007–09 induced an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort function. Estimates of the total amount of bailout funding provided by the Fed have ranged from its own lowball claim of $1.2 trillion to Bloomberg’s estimate of $7.7 trillion (just […] -
One-Pager No. 23
29.000.000.000.000: Μια λεπτομερή ματιά στη διάσωση του χρηματοπιστωτικού συστήματος από την Ομοσπονδιακή Τράπεζα των ΗΠΑ
Το εξαιρετικό εύρος και το μέγεθος της χρηματοοικονομικής κρίσης του 2007–09 προκάλεσαν μια εκπληκτική ανταπόκριση από την Fed στο πλαίσιο της λειτουργίας της ως δανειστής της εσχάτης προσφυγής. Υπάρχουν αρκετές εκτιμήσεις σχετικά με το συνολικό ποσό που παρείχε η Fed για τη διάσωση του χρηματοοικονομικού συστήματος. Η ίδια η Fed ισχυρίζεται ότι το ποσό ανέρχεται […] -
Blog
Why don’t people quit their jobs more during a recession? asks tenured University of Chicago economist
It’s difficult to know where to begin with this post from Casey Mulligan (the comments are definitely worth reading). He starts off by implying that those who might want to characterize the recession as involving “a lack of hiring” are simply misled by the nature of aggregate data on hiring and separations. He goes on [...] -
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Bernanke’s 29 Trillion Dollar Fib Exposed
(cross posted at New Economic Perspectives) As I reported here and over at Great Leap Forward, a new study by two UMKC PhD students, Nicola Matthews and James Felkerson, provides the most comprehensive examination yet of the Fed’s bailout of Wall Street. They found that the true total cumulative amount lent and spent on asset [...] -
Blog
Credit Default Swaps: Banking on Failure
Micah Hauptman of Public Citizen has drawn from the work of the Levy Institute’s Marshall Auerback and Randall Wray to put together a concise piece that lays out five core critiques of credit default swaps. Among the basic problems he highlights is a flaw-riddled process for determining when a CDS pays off: … there are [...] -
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Projections of EU GDP
In our latest Strategic Analysis we estimate that a cut in the general government deficit in the United States would have strong adverse effects on unemployment and a relatively smaller impact on the U.S. public debt-to-GDP ratio, since GDP would slow down with a cut in government expenditures and transfers. A similar strategy of deficit [...]