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One-Pager No. 18Twin Strategies to Resolve the Eurozone Crisis—without Debt Buyouts, Sovereign Guarantees, Insurance Schemes, or Fiscal Transfers
November 08, 2011 The cancellation of the October 26 meeting of the European Union’s council of finance ministers, or Ecofin, has further eroded confidence in its ability to solve the burgeoning sovereign debt...more Publication -
Blog“Being right matters”
November 08, 2011 At Pragmatic Capitalist, Cullen Roche writes about the “eerily prescient” predictions regarding the euro made by Modern Money Theorists and economists looking at sectoral balances. Roche quotes from Randall Wray’s Understanding Modern Money (see in particular p. 91ff), a paper by Stephanie Kelton (Bell), and a Wynne Godley article written in 1997 (“Curried Emu — [...] Blog -
Working Paper No. 696Time Use of Mothers and Fathers in Hard Times and Better Times
November 07, 2011 The US economic crisis and recession of 2007–09 accelerated the convergence of women’s and men’s employment rates as men experienced disproportionate job losses and women’s entry into the labor force...more Publication -
Working Paper No. 695
Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises
November 07, 2011 Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman)...more Publication -
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Keynes vs Hayek at the Asia Society
November 07, 2011 If you’re in Manhattan or have access to an internet connection tomorrow (Nov. 8), Reuters is sponsoring a Keynes vs. Hayek debate between two teams of economists and writers, including the Levy Institute’s James Galbraith. “Four Keynesians – economist James Galbraith, son of the high priest of Keynesianism, John K. Galbraith; New Yorker columnist John [...] Blog -
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FDR at OWS
November 07, 2011 Thorvald Grung Moe, Visiting Scholar at the Levy Institute, delivered a lecture last week on fractional reserve banking and the landscape of alternative options. He ended with a quotation from FDR that’s worth repeating, particularly in the context of the “We Are the 99%” movement and stories like this about a return to business as [...] Blog -
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Minsky Goggles
November 04, 2011 “If you’re going to have a model of capitalism, your model must be able to generate a Depression as one of its potential states. …if you can’t model that, you’re not modeling capitalism.” Via the Institute for New Economic Thinking, Steve Keen explains how Minsky’s work played a foundational role in helping him to see [...] Blog -
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Tcherneva on Bernanke’s Paradox
November 04, 2011 The Levy Institute’s Pavlina Tcherneva delivered a campus-wide lecture at Bard College yesterday that discussed the Federal Reserve’s policy actions during the crisis and the future of government stabilization policy. The lecture also covered some of the themes in her working paper “Bernanke’s Paradox” (written roughly a year ago), which also appeared in the Journal [...] Blog -
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Radical Left-Wing Central Banker Gets Increasingly Shrill
November 03, 2011 This is a great graphic put together by Kevin Drum, who calls it “The Ben Bernanke Congress-ometer” (go read the original post for context): Remember: Ben Bernanke was appointed by George W. Bush. Prior to that he headed Bush’s Council of Economic Advisers. For all intents and purposes, he’s a Republican. It’s interesting to note [...] Blog -
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On Sectoral Balances, Power Imbalances, and More
November 03, 2011 [The following is the text of Senior Scholar Randall Wray’s presentation, delivered October 28, 2011, at the annual conference of the Research Network Macroeconomics and Macroeconomic Policies (IMK) in Berlin. This year’s conference was titled “From crisis to growth? The challenge of imbalances, debt, and limited resources.”] It is commonplace to link Neoclassical economics to [...] Blog -
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Is the Union Unraveling?
November 02, 2011 In the LA Times today, Dimitri Papadimitriou writes about the very real danger of seeing the end of economic union in Europe; a union Papadimitriou insists is ultimately worth saving. He quickly sketches out what a serious first step toward a solution might look like (rather than this patchwork of half-measures that is sure to [...] Blog -
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Haircut Failure
November 02, 2011 C. J. Polychroniou delivers his verdict on the recent eurozone “haircut” deal for Greece (that already looks likely to fall apart given yesterday’s news that Papandreou will submit the plan to a sure-to-be-defeated referendum). In this new one-pager, he highlights a number of elements that make the deal destined for failure—even if the referendum were [...] Blog -
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GDP growth and U.S. exports
November 01, 2011 This post provides our latest update of the quarterly figures for the real and nominal GDP of U.S. trading partners (1970q1-2016q4), which were presented a few years ago in a Levy Institute working paper and have now been updated to the second quarter of 2011, with predictions up to 2016 based on the latest IMF [...] Blog -
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Austerity Still Not Expansionary
October 31, 2011 At Eurointelligence, Rob Parenteau digs into a recently-leaked “Troika” (the IMF, European Central Bank, and European Commission) document that discusses the outlines of a Greek debt restructuring deal. Among the revelations Parenteau extracts from the document is evidence of a growing willingness to concede that fiscal consolidation is not expansionary. As Parenteau comments: In 2009 [...] Blog -
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Get the Levy News
October 28, 2011 Sign up here to get the latest updates on new publications at the Levy Economics Institute, including Institute news, featured scholars, and media appearances, sent directly to your inbox. Blog -
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Money and the Public Purpose: The Modern Money Theory Approach
October 27, 2011 [The following is the text of my keynote presentation delivered October 20th at “The Capitalist Mode of Power: Past, Present, Future,” a conference that took place at York University in Toronto.] Back in 1997 I was finishing up my book titled Understanding Modern Money and I sent the manuscript to Robert Heilbroner to see if [...] Blog -
Working Paper No. 694
Reducing Economic Imbalances in the Euro Area
October 27, 2011 This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we...more Publication -
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The Status Quo: Fiscal Contraction
October 27, 2011 Ryan Avent digs into the latest GDP numbers at Free Exchange and lays out a set of facts that ought to be drilled into the heads of the public and every opinion-maker: fiscal policy, particularly when you factor in state and local governments, has basically been either null or contractionary for almost two years now. [...] Blog -
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Galbraith: Short-Term Stimulus Not Good Enough
October 26, 2011 James Galbraith, interviewed by Henry Blodget, suggests that more “stimulus,” if this means a program that will run out in a couple of years, is not sufficient. What we need, he insists, is something more like a “strategic plan” for the next 10-15 years, investing in growth and dealing with problems like energy, climate change, [...] Blog -
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Finance Matters
October 26, 2011 Today in the New Yorker John Cassidy asks “where is the new Keynes”? Where, in other words, are the new ideas that have emerged from this historic economic crisis? While there is nothing, he insists, comparable to a new Keynesianism, there has been a rediscovery of some “important ideas.” The first: 1. Finance matters. This [...] Blog -
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Eurozone Myth Busting
October 25, 2011 Research Associates Marshall Auerback and Rob Parenteau have a long piece up at Naked Capitalism taking on the lazy anthropology that poses as economic analysis regarding Greece and the euro zone crisis. With respect to the image of Greeks lolling about living off an absurdly generous dole at the expense of frugal Germans, they provide [...] Blog -
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The Limits of Pump Priming
October 25, 2011 Here’s one fairly standard reading of our economic policy challenge: the economy needs more pump priming, the federal government has more than enough fiscal space to provide it, but for political reasons it won’t be forthcoming. (If you needed further evidence of that last proposition, take a look at the latest House Republican job creation [...] Blog -
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Levy President on the Eurozone Contagion
October 24, 2011 “You cannot solve the problem with this level of financing. It’s not possible.” Dimitri Papadimitriou, interviewed yesterday for Ian Masters’ “Background Briefing,” gets to the heart of the matter on the shortcomings of the proposals for resolving the eurozone crisis that are currently on the table. Papadimitriou argues that we’re likely looking at a default [...] Blog -
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Levy Scholars to Advise on Fed Reform
October 24, 2011 The office of Senator Bernie Sanders (Independent – Vermont) has announced the formation of a panel tasked with drafting legislation to reform the Federal Reserve. Levy Senior Scholars Randall Wray and James Galbraith and Research Associate Stephanie Kelton have been named to the team. Wray’s recent brief on the Federal Reserve, co-authored with Scott Fullwiler [...] Blog