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BlogTcherneva: The Biggest Existential Threat to the Eurozone Is Its Design
March 18, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/EOFjduXU9N8?;start=1289″ frameborder=”0″ allowfullscreen></iframe] Related: “Euroland’s Original Sin” (pdf) Blog -
Working Paper No. 862Japan’s Liquidity Trap
March 17, 2016 Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and...more Publication -
Blog
Bloomberg: Modern Money Theory Gaining Converts
March 14, 2016 Bloomberg just published an article focused on the rise of Modern Money Theory (MMT), featuring comments by Senior Scholar Randall Wray: The 20-something-year-old doctrine, on the fringes of economic thought, is getting a hearing with an unconventional take on government spending in nations with their own currency. Such countries, the MMTers argue, face no risk of fiscal crisis. [...] Blog -
Blog
As the Euro Time Bomb Ticks Away the ECB Turns Desperate
March 09, 2016 These are not happy times for Europe. Ukraine, Russia, and rising anti-democratic influences in Hungary and Poland represent latent threats at the European Union’s eastern front. The prospect of Brexit is a more acute one at its western front. After letting loose manifold conflicting forces that continue shaping internal politics in many EU countries and [...] Blog -
Strategic AnalysisDestabilizing an Unstable Economy
March 07, 2016 Our latest strategic analysis reveals that the US economy remains fragile because of three persistent structural issues: weak demand for US exports, fiscal conservatism, and a four-decade trend in rising...more Publication -
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Tcherneva on the Jobs Numbers
March 07, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/zNM-C6F8B_A?;start=795″ frameborder=”0″ allowfullscreen></iframe] Blog -
Working Paper No. 861
Money, Power, and Monetary Regimes
March 01, 2016 Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A...more Publication -
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Working Paper No. 860
Looking Into the Abyss?
February 22, 2016 The Brazilian economy in 2015 was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of...more Publication -
Blog
On the Intellectual Origins of Modern Money Theory
February 19, 2016 [iframe width=”444″ height=”250″ src=”https://www.youtube.com/embed/-KRi9nF8BiA?;start=81″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
The Next Step: Boosting Public Investments
February 19, 2016 The eurozone has been in crisis since 2008. By the end of 2015 domestic demand was still 3 percent below its pre-crisis peak. Throughout, the European Central Bank (ECB) has acted as the eurozone’s prime crisis manager. As capital flows reversed and inter-bank lending seized up, the ECB provided emergency liquidity to keep banking systems [...] Blog -
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Auerback on European Growth, Brexit, and Negative Rates
February 19, 2016 [iframe width=”416″ height=”234″ src=”https://www.youtube.com/embed/FNYcCjfJCxk?;start=283″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
How to Make a Mess of a Monetary Union, and of Analyzing It Too
February 12, 2016 Servaas Storm means well. He is alarmed that the eurozone’s official strategy of “internal devaluation” might do more harm than good by unnecessarily forcing countries that have lost their competitiveness into deflation (see here, here, and here). This is a very real concern indeed and Storm should be applauded for raging against the colossal folly [...] Blog -
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Minsky Summer Seminar: Apply Before March 1st
February 09, 2016 The deadline to apply for this year’s Hyman P. Minsky Summer Seminar is approaching: Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation Levy Institute Blithewood Annandale-on-Hudson, New York June 10–18, 2016 The seventh Minsky Summer Seminar will be held at the Levy Economics Institute in June 2016. The [...] Blog -
Blog
Folbre on Gender and Economics
February 08, 2016 Senior Scholar Nancy Folbre was interviewed by Woman’s Work on the wage gap and women’s underrepresentation in economics: Folbre: [M]arket logic doesn’t apply to care of dependents, a more traditionally feminine obligation. Children, the sick, and the frail elderly don’t fit the preconditions for consumer sovereignty in market exchange. Most care of dependents takes place outside the [...] Blog -
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Auerback on Debt and the US Economy
February 08, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/j5X73–Txe4?;start=796″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
How Long Until Greece Recovers?
February 05, 2016 The Levy Institute has completed its most recent medium-term projections for the Greek economy. The outlook, unsurprisingly, isn’t reassuring. The baseline simulation, which assumes the continuation of current policy, shows the GDP growth rate turning positive in 2017 and reaching 2 percent in 2018. Yet, in a reflection of how much damage has been done by the crisis, even if Greece managed [...] Blog -
Working Paper No. 859
The 2030 Sustainable Development Goals and Measuring Gender Inequality
February 01, 2016 Against the backdrop of the 2030 UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme (UNDP) and suggests...more Publication -
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Stormy Fantasies about Labor Cost Competitiveness
January 27, 2016 Lamenting that intellectual inertia is responsible for slow progress in economics, Servaas Storm sets out to teach a lesson to everyone who may still be foolish enough to believe that relative labor costs matter for international competitiveness and that diverging unit labor cost trends – specifically persistent wage moderation in Europe’s largest economy, Germany – [...] Blog -
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Why Minsky Matters, Reviewed in Times Higher Education
January 13, 2016 L. Randall Wray’s recently published book on the work of Hyman Minsky (Why Minsky Matters: An Introduction to the Work of a Maverick Economist) was reviewed by Victoria Bateman for Times Higher Education. Here’s a taste: Having experienced the pain of a new Great Depression, the very least we should expect is that economists try to learn from it. [...] Blog -
Working Paper No. 858
Gender Dimensions of Inequality in the Countries of Central Asia, South Caucasus, and Western CIS
January 12, 2016 The collapse of the Soviet Union initiated an unprecedented social and economic transformation of the successor countries and altered the gender balance in a region that counted gender equality as...more Publication -
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The Only Graph Needed to Explain the New Year’s Dive of 2016: Larry Summers Sort-Of Gets It, the Fed Doesn’t Seem to Get It, and the Media Seems Hardly Aware of It
January 11, 2016 by Daniel Alpert A practically unnoticed phenomenon underpins the negative U.S. economic data trends we saw in Q4 2015 and the enormous increase in market volatility in the first week of 2016: the United States’ global competitors are—once again—using vast pools of low-wage, underutilized labor, a huge excess of domestic production capacity, and/or the ever-stronger [...] Blog -
Blog
Registration Now Open for 25th Annual Hyman P. Minsky Conference
December 17, 2015 The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth [...] Blog -
Policy Note No. 8The US Census Asks About Race and Ethnicity: 1980–2020
December 17, 2015 This policy note examines the formulation and reformulation of questions deployed by the US Census Bureau to gather information on racial and ethnic origin in recent decades. The likely outcome...more Publication