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BlogWork and Income as Economic Rights
In this video, Pavlina Tcherneva and Philip Harvey look at the job guarantee and basic income grant proposals in the context of a discussion of economic rights. Tcherneva begins with the theory behind the job guarantee — a federally-funded (and in Tcherneva’s version, locally-administered) program that would offer a paid job to anyone willing and [...] -
One-Pager No. 41
Waiting for Export-led Growth
Greece’s unemployment rate just hit 27.6 percent. That wasn’t supposed to happen. Why has the troika—the European Commission, International Monetary Fund (IMF), and European Central Bank—been so consistently wrong about the effects of its handpicked policies? The strategy being imposed on Greece depends in large part on the idea of “internal devaluation”: that reducing wages […] -
One-Pager No. 41
Αναμένοντας την εξαγωγική ανάπτυξη
Το ποσοστό ανεργίας στην Ελλάδα ανήρθε στο 27.6%. Αυτό υποτίθεται ότι δεν έπρεπε να συμβεί. Γιατί έχει αποδειχτεί τόσο λανθασμένη η τρόικα σχετικά με τις επιπτώσεις των δικών της πολιτικών; Η στρατηγική που επιβάλλεται στην Ελλάδα από τους διεθνείς δανειστές της βασίζεται σε μεγάλο βαθμό στην ιδέα της «εσωτερικής υποτίμησης», δηλαδή στην ιδέα ότι η […] -
Blog
Barbera on the Case Against Mainstream Economics
Robert Barbera, a regular contributor to the Levy Institute’s Minsky conferences, has a great post at Johns Hopkins’ Center for Financial Economics on the cycle of amnesia and remembrance that seems to plague mainstream economic theorists. Here’s a key passage: Perhaps the most indictable offense that mainstream economists committed, from 1988 through 2008, was to [...] -
Blog
The 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 [...] -
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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, [...]