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BlogBibow on Deflation and ECB Measures: “Beware What You Wish For”
March 06, 2014 From Jörg Bibow’s recent letter in the Financial Times, reacting to an article by Wolfgang Münchau on deflation and ECB policy: What is really new today is that wages are becoming unanchored and hence cease to provide the safety net that asymmetric central bankers habitually rely on. This is the consequence of the collective effort [...] Blog -
Working Paper No. 792From the State Theory of Money to Modern Money Theory
March 05, 2014 This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard...more Publication -
Working Paper No. 791
Central Bank Independence
March 05, 2014 It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has...more Publication -
Working Paper No. 790
Changes in Global Trade Patterns and Women’s Employment in Manufacturing
March 05, 2014 The purpose of this study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period 1995–2006. For 30 countries (21 OECD...more Publication -
Blog
When Will They Ever Learn: Uncle Sam is not Robin Hood
March 04, 2014 Memo to Obama: Don’t tie progressive spending policy to progressive tax policy. Each can stand on its own. Reported today in the Washington Post: Obama proposes $600 billion in new spending to boost economy President Obama on Tuesday unveiled an ambitious budget that promised more than $600 billion in fresh spending to boost economic growth [...] Blog -
Working Paper No. 789
Πλήρης Απασχόληση
March 03, 2014 Είναι κοινώς γνωστό ότι ο John Maynard Keynes υπήρξε ο βασικός υποστηρικτής του κρατικού παρεμβατισμού για την αντιμετώπιση της ύφεσης και της ανεργίας. Αυτό που δεν είναι ευρέως γνωστό είναι...more Publication -
Working Paper No. 789
Full Employment
March 03, 2014 It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern “Keynesian policies” bear little,...more Publication -
Working Paper No. 788
Modern Money Theory and Interrelations between the Treasury and the Central Bank
March 03, 2014 One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial...more Publication -
Blog
On German Public Opinion and Illusory ECB Power
February 26, 2014 After taking a short breather in late January-early February, the markets now seem to be back in “happy mode.” Whether the news on the economic recovery is good or bad doesn’t really matter. The current convention is that growth acceleration is under way. That emerging markets had become key drivers of global growth was yesterday’s [...] Blog -
Blog
Seeing “It” Coming: An Interview on the Global Financial Crisis and Euroland’s Fatal Flaw
February 20, 2014 I recently did an interview for the magazine “Synchrona Themata” (“Contemporary Issues”). The interview, which will appear in Greek, was conducted by Christos Pierros, doctoral student at the University of Athens Doctoral Program in Economics (UADPhilEcon). What follows is the English transcript: What do you think went wrong in 2008? Why was standard macro theory [...] Blog -
Blog
The Problem of Unemployment in Greece
February 12, 2014 (The following is an extended version of a piece that originally appeared in Greek in Kathimerini.) The responses to unemployment by the last three governments in Greece have been characterized by sloppy proposals and an insignificant amount of funds in relation to the size of the problem. Regardless of whether there were political considerations behind [...] Blog -
One-Pager No. 46Φτώχεια χρόνου και κατανάλωσης στην Τουρκία
February 12, 2014 Το Μέτρο Φτώχειας Χρόνου και Κατανάλωσης του Levy Institute (LIMTCP) είναι ένα δισδιάστατο μέτρο που λαμβάνει υπόψη τόσο τις απαραίτητες καταναλωτικές δαπάνες όσο και το χρόνο που απαιτείται από τα...more Publication -
One-Pager No. 46
Time and Consumption Poverty in Turkey
February 12, 2014 The Levy Institute Measure of Time and Consumption Poverty (LIMTCP) is a two-dimensional measure that takes into account both the necessary consumption expenditures and the household production time needed to...more Publication -
Blog
SAPRIN and the Greek Experiment
February 11, 2014 From C. J. Polychroniou’s latest policy note: [I]n 2001, a three-year, multi-country study by the Structural Adjustment Participatory Review International Network (SAPRIN), prepared in cooperation with the World Bank, national governments, and civil society organizations, offered a damning indictment of the policies of structural adjustment reform pursued by the IMF and the World Bank in [...] Blog -
Blog
A Euro Treasury? An Interview with Jörg Bibow
February 10, 2014 (The following is the translation of an interview that appeared in Sunday’s Eleftherotypia. C. J. Polychroniou talks to Jörg Bibow about the latter’s proposal for a Euro Treasury and how it represents a viable solution to the eurozone crisis — a crisis that is very much ongoing, Bibow explains.) CJP: A number of economists, [...] Blog -
Blog
Working Paper Roundup 2/7/2014
February 07, 2014 Unions and Economic Performance in Developing Countries: Case Studies from Latin America Fernando Rios-Avila The Rational Expectations Hypothesis: An Assessment from Popper’s Philosophy Iván H. Ayala and Alfonso Palacio-Vera Integrating Time in Public Policy: Empirical Description of Gender-specific Outcomes and Budgeting Lekha S. Chakraborty Financial Crisis Resolution and Federal Reserve Governance: Economic Thought and Political [...] Blog -
Blog
The 1943 Proposal to Fund Government Debt at Zero Interest Rates
February 04, 2014 One thing Jan Kregel’s new policy note makes clear is that congressional debates about raising the debt ceiling were a great deal more enlightening in the 1940s and ’50s. Here is Rep. Wright Patman (D-TX) in 1943 defending his proposal to fund what were expected to be huge wartime expenditures by bypassing the private financial [...] Blog -
Blog
The 23rd Annual Minsky Conference Is Coming to D.C.
February 03, 2014 23rd Annual Hyman P. Minsky Conference Stabilizing Financial Systems for Growth and Full Employment The National Press Club Washington, D.C. April 9–10, 2014 Organized by the Levy Economics Institute with support from the Ford Foundation. In a context of global uncertainty, with growth and employment well below normal levels, the 2014 Minsky Conference will address [...] Blog -
Policy Note No. 2Η πρόταση του Wright Patman για χρηματοδότηση του δημόσιου χρέους με μηδενικό επιτόκιο
February 01, 2014 Το 1943, το αμερικανικό Κογκρέσο βρέθηκε αντιμέτωπο με απρόβλεπτα μεγάλες πολεμικές δαπάνες, που ξεπερνούσαν το όριο του χρέους. Οι διάλογοι της περιόδου εκείνης που έλαβαν χώρα στο Κογκρέσο περιλαμβάνουν μια...more Publication -
Policy Note No. 2
Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates
February 01, 2014 In 1943, Congress faced unpredictably large war expenditures exceeding the prevailing debt limit. Congressional debates from that time contain an insightful discussion of how the increased expenditures could be financed,...more Publication -
Blog
Demand Management in the Age of Global Finance
January 31, 2014 From the preface to a new policy brief by Amit Bhaduri: In our era of global finance, the theory of aggregate demand management is alive and unwell. In this policy brief, Bhaduri describes what he regards as a prevalent contemporary approach to demand management. Detached from its Keynesian roots, this “vulgar” version of demand management [...] Blog -
Policy Note No. 1
Το υπόδειγμα της κοινωνικής επιχείρησης για εγγυημένη απασχόληση στις Ηνωμένες Πολιτείες
January 30, 2014 Η πρόταση για εγγυημένη απασχόληση συμβάλλει στη μακροοικονομική σταθερότητα και εξασφαλίζει ένα θεμελιώδες ανθρώπινο δικαίωμα. Ωστόσο, παρά τα οικονομικά και ηθικά πλεονεκτήματα αυτής της πολιτικής, το πρόγραμμα πολύ συχνά απορρίπτεται...more Publication -
Policy Note No. 1
The Social Enterprise Model for a Job Guarantee in the United States
January 30, 2014 The job guarantee is a proposal that provides greater macroeconomic stability and secures a fundamental human right. Despite the economic and moral merits of this policy, often the program is...more Publication -
President Dimitri B. Papadimitriou speaking at the Athens conference, November 2013
January 29, 2014 News