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BlogMinsky 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 [...] -
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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. 9A 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 […] -
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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 [...] -
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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 ReleaseLeading Economists and Policymakers to Discuss Eurozone Crisis, Greece, and Austerity at Levy Economics Institute Conference in Athens, Greece, November 8–9
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Press Release
Διεξαγωγή Διήμερου Διεθνούς Συνεδρίου με Θέμα: «Η Κρίση στην Ευρωζώνη και την Ελλάδα και η Εμπειρία με τις Πολιτικές Λιτότητας»
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Blog
Why Greece Can’t Wait for the Long Run
The policies Greece has been implementing as part of the price for its two bailouts are not working the way we were told they would. That’s pretty clear if you look at the troika’s endlessly downgraded projections for key economic indicators. Here, for instance, is actual Greek unemployment, compared to a series of troika projections [...] -
Working Paper No. 777A Simple Model of Income, Aggregate Demand, and the Process of Credit Creation by Private Banks
This paper presents a small macroeconomic model describing the main mechanisms of the process of credit creation by the private banking system. The model is composed of a core unit—where the dynamics of income, credit, and aggregate demand are determined—and a set of sectoral accounts that ensure its stock-flow consistency. In order to grasp the […] -
MME, October 6, 2013
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Capital.gr: Εξωτερικά και κρατικά ελλείμματα στην Ελλάδα