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Working Paper No. 760Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
March 26, 2013 As domestic exports usually require imported inputs, the value of exports differs from the domestic value added contained in exports. The higher the domestic value added contained in exports, the...more Publication -
BlogKregel and Galbraith on the Euro Crisis
March 26, 2013 Earlier this month the Athens Development and Governance Institute and the Levy Economics Institute held a forum on the eurozone crisis: “Exiting the Crisis: The Challenge of an Alternative Policy Roadmap.” Below are the remarks delivered by senior scholars Jan Kregel and James Galbraith. Blog -
Blog
Polychroniou on a Post-Keynesian Political Economy for the 21st Century
March 21, 2013 In a new, wide-ranging policy note, C. J. Polychroniou traces the roots and evolution of the present “era of global neoliberalism”; an era he portrays as mired in perpetual crisis and dysfunction, and ripe for change. [N]eoliberalism itself is more of an ideological construct than a solidly grounded theoretical approach or an empirically-derived methodology. In [...] Blog -
Strategic AnalysisIs the Link between Output and Jobs Broken?
March 19, 2013 As this report goes to press, the official unemployment rate remains tragically elevated, compared even to rates at similar points in previous recoveries. The US economy seems once again to...more Publication -
Strategic Analysis
Ισχύει ακόμη η σύνδεση παραγωγής και δημιουργίας θέσεων εργασίας;
March 19, 2013 Καθώς ετοιμάζεται να δημοσιευθεί η παρούσα έκθεση, η ανεργία παραμένει σε εξαιρετικά υψηλά επίπεδα ακόμη και σε σχέση με ανάλογα χρονικά σημεία από προηγούμενες περιόδους οικονομικής ανάκαμψης. Η οικονομία των...more Publication -
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Papadimitriou on the Cyprus Crisis
March 19, 2013 Yesterday, Dimitri Papadimitriou joined Ian Masters to discuss the response to the banking crisis in Cyprus. The plan on the table, in which Cypriot banks would impose a deposit tax (9.9 percent on deposits above €100,000, and 6.75 on deposits below that) in order to gain access to a €10 billion bailout from the troika, [...] Blog -
Working Paper No. 759
Wages, Exchange Rates, and the Great Inflation Moderation
March 18, 2013 Several explanations of the “great inflation moderation” (1982–2006) have been put forth, the most popular being that inflation was tamed due to good monetary policy, good luck (exogenous shocks such...more Publication -
Working Paper No. 758
How the Fed Reanimated Wall Street
March 14, 2013 Walter Bagehot’s putative principles of lending in liquidity crises—to lend freely to solvent banks with good collateral but at penalty rates—have served as a theoretical basis for thinking about the...more Publication -
Policy Note No. 2Toward a Post-Keynesian Political Economy for the 21st Century
March 12, 2013 The global economy is in trouble. Indeed, the era of global neoliberalism, while still supreme, is fraught with serious problems and contradictions, as evidenced by both the recent global financial...more Publication -
Working Paper No. 757
Expanding Social Protection in Developing Countries
March 11, 2013 This paper discusses social protection initiatives in the context of developing countries and explores the opportunities they present for promoting a gender-equality agenda and women’s empowerment. The paper begins with...more Publication -
Blog
The Way We Talk (and Don’t Talk) About Money
March 07, 2013 Victoria Chick, a student of Hyman Minsky’s, elaborates on an issue that often strikes non-economists as somewhere between scandalous and baffling: the absence of any substantive acknowledgment of money in much of contemporary economics and economic modelling. (Particularly interesting around the 12:10 mark, where Chick argues that faulty or outdated language in relation to banking [...] Blog -
Blog
What to Do When Reality Refuses to Cooperate With Your Theory, Greek Edition
March 06, 2013 The evident failure of the ongoing austerity and “structural adjustment” experiments in Greece and the rest of the eurozone might have prompted some reconsideration of the intellectual foundations of those policies. Instead, as C. J. Polychroniou observes in his latest policy note, one notable reaction seems to have been to blame the test subjects: In [...] Blog -
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Seminar: William Janeway on Doing Capitalism in the Innovation Economy
February 28, 2013 The Bard Economics Program and the Levy Economics Institute present: William H. Janeway Institute for New Economic Thinking and Warburg Pincus Technology Monday, March 4, 2013 4:45 p.m. Bard College Reem-Kayden Center for Science and Computation (RKC), Room 103 Excerpt from Doing Capitalism: “The Innovation Economy begins with discovery and culminates in speculation. Over some [...] Blog -
Blog
Exiting the Crisis: The Challenge of an Alternative Policy Roadmap
February 27, 2013 A forum organized by the Athens Development and Governance Institute and the Levy Economics Institute — “Exiting the Crisis: The Challenge of an Alternative Policy Roadmap” — will take place in Athens, Greece on March 8–9. The Levy Institute’s Dimitri Papadimitriou, James Galbraith, Jan Kregel, and Rania Antonopoulos are among the academics, journalists, politicians, and [...] Blog -
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On Financial Transaction Taxes and Nonsense-Powered Economic Headwinds
February 25, 2013 Randall Wray joined Suzi Weissman on her “Beneath the Surface” radio show on Friday. They began the interview with a discussion of the policy blunders that are creating headwinds for the US economy, including the expiration of the payroll tax cut, the decline of real per capita government spending, and, as Wray put it, “the [...] Blog -
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Wray, Partnoy, and Brenner on the Economic Crisis
February 24, 2013 Tomorrow at UCLA, Randall Wray, Frank Partnoy, and Robert Brenner will discuss “The Economic Crisis: Causes, Consequences, and What’s Next” as part of the annual colloquium series of the Center for Social Theory and Comparative History. The speakers will consider the origins and results of the ongoing global economic crisis. They will give special attention to [...] Blog -
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It’s Time to Shift the Focus of the Deficit Debate
February 22, 2013 The Congressional Budget Office’s latest report on the budget outlook revealed (perhaps unintentionally) that fixating on Congress and the President as the central players in the federal deficit drama is a mistake. According to the CBO, the path the federal budget deficit will follow over the next 10 years is just as much (if not [...] Blog -
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Legends of the Greek Fall
February 21, 2013 Why has the world’s premiere deficit-reduction laboratory produced such a dismal failure? European leadership still expects the painful über austerity measures imposed on Greece to result in a dramatic improvement of its debt to GDP ratio. But the experiment in endurance is not succeeding for an important reason: Austerity programs have been rooted in myths [...] Blog -
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Budget Wars Roundup
February 19, 2013 A couple of links worth sharing on the politics and policy of the budget debate. First, the Wall Street Journal reports that Alan Simpson and Erskine Bowles are coming out with a new deficit reduction plan, worth $2.4 trillion. If it’s anything like the last plan, every lawmaker will claim to love it, journalists will [...] Blog -
Blog
No, the Euro Crisis Is Not Over. An Interview with Jörg Bibow
February 18, 2013 Jörg Bibow was recently interviewed by CJ Polychroniou in Kyriakatiki Eleftherotypia (Κυριακάτικη Ελευθεροτυπία).* An English transcript of the interview follows: Since Mario Draghi’s announcement last fall that the ECB will intervene with the purchase of government bonds, the euro crisis is in a state of relative calm. Is it over? And if not, what developments [...] Blog -
Blog
More Data on the Golden Age of Postwar Austerity
February 15, 2013 Here’s yet another way of representing the fact that to the extent the United States has a “spending problem,” it is a problem of too little spending. From a speech by Janet Yellen, Vice Chair of the Federal Reserve: … discretionary fiscal policy hasn’t been much of a tailwind during this recovery. In the year following [...] Blog -
Working Paper No. 756
Long-Term Benefits from Temporary Migration
February 14, 2013 Utilizing a nationally representative sample of households from Sri Lanka, this study examines gender differences in the long-term impact of temporary labor migration. We use a propensity score matching (PSM)...more Publication -
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Event: Lewis and Taibbi on Fixing Wall Street
February 14, 2013 Salim B. “Sandy” Lewis in conversation with Matt Taibbi Tuesday, February 19, 7 pm Bard College, Annandale-on-Hudson, NY Room 103, Reem-Kayden Science Building Lewis will explore “Why Fixing Wall Street and the Economy Is Critical to the World” in a discussion with Matt Taibbi, the renowned political and financial columnist for Rolling Stone. The discussion will be moderated by [...] Blog -
Working Paper No. 755
The Economics of Inclusion
February 14, 2013 This paper presents a review of the literature on the economics of shared societies. As defined by the Club de Madrid, shared societies are societies in which people hold an...more Publication