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One-Pager No. 18Δίδυμες στρατηγικές για την επίλυση της κρίσης στην ευρωζώνη—Δίχως αγορές χρέους, εθνικές εγγυήσεις, ασφαλιστικά σχέδια ή δημοσιονομικές μεταβιβάσεις
Η ακύρωση της συνεδρίασης της 26ης Οκτωβρίου των Υπουργών Οικονομικών της Ευρωπαϊκής Ένωσης, ή του Ecofin, έχει διαβρώσει περαιτέρω την εμπιστοσύνη στην ικανότητά του να δώσει λύσει στην επιδεινόμενη κρίση του κυρίαρχου χρέους στην ευρωζώνη. Μια βιώσιμη στρατηγική απαιτείται τώρα—και όπως διευκρινίζει ο Stuart Holland, δύο βιώσιμες στρατηγικές είναι ακόμα καλύτερες από μια. -
Conference Proceedings20th Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the . This year’s Minsky conference marks the Levy Institute’s 25 anniversary, and the third year of the Ford–Levy joint initiative on reforming global financial governance. This initiative aims to examine financial instability and reregulation within the theoretical framework of Minsky’s […] -
Blog
“Being right matters”
At Pragmatic Capitalist, Cullen Roche writes about the “eerily prescient” predictions regarding the euro made by Modern Money Theorists and economists looking at sectoral balances. Roche quotes from Randall Wray’s Understanding Modern Money (see in particular p. 91ff), a paper by Stephanie Kelton (Bell), and a Wynne Godley article written in 1997 (“Curried Emu — [...] -
Press ReleaseGreek Debt Deal Will Lead to a Deeper Slump and the Surrender of National Sovereignty, New Levy Paper Says
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Working Paper No. 696Time Use of Mothers and Fathers in Hard Times and Better Times
The US economic crisis and recession of 2007–09 accelerated the convergence of women’s and men’s employment rates as men experienced disproportionate job losses and women’s entry into the labor force gathered pace. Using the American Time Use Survey (ATUS) data for 2003–10, this study examines whether the narrowing gap in paid work over this period […] -
Working Paper No. 695
Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter insight (represented by the theories of Hyman P. Minsky) validates and extends John Maynard […] -
Public Policy Brief No. 121
Debtors’ Crisis or Creditors’ Crisis?
In the context of the eurozone’s sovereign debt crisis and the US subprime mortgage crisis, Senior Scholar Jan Kregel looks at the question of how we ought to distribute losses between borrowers and lenders in cases of debt resolution. Kregel tackles a prominent approach to this question that is grounded in an analysis of individual […] -
Public Policy Brief No. 121
Κρίση πιστωτών ή κρίση χρεωστών;
Στο πλαίσιο της κρίσης χρέους στην ευρωζώνη και της κρίσης στην αγορά των ενυπόθηκων δανείων υψηλού κινδύνου στις ΗΠΑ, ο Ανώτατος Μελετητής Jan Kregel εξετάζει το ερώτημα πως θα έπρεπε να διανείμουμε τις απώλειες μεταξύ δανειοληπτών και δανειστών σε περιπτώσεις αναδιάρθρωσης του χρέους. Ο Kregel αντιτίθεται σε μια κυρίαρχη προσέγγιση αυτού του ερωτήματος που είναι […] -
Blog
Keynes vs Hayek at the Asia Society
If you’re in Manhattan or have access to an internet connection tomorrow (Nov. 8), Reuters is sponsoring a Keynes vs. Hayek debate between two teams of economists and writers, including the Levy Institute’s James Galbraith. “Four Keynesians – economist James Galbraith, son of the high priest of Keynesianism, John K. Galbraith; New Yorker columnist John [...] -
Blog
FDR at OWS
Thorvald Grung Moe, Visiting Scholar at the Levy Institute, delivered a lecture last week on fractional reserve banking and the landscape of alternative options. He ended with a quotation from FDR that’s worth repeating, particularly in the context of the “We Are the 99%” movement and stories like this about a return to business as [...] -
Blog
Minsky Goggles
“If you’re going to have a model of capitalism, your model must be able to generate a Depression as one of its potential states. …if you can’t model that, you’re not modeling capitalism.” Via the Institute for New Economic Thinking, Steve Keen explains how Minsky’s work played a foundational role in helping him to see [...] -
Blog
Tcherneva on Bernanke’s Paradox
The Levy Institute’s Pavlina Tcherneva delivered a campus-wide lecture at Bard College yesterday that discussed the Federal Reserve’s policy actions during the crisis and the future of government stabilization policy. The lecture also covered some of the themes in her working paper “Bernanke’s Paradox” (written roughly a year ago), which also appeared in the Journal [...]