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BlogHow Reorienting China’s Fiscal Policy Can Reduce Financial Fragility
L. Randall Wray just published a one-pager on China’s policy options from the perspective of Modern Money Theory: Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into [...] -
One-Pager No. 44Policy Options for China
Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into the middle-income “trap,” they are underestimating the country’s ability to continue to grow at a rapid pace. It […] -
One-Pager No. 44
Επιλογές οικονομικής πολιτικής για την Κίνα
Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του πληθυσμού της. Ωστόσο, κάποιοι αναλυτές υποστηρίζουν ότι η Κίνα ενδέχεται να μην εξελιχθεί σε χώρα υψηλού εισοδήματος, υποτιμώντας με αυτόν τον τρόπο την ικανότητα της […] -
Blog
New Book on the Gender Impacts of the Global Economic Crisis
A new volume edited by the director of the Levy Institute’s Gender Equality and the Economy program, Rania Antonopoulos: With the full effects of the Great Recession still unfolding, this collection of essays analyses the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and [...] -
Book SeriesGender Perspectives and Gender Impacts of the Global Economic Crisis
With the full effects of the Great Recession still unfolding, this collection of essays analyzes the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and responsibilities within households and markets can potentially influence the ways in which men and women are affected in times […] -
Blog
Why Returning to Glass-Steagall Isn’t the Answer
Dissatisfaction with the incomplete or timid nature of the 2010 Dodd-Frank financial reforms has generated interest in some alternative regulatory proposals. One alternative that’s fairly prominent in progressive circles revolves around the idea of returning to the structure of the 1933 Glass-Steagall Act. In this video, Jan Kregel explains why we can’t go back. He [...] -
Blog
James Galbraith Makes It Simple
Q: “Now why do you believe the US government will never, ever have a problem funding its public expenditures and deficits?” A: “Because the electricity supply to the computers that send those signals will never be cut off.” Q: “It’s that simple?” A: “Simple as that.” [iframe width=”448″ height=”252″ src=”//www.youtube.com/embed/qD3XMyNmfeY?feature=player_detailpage&start=51″ frameborder=”0″ allowfullscreen></iframe] If you want [...] -
Blog
A Passing Storm or a Crisis of Capitalism?
C. J. Polychroniou: A strong case can be made that what we have been witnessing since [2007-08] is not simply a severe financial crisis centered in the developed world but the fact that today’s capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth. The so-called “financialization” of [...] -
Working Paper No. 782Feasible Estimation of Linear Models with N-fixed Effects
In this paper an alternative approach for the estimation of higher-order linear fixed-effects models is described. The strategy relies on the transformation of the data prior to calculating estimations of the model. While the approach is computationally intensive, the hardware requirements for the estimation process are minimal, allowing for the estimation of models with more […] -
Working Paper No. 781
A Stock-flow Approach to a General Theory of Pricing
The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that prices are set in line with the value placed on goods by consumers. It does not take into account expectations, or the fact that real […] -
Blog
Financial Governance for Innovation and Social Inclusion (Video)
The Levy Institute’s Jan Kregel and L. Randall Wray took part in a workshop at the UK House of Commons, November 25th, on “Financial Governance for Innovation and Social Inclusion,” organized by Mariana Mazzucato (SPRU) and Leonardo Burlamaqui (Ford Foundation) and hosted by Shadow Minister for the Cabinet Office, MP Chi Onwurah. Kregel and Wray’s [...] -
Blog
When Robots Make Drones: The Brave New World of Secular Stagnation
Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers? For me, the first is a wee bit scary. Of course, [...]