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BlogDistribution, Stagnation, and Macro Policy in an Interactive Model
April 21, 2014 The funny-shaped surface in the Wolfram “CDF” below (software download link) depicts excess demand for goods. The flat one represents the zero line where supply and demand are equal. On each axis is a variable that affects the degree to which demand outpaces or falls short of supply: (1) firms’ share in the price of [...] Blog -
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Minsky and Financial Reform’s “Never Ending” Struggle
April 18, 2014 In a new policy brief, Jan Kregel looks at a lesser-known, early period of Minsky’s work on financial reform. In the ’60s, Minsky was a consultant to a number of government agencies, including the Federal Reserve, on issues related to financial regulation. In this context, he came up with a new approach to bank examination, [...] Blog -
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Charles Evans on Missing the Fed’s Targets
April 17, 2014 Chicago Fed President Charles Evans spoke at last week’s Minsky conference, and news reports have focused on his comments regarding the expectation that the Federal Reserve will wait at least six months after the end of QE before beginning to raise interest rates (Evans: “It could be six, it could be 16 months”; “If I [...] Blog -
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Working Paper Roundup 4/15/2014
April 15, 2014 Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization Eugenio Caverzasi “The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of [...] Blog -
Research Project ReportFederal Reserve Bank Governance and Independence during Financial Crisis
April 11, 2014 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
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On the Alleged Pains of the Strong Euro
April 09, 2014 Since its most recent low of $1.20, reached in the heat of the summer of 2012, the euro has appreciated by 15 percent against the US dollar and by more than 10 percent in inflation-adjusted terms against a broad basket of currencies representative of the euro area’s main trading partners. Amounting to a significant loss [...] Blog -
Public Policy Brief No. 131Minsky and Dynamic Macroprudential Regulation
April 08, 2014 In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s...more Publication -
Public Policy Brief No. 131
Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση
April 08, 2014 Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel...more Publication -
Working Paper No. 796Minsky and the Subprime Mortgage Crisis
April 04, 2014 The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis...more Publication -
Working Paper No. 795
Growth with Unused Capacity and Endogenous Depreciation
April 04, 2014 This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in...more Publication -
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A Minsky Moment on the BBC
April 01, 2014 For those of you who haven’t seen it already, Duncan Weldon did a feature on Hyman Minsky for the BBC last week, including this short article and a 30-minute piece for BBC radio. In the radio segment, Adair Turner says this about Minsky’s contribution and his departure from the mainstream (a description of the pre-crisis [...] Blog -
Working Paper No. 794
Structural Asymmetries at the Roots of the Eurozone Crisis
March 31, 2014 In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring...more Publication -
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Modern Money In Six Short Videos
March 31, 2014 I recently did an interview for Euro Truffa on six topics related to MMT. The website is here. They are transcribing my interview to Italian (I think that only two are up so far) and putting up the videos. They have also posted all of the videos to YouTube. As you can tell, I did [...] Blog -
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Galbraith on Piketty’s “Capital”
March 27, 2014 From Senior Scholar James Galbraith’s review of Thomas Piketty’s much-discussed Capital in the Twenty-First Century: Although Thomas Piketty, a professor at the Paris School of Economics, has written a massive book entitled Capital in the Twenty-First Century, he explicitly (and rather caustically) rejects the Marxist view. He is in some respects a skeptic of modern [...] Blog -
Working Paper No. 793
Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
March 27, 2014 The quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS...more Publication -
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Can a Parallel Financial System Solve the Greek Crisis?
March 26, 2014 In a new article, Dimitri Papadimitriou looks at the possibility of creating a parallel financial system — dubbed the “geuro” (following Thomas Mayer) — to help rescue the Greek economy: Geuros would essentially be small denomination zero-coupon bonds: transferable instruments with no interest payment, no repayment of principal, and no redemption, that would be acceptable [...] Blog -
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MMT, the Consolidation Hypothesis, and Why Louisiana Won’t Leave Its Currency Union
March 18, 2014 In this interview with Euro Truffa, L. Randall Wray responds to some recent critiques of Modern Money Theory (MMT). In the first segment, Wray defends the idea that we can, for the purposes of simplifying the analysis of affordability constraints faced by modern governments, safely disregard many of the self-imposed constraints on Treasury-Central Bank cooperation [...] Blog -
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Inflation, Deflation, and ECB Asymmetry
March 13, 2014 It is quite interesting to see how popular myths can live on in the public’s mind and continue to cause harm and irritation even when the facts speak to totally different language. How can education fail so badly? The particular example I have in mind here is Germans’ supposed exceptionalism in matters of inflation hyper-sensitivity. [...] Blog -
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Minsky Conference, D.C.: Stabilizing Financial Systems for Growth and Full Employment
March 13, 2014 The Levy Institute’s annual Minsky conference will be held at the National Press Club in Washington, D.C. on April 9-10. Day one features a speaker lineup that includes Sen. Sherrod Brown, Rep. Carolyn Maloney, head of the Chicago Fed Charles Evans, member of the Fed Board of Governors Daniel Tarullo, and many others. On day [...] Blog -
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Export-led Growth for Greece?
March 08, 2014 In a recent post, Daniel Gros asks why Greece has failed to get out of recession through an increase in exports, as he claims happened in Portugal, Spain and Ireland. He is suggesting that the problem lies in the economy resisting structural reforms: “In Greece, by contrast, there is no evidence that the many structural [...] Blog -
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Working Paper Roundup 3/7/2014
March 07, 2014 Central Bank Independence: Myth and Misunderstanding L. Randall Wray “This paper argues that the Fed is not, and should not be, independent, at least in the sense in which that term is normally used. … Our understanding of policy, of the policy space available to the sovereign, and of the operational realities of fiscal and [...] Blog
