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BlogNational Fragmentation of Credit in the Eurozone
April 18, 2012 In a Bloomberg article that details how banks in the eurozone periphery have begun carrying increasing proportions of the debt issued by their own nations’ governments (while banks in the core have reduced their holdings of peripheral sovereign debt), Dimitri Papadimitriou comments on some of the consequences of this “national fragmentation of credit”: “If there’s [...] Blog -
Blog
21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability
April 16, 2012 The annual Minsky conference, co-sponsored by the Levy Institute and the Ford Foundation, was held this past week in NYC. The audio transcripts of all the presentations (including one by yours truly) are online here. (I will also add my powerpoint below so you can look at it while listening to the audio.) My presentation [...] Blog -
Strategic AnalysisΠίσω στις συνήθεις τακτικές ή δημοσιονομική τόνωση;
April 15, 2012 Αν και η οικονομία φαίνεται να βελτιώνεται σταδιακά, οι ευρείς δείκτες καταγράφουν ότι το 14.5% του αμερικανικού εργατικού δυναμικού είναι άνεργο ή υποαπασχολήσιμο, ποσοστό όχι πολύ χαμηλότερο από το 16.2%...more Publication -
Strategic Analysis
Back to Business as Usual? Or a Fiscal Boost?
April 15, 2012 Though the economy appears to be gradually gaining momentum, broad measures indicate that 14.5 percent of the US labor force is unemployed or underemployed, not much below the 16.2 percent...more Publication -
Blog
Developing the ‘Financial Instability Hypothesis’: More on Hyman Minsky’s Approach
April 15, 2012 (cross posted at EconoMonitor) Since Paul Krugman kicked-off a heated discussion about Minsky’s views on banks, and because the annual “Minsky Conference” co-sponsored by the Ford Foundation and the Levy Economics Institute occurred this past week, I thought it would be useful to run a couple of posts laying out what Minsky was all about. [...] Blog -
Research Project ReportUsing Minsky to Simplify Financial Regulation
April 10, 2012 This monograph is part of the Institute’s research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. Its purpose is to investigate...more Publication -
Research Project Report
Improving Governance of the Government Safety Net in Financial Crisis
April 10, 2012 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...more Publication -
Public Policy Brief No. 123A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
April 10, 2012 The extraordinary scope and magnitude of the financial crisis of 2007–09 required an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort (LOLR) function. In an attempt...more Publication -
Working Paper No. 713Control of Finance as a Prerequisite for Successful Monetary Policy
April 09, 2012 Henry Simons’s 1936 article “Rules versus Authorities in Monetary Policy” is a classical reference in the literature on central bank independence and rule-based policy. A closer reading of the article...more Publication -
Working Paper No. 713
Ο έλεγχος του χρηματικού κεφαλαίου ως προϋπόθεση για μια επιτυχημένη νομισματική πολιτική
April 09, 2012 To άρθρο του Henry Simons, με τίτλο «Rules versus Authorities in Monetary Policy» («Κανόνες έναντι εξουσιών στη νομισματική πολιτική»), που δημοσιεύθηκε το 1936, αποτελεί κεντρικό σημείο αναφοράς στη διεθνή βιβλιογραφία...more Publication -
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Working Paper No. 712
Shadow Banking and the Limits of Central Bank Liquidity Support
April 03, 2012 Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with severe strains in key funding markets leading central banks to employ highly...more Publication -
Blog
New Empirical Evidence of Long-lasting Effects of Mortgage Crisis
April 03, 2012 Debts left over on consumers’ balance sheets from the mortgage crisis have had particularly serious and long-lasting effects on the economic health of those localities where the crisis hit the hardest, according to what appears to be some interesting and important evidence discussed in an article in today’s New York Times. Of course, the notion [...] Blog -
Blog
Krugman vs Minsky: Who Should You Bank On When It Comes to Banking?
April 02, 2012 Last week I explained why Minsky matters, outlining his main contributions. This was, in part, a response to a blog post by Paul Krugman that appeared to dismiss the importance of trying to find out “what Minsky really meant.” But, more importantly, it was a response to his defense of a simple model of debt [...] Blog -
Blog
Change in the Age of Parasitic Capitalism
March 29, 2012 In his latest policy note, C. J. Polychroniou argues that the political and economic dominance of finance is pushing advanced liberal societies to a breaking point: The main problem is the power that finance capitalism exerts over domestic society and the abuses that it inflicts. Finance capitalism is economically unproductive (it does not create true [...] Blog -
Working Paper No. 711
H παγκόσμια χρηματοοικονομική κρίση
March 29, 2012 Η παρούσα εργασία παρέχει μια γρήγορη επισκόπηση των αιτιών της παγκόσμιας χρηματοοικονομικής κρίσης που ξεκίνησε το 2007. Υπήρξαν πολλοί παράγοντες που συνέβαλαν στο ξέσπασμα της κρίσης, αλλά ανάμεσα στους πιο...more Publication -
Working Paper No. 711
Global Financial Crisis
March 29, 2012 This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising...more Publication -
Blog
Can Tax-Backed Bonds Save the Eurozone?
March 28, 2012 Philip Pilkington and Warren Mosler have teamed up to present a financial innovation that they believe could settle the eurozone’s sovereign debt crisis: a special type of “tax-backed bond” that contains a clause stating that if (and only if) the country issuing the bond defaults, the bond can be used to make tax payments in [...] Blog -
Policy Note No. 4Έκδοση κρατικών ομολόγων με τη στήριξη φόρων—Μια εθνική λύση στην Ευρωπαϊκή κρίση χρέους
March 28, 2012 Η ρίζα της ευρωπαϊκής κρίσης χρέους βρίσκεται στο γεγονός ότι οι επενδυτές ανησυχούν πως οι χώρες στην περιφέρεια της ευρωζώνης μπορεί να χρεοκοπήσουν. Αυτή η ανησυχία οδηγεί τους επενδυτές να...more Publication -
Policy Note No. 4
ax-backed Bonds—A National Solution to the European Debt Crisis
March 28, 2012 The root of Europe’s sovereign debt crisis can be found in the fact that investors are concerned that countries in the periphery might default, causing them to demand a higher...more Publication -
Policy Note No. 3
Reconceiving Change in the Age of Parasitic Capitalism
March 28, 2012 The five-year-long crisis of Western finance capitalism is pushing advanced liberal societies to a breaking point. If governments continue to be proxies of finance capital and aspiring political leaders cheerleaders...more Publication -
Policy Note No. 3
Επαναπροσδιορίζοντας την αλλαγή στην εποχή του παρασιτικού καπιταλισμού
March 28, 2012 Η κρίση του δυτικού χρηματοοικονομικού καπιταλισμού διανύει τώρα τον πέμπτο χρόνο της και έχει οδηγήσει τις προηγμένες φιλελεύθερες κοινωνίες σε οριακό σημείο. Εάν οι κυβερνήσεις συνεχίσουν να είναι το δεξί...more Publication -
Blog
Why Minsky Matters (Part One)
March 27, 2012 My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here. In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular, Krugman’s equilibrium approach and primitive dynamics were contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation [...] Blog -
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The Levy Institute Measure of Time and Income Poverty
March 23, 2012 I’d like to take a moment to give a brief report on some research that my colleagues Ajit Zacharias, Rania Antonopoulous, and I have been working on as a result of collaboration between the Levy Economics Institute and United Nations Development Programme (UNDP) Regional Service Centre for Latin America and the Caribbean (RSCLAC), particularly the [...] Blog