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BlogA New Stock-Flow Model for Greece Shows the Worst Is Yet to Come
Dimitri Papadimitriou, Gennaro Zezza, and Michalis Nikiforos have put together a stock-flow consistent model for Greece in order to analyze the path of that nation’s struggling economy and assess alternatives to reigning austerity policies. This is a macroeconomic model based on the New Cambridge approach of Wynne Godley and is the same sort of model [...] -
Blog
Deficit Lovers?
Here’s a piece from yesterday’s NYTimes by Annie Lowrey: “Warren Mosler, a Deficit Lover With a Following.” In the piece, Lowrey quotes blogger Mark Thoma as follows: “They [followers of MMT] deny the fact that the government use of real resources can drive the real interest rate up,” said Mark Thoma, an economics professor and [...] -
Blog
Papadimitriou: Layoffs of Public Employees “Only the Tip of the Iceberg” (Greek)
Segment (in Greek) begins at 49:35. -
Blog
Papadimitriou: Wide-ranging Measures Needed to Tackle Unemployment in the Southern Eurozone (Greek)
In this Skai TV interview, Dimitri Papadimitriou focuses on the eurozone banking crisis and rising unemployment in the southern tier, arguing that the approval of 200 million euros to combat unemployment in Greece is far too small to reach the desired outcome. (Segment, in Greek, begins at 23:30) -
Research Project Report
A Levy Institute Model for Greece
In this report Levy Institute President Dimitri B. Papadimitriou and Research Scholars Gennaro Zezza and Michalis Nikiforos present the technical structure of the Levy Institute’s macroeconomic model for the Greek economy (LIMG). LIMG is a stock-flow consistent model that reflects the “New Cambridge” approach that builds on the work of Distinguished Scholar Wynne Godley and […] -
Strategic Analysis
The Greek Economic Crisis and the Experience of Austerity
Employment in Greece is in free fall, with more than one million jobs lost since October 2008—a drop of more than 28 percent. In March, the “official” unemployment rate was 27.4 percent, the highest level seen in any industrialized country in the free world during the last 30 years. In this report, Levy Institute President […] -
Strategic Analysis
Η ελληνική οικονομική κρίση και η εμπειρία με τις πολιτικές λιτότητας
Η απασχόληση στην Ελλάδα βρίσκεται σε ελεύθερη πτώση: πάνω από ένα εκατομμύριο θέσεις εργασίας έχουν χαθεί από τον Οκτώβρη του 2008, αντιπροσωπεύοντας μια μείωση της απασχόλησης άνω του 28%. Τον Μάρτη του 2013 η «επίσημη» ανεργία ήταν 27.4%, το υψηλότερο ποσοστό ανεργίας των τελευταίων τριάντα ετών σε οποιαδήποτε βιομηχανοποιημένη χώρα του δυτικού κόσμου. Σε αυτή […] -
Blog
An Exception to a Keynesian Rule?
Paul Krugman warns against “caricaturing” Keynesian economics, and in particular the General Theory (GT), Keynes’s best known work. One caricature heard from time to time is that the book is not mathematically tractable. The caricature also claims that no one has succeeded in fitting such a contradictory and confusing bunch of arguments into a clear, [...] -
Working Paper No. 768Evaluating the Gender Wage Gap in Georgia, 2004–2011
This paper evaluates the gender wage gap among wage workers along the wage distribution in Georgia between 2004 and 2011, based on the recentered influence function (RIF) decomposition approach developed in Firpo, Fortin, and Lemieux (2009). We find that the gender wage gap decreases along the wage distribution, from 0.64 log points to 0.54 log […] -
Blog
Are More Jobs the Answer? The “BIG” Bait and Switch
Last week Allan Sheahan published a piece arguing that “Jobs Are Not the Answer” to America’s unemployment problem. Here’s his reasoning: “The current unemployment rate of 7.5% percent means close to 20 million Americans remain unemployed or underemployed. Nobody states the obvious truth: that the marketplace has changed and there will never again be enough [...] -
Blog
Germany and the Euro: Paragon or Parasite?
The French and German governments recently issued a joint statement titled “Together for a stronger Europe of Stability and Growth.” The communiqué emphasizes strengthened policy coordination and the use of indicators in establishing a common assessment of economic conditions in the currency union as a whole, member states, and particular markets. The new push for [...] -
Blog
Euro Crisis Sees Reloading Of Germany’s Current Account Surplus
Who is running the largest current account surplus in the world? China? Saudi Arabia? Both wrong! These are only the number two and three countries. China had a record $420bn surplus in 2008, but that imbalance has more than halved since. As a share of GDP China’s external imbalance is down from ten to two-and-a-half [...]