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BlogNot All Macro Models Failed to Predict the Crisis
April 16, 2015 Noah Smith has a post on the failure of macro theory to predict the crisis. He concedes that DSGE models did very badly on this score, but, he continues, “There are no other models out there that did forecast the crisis” and there is no better alternative. The word “better” is important here because some [...] Blog -
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Working Paper No. 836Direct Estimates of Food and Eating Production Function Parameters for 2004–12 Using an ATUS/CE Synthetic Dataset
April 13, 2015 This paper evaluates the presence of heterogeneity, by household type, in the elasticity of substitution between food expenditures and time and in the goods intensity parameter in the household food...more Publication -
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How Greece Has Been “Helped”
April 10, 2015 How has the Greek government used international loans? Using the data available from the flow of funds published by the Bank of Greece and the sectoral accounts published by the Hellenic Statistical Institute (ElStat), we have the following: Table 1. Greece. Use of international loans (billion euro) 2010 2011 2012 2013 2014* Sum Sources of [...] Blog -
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How Do We End the Inequality Feedback Loop?
April 07, 2015 “As Hyman Minsky argued, there are many varieties of capitalism, some more stable than others—and, we can add, some more equitable than others.” — Pavlina Tcherneva Pavlina Tcherneva has revisited her (in)famous inequality chart, which showed an ever-rising majority of the income growth during post-1970s economic expansions being captured by the wealthy (specifically the top 10 percent of income [...] Blog -
Research Project ReportReforming the Fed’s Policy Response in the Era of Shadow Banking
April 06, 2015 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
Policy Note No. 4Όταν αυτό που είναι καλό για έναν δεν είναι καλό για όλους μας
March 30, 2015 Στη μεταπολεμική περίοδο, κάθε μεταγενέστερη οικονομική επέκταση συνοδεύθηκε από το φαινόμενο ενός όλο και μικρότερου ποσοστού της αύξησης του εισοδήματος να καταλήγει στο 90% των χαμηλότερων εισοδηματικών στρωμάτων.Ακόμη χειρότερα, κατά...more Publication -
Policy Note No. 4
When a Rising Tide Sinks Most Boats
March 30, 2015 In the postwar period, with every subsequent expansion, a smaller and smaller share of the gains in income growth have gone to the bottom 90 percent of families. Worse, in...more Publication -
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Modern Money, Financial Reform, and the Euro Experiment—an Interview with Randall Wray
March 28, 2015 Below is the wide-ranging interview L. Randall Wray gave to EKO – Público TV in Spain as part of the launch of the Spanish edition of his Modern Money Primer (questions in Spanish): [iframe width=”512″ height=”306″ src=”https://www.youtube.com/embed/949JLYr2L90″ frameborder=”0″ allowfullscreen></iframe] Blog -
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Public Banking and Boom Bust Boom
March 24, 2015 While in Spain for the launch of my Modern Money Primer in Spanish, I gave a long interview for Public Television. Parts of that interview are interspersed in this segment on public banking. My interview is in English (with Spanish subtitles), while the rest is in Spanish. Other portions of my interview will be broadcast later. [...] Blog -
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Greek Debt, German History, and the Moral High Ground
March 19, 2015 Dimitri Papadimitriou takes on the assumption that European leaders demanding the continuation of large fiscal surpluses from Greece can claim the moral high ground. The economics behind these demands are unrealistic, and the insistence on full debt repayment is both immoral and imprudent—not to mention deaf to the lessons of history: “Greece’s government and people have indulged in excesses [...] Blog -
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The State of Labor, New Models of Organizing, and the Future of Work
March 18, 2015 The Levy Institute and SEIU 775 are cosponsoring a labor workshop at Bard College on April 20th. The workshop, which is free and open to the public, will focus on three major themes, each corresponding to a panel: The State of the American Labor Movement, The Future of Work, and New Models of Organizing and [...] Blog -
Greek Debt: Do the Right Thing
March 18, 2015 Adjusting the terms of Greece’s debt repayment is an ethical imperative, says Levy President Dimitri B. Papadimitriou. News -
Greek Debt: Do the Right Thing
March 18, 2015 Adjusting the terms of Greece’s debt repayment is an ethical imperative, says Levy President Dimitri Papadimitriou. News -
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The Plunging Euro and Its Muddled Cheerleaders
March 16, 2015 Greg Ip had a couple of pieces on currency wars and gyrations in the Wall Street Journal last week (here and here), essentially arguing that talk about currency warfare is much beside the point and that exchange rate gyrations are merely benevolent side-effects of monetary policies that will inevitably make the whole world better off. [...] Blog -
Working Paper No. 835
On the Determinants of Changes in Wage Inequality in Bolivia
March 12, 2015 In recent years, Bolivia has experienced a series of economic and political transformations that have directly affected the labor markets, particularly the salaried urban sector. Real wages have shown strong...more Publication -
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Beyond the Debt Negotiations: Greece’s New Deal?
March 10, 2015 The negotiations over Greece’s public debt and the terms of its bailout agreement have understandably taken center stage. Behind all the twists and turns, the key consideration is that even if the public debt could be repaid through continuing with austerity policies — and there is little reason to believe it can — it would [...] Blog -
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Wray: What’s Wrong with the Euro Setup?
March 10, 2015 In this March 7th presentation, L. Randall Wray argues that the central problem in the EMU is not profligate peripheral nations, trade imbalances, or insufficient “structural reform.” The fundamental issue, which can best be framed through an understanding of money, is a flawed setup — the EMU is designed to fail. La Asociación de Economía [...] Blog -
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Spain’s Proposal for a Job Guarantee
March 05, 2015 Yesterday I participated in a press conference and gave the first of a series of lectures in Madrid on MMT and the Job Guarantee. At the press conference, Alberto Garzón announced his party’s plan to create a million jobs in a targeted JG: “IU plantea un plan de 9.600 millones para crear un millón de [...] Blog -
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The 24th Annual Minsky Conference
March 05, 2015 Is Financial Reregulation Holding Back Finance for the Global Recovery? Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation The National Press Club Washington, D.C. April 15–16, 2015 The 2015 Minsky Conference will address, among other issues, the design, flaws, and current status of the Dodd-Frank Wall Street Reform [...] Blog -
Policy Note No. 3
Μια δεκαετία πτωτικής τάσης των μισθών
March 04, 2015 Σε ένα πρόσφατο κείμενο πολιτικής («A Decade of Flat Wages?») εξετάσαμε την εξέλιξη των μισθών από το 1994 και βρήκαμε ότι ενώ οι μισθοί αυξήθηκαν μεταξύ 1994 και 2002, ο...more Publication -
Policy Note No. 3
A Decade of Declining Wages
March 04, 2015 In a recent policy note (A Decade of Flat Wages?) we examined wage trends since 1994, and found that while wages grew between 1994 and 2002, average real wages stagnated...more Publication -
Working Paper No. 834
Does Keynesian Theory Explain Indian Government Bond Yields?
March 03, 2015 John Maynard Keynes held that the central bank’s actions determine long-term interest rates through short-term interest rates and various monetary policy measures. His conjectures about the determinants of long-term interest...more Publication -
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Bitcoin and the Rules of Finance
March 03, 2015 Levy Research Associate Éric Tymoigne contributed to a debate in the Wall Street Journal over the viability of bitcoin and other cryptocurrencies. Here’s Éric: Bitcoins are an odd sort of commodity. They are not financial instruments. The value fluctuates widely, in line with changing views regarding the overall usefulness of the bitcoin payment system and [...] Blog