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Working Paper No. 745Stock-flow Consistent Modeling through the Ages
The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature, requiring a new summary after the work of Dos Santos (2006) and, above all, after the publication of the main reference work on the methodology, […] -
BlogSalon Discussion of Modern Money Theory
This Saturday at 5pm Eastern, FDL will be hosting an online discussion (here) with the Levy Institute’s Randall Wray on his lastest book, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems: In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money [...] -
Blog
Less Austere, Still Senseless
Relative to what might have been, one shouldn’t be too depressed about the fiscal cliff deal. There are no cuts to the country’s most successful anti-poverty program, Social Security, and no rise in the Medicare eligibility age. Relative to the basic macroeconomic logic of the situation, however, the fiscal cliff deal is a policy mistake. [...] -
Blog
Draghi’s Liquidity Bluff Will Be Called
by Joerg Bibow Mario Draghi’s pledge to do “whatever it takes” to save the euro has been widely hailed as a watershed event. Both the markets and euro politics have since been operating on the premise that the euro’s survival is ensured. Unfortunately, that is not a safe assumption at all. Not only because even [...] -
MME, December 30, 2012
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Express: Η εμμονή της Γερμανίας στο «δηλητήριο» της λιτότητας οδηγεί στο θάνατο τη ζώνη του ευρώ
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MME, December 24, 2012
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Express: Η γερμανική «κληρονομιά» της ΕΚΤ πίσω από τη δυσλειτουργία της ζώνης του ευρώ
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Policy Notes No. 12
Greece: Caught Fast in the Troika’s Austerity Trap
On November 27, 2012, the Eurogroup reached a new “Greek deal” that once more discloses that there is no political will to address Greece’s debt crisis—or the country’s economic and social catastrophe. -
Policy Notes No. 12
Η Ελλάδα στην παγίδα της λιτότητας της τρόικας
Στις 27 Νοεμβρίου 2012, το Eurogroup κατέληξε σε μια νέα «ελληνική συμφωνία», που αποκαλύπτει για μια ακόμη φορά ότι δεν υπάρχει πολιτική βούληση για την αντιμετώπιση της κρίσης χρέους στην Ελλάδα ή για την οικονομική και κοινωνική καταστροφή της χώρας. -
Research Project ReportThe Interlocking of Time and Income Deficits
This report is published as part of the “Undoing Knots, Innovating for Change” series, issued by the United Nations Development Programme (UNDP) Regional Centre for Latin America and the Caribbean through its Gender Practice Area. It includes findings from a UNDP-supported research project undertaken in 2011 by the Levy Economics Institute with the objective of […] -
Working Paper No. 744
Interest Rate Determination in India
Controlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate in the context of India. The period of analysis is FY 2006–07 (April) to FY 2011 (April). Contrary to the debates in policy circles, the […]