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BlogDeflation in the Air
December 22, 2014 A New York Times article over the weekend delves into the history and rationale of the 2 percent inflation target, beloved of central bankers everywhere and a fairly recent innovation. Of course, the US Federal Reserve has a dual mandate, which includes both inflation and employment goals. The Fed said last week that it was [...] Blog -
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Boom Bust Boom: Minsky at the Movies
December 22, 2014 I highly recommend a movie to be released next year (that is, the year that begins next week). Terry Jones, of Monty Python fame, is one of the key developers of the film. It is on the Global Financial Crisis, but also provides a quick history of bubbles and crashes. It is highly entertaining and [...] Blog -
Working Paper No. 823The State and National Systems of Innovation
December 19, 2014 This paper starts with a review of the literature about National Systems of Innovation (NSI), by linking the origin of the concept to the evolutionary theory of the firm and...more Publication -
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Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan Kregel
December 18, 2014 “This collection brings together distinguished scholars who have been influenced by Jan Kregel‘s prodigious contributions to the fields of economic theory and policy. The chapters cover and extend many topics analyzed in Kregel’s published work, including monetary economic theory and policy; aspects of the Cambridge (UK and US) controversies; Sraffa’s critique on neoclassical value and [...] Blog -
Working Paper No. 822
Η κοινωνικοποίηση της επένδυσης από τον Keynes στον Minsky και ακόμα πιο πέρα
December 16, 2014 Ένας συνδυασμός των ιδεών του Καρλ Μαρξ για την εργασία και του Hyman Minsky για το χρηματοοικονομικό σύστημα είναι απαραίτητη προϋπόθεση για την κατανόηση της σημερινής καπιταλιστικής πραγματικότητας και για...more Publication -
Working Paper No. 822
The Socialization of Investment, from Keynes to Minsky and Beyond
December 16, 2014 An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky...more Publication -
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Working Paper Roundup 12/15/2014
December 15, 2014 Outside Money: The Advantages of Owning the Magic Porridge Pot L. Randall Wray “Money is always introduced into economic models through very simple ways—whether by ‘helicopter drops,’ ‘inheritance from the past,’ or ‘deposit multipliers.’ Once introduced, money is largely irrelevant—neutral in the long run and non-neutral in the short run only because of ad hoc [...] Blog -
Working Paper No. 821
Outside Money
December 12, 2014 Over the past two decades there has been a revival of Georg Friedrich Knapp’s “state money” approach, also known as chartalism. The modern version has come to be called Modern...more Publication -
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“Interesting Times” Ahead for Euroland
December 08, 2014 The Levy Economics Institute of Bard College co-organized an international conference on November 21-22 in Athens, Greece, on the continuing crisis in the eurozone. Among the speakers were: • Elga Bartsch, Morgan Stanley’s chief European economist; • Peter Bofinger, a German academic economist and a member of the German Chancellor’s Council of Economic Advisers; • [...] Blog -
Policy Note No. 6Γιατί η αύξηση των επιτοκίων μπορεί να επιταχύνει την ανάκαμψη
December 05, 2014 Υπάρχουν δύο ειδών επικρίσεις στην «αντισυμβατική» απάντηση της νομισματικής πολιτικής του Ομοσπονδιακού Αποθεματικού (Fed) των ΗΠΑ στην πρόσφατη χρηματοπιστωτική και οικονομική κρίση (Great Recession). Από τη μια μεριά υποστηρίζεται ότι...more Publication -
Policy Note No. 6
Why Raising Rates May Speed the Recovery
December 05, 2014 Criticisms of the Federal Reserve’s “unconventional” monetary policy response to the Great Recession have been of two types. On the one hand, the tripling in the size of the Fed’s...more Publication -
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Levy Institute Master’s Program Webinars
December 04, 2014 The Levy Economics Institute Master of Science in Economic Theory and Policy is an innovative degree program focusing on empirical and policy analysis, with extensive research opportunities. To learn more about the program and receive an application fee waiver, attend one of our upcoming webinars: Saturday, December 6, at noon (EST): Co-hosted by Program Director [...] Blog -
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The Answer to the Unemployment Problem Is More Jobs
December 03, 2014 Dean Baker, everyone’s favorite progressive economist (mine, too), has an interesting take on our unemployment problem: Give more paid vacations. The idea is that if all the employed work less, employers will need to hire the unemployed to produce what the already employed won’t be producing while sunning themselves on Florida’s beaches. Look, I’m all [...] Blog -
Working Paper No. 820
Minsky, Monetary Policy, and Mint Street
November 25, 2014 This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian...more Publication -
Policy Note No. 5
Liquidity Preference and the Entry and Exit to ZIRP and QE
November 17, 2014 The Fed’s zero interest policy rate (ZIRP) and quantitative easing (QE) policies failed to restore growth to the US economy as expected (i.e., increased investment spending à la John Maynard...more Publication -
Policy Note No. 5
Θεωρία προτίμησης ρευστότητας, πολιτική μηδενικών επιτοκίων και ποσοτική χαλάρωση
November 17, 2014 Οι πολιτικές μηδενικών επιτοκίων και ποσοτικής χαλάρωσης του Ομοσπονδιακού Αποθεματικού των ΗΠΑ απέτυχαν να αποκαταστήσουν την ανάπτυξη στην αμερικανική οικονομία, όπως και αναμενόταν να συμβεί με βάση τη θεωρία (δηλαδή...more Publication -
Working Paper No. 819
An Outline of a Progressive Resolution to the Euro-area Sovereign Debt Overhang
November 13, 2014 The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social...more Publication -
Working Paper No. 819
Το περίγραμμα μιας προοδευτικής πρότασης για την επίλυση της κρίσης χρέους στην ευρωζώνη
November 13, 2014 λιτότητα δρα καταστροφικά για την εργαζόμενη πλειοψηφία σε όλες τις ευρωπαϊκές χώρες και ιδίως σε εκείνες που βρίσκονται σε προγράμματα «δημοσιονομικής προσαρμογής» που επιτηρούνται από την Τρόικα. Οι κοινωνικές ανισότητες...more Publication -
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Galbraith and Skidelsky: The End of Normal and the Future of Work (Video)
November 13, 2014 Here are the keynote addresses delivered by James Galbraith (“The End of Normal”) and Robert Skidelsky (“The Future of Work”) at the 12th International Post Keynesian Conference (more videos from the conference can be found here): [iframe width=”480″ height=”270″ src=”//www.youtube.com/embed/PGFcB65l8Io?feature=player_detailpage&start=115″ frameborder=”0″ allowfullscreen></iframe] [iframe width=”480″ height=”270″ src=”//www.youtube.com/embed/tmDQGFg_5mM?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] Blog -
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Berlin Wall
November 12, 2014 Germany is celebrating: it is 25 years ago that the Berlin Wall came down, marking the end of Stasi tyranny, and much more than that. No doubt that is reason to celebrate, for Germany, Europe, and the world. As a German and European, I am celebrating too. Alas, this is also an occasion for hearing [...] Blog -
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Why the Eurozone Needs a Treasury
November 11, 2014 Slowly but surely a new consensus is emerging emphasizing the need for Europe’s currency union to organize public investment as a means to overcome its crisis, by now in its seventh year; the outlook being truly grim. Back in July President-elect of the European Commission Jean-Claude Juncker called for a €300bn public-private investment program. ECB [...] Blog -
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Germany’s Über-Economists Are Rampant Again
October 31, 2014 The rest of the world is holding its breath as the eurozone continues wobbling along the brink of deflation. In fact, numerous member states are already experiencing what it means to let “it” happen again. With the region stuck in depression since 2008, Euroland authorities are writing fresh world records in failing to improve the [...] Blog -
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New Book: Economic Development and Financial Instability, Selected Essays
October 28, 2014 The first collection of essays by Jan Kregel, focusing on the role of finance in development and growth, has just been made available through Anthem (edited by Rainer Kattel). From the foreword by G. C. Harcourt: As I wrote in my remarks when Jan and I were the co-recipients of the 2011 Veblen Commons Award, [...] Blog -
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Germany May Be the Biggest Loser If It Doesn’t Start Spending
October 21, 2014 There’s growing pressure on Germany to spend more to support Europe – and for good reason. But it’s proving to be a hard sell to the country’s leaders. Germany’s budget is balanced and the government insists that its current policy stance is the best it can do – for itself, the eurozone and the world [...] Blog