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Working Paper No. 764Modeling 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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BlogKocherlakota 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 […] -
Working Paper No. 763
Το πρόβλημα με τα πλεονάζοντα αποθεματικά στο παρελθόν και σήμερα
Η παρούσα εργασία εξετάζει από ιστορικό πλαίσιο τα πλεονάζοντα αποθεματικά και αναλύει αν αποτελούν πρόβλημα νομισματικής πολιτικής για την Ομοσπονδιακή Τράπεζα των ΗΠΑ (Fed) ή ένα ενδεχομένως πληθωριστικό πρόβλημα για τους υπόλοιπους από εμάς. Σε γενικές γραμμές, η ανάλυση δείχνει ότι τόσο σε απόλυτα όσο και σε σχετικά μεγέθη τα πλεονάζοντα αποθεματικά είναι ένα μεγάλο […] -
MME, May 4, 2013
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«Αποτελεί φαντασίωση ότι η Ελλάδα θα επιστρέψει σύντομα στις αγορές»
Ενθεματα, 4 Μαΐου 2013. Με επιφύλαξη παντός δικαιώματος. Ο Δημήτρης Β. Παπαδημητρίου, πρόεδρος του Levy Economics Institute της Νέας Υόρκης, μιλάει για την πολιτική του ΔΝΤ, το δημοσιονομικό έλλειμμα, την ανεργία, την κρίση της ευρωζώνης και της Ευρώπης, την έξοδο από το ευρώ, τα προγράμματα του «εργοδότη της εσχάτης προσφυγής» την οικονομική πολιτική μιας αριστερής […] -
Blog
No Euro Paradoxes Here, Just Plenty of Euro Folly
In economics, there is a remarkable “stickiness” in bad ideas and confusions. In fact, some bad ideas and confusions never seem to go away. For instance, last summer Martin Feldstein bravely suggested that euro weakening would help solve the euro crisis and rescue Europe (WSJ: “A weaker euro could rescue Europe”). Similarly, in a Bruegel [...] -
Blog
Reconciling the Liquidity Trap with MMT
In recent days both Brad DeLong and Paul Krugman have written good pieces arguing against the austerity marketed by deficit hyperventilators. We can thank Thomas Herndon’s muckraking that pushed the topic front and center, showing that there is no empirical evidence in support of the austerian’s claim that big government debts slow growth. Here’s Krugman’s [...]