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BlogCan the Deficit Warriors Be Appeased?
Over the last few years, there have been significant changes to the federal government’s finances—changes that have had barely any perceptible impact on the budget debate. The federal deficit has been shrinking (from 2009 to 2012) at a faster rate than in any other period since 1937. Most Americans have never lived through more rapid [...] -
Working Paper No. 753The Missing Macro Link
This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework and, in very broad terms, states that the expenditure of ï¬rms for investment is at the same time a source of income for the ï¬rms […] -
Working Paper No. 752
Inequality and Household Finance during the Consumer Age
One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and employment were reasonably strong, by historical standards, until the Great Recession. This paper analyzes this paradox […] -
Working Paper No. 752
Η ανισότητα και η χρηματοοικονομική συμπεριφορά των νοικοκυριών στην «εποχή των καταναλωτών»
Θα μπορούσε να περιμένει κανείς ότι η διόγκωση της εισοδηματικής ανισότητας στις ΗΠΑ θα μείωνε την αύξηση της ζήτησης και θα δημιουργούσε τροχοπέδη στην οικονομική ανάπτυξη της χώρας λόγω του ότι τα υψηλότερα εισοδηματικά στρώματα ξοδεύουν μικρότερο ποσοστό του εισοδήματος τους. Ωστόσο, παρά το γεγονός ότι αυξήθηκε η ανισότητα κατά τη διάρκεια των τελευταίων εικοσιπέντε […] -
Blog
A Progressive Agenda for Greece (Part 2 of an Evening with Syriza)
Part 2 of a special event on Greece and the eurozone crisis, featuring top leadership of the official opposition party in Greece, SYRIZA: (1:30) Yiannis Milios, Economic Advisor, SYRIZA, Member of the Political Secretariat of Synaspismos and Professor of Political Economy, National Technical University of Athens (10:15) Rania Antonopolous, Senior Scholar and Director, Gender Equality [...] -
Blog
22nd Annual Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation. April 17–19, 2013 Ford Foundation 320 East 43 Street, New York City In 2008–09, the world experienced its worst financial and economic crisis since the Great Depression. Global employment and output collapsed, and an estimated 84 million people [...] -
Special Report
Προγράμματα άμεσης δημιουργίας θέσεων εργασιασ σε συνθήκες κρίσης στην Ελλάδα
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Special Report
Προγράμματα άμεσης δημιουργίας θέσεων εργασίας σε συνθήκες κρίσης στην Ελλάδα
Σε όλο τον κόσμο, οι χώρες που βρίσκονται σε κρίση έχουν μπροστά τους το δύσκολο έργο της αντιμετώπισης των αυξανόμενων ποσοστών ανεργίας και της εμβάθυνσης της φτώχειας. Η Ελλάδα, η οποία αντιμετωπίζει μια βαθιά κρίση κυρίαρχου χρέους, έχει πληγεί σε πολύ μεγαλύτερο βαθμό από τις υπόλοιπες χώρες. Υπάρχει αφθονία πολιτικών απασχόλησης, από προγράμματα επιδότησης της […] -
Blog
An Unconventional Central Banker
Since the outbreak of the global financial crisis and recession, we’ve seen some renewed interest (and angst) regarding the role of the central bank and of treasury-central bank cooperation. (The most recent example comes out of Japan, in which Japanese PM Shinzo Abe has been pushing for the Bank of Japan to accommodate his relatively [...] -
Working Paper No. 751
Arresting Financial Crises
Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily illiquid but solvent borrowers only) against the security of sound collateral and at above-market, penalty interest rates. Deny aid to unsound, […] -
MME, February 3, 2013
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Express: Πώς η Ελλάδα θα απεγκλωβιστεί από την παγίδα λιτότητας που επιβάλλει η τρόικα