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Working Paper No. 861Money, Power, and Monetary Regimes
Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A brief historical examination reveals its evolving nature in the process of social provisioning. Money not only predates markets and real exchange as understood in mainstream […] -
BlogWhy Minsky Matters and Boom Bust Boom
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European Disunion: EU Negotiates UK on #Brexitb
Reuters, February 19, 2016. All Rights Reserved. All eyes are on Brussels as European leaders converge for meetings that could ultimately redefine the region, and the Organization for Economic Cooperation and Development has lowered its global economic forecast. Ameera David weighs in and then sits down with Marshall Auerback—research associate at the Levy Economics Institute—to […] -
Working Paper No. 860
Looking Into the Abyss?
The Brazilian economy in 2015 was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of rising unemployment emerge only after a lag. The domestic debate has pitted analysts who believe the crisis is due exclusively to past policy mistakes against […] -
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On the Intellectual Origins of Modern Money Theory
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The Next Step: Boosting Public Investments
The eurozone has been in crisis since 2008. By the end of 2015 domestic demand was still 3 percent below its pre-crisis peak. Throughout, the European Central Bank (ECB) has acted as the eurozone’s prime crisis manager. As capital flows reversed and inter-bank lending seized up, the ECB provided emergency liquidity to keep banking systems [...] -
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Auerback on European Growth, Brexit, and Negative Rates
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How to Make a Mess of a Monetary Union, and of Analyzing It Too
Servaas Storm means well. He is alarmed that the eurozone’s official strategy of “internal devaluation” might do more harm than good by unnecessarily forcing countries that have lost their competitiveness into deflation (see here, here, and here). This is a very real concern indeed and Storm should be applauded for raging against the colossal folly [...] -
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Minsky Summer Seminar: Apply Before March 1st
The deadline to apply for this year’s Hyman P. Minsky Summer Seminar is approaching: Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation Levy Institute Blithewood Annandale-on-Hudson, New York June 10–18, 2016 The seventh Minsky Summer Seminar will be held at the Levy Economics Institute in June 2016. The [...] -
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Folbre on Gender and Economics
Senior Scholar Nancy Folbre was interviewed by Woman’s Work on the wage gap and women’s underrepresentation in economics: Folbre: [M]arket logic doesn’t apply to care of dependents, a more traditionally feminine obligation. Children, the sick, and the frail elderly don’t fit the preconditions for consumer sovereignty in market exchange. Most care of dependents takes place outside the [...] -
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Auerback on Debt and the US Economy
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How Long Until Greece Recovers?
The Levy Institute has completed its most recent medium-term projections for the Greek economy. The outlook, unsurprisingly, isn’t reassuring. The baseline simulation, which assumes the continuation of current policy, shows the GDP growth rate turning positive in 2017 and reaching 2 percent in 2018. Yet, in a reflection of how much damage has been done by the crisis, even if Greece managed [...]