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Blog1967 Census of the West Bank and Gaza Strip: Digitized
[The following is from Joel Perlmann, Senior Scholar and Director of the Immigration, Ethnicity, and Social Structure program at the Levy Institute] In the summer of 1967, just after the Six-Day War brought the West Bank and Gaza Strip under Israel’s control, the Israeli Central Bureau of Statistics conducted a census of the occupied territories. [...] -
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A Public Option for Banking?
In the course of an interview by Alan Minsky from a couple of weeks ago, Michael Hudson discussed a proposal for setting up a public option for banking (following the “Chicago Plan” of the 1930s and, says Hudson, Dennis Kucinich’s recent NEED Act): Instead of relying on Bank of America or Citibank for credit cards, [...] -
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A Miserable but Revealing Online Game
The European Central Bank has finally responded to overwhelming public demand and created an online game, €conomia, in which you get to direct monetary policy for the eurozone. The game appears to reward achievement in a distressingly instructive manner. According to Matt Yglesias: …they grade you on the basis of a pure inflation targeting regime [...] -
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Is the ECB Really Powerless? (Part III)
(Update added below) In our last post on this topic, we found the head of the Bundesbank citing legal obstacles (Article 123 of the EU treaty) as the reason why the European Central Bank cannot step up as lender of last resort. Can the ECB work around that Article 123 restriction? In the last couple [...] -
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The Future of the Eurozone
It has become a cliché that the survival of the European Union (EU) depends on its ability to reform, either through enlargement—greater economic and fiscal coordination in the direction of some sort of federal state—or by getting smaller, with the eurozone becoming a true optimum currency area. Surprisingly enough, most analysts, including leading EU officials, [...] -
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Financial Fraud Prosecutions Down 60% Over Last Decade
(Down 57.7 percent to be exact.) Sure, Wall Street has returned to claiming its 40 percent share, or so, of all corporate profits, while receiving little more than a regulatory slap on the wrist (which lobbyists are currently working to bring down to a light effleurage), but at the very least, at the end of [...] -
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The Italian Solution: A Dissent
Yesterday a group of economists issued a petition to the (new, Berlusconi-free) Italian government. You can read it here. They set out what is mostly good advice based on the premise that Italy should remain in the EMU. Many of my friends signed the petition, but I had to decline. Here is the text of [...] -
Press ReleaseWithout Fiscal Policies That Support Growth, European Sovereign Debt and U.S. Subprime Mortgage Crises Are Far from Over, Study from Levy Economics Institute Says
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One-Pager No. 19The Future of the Eurozone Does Not Lie with Enlargement
The European Union’s survival depends on its ability to reform, either through enlargement—greater economic and fiscal coordination in the direction of some sort of federal state—or by getting smaller, with the eurozone becoming a true optimum currency area. Most analysts support the former proposition. But the rush to strengthen and expand the Union is precisely […] -
One-Pager No. 19
Το μέλλον της ευρωζώνης δεν ανήκει στη διεύρυνση
Η επιβίωση της Ευρωπαϊκής Ένωσης εξαρτάται από την ικανότητά της να προβεί σε μεταρρυθμίσεις, είτε μέσω επέκτασης—μεγαλύτερο οικονομικό και δημοσιονομικό συντονισμό προς την κατεύθυνση κάποιου είδους ομοσπονδιακού κράτους—ή με το να συρρικνωθεί, με την ευρωζώνη να γίνεται μια βέλτιστη νομισματική περιοχή. Οι περισσότεροι αναλυτές στηρίζουν την πρώτη πρόταση. Αλλά η εσπευσμένη ενίσχυση και διεύρυνση της […] -
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Among the Minskyans
Dan Monaco, writing for The Straddler, attended this year’s Minsky Summer Seminar at the Levy Institute and put together an engrossing (and accessible) article that looks at the work of Hyman Minsky, paying particular attention to Minsky’s interpretation of Keynes (including his views about the misinterpretation of Keynes by mainstream economics). The article is sprinkled [...] -
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A new government in Italy
Italy is getting a new government today, which is expected to act rapidly to strengthen the Italian growth potential, thus addressing the public debt “problem.” However, it is doubtful that any new government in Italy can succeed in addressing the European financial crisis without concerted action at the European level. I endorse at least the [...]