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BlogJobs for Greeks
January 28, 2015 With Syriza in the driver’s seat, Greece now has some hope for the end to austerity imposed by Germany and the troika. Here’s a good short piece in the New York Times by C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute. As he explains, what Syriza wants is no [...] Blog -
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What an Interest Payment Moratorium Could Do for Greece
January 23, 2015 After a record-setting 23 straight quarters of shrinking GDP, the Greek economy was less awful in 2014, and an economic recovery of sorts might finally be under way. However, the Levy Institute’s latest projections (which are generated using a stock-flow consistent macroeconomic model tailored to Greece) indicate that Greece still faces years of anemic growth if [...] Blog -
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Now that the QE Dream Has Come True, What Next?
January 23, 2015 The ECB is to be congratulated on finally defying its German masters, who have long kept the euro’s guardian of stability in captivity. For a number of years, Germany’s unholy triangle of power over the land of the euro – Berlin, Frankfurt, Karlsruhe – has enforced a diktat that undermined both the euro economy and [...] Blog -
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Looking Beyond the Tax System to Fight Inequality
January 22, 2015 In the context of last Tuesday’s State of the Union, Pavlina Tcherneva was interviewed by Wall Street Journal Live‘s Sara Murray on the issue of the effectiveness of policies to combat widening income inequality. [iframe width=”475″ height=”288″ src=”http://video-api.wsj.com/api-video/player/iframe.html?guid=84206A51-1034-4E5F-A37D-363CBF7499CD” autoplay=”0″ frameborder=”0″ allowfullscreen></iframe] In the interview, Tcherneva comments that while some of the progressive taxation policies [...] Blog -
Working Paper No. 830Quality of Match for Statistical Matches Using the Consumer Expenditure Survey 2011 and Annual Social Economic Supplement 2011
January 22, 2015 This paper describes the quality of the statistical match between the Current Population Survey (CPS) March 2011 supplement and the Consumer Expenditure Survey (CEX) 2011, which are used for the...more Publication -
Working Paper No. 829
The Repeal of the Glass-Steagall Act and the Federal Reserve’s Extraordinary Intervention during the Global Financial Crisis
January 22, 2015 Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created...more Publication -
Working Paper No. 829
Η κατάργηση του νόμου Glass-Steagall και η έκτακτη παρέμβαση του Ομοσπονδιακού Αποθεματικού κατά τη διάρκεια της παγκόσμιας χρηματοοικονομικής κρίσης
January 22, 2015 Πριν από την παγκόσμια χρηματοπιστωτική κρίση επικρατούσε η αντίληψη ότι η στήριξη του δανειστή έσχατης καταφυγής περιοριζόταν στις εμπορικές τράπεζες. Ωστόσο, κατά τη διάρκεια της κρίσης, η Ομοσπονδιακή Τράπεζα των...more Publication -
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It Seems QE Is Finally Coming to Euroland—Will It Matter at All?
January 21, 2015 When French president François Hollande pre-announced the ECB Governing Council’s long-awaited adoption of “quantitative easing” at its meeting tomorrow, German chancellor Angela Merkel was quick to respond by pointing out that this was still the independent ECB’s decision alone. It was good of her to do so. For in recent times one could not help [...] Blog -
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Much Excitement—and Lots of Confusion—about “Helicopter Money” of Late
January 16, 2015 Wolfgang Münchau is one of those rare sensible voices in the international media reporting on the euro crisis. He has been consistently right in his gloomy assessments of euro crisis management in recent years. He is also correct in pointing out that the observed deflationary trend in the eurozone is not primarily due to any [...] Blog -
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Odds and Sods: Some Good Reads for a Cold Winter Friday
January 15, 2015 If you, too, are living in one of the sub-zero climes right now, you might want some stimulating reading: 1) Here’s one of the best and fairest summaries of MMT that I’ve seen, by Joe Guinan. As Joe says: “Few matters of economic importance are as woefully misunderstood as modern money. It can seem a fiendishly [...] Blog -
Working Paper No. 828
Financialization and Corporate Investments
January 15, 2015 Financialization creates space for the financial sector in economies, and in doing so helps to raise the share of financial assets in the portfolios held by market participants. Largely driven...more Publication -
Working Paper No. 828
Η χρηματιστικοποίηση και οι εταιρικές επενδύσεις
January 15, 2015 Η χρηματιστικοποίηση ανοίγει χώρο στις οικονομίες για την επέκταση του χρηματοοικονομικού τομέα και, με αυτόν τον τρόπο, συμβάλλει στην αύξηση του μεριδίου των χρηματοοικονομικών περιουσιακών στοιχείων στα χαρτοφυλάκια που κατέχονται...more Publication -
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Some Quick Takeaways from the ECJ Opinion of Advocate General Cruz Villalón on the ECB’s OMT
January 14, 2015 The Advocate General (AG) has spoken on the ECB’s OMT program today. Apparently the markets were more concerned about the latest U.S. retail sales numbers than delighted about the “okay in principle provided that” signal sent from Luxembourg to the German triangle of euro power (Frankfurt, Berlin, and Karlsruhe). First of all, in the AG’s [...] Blog -
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Replacing the Budget Constraint with an Inflation Constraint
January 13, 2015 by Scott Fullwiler Tim Worstall has a post decrying the dangers of MMT ever being used in the real world—even as he recognizes or at least suggests that it might be the correct description of how the monetary system works—and is particularly concerned about Stephanie Kelton’s new appointment as Chief Economist on the Senate Budget [...] Blog -
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How Much Should We Worry about the Fate of the ECB’s OMT?
January 13, 2015 On Wednesday, January 14, 2015, the European Court of Justice (ECJ) Advocate General Pedro Cruz Villalon will publish his opinion on the European Central Bank’s (ECB) “Outright Monetary Transactions” (OMT) program. The Advocate General’s opinion will give us important clues and is likely going to shape the court’s later ruling on the matter. What is [...] Blog -
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What a Syriza Victory Would Mean
January 12, 2015 Greece is back in the headlines as upcoming elections look likely to produce a workable majority for the anti-austerity Syriza party. Some suggest this would represent the first step toward the country’s inevitable exit from the eurozone. Not so fast, says Dimitri Papadimitriou in an interview with Bloomberg Radio’s Kathleen Hays and Vonnie Quinn (segment [...] Blog -
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Oh Me Oh My! MMT Is About!
January 12, 2015 Here’s an unintentionally hilarious piece by Tim Worstall at Forbes. Watch out, he warns, MMT has come to Washington! Our nation’s capital! No doubt ruin and wastage will follow. Why? Well. Nothing wrong with the theory of Modern Money Theory, he admits. “It’s not actually that I disagree very much with the economics that is [...] Blog -
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Auf Wiedersehen to Austerity?
January 11, 2015 With the January 25th elections in Greece approaching, Dimitri Papadimitriou writes about the future of Greek policy and the discussions that took place at a recent Levy Institute conference in Athens: At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with disagreements on the very best route to growth. [...] Blog -
Working Paper No. 827
Minsky on Banking
January 09, 2015 In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In...more Publication -
Working Paper No. 827
Η προσέγγιση του Minsky για το τραπεζικό σύστημα
January 09, 2015 Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής...more Publication -
Working Paper No. 826
Tale of Two Ginis in the United States, 1921–2012
January 06, 2015 Following a methodology proposed by Jantzen and Volpert (2012), we use IRS Adjusted Gross Income (AGI) data for the United States (1921–2012) to estimate two Gini-like indices representing inequality at...more Publication -
Working Paper No. 825
Why Does Brazil’s Banking Sector Need Public Banks?
January 02, 2015 The 2007–8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil’s financial system has received...more Publication -
Working Paper No. 824
Η οικοδόμηση του επιχειρηματικού κράτους
January 02, 2015 Σήμερα, οι χώρες σε όλο τον κόσμο αναζητούν «έξυπνη» ανάπτυξη, καθοδηγούμενη από την καινοτομία, και ευελπιστούν ότι αυτή η ανάπτυξη θα είναι επίσης πιο «περιεκτική» και «βιώσιμη» από ό, τι...more Publication -
Working Paper No. 824
Building the Entrepreneurial State
January 02, 2015 Today, countries around the world are seeking “smart” innovation-led growth, and hoping that this growth is also more “inclusive” and “sustainable” than in the past. This paper argues that such...more Publication