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Working Paper No. 754Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
Do all types of demand have the same effect on output? To answer this question, I estimate a cointegrated vector autoregressive (VAR) model of consumption, investment, and government spending on US data, 1955–2007. I find that: (1) economic growth can be decomposed into a short-run (transitory) cycle gravitating around a long-run (permanent) trend made of […] -
MME, February 11, 2013
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Οι μύθοι της κρίσης και οι «ακόλαστες δαπάνες»
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BlogMaster of Science in Economic Theory and Policy
Are your student advisees looking for an opportunity to advance their career goals with a graduate degree? The Levy Economics Institute Master of Science in Economic Theory and Policy can help them prepare themselves for responsible positions in government, business, education and research. The M.S. in Economic Theory and Policy degree is designed to meet [...] -
MME, February 10, 2013
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Express: Αξιοποίηση του νομισματικού συστήματος για επίλυση των προβλημάτων ανεργίας-φτώχειας
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Blog
Can 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. 753
The 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 [...]