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Working Paper No. 894An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and estimating a wide range of Keynesian models of long-term interest rates. While previous studies have […] -
MME, July 29, 2017
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«Ξένοι επενδυτές θεωρούν καταστροφή μια πρόωρη προσφυγή στις κάλπες»
efsyn.gr 29 Ιούλιος 2017. Με επιφύλαξη παντός δικαιώματος. Η πρώτη δοκιμαστική έξοδος στις αγορές «δεν πρέπει να προκαλεί ευφορία, αλλά αισιοδοξία για το μέλλον της χώρας» επισημαίνει ο Δημήτρης Παπαδημητρίου, αποδίδοντας στη Ν.Δ. ότι συγκρίνει «λεμόνια με πορτοκάλια». Ο υπουργός Οικονομίας και Ανάπτυξης χαρακτηρίζει, παράλληλα, «εφικτό και χρήσιμο, αν και όχι αναγκαίο» τον στόχο της […] -
Working Paper No. 893
The Neoclassicals’ Conundrum
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to […] -
Dennis Wholey of This Is America & The World speaks with Greece’s Minister of Economy and Development, Dimitri Papadimitriou
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Policy Notes No. 3Why the Compulsive Shift to Single Payer?
The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare). However, according to Senior Scholar L. Randall Wray, it is Obamacare’s successes and its failures that have boosted support for a single-payer system. Even after […] -
BlogThe “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?
It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up [...] -
Policy Notes No. 2
The Concert of Interests in the Age of Trump
If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of the 1930s: that government regulation and fiscal policy are crucial in addressing changes in the economic and financial structure that have exacerbated the problems faced […] -
Working Paper No. 892
Understanding Financialization
Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and considers their relationship to that financialization literature. Part I addresses Minsky’s penetrating observations regarding what he called money manager capitalism. Part II outlines the powerful […] -
Greek Economy to Grow Over 2 Percent in 2017, Papadimitriou Says
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Blog
Why Macron Should Not (and Cannot) Follow the German Model
The Economist‘s analysis of Germany’s job market miracle of the past ten years offered in “What the German economic model can teach Emmanuel Macron” is more balanced than the usual accounts one hears in Germany itself. Germans are in love with the idea that structural reform of their labor market and persistent budgetary austerity were [...] -
Working Paper No. 891
Stock-flow Consistent Macroeconomic Models
The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in macroeconomics, especially after the publication of Godley and Lavoie (2007), which provided a general framework for the analysis of whole economic systems, and the recognition […]