Filter by
3497 results found
-
Working Paper No. 782Feasible Estimation of Linear Models with N-fixed Effects
December 12, 2013 In this paper an alternative approach for the estimation of higher-order linear fixed-effects models is described. The strategy relies on the transformation of the data prior to calculating estimations of...more Publication -
Working Paper No. 781
A Stock-flow Approach to a General Theory of Pricing
December 10, 2013 The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that...more Publication -
BlogFinancial Governance for Innovation and Social Inclusion (Video)
December 10, 2013 The Levy Institute’s Jan Kregel and L. Randall Wray took part in a workshop at the UK House of Commons, November 25th, on “Financial Governance for Innovation and Social Inclusion,” organized by Mariana Mazzucato (SPRU) and Leonardo Burlamaqui (Ford Foundation) and hosted by Shadow Minister for the Cabinet Office, MP Chi Onwurah. Kregel and Wray’s [...] Blog -
Blog
When Robots Make Drones: The Brave New World of Secular Stagnation
December 10, 2013 Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers? For me, the first is a wee bit scary. Of course, [...] Blog -
Blog
Is the Recession in Greece Ending?
December 09, 2013 The Hellenic Statistical Authority (ElStat) reports today that real GDP in the third quarter of 2013 has fallen by “only” 3 percent. More in detail, from their press release: Total final consumption expenditure recorded a decrease of 6.6% in comparison with the 3rd quarter of 2012 (Table 4). Gross fixed capital formation (GFCF) decreased by [...] Blog -
Blog
Three Links on the Eurozone Crisis
December 09, 2013 1) In an interview with Roger Strassburg, James Galbraith discusses the “Modest Proposal,” a plan for resolving the eurozone’s multiple crises without creating any new institutions or amending any treaties. Galbraith is a co-author of the latest version of the proposal, joining Yanis Varoufakis and Stuart Holland (an earlier version was published as a Levy [...] Blog -
Blog
Tax-Backed Bonds: Update and Response to Critics
December 06, 2013 Last year, Philip Pilkington and Warren Mosler argued that they had come up with a financial innovation that had the potential to help control the crippling borrowing costs faced by many member-states on the eurozone periphery. Their “tax-backed bond” proposal worked like this: if a member-state issuing these bonds defaulted on a payment, the bonds [...] Blog -
Policy Note No. 10Η συνεχιζόμενη καταλληλότητα των κρατικών ομολόγων με την κάλυψη φόρων (tax-backed bonds) για την ευρωζώνη
December 03, 2013 Σε ένα σημείωμα πολιτικής που δημοσιεύθηκε πέρυσι από το Levy Institute, ο Philip Pilkington και ο Warren Mosler υποστήριξαν ότι η κρίση χρέους στην ευρωζώνη θα μπορούσε να λυθεί από...more Publication -
Policy Note No. 10
The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
December 03, 2013 In a policy note published last year by the Levy Institute, Philip Pilkington and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without...more Publication -
-
Blog
Mindless Austerity and Security Guards
December 03, 2013 I recently had the great fortune to listen to a speech delivered by Mr Yves Mersch, Member of the Executive Board of the European Central Bank. This was in Athens on November 8 at the first Minsky Conference in Greece organized by the Levy Economics Institute. The title of the conference was “The Eurozone crisis, [...] Blog -
Blog
The Next Bubble?
December 02, 2013 Is the U.S. economy heading towards another bubble? Since last week, the number of commentators on this subject has been growing, from Robert Shiller to Nouriel Roubini (on housing markets). In our first chart we report the Standard & Poor’s 500 stock market index, normalized by a consumer price index to remove the common trend [...] Blog -
Blog
Internal Devaluation in Greece
November 30, 2013 In a recent speech at the Levy Institute conference on “The Eurozone Crisis, Greece, and the Experience of Austerity” held in Athens, Mr. Yves Mersch, a member of the Executive Board and General Council at the ECB, made it clear that the success of the troika plan for the Greek economy requires the current account [...] Blog -
Blog
Is an R&D-Led Export Strategy Our Best Shot?
November 26, 2013 Dimitri Papadimitriou, in Reuters’ “Great Debate” series: The U.S. needs an export strategy led by research and development, and it needs it now. A serious federal commitment to R&D would help arrest the long-term decline in manufacturing, and return America to its preeminent and competitive positions in high tech. At the same time, increasing sales [...] Blog -
Working Paper No. 780
Lost at Sea
November 21, 2013 The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional...more Publication -
Working Paper No. 779
Hierarchy of Ideals in Market Interactions
November 15, 2013 This paper argues that a hierarchy of ideals exists in market interactions that sets the benchmark on the norm of fairness associated with these interactions, thus affecting pricing decisions associated...more Publication -
Blog
Register for the 2014 Minsky Summer Seminar
November 13, 2013 With support from the Ford Foundation, the Levy Institute is accepting applications for the 2014 Hyman P. Minsky Summer Seminar: Levy Institute Blithewood Annandale-on-Hudson, New York June 13–21, 2014 The Levy Institute’s Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, with an examination of meaningful prescriptive [...] Blog -
Blog
No Sound Defense of German Mercantilism, Nowhere
November 12, 2013 In “America’s misplaced lecture to Germany,” Gideon Rachman ends up offering a singularly misplaced defense of Germany. Quite similar to the typical stories one hears on this matter in Germany itself, Rachman appears to be unaware of how self-contradictory his arguments really are. To begin with, after describing the Federal Reserve’s QE policies as both [...] Blog -
Blog
Bibow: German Policy Bears Foremost Responsibility for the Euro Crises
November 05, 2013 In advance of this week’s Ford–Levy Institute conference in Athens, Greece (Nov. 8–9), Jörg Bibow gave an interview with George Papageorgiou, senior editor of newmoney.gr, on the role German policy has played (and still plays) in generating and exacerbating many of the problems plaguing the eurozone periphery — something Bibow was warning about back in [...] Blog -
Blog
What Do Banks Do? What Should Banks Do? A Minskyan View
November 05, 2013 A new issue of Accounting, Economics and Law has published a series of articles (open access) on Minsky and banking. In addition to my contribution, you can find some nice pieces by Thorvald Moe, Yuri Bondi, and Robert Boyer. According to Minsky, “A capitalist economy can be described by a set of interrelated balance sheets [...] Blog -
Blog
An Omnibus Reply to MMT Critics
November 01, 2013 Randall Wray and Éric Tymoigne just released a new working paper that rounds up and responds to various critiques of Modern Money Theory (MMT); critiques they organize into five categories: 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 [...] Blog -
Working Paper No. 778
Modern Money Theory 101
November 01, 2013 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 unencumbered by hard financial...more Publication -
Blog
A Minsky Conference in Athens
October 30, 2013 The next Minsky conference in the Levy Institute’s international series is taking place in Athens next week, November 8-9. The central theme, as you can probably guess from the location, is the ongoing eurozone crisis. This conference is organized as part of the Levy Institute’s international research agenda and in conjunction with the Ford Foundation [...] Blog -
Blog
Monetary and Fiscal Operations in China, an MMT Perspective
October 28, 2013 Here’s a piece I wrote with Yolanda Fernandez for the Asian Development Bank: Monetary and Fiscal Operations in the People’s Republic of China: An Alternative View of the Options Available You’ve no doubt read various analyses predicting the impending collapse of the Chinese financial sector, and arguments that China cannot continue to grow at a [...] Blog