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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 […] -
BlogOne 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 [...] -
Greece: Can It Get Even Worse?
Social Europe Journal, August 27, 2013. All Rights Reserved. While the German public opinion, courtesy of the debate in the run up to the next political elections, is discovering the fact that Greece will be needing a third bail out, a team of economists from the US – based Levy Institute describes how things look like from […] -
Blog
What Do You Want in a New Fed Chair?
I was recently asked by an interviewer who’s going to replace Chairman Bernanke. I declined to predict because I don’t do horseraces. You’d have to be inside the beltway to understand which way President Obama is leaning. There’s not much doubt that Wall Street is pulling for one of its own, Larry Summers, and Wall [...] -
Blog
Gross Government Expenditures Categorized
This figure shows how government spending as a percentage of GDP has evolved since 2000Q1. The numbers reflect the recent 5-year revision of the National Income and Product Accounts (the so-called “NIPA revisions”) and preliminary Q2 numbers, which are due for an update about a week from now. The figure shows that government consumption (at [...] -
Blog
The Euro Has Yet to Produce Any Real Winner
It is almost conventional wisdom today to view Germany as the winner of the euro crisis. Reisenbichler and Morgan recently argued this case in Foreign Affairs, although cautiously adding that Germany’s supposed gains may not last. The miserable truth is, however, that the euro has yet to produce any real winner, while Germany’s apparent gains [...] -
MME, August 18, 2013
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Μόνη λύση η ανατροπή του προγράμματος της τρόικας
ΕΠΕΝΔΥΤΗΣ, Σάββατο 17 – Κυριακή 18 Αυγούστου 2013. Με επιφύλαξη παντός δικαιώματος. Στην εκτίμησή του ότι η Ελλάδα μπορεί να βγει από την κρίση μόνο με την υλοποίηση ενός ευρωπαϊκού σχεδίου Μάρσαλ προχώρησε ο πρόεδρος του Levy Economics Institute, Δημήτρης Β. Παπαδημητρίου, σε συνέντευξή του στην εφημερίδα «ΕΠΕΝΔΥΤΗΣ». -
MME, August 18, 2013
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Η κατάρρευση ενός έθνους: γεγονότα και επιπτώσεις
Eleftherotypia, 18 Αυγούστου 2013. Με επιφύλαξη παντός δικαιώματος. Στον «ασθενή» που λέγεται Ελλάδα επιβάλλονται μέτρα-θηλιές, εικονικές θεραπείες και σίγουρες συνταγές για την ολοκλήρωση των σχεδίων εξόντωσης των πολιτών μιας χώρας που βουλιάζει και αναζητεί… καπετάνιο