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Fed’s Bullard: Low Inflation Leaves Room to Maneuver
Reuters, April 17, 2013. All Rights Reserved. (Reuters) – The current low inflation rate leaves the Federal Reserve with "room to maneuver" as it tries to boost the U.S. economy through its extraordinary monetary policies, a top Fed official said on Wednesday. Still, St. Louis Fed President James Bullard said he was concerned about the low […]
UPDATE: Fed’s Bullard: Inflation Too Low; May Need Response
The Wall Street Journal, April 17, 2013. All Rights Reserved. NEW YORK–Federal Reserve Bank of St. Louis President James Bullard on Wednesday said he is concerned inflationary pressures may be growing too weakly and the central bank may have to do something about it. "Inflation is running very low" as measured by the personal consumption […]
Bullard Says Price Stability Is Best Mission for Fed
Dow Jones Business News, April 17, 2013. All Rights Reserved. NEW YORK—St. Louis Fed leader James Bullard appeared to take issue with the central bank’s latest move to provide increased monetary policy guidance, saying in a speech Wednesday the Fed is limited in what it can do to affect labor market conditions. The best and […]
Blog
Kregel on Financial Liberalization and Rebalancing in China
Jan Kregel speaks at INET’s “Changing of the Guard?” conference in Hong Kong about the tensions between China’s highly regulated financial system and its efforts at rebalancing. Kregel compares elements of China’s financial system to what the United States had under Glass-Steagall and observes that, similar to the US experience, a de facto liberalization is [...]
Book Series
Ending Poverty: Jobs, Not Welfare
Although Hyman P. Minsky is best known for his ideas about financial instability, he was equally concerned with the question of how to create a stable economy that puts an end to poverty for all who are willing and able to work. This collection of Minsky’s writing spans almost three decades of his published and […]
Policy Notes No. 3
Employment Recovery(?) after the Great Recession
This policy note discusses the prospects for job creation in the US based on the most recent Levy Economics Institute Strategic Analysis report, Is the Link between Jobs and Output Broken? The results of our analysis confirm the continued weakness of the US economy in terms of job creation—a phenomenon that has come to be […]
Working Paper No. 762
On the Franco-German Euro Contradiction and Ultimate Euro Battleground
Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe’s common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in hammering out the design of the euro policy regime, the German authorities have failed […]
Working Paper No. 762
Μια ανάλυση για την γαλλογερμανική αντίφαση γύρω από το ευρώ και την τελική μάχη στην ευρωζώνη
Υπογραμμίζοντας τις αντικρουόμενες ελπίδες και προσδοκίες μεταξύ Γαλλίας και Γερμανίας για το ευρωπαϊκό κοινό νόμισμα, το κείμενο αναλύει τον τρόπο με τον οποίον συνέβαλε αυτή η κατάσταση στη συνεχιζόμενη ευρωκρίση καθώς και στην αδυναμία της διαμόρφωσης στρατηγικών για την επίλυση της κρίσης στην ευρωζώνη. Η πραγματικότητα είναι ότι ενώ στην ουσία επικράτησε η γερμανική άποψη […]
Blog
What Is the Political Payoff of Proposing Social Security Cuts?
The President’s budget has arrived and, as reported, it does contain proposed cuts to Social Security (through adopting a different measure of inflation called “chained CPI”). The emerging consensus seems to be that this is mainly intended as a political/messaging ploy. The idea here is that Republicans are extremely unlikely to make a deal that [...]
Blog
Weakened Link between Output and Jobs Makes Higher Deficits a Necessity
In the LA Times, Dimitri Papadimitriou explains that the link between growth and employment has been steadily weakening over the last several decades, and that this makes getting help from fiscal policy — increasing the deficit in the short run — more urgent than ever. If we want to get back to pre-crisis unemployment rates [...]
Research Project Report
The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. “Never waste a crisis.” Those words were often invoked by reformers who wanted to tighten regulations and financial supervision in the aftermath of […]
Summary No. 2
Summary Spring 2013
This issue of the Summary features the Macro Modeling Team’s latest Strategic Analysis and a collection of Hyman P. Minsky’s writings on poverty and employment titled Ending Poverty: Jobs, Not Welfare. Also included are publications focused on the Fed’s history, governance, and policies; the social and economic consequences of the ongoing crisis in Greece; the […]