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BlogThe Low Rates that Saved Wall Street
In a new One-Pager, Nicola Matthews sums up some of the findings from her analysis of the activities of the Federal Reserve’s special lending facilities set up during the last financial crisis. She contends that the Fed departed from a classical understanding of what central banks should do in liquidity crises but focuses in particular [...] -
MME, September 4, 2013
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Capital.gr: Γιατί η Γερμανία είναι ευάλωτη στην κρίση της Ευρωζώνης
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One-Pager No. 40The Fed Rates that Resuscitated Wall Street
Nicola Matthews, University of Missouri–Kansas City, presents the main findings of her research on the Fed’s lending practices following the global financial crisis of 2008. Applying Walter Bagehot’s principles, she finds that the Fed departed from the traditional lender-of-last-resort function of a central bank by lending to insolvent banks without good collateral–and below penalty rates. […] -
One-Pager No. 40
Η Ομοσπονδιακή Τράπεζα των ΗΠΑ νεκρανάστησε την Wall Street
Η Nicola Matthews, από το Πανεπιστημίο του Μιζούρι στο Κάνσας Σίτι, παρουσιάζει τα ευρήματα της έρευνάς της σχετικά με τις πρακτικές δανεισμού της Ομοσπονδιακής Τράπεζας των ΗΠΑ (Fed) μετά το ξέσπασμα της παγκόσμιας χρηματοοικονομικής κρίσης του 2008. Εφαρμόζοντας τις αρχές του Walter Bagehot, ανακαλύπτει ότι η Fed απομακρύνθηκε από την παραδοσιακή λειτουργία της κεντρικής τράπεζας […] -
Press ReleaseNeoliberal Policies of European Union and International Monetary Fund Have Destroyed Greece’s Economy, Divided Eurozone States, and Hobbled a Fragile Global Recovery, New Levy Study Says
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Blog
The Long Battle for a Living Wage Goes On
(cross-posted from ineteconomics.org) This week workers in fast food restaurants across the country gathered to protest the minimum wage in the United States, which currently is a paltry $7.25, and to fight for a better standard of living. The battle for a living wage for the nation’s poorest workers is set against the backdrop of [...] -
Blog
Modern Money Network
The Modern Money Network at Columbia University — heir to the “Modern Money and Public Purpose” seminar series — is starting up in September, with a pair of events that might be interesting to some of our readers: 1. Money as a Hierarchical System Date: Thursday, September 12th, 6.15pm Location: Room 104, Jerome Greene Hall, [...] -
Working Paper No. 773Keynes’s Employment Function and the Gratuitous Phillips Curve Disaster
Keynes had many plausible things to say about unemployment and its causes. His “mercurial mind,” though, relied on intuition, which means that he could not strictly prove his hypotheses. This explains why Keynes’s ideas immediately invited bastardizations. One of them, the Phillips curve synthesis, turned out to be fatal. This paper identifies Keynes’s undifferentiated employment […] -
Working Paper No. 772
Reorienting Fiscal Policy
The present paper offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the New Consensus literature. A theoretical critique of their respective transmission mechanisms reveals that […] -
Working Paper No. 772
Ο επαναπροσανατολισμός της δημοσιονομικής πολιτικής
Στην παρούσα εργασία επιχειρείται η κριτική της δημοσιονομικής πολιτικής όπως εμφανίζεται στη θεωρία και εφαρμόζεται στην πράξη. Συγκεκριμένα, εξετάζονται δύο μέθοδοι σταθεροποίησης από την πλευρά της ζήτησης: η συμβατική δαπάνη για την τόνωση της ζήτησης (pump priming) και ο νέος προορισμός της αποτελεσματικότητας της δημοσιονομικής πολιτικής που εντοπίζεται σήμερα στη βιβλιογραφία γύρω από τη θεωρία […] -
Blog
One More Reason to Stop Panicking About the Long-term Deficit
The case for being alarmed about the US budget deficit — more specifically, for being worried that it’s too high, or will be too high in the next decade or two — continues to weaken, and this is so even if we limit ourselves to the deficit hawks’ own theoretical turf. These days, you don’t [...]