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Policy Note No. 5The BRICS Initiatives in the Current Global Conjuncture
August 05, 2015 Developing countries, led by China and other BRICS members (Brazil, Russia, India, and South Africa), have been successfully organizing alternative sources of credit flows, aiming for financial stability, growth, and...more Publication -
BlogS&P Threatens to Downgrade Brazil to Junk
July 30, 2015 by Felipe Rezende S&P has issued a negative outlook regarding Brazilian sovereign debt. The S&P’s announcement stated that Over the coming year, failure to advance with (on- and off-budget) fiscal and other policy adjustments could result in a greater-than-expected erosion of Brazil’s financial profile and further erosion of confidence and growth prospects, which could lead [...] Blog -
Working Paper No. 844A Nonbehavioral Theory of Saving
July 29, 2015 We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for...more Publication -
Working Paper No. 843
Is a Very High Public Debt a Problem?
July 27, 2015 This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a...more Publication -
Working Paper No. 842
Making the Euro Viable
July 24, 2015 The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank...more Publication -
Working Paper No. 841
Marx’s Theory of Money and 21st-century Macrodynamics
July 24, 2015 Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of...more Publication -
Blog
Crystal Balls, or Robust Economic Research?
July 16, 2015 An article from Bloomberg listed nine people who saw the Greek crisis coming years ago. The list may be narrowly confined to Anglo-Saxon economists, but I am quite happy that most of the people listed worked at, or were/are affiliated with, the Levy Institute. Wynne Godley is the first on the list, given his [...] Blog -
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Deflation Über Alles
July 15, 2015 The “negotiations” that surrounded the latest Greek deal do not reflect well on the system (such as it is) of EMU governance. And there are no silver linings to be found in the outcome of this process. It is a testament to how far we are from “normal” that even the best-case scenario would have left little room for [...] Blog -
Greece Is Committed to Staying in Euro Zone: Antonopoulos
July 09, 2015 Levy economist and Syriza MP Rania Antonopoulos is interviewed ahead of Brussels Group talks. News -
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Papadimitriou 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. 840
The 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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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