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President Dimitri B. Papadimitriou speaking at the Athens conference, November 2013
January 29, 2014 News -
Working Paper No. 787Unions and Economic Performance in Developing Countries
January 28, 2014 This paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Panama, and Uruguay. Using an augmented Cobb-Douglas...more Publication -
BlogEuropean Commission Kicks Off Fresh Round in its Never-ending Love Affair with Structural Reform
January 24, 2014 The Commission’s latest “Quarterly Report on the Euro Area” makes an interesting read; at least to those who simply can’t get enough of the “structural reform” gospel that has been running high in the Commission’s corridors for the past 30 years or so. So be warned: For any more enlightened minds the report is mainly [...] Blog -
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Euro Delusion and Denial Keep Authorities Entranced
January 22, 2014 Could it be that Mario Draghi is alone among the key euro authorities in recognizing that the euro crisis may not be quite over yet? Given that Mr. Draghi is also widely credited as the euro’s foremost savior, this seems more than just a little odd. Recall that, almost magically, Mr. Draghi managed to pull [...] Blog -
Working Paper No. 786
The Rational Expectations Hypothesis
January 21, 2014 The rational expectations hypothesis (REH) is the standard approach to expectations formation in macroeconomics. We discuss its compatibility with two strands of Karl Popper´s philosophy: his theory of knowledge and...more Publication -
Working Paper No. 785
Integrating Time in Public Policy
January 21, 2014 Incorporating time in public policymaking is an elusive area of research. Despite the fact that gender budgeting is emerging as a significant tool to analyze the socioeconomic impacts of fiscal...more Publication -
Public Policy Brief No. 130What Remains of the Theory of Demand Management in a Globalizing World?
January 21, 2014 In our era of global finance, the theory of aggregate demand management is alive and unwell, says Amit Bhaduri. In this policy brief, Bhaduri describes what he regards as a...more Publication -
Public Policy Brief No. 130
Τι απομένει από τη θεωρία της διαχείρισης της ζήτησης σε έναν παγκοσμιοποιημένο κόσμο;
January 21, 2014 Στην εποχή της παγκόσμιας χρηματιστικής, η θεωρία της διαχείρισης της συνολικής ζήτησης κρατιέται ζωντανή, αλλά η χρησιμότητά της δεν είναι η ίδια, λέει ο Amit Bhaduri. Στο παρόν κείμενο δημόσιας...more Publication -
Working Paper No. 784
Financial Crisis Resolution and Federal Reserve Governance
January 16, 2014 The Federal Reserve has been criticized for not forestalling the financial crisis of 2007–09, and for its unconventional monetary policies that have followed. Its critics have raised questions as to...more Publication -
One-Pager No. 45Time Deficits and Hidden Poverty in Korea
January 13, 2014 Official poverty lines in Korea and other countries ignore the fact that unpaid household production contributes to the fulfillment of material needs and wants that are essential to attaining a...more Publication -
One-Pager No. 45
Έλλειμμα χρόνου και κρυφή φτώχεια στην Κορέα
January 13, 2014 Τα επίσημα ποσοστά φτώχειας στην Κορέα και σε άλλες χώρες αγνοούν το γεγονός ότι η άμισθη παραγωγή των νοικοκυριών συμβάλλει στην εκπλήρωση των υλικών αναγκών και των επιθυμιών που είναι...more Publication -
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Minsky on the War on Poverty
January 10, 2014 Roughly a year after President Johnson used the occasion of his first State of the Union address to declare war on poverty, Hyman Minsky presented a paper on the subject at a conference in Berkeley. Here’s what he wrote: The war against poverty is a conservative rebuttal to an ancient challenge of the radicals, that [...] Blog -
Working Paper No. 783
Options for China in a Dollar Standard World
January 10, 2014 This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues...more Publication -
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The Social Enterprise Sector Model for a Job Guarantee in the U.S.
January 10, 2014 Jesse Myerson created a firestorm over mainstream media with his Rolling Stone piece “Five Economic Reforms Millennials Should Be Fighting For.” I’d like to address the very first of these reforms, the Job Guarantee (JG), as Myerson references my proposal for running the program through the non-profit sector and discussed it in several interviews on [...] Blog -
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Push for Job Guarantee Gains Momentum
January 06, 2014 I just returned from the big annual meeting of economists (this time in Philly), at which we had a panel on the Job Guarantee. One of the papers on our panel was by William (Sandy) Darity and Darrick Hamilton, which demonstrated how imperative it is to implement the JG to reduce hiring discrimination in the [...] Blog -
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How Reorienting China’s Fiscal Policy Can Reduce Financial Fragility
December 19, 2013 L. Randall Wray just published a one-pager on China’s policy options from the perspective of Modern Money Theory: Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into [...] Blog -
One-Pager No. 44
Policy Options for China
December 19, 2013 Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While...more Publication -
One-Pager No. 44
Επιλογές οικονομικής πολιτικής για την Κίνα
December 19, 2013 Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του...more Publication -
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New Book on the Gender Impacts of the Global Economic Crisis
December 17, 2013 A new volume edited by the director of the Levy Institute’s Gender Equality and the Economy program, Rania Antonopoulos: With the full effects of the Great Recession still unfolding, this collection of essays analyses the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and [...] Blog -
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Why Returning to Glass-Steagall Isn’t the Answer
December 16, 2013 Dissatisfaction with the incomplete or timid nature of the 2010 Dodd-Frank financial reforms has generated interest in some alternative regulatory proposals. One alternative that’s fairly prominent in progressive circles revolves around the idea of returning to the structure of the 1933 Glass-Steagall Act. In this video, Jan Kregel explains why we can’t go back. He [...] Blog -
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James Galbraith Makes It Simple
December 13, 2013 Q: “Now why do you believe the US government will never, ever have a problem funding its public expenditures and deficits?” A: “Because the electricity supply to the computers that send those signals will never be cut off.” Q: “It’s that simple?” A: “Simple as that.” [iframe width=”448″ height=”252″ src=”//www.youtube.com/embed/qD3XMyNmfeY?feature=player_detailpage&start=51″ frameborder=”0″ allowfullscreen></iframe] If you want [...] Blog -
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A Passing Storm or a Crisis of Capitalism?
December 12, 2013 C. J. Polychroniou: A strong case can be made that what we have been witnessing since [2007-08] is not simply a severe financial crisis centered in the developed world but the fact that today’s capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth. The so-called “financialization” of [...] Blog