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Strategic Analysis
Rescuing the Recovery: Prospects and Policies for the United States
If the Congressional Budget Office’s recent projections of government revenues and outlays come to pass, the United States will not grow fast enough to bring down the unemployment rate between now and 2016. The public sector deficit will decline from present levels, endangering the sustainability of the recovery. But as this new Strategic Analysis shows, […] -
Strategic Analysis
Η εδραίωση της ανάκαμψης: Προοπτικές και πολιτικές για τις Ηνωμένες Πολιτείες
Στην περίπτωση που επαληθευτούν οι προβλέψεις του Γραφείο Προϋπολογισμού του Κογκρέσου για τα κρατικά έσοδα και τις δαπάνες, η οικονομία των Ηνωμένων Πολιτειών δεν θα μπορέσει να αναπτυχθεί αρκετά γρήγορα προκειμένου να μειωθεί το ποσοστό της ανεργίας από σήμερα έως το 2016. Το έλλειμμα θα μειωθεί από τα σημερινά του επίπεδα, θέτοντας σε κίνδυνο τη […] -
MME, October 16, 2013
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Ινστιτούτο Levy: Το κράτος να γίνει “εργοδότης τελευταίας προσφυγής”
NewMoney.gr, 16 Οκτώβριος 2013. Με επιφύλαξη παντός δικαιώματος. Η ερευνήτρια Ράνια Αντωνοπούλου προτείνει τη δημιουργία θέσεων απασχόλησης από το Κράτος για να σταματήσει η κατάρρευση της απασχόλησης Σχέδιο για δημιουργία θέσεων εργασίας με συμμετοχή του Κράτους σε ρόλο “εργοδότη τελευταίας προσφυγής” προτείνει το ινστιτούτο Λεβί για την Ελλάδα, στο πλαίσιο του εναλλακτικού οικονομικού σχεδίου για […] -
Press Release
Even without Default, Failure to Raise Debt Ceiling Will Push U.S. Economy Back into a Deep Recession, New Levy Study Says
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Blog
Minsky Does Rio: Notes from a Conference
I recently returned from a conference in Brazil jointly sponsored by the Levy Economics Institute, the Ford Foundation, and the Brazilian research group MINDS. It is part of a bigger project to take Hyman P. Minsky global. In my view, Minsky was hands-down the greatest economist of the second half of the twentieth century and [...] -
Blog
Tcherneva on Our Self-Induced Paralysis
Pavlina Tcherneva was interviewed yesterday on Los Angeles public radio about the ongoing debt ceiling face-off and government shutdown. She referenced Ben Bernanke’s “self-induced paralysis” phrase (which he used to describe Japan’s lost decade) as an accurate description of the current US situation and expressed concern that shutdown and debt ceiling standoffs may represent the [...] -
Blog
What Happens if We Don’t Raise the Debt Ceiling? A Stock-Flow Analysis
Some commentators and members of Congress have insisted that failing to raise the debt ceiling would not necessarily require defaulting on the national debt. The theory is that Treasury could prioritize payments to bond holders while defaulting only on commitments to other payees (say, Social Security recipients). Most of the discussion of what might happen [...] -
Policy Notes No. 9
A New “Lehman Moment,” or Something Worse?
The United States entered the second week of a government shutdown on Monday, with no end to the deadlock in sight. The cost to the government of a similar shutdown in 1995–96 amounted to $2.1 billion in today’s dollars. However, the cost and broader consequences of today’s shutdown are not yet clear—especially since the US […] -
Blog
Reorienting Fiscal Policy and Understanding Currency Sovereignty
From Mariana Mazzucato’s “Rethinking the State” video series: Pavlina Tcherneva discusses the implications of the Great Financial Crisis of 2007 for employment outcomes and fiscal policy. She argues that the current view of Keynesian fiscal policies is based on a misreading of Keynes. Simply boosting demand — through what should be understood as trickle-down fiscal [...] -
Blog
Flash from the Past: Why QE2 Wouldn’t Save Our Sinking Ship
Here’s a piece I published in HuffPost back on Oct 18, 2010. A flash from the past – three years ago – predicting that QE2 would prove to be as impotent as QE1 had been. And here we are, folks. No recovery in sight–at least once you get off Wall Street. We’re now set–yet again [...] -
Press Release
Leading Economists and Policymakers to Discuss Eurozone Crisis, Greece, and Austerity at Levy Economics Institute Conference in Athens, Greece, November 8–9