Filter by
3512 results found
-
Public Policy Brief No. 111Επιστροφή στην υστερία του ελλείμματος στις ΗΠΑ;
May 11, 2010 Στο κείμενο αυτό, οι Yeva Nersisyan και ο L. Randall Wray υποστηρίζουν ότι τα ελλείμματα δεν επιβαρύνουν τις μελλοντικές γενεές με χρέη και δεν περιορίζουν τις ιδιωτικές δαπάνες. Οι συγγραφείς...more Publication -
BlogEuropean Union’s mega-loan fund is no panacea
May 11, 2010 From the way markets reacted, the trillion-dollar rescue package hurled by European leaders at the continent’s growing debt crisis might well have been code-named Panacea. Stocks rose all over the place while Greek bond yields tumbled on Monday. But this is far from the end of the story. The rescue package alleviated the growing Eurozone [...] Blog -
Blog
Not just jobs, but the right kind
May 10, 2010 The good news on U.S. employment is that we added 290,000 nonfarm jobs in April. The bad news is that unemployment rose as well, to 9.9%, because more people entered the labor force and many more returned to seeking work. So unfortunately, the employment picture remains grim, with a level of unemployment we might have [...] Blog -
Working Paper No. 596Infinite-variance, Alpha-stable Shocks in Monetary SVAR
May 10, 2010 The process of constructing impulse-response functions (IRFs) and forecast-error variance decompositions (FEVDs) for a structural vector autoregression (SVAR) usually involves a factorization of an estimate of the error-term variance-covariance matrix...more Publication -
Working Paper No. 595
The Recycling Problem in a Currency Union
May 09, 2010 The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or...more Publication -
Working Paper No. 594
Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
May 08, 2010 This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible...more Publication -
Blog
A crisis of evasion
May 08, 2010 I’m Italian, and I’m an economist, so as European leaders work feverishly to save the Euro, I’ve been wondering: what would happen if the feared contagion occured and my own country saw its finances melt down just as Greece’s have? The short answer is that this would generate a fatal shock to the Euro, given the size [...] Blog -
Working Paper No. 593
A Contribution to the Theory of Financial Fragility and Crisis
May 07, 2010 The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to...more Publication -
Blog
Employment report: a mixed bag, but stimulus is helping
May 07, 2010 The Bureau of Labor Statistics released its monthly Employment Situation Report this morning. The headlines will announce an increase of 290,000 in nonfarm payroll employment and a jump in the unemployment rate to 9.9%. While employment grew, the labor force grew faster than usual, with 195,000 lured back into looking for work by better prospects [...] Blog -
Blog
The “hidden” benefits of the Citigroup bailout
May 06, 2010 With the recent financial turmoil in Greece, the press has turned its attention away from the bailouts of Citigroup, AIG, Fannie Mae, Freddie Mac, and other major U.S. financial corporations. Less than a month ago, though, Gretchen Morgenson noted in the New York Times that a Treasury Department estimate of the costs of the main [...] Blog -
Blog
Financial regulation vs. financial innovation
May 06, 2010 Financial regulation might stifle financial innovation. And that would be a good thing. But is it likely to happen? Blog -
Blog
Was the crisis a crime?
May 06, 2010 (This is the testimony of Levy Institute Senior Scholar James K. Galbraith before the Senate Subcommittee on Crime, Senate Judiciary Committee, May 4, 2010.) Chairman Specter, Ranking Member Graham, Members of the Subcommittee, as a former member of the congressional staff it is a pleasure to submit this statement for your record. I write to [...] Blog -
Working Paper No. 592
The Global Financial Crisis and a New Capitalism?
May 06, 2010 The 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the...more Publication -
Blog
What would Minsky say?
April 30, 2010 There is nothing lovable about Goldman Sachs, and its recent grilling by the ominously named Senate Permanent Subcommittee on Investigations understandably drew a lot of attention. We should not, however, obscure the reality. Goldman Sachs is a bank, and except for questions about the Abacus deal, in which it’s accused of disclosure failings, Goldman was [...] Blog -
Working Paper No. 591
Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring†Emerging Market Economies
March 18, 2010 This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through...more Publication -
Public Policy Brief No. 110
Toward True Health Care Reform: More Care, Less Insurance
March 18, 2010 The United States has the most expensive health care system in the world, yet its system produces inferior outcomes relative to those in other countries. This brief examines the health...more Publication -
Working Paper No. 590
Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
March 10, 2010 Despite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage...more Publication -
Public Policy Brief No. 109
The Trouble with Pensions
March 10, 2010 Pension funds have taken a big hit during the current financial crisis, with losses in the trillions of dollars. In addition, both private and public pensions are experiencing significant funding...more Publication -
Strategic AnalysisGetting Out of the Recession?
March 10, 2010 Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal...more Publication -
Working Paper No. 589
Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007
March 09, 2010 I find here that the early and mid-aughts (2001 to 2007) witnessed both exploding debt and a consequent “middle-class squeeze.” Median wealth grew briskly in the late 1990s. It grew...more Publication -
Working Paper No. 588
Decomposition of the Black-White Wage Differential in the Physician Market
March 08, 2010 This paper proposes a difference-in-differences strategy to decompose the contributions of various types of discrimination to the black-white wage differential. The proposed estimation strategy is implemented using data from the...more Publication -
Working Paper No. 587
The Global Financial Crisis and the Shift to Shadow Banking
February 19, 2010 While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that...more Publication -
Working Paper No. 586
Is This the Minsky Moment for Reform of Financial Regulation?
February 18, 2010 The current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the...more Publication -
Working Paper No. 585
Is Reregulation of the Financial System an Oxymoron?
February 12, 2010 The extension of the subprime mortgage crisis to a global financial meltdown led to calls for fundamental reregulation of the United States financial system. However, that reregulation has been slow...more Publication