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Summary No. 2Summary 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 […] -
Press ReleaseLeading Economists and Policymakers to Discuss Poverty, Deficits, and Financial Reform at the Levy Economics Institute’s 22nd Annual Hyman P. Minsky Conference, in New York City, April 17–19
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BlogA New Collection of Minsky’s Work
Hyman Minsky is probably best known for his work on financial instability and financial reform, but he also wrote extensively about how to address the persistent problem of all those left behind by our increasingly financialized economy; about how to design policies that would put an end to income poverty in the midst of plenty. [...] -
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The Allure of Dysfunctional Finance and the Power of Agenda Setting
Here are today’s big pieces of economic policy news: (1) net job creation in the month of March (+88,000) was too low to keep up with population growth; (2) the president’s budget proposal will reportedly include cuts to Medicare and Social Security (or as the latter will be described in most newspapers, “adjustments to the [...] -
INET Conference in Hong Kong: Remarks by Jan Kregel
On April 5, Senior Scholar Jan Kregel was featured on the panel "China in the World: Growth, Adjustment, and Integration" at the INET (Institute for New Economic Thinking) conference "Changing of the Guard?" in Hong Kong. The conference, cosponsored by the Fung Global Institute and the Centre for International Governance Innovation, focused on some of […] -
Op-ed: To create jobs, the U.S. must spend
Los Angeles Times, April 5, 2013. All Rights Reserved. The government can and should increase the deficit to return us to prosperity. Without such outlays we can’t get enough GDP growth to seriously attack unemployment. Just before the congressional spring break, a Senate budget proposal to decrease, but not eliminate, the deficit over 10 years […] -
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QE Catastrophizing
There have been many concerns expressed on the internet about the eventual necessity of reversing the Fed’s cheap-money policies, which include “quantitative easing,” as well as a near-zero federal funds rate. One idea some have is that there are “too many bonds” in the Fed’s portfolio, and that problems will occur with insufficient demand whenever [...] -
MME, April 4, 2013
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Δημήτρης Β. Παπαδημητρίου: Παράλληλο νόμισμα σε Ελλάδα και Κύπρο για έξοδο από την κρίση
Έθνος της Κυριακής, 4 Απριλίου 2013. Με επιφύλαξη παντός δικαιώματος. O διακεκριμένος Ελληνοαμερικανός οικονομολόγος ανήκει στους εμπνευστές του φημισμένου Ινστιτούτου Οικονομικών Levy και τελεί πρόεδρός του από την ίδρυσή του. Επίσης είναι καθηγητής Οικονομικών στην έδρα «Jerome Levy» και εκτελεστικός αντιπρόεδρος του Bard College. Στον απόηχο της «διάσωσης» της Κύπρου μίλησε στην «Οικονομία», χαρακτηρίζοντας «καταστροφική» […] -
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Jan Kregel on the Causes and Consequences of the Greek Crisis
From Mariana Mazzucato’s “Rethinking the State” series. -
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Will Fiscal Austerity Work Now?
An update on some developments on the fiscal-trap front: After a Levy brief on fiscal traps was issued in November, events continue to bear out the fears expressed therein that budget cuts and tax increases being implemented in Europe and the US would lead to disaster. For example, recent news coverage of events surrounding the [...] -
Working Paper No. 761Currency Concerns under Uncertainty
The recent declines in China’s financial account balance ended the “twin surplus” era and led to a modest decline in the stock of official reserves, which reflects a reversal in expectations for the Chinese currency. Negative balances, which have been visible in China’s financial balances since the last quarter of 2011, have heightened fears/anxiety in […]