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Policy Notes No. 3

The Impact of Immigration on the Native-born Unemployed

In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor market behavior of native-born unemployed workers. Their chances of transitioning from unemployment to employment are not affected by the share of immigrants in their job […]

Working Paper No. 870

Unemployed, Now What?

Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed population. Little is known of the effects of immigration on labor market transitions out of unemployment. Using the basic monthly Current Population Survey from 2001–13 […]

Minsky’s Moment

The Economist, July 28, 2016. All Rights Reserved. From the start of his academic career in the 1950s until 1996, when he died, Hyman Minsky laboured in relative obscurity. His research about financial crises and their causes attracted a few devoted admirers but little mainstream attention: this newspaper cited him only once while he was […]

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New Book: Rethinking Capitalism

A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow: The TOC is below: You can download the introductory chapter here (pdf).

Connecting the Dots: Debt, Savings and the Need for a Fiscal Growth Policy

Public Debt Project, July 14, 2016. All Rights Reserved. Twice in the second half of the twentieth century, in the midst of a robust economy, economists optimistically talked about the taming and even “the death of the business cycle” based on the belief that advances in macroeconomics had reached a point of perfection. Yet, both […]

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Wray on Revenue, Redemption, and When Austerity Is Justified

L. Randall Wray has an essay in the recent issue of the World Economic Review. Wray’s target is the belief that “government needs tax revenue to pay for most (or even all) of its spending.” According to Wray, a version of this belief distorts our understanding of what are the limits of, say, the US federal government’s [...]

Keep Unemployment From Mushrooming With Preventative Policies

The New York Times, July 11, 2016. All Rights Reserved. Though job growth surged in June, by and large, this recovery has been the slowest in postwar history and 7.8 million people continue to look, unsuccessfully, for work. There is nothing inevitable or natural about jobless recoveries…. Read more: http://www.nytimes.com/roomfordebate/2016/07/11/are-we-ready-for-the-next-recession/keep-unemployment-from-mushrooming-with-preventative-policies  

MME, July 3, 2016

 

Η Βρετανία σήμερα, αύριο η Γερμανία;

Kathimerini, 3 Ιούλιος 2016. Με επιφύλαξη παντός δικαιώματος. Ο​πως και με τον γάμο, η συμμετοχή στην Ευρωπαϊκή Ενωση και στην Ευρωζώνη υποτίθεται ότι είναι μακροχρόνια δέσμευση, σε εύκολους και σε δύσκολους καιρούς. Παρ’ όλα αυτά, προκύπτουν διαζύγια—ακόμη και όταν κάποιος έχει παντρευτεί με τις καλύτερες των προθέσεων, συμβαίνουν διαζύγια. Η αναταραχή ξέσπασε πρώτα στα κράτη-μέλη […]

Working Paper No. 869

Have We Been Here Before?

This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to 1933 (early financialization); the second, from 1933 to 1940 (transitory phase); the third, between 1945 and 1973 (definancialization); and the fourth period begins in the […]

Richard Berner of the Treasury Department speaking at the Minsky Conference in April

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Paul McCulley Has Had It with Orthodox Macroeconomists

Writing in The Hill, Paul McCulley argues that his profession’s fussy obsession with the Fed’s zero-point-whatever monetary policy is leading us into a dead end: “after a financial crisis, itself spawned by bursting of a bubble in private-sector debt creation, the power of monetary policy to generate robust aggregate spending growth is severely truncated.” The policy problem we need desperately to [...]