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Press ReleaseTop US and European Economic Leaders to Discuss Economic Uncertainty, Financial Reform, Jobs, and Growth at the Levy Economics Institute’s 23rd Annual Hyman P. Minsky Conference, in Washington, D.C., April 9–10
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Working Paper No. 796Minsky and the Subprime Mortgage Crisis
The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market […] -
Working Paper No. 795
Growth with Unused Capacity and Endogenous Depreciation
This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis […] -
MME, April 4, 2014
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Στρατηγικές απασχόλησης
Kathimerini, 4 Απρίλη 2014. Με επιφύλαξη παντός δικαιώματος. Τα τελευταία στοιχεία για την απασχόληση και την ανεργία στην Ελλάδα είναι πεισματικά αρνητικά. Ο αριθμός των ανέργων βρίσκεται σε ιστορικά υψηλό επίπεδο, με το ποσοστό ανεργίας των γυναικών να είναι υψηλότερο (31,6%) από των ανδρών (24,5%). Με βάση τη στρατηγική που επέβαλε η τρόικα, τόσο οι […] -
BlogA Minsky Moment on the BBC
For those of you who haven’t seen it already, Duncan Weldon did a feature on Hyman Minsky for the BBC last week, including this short article and a 30-minute piece for BBC radio. In the radio segment, Adair Turner says this about Minsky’s contribution and his departure from the mainstream (a description of the pre-crisis [...] -
Working Paper No. 794
Structural Asymmetries at the Roots of the Eurozone Crisis
In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring about on center–periphery divergence/convergence patterns, and derive some implications as to the design of future industrial policy at the European level. We stress that future […] -
Blog
Modern Money In Six Short Videos
I recently did an interview for Euro Truffa on six topics related to MMT. The website is here. They are transcribing my interview to Italian (I think that only two are up so far) and putting up the videos. They have also posted all of the videos to YouTube. As you can tell, I did [...] -
Blog
Galbraith on Piketty’s “Capital”
From Senior Scholar James Galbraith’s review of Thomas Piketty’s much-discussed Capital in the Twenty-First Century: Although Thomas Piketty, a professor at the Paris School of Economics, has written a massive book entitled Capital in the Twenty-First Century, he explicitly (and rather caustically) rejects the Marxist view. He is in some respects a skeptic of modern [...] -
MME, March 27, 2014
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Μετά τις ευρωεκλογές λύση χρέους και “επιστροφή στις αγορές”
Avgi, 27 Μαρτίου 2014. Με επιφύλαξη παντός δικαιώματος. Για το διάστημα μετά τις εκλογές προσδιορίζει ο υπουργός Οικονομικών τόσο την πολυδιαφημισμένη “επιστροφή στις αγορές” όσο και την έναρξη των συζητήσεων για το ελληνικό χρέος. Πρακτικά αυτό σημαίνει ότι οι Έλληνες ψηφοφόροι θα κληθούν να προσέλθουν στις κάλπες για Ευρωβουλή, δήμους και Περιφέρειες υπό το επικοινωνιακό […] -
Working Paper No. 793
Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
The quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS 2009) with the 2009 Korean Welfare Panel Study (KWPS 2009). The alignment of the two datasets is examined, after which various aspects of the match […]