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BlogPapadimitriou on Making an Example of Greece (Audio)
July 08, 2015 From Athens, Dimitri Papadimitriou spoke with Ian Masters about Tuesday’s emergency meeting in Brussels (attended by Greece’s new finance minister) and the country’s prospects going forward. Papadimitriou touched on both the economic and political facets of the crisis, and discussed the idea that Greece is being “taught a lesson” as a demonstration to the rest of the eurozone [...] Blog -
Blog
Euro Union – Quo Vadis?
July 03, 2015 This week a slow-motion train wreck hit the wall in Europe. Greece’s Syriza government came to power earlier this year on a mandate to keep Greece in the euro but end austerity. It was clear from the start that this project could only work out if Greece’s euro partners finally acknowledged that their austerity policies [...] Blog -
Working Paper No. 840The Effects of a Euro Exit on Growth, Employment, and Wages
July 02, 2015 A technical analysis shows that the doomsayers who support the euro at all costs and those who naively theorize that a single currency is the root of all evil are...more Publication -
Blog
Why Greece’s Budget and Debt Restructuring Discussions Need to Be Tied Together
July 02, 2015 Pavlina Tcherneva spoke to RT’s Erin Ade yesterday on Greece’s impossible situation: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/1FUcBvaHdik?;start=210″ frameborder=”0″ allowfullscreen></iframe] Blog -
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Greek Debt Disaster Bodes Ill for Daily Life
June 25, 2015 “There are red lines in the sand that will not be crossed,” Greek Prime Minister Alexis Tsipras said just weeks ago as he began the long negotiations process with creditors. Some of these lines included no more pension cuts or value-added tax (VAT) increases, and a debt restructuring deal that incorporates renewed economic assistance from [...] Blog -
Blog
Martin Wolf on the UK’s Sectoral Balances
June 23, 2015 In this video segment, Martin Wolf briefly illustrates the UK’s “severe sectoral imbalances” and the dangers of the current government’s budget policy: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/bVU0LpZrLlk?start=2601″ frameborder=”0″ allowfullscreen></iframe] Below is what Wolf describes as his favourite chart (discussed at 48:40), which puts the UK’s public debt situation — the ostensible justification for the above-mentioned budget policy [...] Blog -
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On Demands for Greek “Reform”
June 16, 2015 Senior Scholar James Galbraith on the “reforms” being demanded by creditors (vis. pensions, labor markets, privatization, and the VAT) in the negotiations over Greece’s fate: On our way back from Berlin last Tuesday, Greek Finance Minister Yanis Varoufakis remarked to me that current usage of the word “reform” has its origins in the middle period of the Soviet [...] Blog -
Blog
An Ecological Future for SFC Macroeconomics?
June 14, 2015 SFC (stock-flow-consistent) economics is about watertight accounting: each model strictly accounts for all financial stocks and flows, making sure, for example, that when a change in someone’s income is assumed, all corresponding changes to other incomes and balance sheet items and their behavioral effects are taken into account. Along the same lines are [...] Blog -
Blog
Time to End Europe’s Disgrace of Holding Greek People Hostage
June 12, 2015 It was never going to be easy. That much was known from the outset. Greece’s newly elected government and the country’s creditors started from too far apart to quickly settle on anything that would be easily sellable to their respective constituencies. Greece’s radical left-wing Syriza party came to power on a mandate to end austerity. [...] Blog -
Blog
Call for Papers: Gender and Macroeconomics Conference
June 11, 2015 Gender and Macroeconomics: Current State of Research and Future Directions A conference organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation BGIA, New York City 108 W. 39 St., Suite 1000A March 9–11, 2016 Call for Papers The goal of this conference is to advance [...] Blog -
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Fed Fiscal Policy, Treasury Monetary Policy
June 04, 2015 Don’t miss this post by Scott Fullwiler at New Economic Perspectives. Fullwiler is reacting to Clive Crook’s Bloomberg column advocating “helicopter drops” (having the Fed simply send checks to households). Helicopter drops or “helicopter money” proposals are widely cast as monetary policy operations (Crook describes helicopter money as a monetary-fiscal “hybrid”) and defended as either preferable to fiscal [...] Blog -
Blog
A Cycle of Financial Fragility?
June 03, 2015 (click image above to enlarge) Can a bull market founded largely on credit survive? A forthcoming Levy Institute working paper I wrote with Tai Young-Taft of Bard College at Simon’s Rock (link for those interested) represents an attempt to deal with the role of financial instability—along with other sources of economic fluctuations—in the dynamics of [...] Blog -
Working Paper No. 839
Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model
June 01, 2015 We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may...more Publication -
Working Paper No. 838
Unpaid Work and the Economy
May 28, 2015 Unpaid work, which falls outside of the national income accounts but within the general production boundary, is viewed as either “care” or as “work” by experts. This work is almost...more Publication -
Working Paper No. 838
Οικονομία και μη αμειβόμενη εργασία
May 28, 2015 Η μη αμειβόμενη εργασία, η οποία εμπίπτει εντός των γενικών ορίων παραγωγής, αλλά εκτός των λογαριασμών εθνικού εισοδήματος, θεωρείται από τους εμπειρογνώμονες είτε ως «φροντίδα» είτε ως «εργασία». Η μη...more Publication -
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Austerity and Growth: Missing the Point
May 22, 2015 The pseudo-debate about whether Keynesians and other fellow travellers ought to be embarrassed when governments that engage in fiscal austerity nevertheless experience positive economic growth rates has become a distraction. For countries like the US and the UK, it is possible under current circumstances for governments to implement budget cuts and still see their economies grow. But the truth of that statement is not fatal to [...] Blog -
Blog
Working Paper Roundup 5/15/2015
May 15, 2015 Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis Mariana Mazzucato and L. Randall Wray “Over [the postwar] period, the financial system grew rapidly relative to the nonfinancial sector … To a large degree, this was because finance, instead of financing the capital development of the economy, was financing itself. At the same time, the capital [...] Blog -
Strategic AnalysisFiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy
May 14, 2015 In this latest Strategic Analysis, the Institute’s Macro Modeling Team examines the current, anemic recovery of the US economy. The authors identify three structural obstacles—the weak performance of net exports,...more Publication -
Strategic Analysis
Η δημοσιονομική λιτότητα, η ανατίμηση του δολαρίου και τα προβλήματα κατανομής θα οδηγήσουν στον εκτροχιασμό της οικονομίας των ΗΠΑ
May 14, 2015 Στην τελευταία στρατηγική ανάλυση, η ομάδα του μακροοικονομετρικού υποδείγματος του Ινστιτούτου εξετάζει την πρόσφατη, αναιμική ανάκαμψη της αμερικανικής οικονομίας. Οι συγγραφείς εντοπίζουν τρία διαρθρωτικά εμπόδια—την αδύναμη απόδοση των καθαρών εξαγωγών,...more Publication -
Working Paper No. 837
Financing the Capital Development of the Economy
May 06, 2015 This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United...more Publication -
Working Paper No. 837
Χρηματοδότηση της κεφαλαιακής ανάπτυξης της οικονομίας
May 06, 2015 Η παρούσα εργασία εξετάζει το ρόλο που διαδραματίζει η χρηματοδότηση στην προώθηση της κεφαλαιακής ανάπτυξης της οικονομίας, με ιδιαίτερη έμφαση στην τρέχουσα κατάσταση στις Ηνωμένες Πολιτείες και το Ηνωμένο Βασίλειο....more Publication -
One-Pager No. 49Δανείζοντας στα τυφλά
May 01, 2015 Τα πρακτικά του 2008 της Ομοσπονδιακής Επιτροπής Ανοικτής Αγοράς παρέχουν ένα σπάνιο πορτραίτο του τρόπου με τον οποίον οι χαράκτες πολιτικής ανταποκρίθηκαν στην εξέλιξη της μεγαλύτερης χρηματοπιστωτικής κρίσης στον κόσμο...more Publication -
One-Pager No. 49
Lending Blind
May 01, 2015 The 2008 Federal Open Market Committee (FOMC) transcripts provide a rare portrait of how policymakers responded to the unfolding of the world’s largest financial crisis since the Great Depression. The...more Publication -
Blog
Elizabeth Warren on Structural vs Technocratic Financial Reform
April 16, 2015 From yesterday’s session of the 24th Annual Minsky Conference in Washington, D.C.: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/HSpfGodTrtk?list=PLGGYihhM4K23u5h-2wBFx5bd3hX_8NjlX;start=41″ frameborder=”0″ allowfullscreen></iframe] Blog