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BlogReview: Minsky Matters and the Next Minsky Moment
From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters: Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: [...] -
Working Paper No. 855The Two Approaches to Money
The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and crises. It also allows a reevaluation […] -
Review: Another “Minsky Moment” May Be on the Way
Reuters, November 27, 2015. All Rights Reserved. Forget the living canon of great economists – Paul Krugman, Joe Stiglitz, Larry Summers and the rest. Hyman Minsky was the only contemporary thinker to have predicted with uncanny precision the global financial crisis. This is no small achievement since Minsky died more than a decade before Lehman […] -
Want More—and Better—Jobs? Put Women in Charge
Voices from Eurasia, November 24, 2015. All Rights Reserved. I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in labour markets of these countries, I searched for evidence on how the challenge of job creation […] -
Press ReleaseUS Labor Force Participation Rate Continues to Fall despite Unemployment Improvement, New Levy Report Says
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MME, November 22, 2015
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Αποψη: ΕΚΤ και πώς θα αναθεωρήσουμε τους δημοσιονομικούς κανόνες της Ευρωζώνης
Kathimerini, 22 Νοέμβριος 2015. Με επιφύλαξη παντός δικαιώματος. H ευρωπαϊκή κρίση χρέους, που εκδηλώθηκε με αποκλίσεις ανάμεσα στο κόστος δανεισμού των διαφόρων κρατών-μελών, έφερε στην επιφάνεια τον κατακερματισμό του χρηματοπιστωτικού συστήματος της Ευρωζώνης. Τον Σεπτέμβριο του 2014, από το βήμα αυτής της εφημερίδας, υποστήριξα πως ο κατακερματισμός αυτός κατέδειξε ότι μια νομισματική ένωση είναι αναγκαία […] -
Blog
MMT and the New New Deal
Yesterday, Senator Bernie Sanders gave an important speech in which he invoked President Roosevelt’s “Second Bill of Rights” in defense of his platform. As Bernie rightly pointed out, all of Roosevelt’s New Deal social programs to which we have become accustomed were tagged as “socialism”—just as pundits are branding Bernie’s proposals as dangerous socialist ideas. [...] -
Public Policy Brief No. 140The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a single benchmark yield curve based on debt certificates (DCs) issued by the European Central Bank (ECB). In this policy brief, Tonveronachi discusses potential changes to […] -
Working Paper No. 854
The Roads Not Taken
Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic closure from the accounting constraints and cast the latter in the language of graph theory. The graph formulation provides (1) a representation of an economy […] -
Greek Banks Ask Investors to Take Uncertain Leap of Faith
Bloomberg, November 13, 2015. All Rights Reserved. The National Bank of Greece SA and Eurobank Ergasias SA joined Piraeus Bank SA and Alpha Bank AE on Thursday in starting book-building processes as they seek to fill part of 14.4 billion-euro ($15.5 billion) hole in their accounts identified by the European Central Bank. The state-owned Hellenic […] -
Blog
Can Public Money Creation Work? Some Answers from Canadian History
by Josh Ryan-Collins The theoretical and policy arguments for monetary reform are becoming more accepted by economists and establishment figures. The financial crisis blew apart the idea that deregulated private money creation by commercial banks leads to more efficient outcomes and allocation of capital, as has been noted by Martin Wolf of the Financial Times [...]