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BlogGalbraith in Brazil
January 05, 2012 Via Matías Vernengo, here is the audio of James Galbraith’s keynote address at the ANPEC (Associação Nacional dos Centros de Pós-Graduação em Economia) conference in Brazil. Galbraith addresses the global financial crisis and the intellectual reactions (or non-reactions) to it, dealing both with those who attempted to explain away the crisis and those with a [...] Blog -
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Papadimitriou: To Solve Unemployment, Employ People
January 05, 2012 In an op-ed in today’s LA Times Dimitri Papadimitriou makes the case for a direct job creation program: It’s unreasonable to expect private enterprises to solve these problems. Full employment isn’t an objective of businesses. … There simply isn’t any known automatic mechanism, in the markets or elsewhere, that creates jobs in numbers that match [...] Blog -
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Some pertinent ideas about growth paths, long and short
January 04, 2012 In my last post, I reviewed an enjoyable book about some post-Keynesian economic economic thought and thinkers. To round things out a bit more, I thought I might offer a list of a few more often-overlooked but classical themes from economists who may be obscure to some blog readers or perhaps simply forgotten. Many of [...] Blog -
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Outside the Bubble, Public Investment Is Disappearing
January 03, 2012 These two stories need to get together in a room and talk: 1) Demand for US debt is really high. 2) Government (net) investment is at a 40-year low. Notice that neither of these facts plays any noticeable role in the policy debates that dominate the US political scene. There we’re offered a choice of [...] Blog -
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Review: Some Economic Ideas to Think About in 2012
January 02, 2012 In 2009, the Institute released some careful research on the micro-level effects of the recovery act (one example is at this link). That work helps to answer questions about how the benefits of specific stimulus packages will be spread out among different individuals, and households, and demographic groups in the United States. Increasingly, these and [...] Blog -
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Wray: World Discovers MMT
December 23, 2011 Japan is the champion nation in terms of budget deficits and government debt relative to GDP. Many have long argued (wrongly) that this is because holders happen to have addresses in Japan. Nonsense. A sovereign government that issues its own currency makes interest payments on its debt in exactly the same manner whether the holder [...] Blog -
Working Paper No. 701Women, Schooling, and Marriage in Rural Philippines
December 23, 2011 Using data from the Bicol region of the Philippines, we examine why women are more educated than men in a rural, agricultural economy in which women are significantly less likely...more Publication -
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A Direct Job Creation Program for Greece
December 22, 2011 The Levy Institute, with underwriting from the Labour Institute of the Greek General Confederation of Workers, has helped design and implement a program of direct job creation throughout Greece. Two-year projects, financed using European Structural Funds, have already begun. This report by Senior Scholar Rania Antonopoulos, President Dimitri B. Papadimitriou, and Research Analyst Taun Toay [...] Blog -
Working Paper No. 700
Is There Room for Bulls, Bears, and States in the Circuit?
December 22, 2011 This paper takes off from Jan Kregel’s paper “Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?” (1986), which aimed to remedy shortcomings in most expositions of...more Publication -
Working Paper No. 699
Trade and Payments Theory in a Financialized Economy
December 22, 2011 Ricardian trade theory was based on the cost of labor at a time when grain and other consumer goods accounted for most subsistence spending. But today’s budgets are dominated by...more Publication -
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Arestis on the EU’s New Fiscal Compact
December 20, 2011 Philip Arestis and Malcolm Sawyer have a guest post at Triple Crisis that critiques the latest proposal for a new fiscal compact in the EU (essentially an SGP with more automatic sanctions for those who surpass the 3 percent of GDP budget deficit limit and the annual structural deficit limit of 0.5 percent of GDP). [...] Blog -
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New MBA in Sustainability
December 20, 2011 BARD COLLEGE TO LAUNCH INNOVATIVE MBA IN SUSTAINABILITY Now Enrolling Students for Fall 2012 in New York City www.bard.edu/mb ANNANDALE-ON-HUDSON, N.Y. — Responding to a revolution in business strategy and to rising student demand, Bard College announces the creation of a new Master of Business Administration in Sustainability Program. Based in New York City, the [...] Blog -
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More on the Bailout of the Banking System
December 19, 2011 J. Andrew Felkerson writes at AlterNet about the study he authored detailing the Federal Reserve’s bailout of financial institutions over the course of the latest crisis. He explains some of the reasoning behind his study’s methodology, particularly with respect to his use of a cumulative measure of loans and asset purchases (the other two measures [...] Blog -
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29 Trillion Dollars, One Page
December 16, 2011 Randall Wray has a new one-pager following up on the release of a report detailing and tallying up the Federal Reserve’s extraordinary efforts to prop up the banking system—a report with the rather eye-catching headline number of $29.6 trillion. The Levy Institute working paper, the first in a series, is part of a Ford Foundation-supported [...] Blog -
One-Pager No. 23$29,000,000,000,000: A Detailed Look at the Fed’s Bailout of the Financial System
December 15, 2011 The extraordinary scope and magnitude of the financial crisis of 2007–09 induced an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort function. Estimates of the total...more Publication -
One-Pager No. 23
29.000.000.000.000: Μια λεπτομερή ματιά στη διάσωση του χρηματοπιστωτικού συστήματος από την Ομοσπονδιακή Τράπεζα των ΗΠΑ
December 15, 2011 Το εξαιρετικό εύρος και το μέγεθος της χρηματοοικονομικής κρίσης του 2007–09 προκάλεσαν μια εκπληκτική ανταπόκριση από την Fed στο πλαίσιο της λειτουργίας της ως δανειστής της εσχάτης προσφυγής. Υπάρχουν αρκετές...more Publication -
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Why don’t people quit their jobs more during a recession? asks tenured University of Chicago economist
December 15, 2011 It’s difficult to know where to begin with this post from Casey Mulligan (the comments are definitely worth reading). He starts off by implying that those who might want to characterize the recession as involving “a lack of hiring” are simply misled by the nature of aggregate data on hiring and separations. He goes on [...] Blog -
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Bernanke’s 29 Trillion Dollar Fib Exposed
December 13, 2011 (cross posted at New Economic Perspectives) As I reported here and over at Great Leap Forward, a new study by two UMKC PhD students, Nicola Matthews and James Felkerson, provides the most comprehensive examination yet of the Fed’s bailout of Wall Street. They found that the true total cumulative amount lent and spent on asset [...] Blog -
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Credit Default Swaps: Banking on Failure
December 13, 2011 Micah Hauptman of Public Citizen has drawn from the work of the Levy Institute’s Marshall Auerback and Randall Wray to put together a concise piece that lays out five core critiques of credit default swaps. Among the basic problems he highlights is a flaw-riddled process for determining when a CDS pays off: … there are [...] Blog -
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Projections of EU GDP
December 12, 2011 In our latest Strategic Analysis we estimate that a cut in the general government deficit in the United States would have strong adverse effects on unemployment and a relatively smaller impact on the U.S. public debt-to-GDP ratio, since GDP would slow down with a cut in government expenditures and transfers. A similar strategy of deficit [...] Blog -
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$29 Trillion Bailout: Response to Critics
December 10, 2011 OK, anytime one criticizes the Fed or Wall Street there will be some push-back by the professionals who serve their masters. (By contrast, Barry Ritholtz understood the argument, see here.) My original piece on Friday got picked up by a number of blogs and generated a lot of hostile responses. I expect that. It is obvious [...] Blog -
Working Paper No. 698
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
December 09, 2011 There have been a number of estimates of the total amount of funding provided by the Federal Reserve to bail out the financial system. For example, Bloomberg recently claimed that...more Publication -
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The Shadow Banking System Is Slowly Imploding
December 09, 2011 Lessons from the bankruptcy of MF Global — the 8th largest in US history Yesterday, CEO Jon Corzine of MF Global appeared before the House Agricultural Committee. The hearing was a reminder that despite well intended legislation, including the Dodd-Frank Act, the speculative behaviors that brought down AIG and Lehman are still considered fair business [...] Blog -
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The Fed’s $29 Trillion Bailout of Wall Street
December 09, 2011 UPDATE: to read the Working Paper (“$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient”) click here Since the global financial crisis began in 2007, Chairman Bernanke has striven to save Wall Street’s biggest banks while concealing his actions from Congress by a thick veil of secrecy. It literally took an [...] Blog