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BlogOf Voices in the Air and Never-Ending Dreams of Helicopter Drops
Confusions about so-called helicopter money (HM) continue unabated. My recent letter to the editor of The Financial Times, titled “’Helicopter money’ is a muddled fiscal policy by another name,” has not met with universal approval. In fact, it seems to have ruffled some feathers and caused some annoyance. Simon Wren-Lewis is a case in point. In a [...] -
MME, May 29, 2016
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Η εφαρμογή της λιτότητας και η ανάπτυξη
Kathimerini, 29 Πολιτικη 2016. Με επιφύλαξη παντός δικαιώματος. Σε πρόσφατη έρευνα, που δημοσιεύτηκε από το Levy Economics Institute, αναλύεται η επίπτωση που είχαν στην αναδιανομή εισοδήματος και στην ανισότητα οι αλλαγές στη δημοσιονομική στάση των κρατών-μελών της Ευρωπαϊκής Ενωσης μεταξύ 2006 και 2013. Μελετήθηκαν οι επιπτώσεις τόσο για το φτωχότερο κομμάτι του πληθυσμού όσο και […] -
Glut: Storing Oil at a Loss, Greece in Need of Money
Boom Bust (RT), May 25, 2016. All Rights Reserved. Anti-austerity protests take hold in Belgium as tens of thousands take to the streets in opposition. And the Eurogroup meets to discuss the Greek bailout as tension builds between creditors. Ameera David reports…. After the break, Ameera is joined by Levy Economics Institute research associate Marshall Auerback […] -
Press ReleaseBold Restructuring of Greek Public Debt Is Needed, New Levy Economics Institute Study Says
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Blog
Bibow on Helicopter Money in the FT
In the Financial Times, Jörg Bibow writes in reaction to an article by Stephanie Flanders on “helicopter money” — the idea of having the central bank directly credit citizens’ bank accounts (or, in the thought experiment, to print bank notes and drop them from helicopters) with the aim of generating increases in consumer spending. Bibow observes that helicopter money is really [...] -
Working Paper No. 867The Greek Public Debt Problem
This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the role of public debt in the recent crisis. We show that the austerity imposed since 2010 has been unsuccessful in stabilizing the debt while at […] -
Blog
Gexit: The Case for Germany Leaving the Euro
The case for or against a British exit from the EU – #Brexit – is headline news. For the moment the earlier quarrel about a possible Greek exit from the Eurozone – #Grexit – seems to have taken the back seat – with one or two exceptions such as Christian Lindner, leader of Germany’s liberal [...] -
Blog
Donald Trump’s Printing Press Sends the Media to the Fainting Couch
Donald Trump generated some breathless commentary last week (perhaps, for once, unjustified) for suggesting, in response in part to those who have pointed out that some of the policies he has pseudo-proposed would enlarge the deficit, that the US government can always pay its bills: “This is the United States government. First of all, you never have to [...] -
Working Paper No. 866
Going Forward from B to A?
After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like Greece, that have so far adopted austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show […] -
Can the US “Print Money” to Pay Down the National Debt?
Bloomberg, May 12, 2015. All Rights Reserved. Senior Scholar L. Randall Wray discusses the US national debt and inflation with Bloomberg’s Joe Weisenthal on “What’d You Miss?” Full video of the interview is available here. -
Blog
A Global Marshall Plan for Joblessness?
The corrosive social and economic effects of what have now become ‘normal’ unemployment levels require new solutions, and trade without full employment exacerbates the problem. Global unemployment is expected to surpass 200 million people for the first time on record by the end of 2017, according a recent ILO study, and limitations of official statistics [...]