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MME, August 9, 2015
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Δημ. Παπαδημητρίου: Το σχέδιο Βαρουφάκη ήταν έκπληξη για μένα
Kathimerini, 9 Αύγουστος 2015. Με επιφύλαξη παντός δικαιώματος. Διαχωρίζει πλήρως τη θέση από το Σχέδιο Β του Γ. Βαρουφάκη και τις (όποιες) προετοιμασίες γίνονταν στο υπουργείο Οικονομικών για ένα παράλληλο νόμισμα ο Δημήτρης Παπαδημητρίου, επικεφαλής του Ινστιτούτου Οικονομικών Μελετών Levy στη Νέα Υόρκη. Ο κ. Παπαδημητρίου δηλώνει στην «Κ» ότι προώθησε την ιδέα του παράλληλου […] -
Policy Notes No. 5The BRICS Initiatives in the Current Global Conjuncture
Developing countries, led by China and other BRICS members (Brazil, Russia, India, and South Africa), have been successfully organizing alternative sources of credit flows, aiming for financial stability, growth, and development. With their goals of avoiding International Monetary Fund loan conditionality and the dominance of the US dollar in global finance, these new BRICS-led institutions […] -
BlogS&P Threatens to Downgrade Brazil to Junk
by Felipe Rezende S&P has issued a negative outlook regarding Brazilian sovereign debt. The S&P’s announcement stated that Over the coming year, failure to advance with (on- and off-budget) fiscal and other policy adjustments could result in a greater-than-expected erosion of Brazil’s financial profile and further erosion of confidence and growth prospects, which could lead [...] -
MME, July 30, 2015
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Δημ.Παπαδημητρίου στη «Ν»: Το σχέδιο Βαρουφάκη δεν έχει σχέση με την πρόταση Levy
Naftemporiki.gr, 30 Ιουλίου 2015. Με επιφύλαξη παντός δικαιώματος. Η έκδοση IOU’s στο πλαίσιο ενός εγχειρήματος παράλληλου χρηματοπιστωτικού συστήματος δεν μπορεί να πραγματοποιηθεί χωρίς την έγκριση της ΤτΕ και της ΕΚΤ, δηλώνει στη «Ν» ο πρόεδρος του Levy Economics Institute Δημήτρης Παπαδημητρίου, ο οποίος κληθείς να σχολιάσει τις πληροφορίες που βγήκαν στο φως της δημοσιότητας γύρω […] -
Working Paper No. 844A Nonbehavioral Theory of Saving
We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for full employment to be maintained over time. An increase in income inequality and the current account deficit and a consolidation of the government budget lead […] -
Working Paper No. 843
Is a Very High Public Debt a Problem?
This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is to show that government deficits do not face a financing problem. After these deficits are initially financed […] -
Working Paper No. 842
Making the Euro Viable
The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the euro currency union. We propose a “Euro Treasury” scheme to properly fix the regime and resolve the euro crisis. This […] -
Working Paper No. 841
Marx’s Theory of Money and 21st-century Macrodynamics
Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and rent as they pertain to the financial economy, (4) […] -
Blog
Crystal Balls, or Robust Economic Research?
An article from Bloomberg listed nine people who saw the Greek crisis coming years ago. The list may be narrowly confined to Anglo-Saxon economists, but I am quite happy that most of the people listed worked at, or were/are affiliated with, the Levy Institute. Wynne Godley is the first on the list, given his [...] -
Blog
Deflation Über Alles
The “negotiations” that surrounded the latest Greek deal do not reflect well on the system (such as it is) of EMU governance. And there are no silver linings to be found in the outcome of this process. It is a testament to how far we are from “normal” that even the best-case scenario would have left little room for [...]