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Working Paper No. 817

Endogenous Money and the Natural Rate of Interest

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable […]

Working Paper No. 816

Coping with Imbalances in the Euro Area

In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of these alternative policy proposals is to generate sustainably high demand and output growth in the euro area as a whole, providing high levels of noninflationary […]

Smart Charts: An Economic Recovery for the 1%

Moyers & Company, September 29, 2014. All Rights Reserved. Matthew Yglesias calls this chart, from Pavlina Tcherneva, an economist at the Levy Economic Institute at Bard College, “the most important chart about the American economy you’ll see this year.” It illustrates how much income gains those at the top have enjoyed during each of our post-war expansions…. Read […]

This Really Depressing Graph About the Economy Is Turning Heads

Mashable, September 27, 2014. All Rights Reserved. If it seems like the rich are getting richer, well, the data might just back you up. A new graph based on data from times of growth backs up growing concern that the current economic system is disproportionately favoring those that are already wealthy…. Read more: http://mashable.com/2014/09/25/this-really-depressing-graph-about-the-u-s-economy-is-turning-heads/

MME, September 27, 2014

 

Όταν οι καλές προθέσεις ανοίγουν το δρόμο για την κόλαση

Capital.gr, 27 Σεπτεμβρίου 2014. Με επιφύλαξη παντός δικαιώματος. Με τη δημιουργία της Οικονομικής και Νομισματικής Ένωσης και του ευρώ, το εθνικό δημόσιο χρέος των κρατών-μελών της ευρωζώνης έγινε ιδιαίτερα ευαίσθητο αναφορικά με την πίστωση. Ενώ οι δυνητικά αποσταθεροποιητικές επιπτώσεις των δυσμενών κυκλικών συνθηκών στο πιστωτικά ευαίσθητο χρέος είχε σοβαρά υποτιμηθεί, ο σχεδιασμός ήταν εκ προθέσεως, […]

The Benefits of Economic Expansions Are Increasingly Going to the Richest Americans

The New York Times, September 25, 2014 Economic expansions are supposed to be the good times, the periods in which incomes and living standards improve. And that’s still true, at least for some of us…. Read more: http://www.nytimes.com/2014/09/27/upshot/the-benefits-of-economic-expansions-are-increasingly-going-to-the-richest-americans.html?hp&action=click&pgtype=Homepage&version=HpSum&module=second-column-region®ion=top-news&WT.nav=top-news&abt=0002&abg=0    

This Depressing Chart Shows that the Rich Aren’t Just Grabbing a Bigger Slice of the Income Pie—They’re Taking All of It

The Washington Post, September 25, 2014 Take a look at this chart, from Bard College economist Pavlina Tcherneva. In an August 2013 paper, she wrote: An examination of average income growth [in the U.S.] during every postwar expansion (from trough to peak) and its distribution between the wealthiest 10% and bottom 90% of households reveals that income […]

How the Rich Conquered the Economy, in One Chart

Slate, September 25, 2014 When you write about the economy every day for a living, you can start feeling numb toward charts about income inequality. After all, the story doesn’t change much week to week, and usually neither do the visualizations. But this one, from Bard College economist Pavlina Tcherneva, somehow still feels astonishing, and has […]

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No, Tourism Will Not Save Greece

From Dimitri Papadimitriou today in New Geography: Will Lindsay Lohan Save Greece? It’s September, but island beaches from the Aegeans to Zante are still buzzing in Greece. Mykonos has been the summer’s Go-To spot for superstars and supermodels; the mainland and cities are also seeing the British and Europeans coming back. Greece’s reemergence on the [...]

Will Lindsay Lohan Save Greece?

New Geography, September 25, 2014 It’s September, but island beaches from the Aegeans to Zante are still buzzing in Greece. Mykonos has been the summer’s Go-To spot for superstars and supermodels; the mainland and cities are also seeing the British and Europeans coming back…. Read more: http://www.newgeography.com/content/004533-will-lindsay-lohan-save-greece

The Most Important Chart about the American Economy You’ll See This Year

Vox, September 25, 2014. All Rights Reserved. Pavlina Tcherneva’s chart showing the distribution of income gains during periods of economic expansion is burning up the economics internet over the past 24 hours and for good reason. The trend it depicts is shocking…. Read more: http://www.vox.com/xpress/2014/9/25/6843509/income-distribution-recoveries-pavlina-tcherneva