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BlogA Budget Surplus by 2015?
That’s the implication of a James Pethokoukis post linked to here by Reihan Salam. Let’s assume for the sake argument that a federal budget surplus does emerge in 2015 (yesterday’s CBO report projected the 2015 deficit would be a mere 2.1% of GDP). Salam expresses concern that such a scenario would leave Republicans, who have [...] -
Blog
Deposit Insurance and Moral Hazard: Lessons from the Cyprus Crisis
In a new policy note, Jan Kregel draws out some of the policy lessons of the Cypriot deposit tax episode for plans to create a system of EU-wide deposit insurance. In addition to the necessity of a strong central bank (the ECB in this case) standing behind the deposit insurance scheme (which does not appear [...] -
Working Paper No. 765The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries
Following the financial crisis of 2008, transition countries—the economies of Central and Eastern Europe and the former Soviet Union—experienced an increase in female labor force participation rates and a decrease in male labor force participation rates, in part because male-dominated sectors were hit the hardest. These developments have prompted many to argue that women have […] -
MME, May 12–14, 2013
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Express: Σύσταση εθνικού συστήματος τραπεζών κοινοτικής ανάπτυξης μπορεί να αποτελέσει μια σοβαρή διέξοδο
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Working Paper No. 764
Modeling the Housing Market in OECD Countries
Recent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective. We utilize a theoretical model for the purposes of this contribution, which identifies the main drivers of housing price appreciation—for example, income, residential investment, financial […] -
INET Hong Kong 2013: Jan Kregel on China’s rebalancing act, shadow banking, and RMB internationalization
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Dimitri B. Papadimitriou on Skai TV’s “Οι Νέες Φάκελοι”
In a live broadcast, Levy Institute President Dimitri B. Papadimitriou, Loukas Tsoukalis, Hellenic Foundation for European and Foreign Policy, and economist Aristos Doxiadis discuss the viability of Greece’s fiscal adjustment program. -
Press ReleaseSocial Protection Systems in the Developing World Show Progress but Must Make More Strides to Promote Gender Equality and Women’s Empowerment, New Levy Study Says
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Blog
Kocherlakota on Low Interest Rates and Instability
Narayana Kocherlakota is the head of the Federal Reserve Bank of Minneapolis and is known for an uncommon feat in high-level policy circles: he changed his mind. Originally a monetary policy hawk, Kocherlakota has become a supporter of looser Fed policy. He spoke recently at the Levy Institute’s Minsky conference in New York, and some [...] -
Policy Notes No. 5The New Rome
The European Union (EU) is a treaty-based organization that was set up after World War II as a means of putting an end to a favorite practice of the Europeans: sorting out their national differences by engaging in bloody warfare. The European experiment—the formation of a Common Market, which led eventually to economic and monetary […] -
Working Paper No. 763
The Problem of Excess Reserves, Then and Now
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the “Fed”) or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative sizes of excess reserves are a big problem for the […]