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BlogHow Do We End the Inequality Feedback Loop?
“As Hyman Minsky argued, there are many varieties of capitalism, some more stable than others—and, we can add, some more equitable than others.” — Pavlina Tcherneva Pavlina Tcherneva has revisited her (in)famous inequality chart, which showed an ever-rising majority of the income growth during post-1970s economic expansions being captured by the wealthy (specifically the top 10 percent of income [...] -
Research Project ReportReforming the Fed’s Policy Response in the Era of Shadow Banking
This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. This is the fourth in a series of reports summarizing the findings of the Research and Policy Dialogue Project on Improving Governance of […] -
Summary No. 2Summary Spring 2015
This issue of the Summary opens with the latest strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors find that despite some modest improvements in the country’s economy, continued austerity will not lead to growth. They recommend an end to austerity, call for debt relief, and propose direct intervention […] -
Policy Notes No. 4When a Rising Tide Sinks Most Boats
In the postwar period, with every subsequent expansion, a smaller and smaller share of the gains in income growth have gone to the bottom 90 percent of families. Worse, in the latest expansion, while the economy has grown and average real income has recovered from its 2008 lows, all of the growth has gone to […] -
Policy Notes No. 4
Όταν αυτό που είναι καλό για έναν δεν είναι καλό για όλους μας
Στη μεταπολεμική περίοδο, κάθε μεταγενέστερη οικονομική επέκταση συνοδεύθηκε από το φαινόμενο ενός όλο και μικρότερου ποσοστού της αύξησης του εισοδήματος να καταλήγει στο 90% των χαμηλότερων εισοδηματικών στρωμάτων.Ακόμη χειρότερα, κατά τη διάρκεια της τελευταίας επέκτασης, ενώ η οικονομία αναπτύχθηκε και το μέσο πραγματικό εισόδημα ανέκαμψε από τα επίπεδα του 2008, το σύνολο της αύξησης του […] -
Blog
Modern Money, Financial Reform, and the Euro Experiment—an Interview with Randall Wray
Below is the wide-ranging interview L. Randall Wray gave to EKO – Público TV in Spain as part of the launch of the Spanish edition of his Modern Money Primer (questions in Spanish): [iframe width=”512″ height=”306″ src=”https://www.youtube.com/embed/949JLYr2L90″ frameborder=”0″ allowfullscreen></iframe] -
Press ReleaseHewlett Foundation Awards $400,000 Grant to Levy Economics Institute’s Gender Equality and the Economy Program
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Blog
Public Banking and Boom Bust Boom
While in Spain for the launch of my Modern Money Primer in Spanish, I gave a long interview for Public Television. Parts of that interview are interspersed in this segment on public banking. My interview is in English (with Spanish subtitles), while the rest is in Spanish. Other portions of my interview will be broadcast later. [...] -
Quantitative Easing Won’t Cure Europe’s Economic Woes
Al Jazeera, March 20, 2015. All Rights Reserved. The European Central Bank’s (ECB) quantitative easing (QE) programme seems to have created a state of euphoria among global investors, but it will do very little to ameliorate Europe’s economic problems. A close look into the state of Europe’s economies reveals a much ignored fact by most […] -
Blog
Greek Debt, German History, and the Moral High Ground
Dimitri Papadimitriou takes on the assumption that European leaders demanding the continuation of large fiscal surpluses from Greece can claim the moral high ground. The economics behind these demands are unrealistic, and the insistence on full debt repayment is both immoral and imprudent—not to mention deaf to the lessons of history: “Greece’s government and people have indulged in excesses [...] -
Forced Austerity: Nothing but a Ponzi Scheme?
Today’s Zaman, March 18, 2015. All Rights Reserved. The current escalation of disagreement between Athens and Berlin symbolizes that there may be more at stake than simply extending repayment deadlines. Could perhaps the entire monetary union project and thus the vision of political union be at stake? Nothing less is what a brand-new study published […] -
Greek Debt: Do the Right Thing
The Huffington Post, March 18, 2015. All Rights Reserved. "Greece’s government and people have indulged in excesses and corruption; now it is time to pay the price." The argument for full repayment of Greece’s debt is well known, easily understood, and widely accepted, particularly in Germany. Sacrifice, austerity and repayment are righteous, fair, and just. […]