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BlogGermany 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 -
Blog
Did Ms. Rousseff’s Epiphany Come Too Late?
October 15, 2014 by Felipe Rezende If you’ve been tracking the news on Brazil’s presidential election, you already knew that incumbent Rousseff will face Neves in a runoff election for Brazil’s presidency on October 26th. The tight election reflects the perception of a downward trend of the nation’s economic outlook augmented by news that Brazil’s economy has fallen [...] Blog -
Working Paper No. 818The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields
October 09, 2014 During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless,...more Publication -
Working Paper No. 818
Οι προσδιοριστικοί παράγοντες των χαμηλών ονομαστικών αποδόσεων στα μακροπρόθεσμα κρατικά ομόλογα της Ιαπωνίας
October 09, 2014 Κατά τη διάρκεια των τελευταίων δύο δεκαετιών οικονομικής στασιμότητας και επίμονου αποπληθωρισμού στην Ιαπωνία, τα χρόνια δημοσιονομικά ελλείμματα έχουν οδηγήσει σε υψηλά και συνεχώς αυξανόμενα επίπεδα την αναλογία του δημόσιου...more Publication -
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Exclusive Growth
October 08, 2014 This chart, a version of which Pavlina Tcherneva posted on Twitter, has been getting a lot of attention (e. g., NYTimes, Vox, NPR, WaPo, Slate, Moyers & Co.). The chart shows, for each postwar economic recovery in the United States (trough to peak), the share of income growth going to the bottom 90 percent and top 10 percent of the [...] Blog -
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A Recovery for the Top 10%
October 07, 2014 Pavlina Tcherneva was interviewed on the Real News Network about what’s behind the numbers in her chart (below) showing the increasingly inequitable distribution of income growth in US economic expansions–and what we can do about it. [iframe width=”456″ height=”300″ src=”//www.youtube.com/embed/lRZmQZIWDyw” frameborder=”0″ allowfullscreen></iframe] Related: “Growth for Whom?“ Blog -
One-Pager No. 47Growth for Whom?
October 06, 2014 In the postwar period, income growth has become more inequitably distributed with virtually every subsequent economic expansion. From 2009 to 2012, while the economy was recovering from one of the...more Publication -
One-Pager No. 47
Ανάπτυξη για ποιόν;
October 06, 2014 Στη μεταπολεμική περίοδο, η αύξηση του εισοδήματος έχει γίνει πιο άνισα κατανεμημένη με κάθε επακόλουθη οικονομική επέκταση. Από το 2009 μέχρι το 2012, ενώ η οικονομία ανακάμπτει από μια από...more Publication -
Working Paper No. 817
Endogenous Money and the Natural Rate of Interest
September 30, 2014 Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most...more Publication -
Working Paper No. 816
Coping with Imbalances in the Euro Area
September 30, 2014 In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of...more Publication -
Blog
No, Tourism Will Not Save Greece
September 25, 2014 From Dimitri Papadimitriou today in New Geography: Will Lindsay Lohan Save Greece? It’s September, but island beaches from the Aegeans to Zante are still buzzing in Greece. Mykonos has been the summer’s Go-To spot for superstars and supermodels; the mainland and cities are also seeing the British and Europeans coming back. Greece’s reemergence on the [...] Blog -
Blog
Post Keynesian Conference Goes Live Tonight
September 24, 2014 The 12th International Post Keynesian conference, cosponsored by the University of Missouri–Kansas City, Journal of Post Keynesian Economics, and Levy Institute, with support from the Ford Foundation, begins this evening at UMKC with a keynote by Bruce Greenwald. The full schedule for the conference can be accessed here. If you can’t attend, portions of the event will [...] Blog -
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Europe at the Crossroads: A Union of Austerity or Growth Convergence?
September 19, 2014 Co-organized by the Levy Economics Institute of Bard College and Economia Civile with support from the Ford Foundation Megaron Athens International Conference Centre Athens, Greece November 21–22, 2014 On November 21 and 22, the Levy Economics Institute of Bard College will hold its second annual conference at the Megaron Athens International Conference Centre in Athens, [...] Blog -
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Options for an Independent Scotland
September 18, 2014 People in Scotland are heading to the polls today to decide the question of secession. One of the major policy questions for an independent Scotland is whether the country should attempt to keep the pound. As many have now begun to appreciate — with a little help from the eurozone spectacle — this would likely be a big mistake. In “Euroland’s [...] Blog -
Working Paper No. 815
Public Preferences for Redistributive Policies in Israel
September 17, 2014 This paper contributes to the literature on inequality and welfare policy by studying public support for redistributive policies in Israel, a society with an extreme level of socioeconomic inequality. Drawing...more Publication -
Public Policy Brief No. 137The ECB and the Single European Financial Market
September 15, 2014 The flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain...more Publication -
Public Policy Brief No. 137
Η ΕΚΤ και η ενιαία ευρωπαϊκή χρηματοπιστωτική αγορά
September 15, 2014 Οι ατέλειες της Συνθήκης του Maastrict είναι συχνά αντικείμενο σχολιασμού, ωστόσο, όμως, η Ευρώπη παραμένει ανίκανη ή μάλλον απρόθυμη να αντιμετωπίσει αυτές τις αδυναμίες. Το ευρωπαϊκό σχέδιο θα παραμείνει ημιτελές...more Publication -
Blog
Mission-Oriented Finance (Video)
September 10, 2014 The following clips are from the Mission-Oriented Finance for Innovation conference held in London, organized by Mariana Mazzucato as part of a research project with L. Randall Wray on “Financing Innovation.” L. Randall Wray, “Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis” (slides) [iframe width=”512″ height=”288″ src=”//www.youtube.com/embed/Uo2XzWsniqM?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] Pavlina Tcherneva, “Full Employment, Value Creation and the [...] Blog -
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Can Fiscal Policy Stabilize the Economy?
September 10, 2014 [WolframCDF source=”http://multiplier-effect.org/files/2014/09/alternative-fiscal-policies.cdf” width=”397″ height=”448″ altimage=”https://www.levyinstitute.org//wp-content/uploads/2014/09/alternative-fiscal-policies.png” altimagewidth=”397″ altimageheight=”448″] Here is a new Wolfram CDF, which I have constructed based on a macro model. The assumptions behind the model–other than the exact parameter values–are loosely stated in this list: 1) industries dominated by a handful of firms, rather than perfect competition 2) production technology that requires [...] Blog -
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Is the Eurozone Turning into Germany?
September 08, 2014 It has been pretty clear since at least the spring of this year that the ECB was keen to see the euro weakening. At the time the euro stood near to $1.40. Policymakers in a number of euro area member states issued calls for a more competitive exchange rate, directing barely hidden criticisms in this [...] Blog -
Working Paper No. 814
Distribution-led Growth in the Long Run
September 03, 2014 The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over...more Publication -
Blog
Greece, Rock Bottom, and Co-operative Banking
August 29, 2014 In a recent interview, C. J. Polychroniou asked Dimitri Papadimitriou about the idea that Greece is on the verge of economic recovery: Both the International Monetary Fund (IMF) and the European Commission (EC), in their assessments of the performance of the Greek economy, appear more optimistic on the future of Greece because of the deceleration of the negative growth [...] Blog -
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Direct Job Creation and Greece’s Debt Trap
August 28, 2014 Dimitri Papadimitriou, after noting the ongoing failure of austerity policies in Greece, shares the results of a recent study led by Rania Antonopoulos on the effects of implementing direct job creation programs of various sizes in the beleaguered country. In one scenario, a 300,000-job program (in the low-to-medium-sized range of the policy options examined) would have reduced [...] Blog
