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Working Paper No. 746Finance-dominated Capitalism and Redistribution of Income
This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of finance-dominated capitalism since the early 1980s is provided for 15 advanced capitalist economies: functional distribution, personal/household distribution, and the share and composition of top incomes. […] -
Working Paper No. 746
Ο χρηματιστικός καπιταλισμός και η αναδιανομή του εισοδήματος
Το κείμενο εξετάζει έναν σημαντικό δίαυλο μέσω του οποίου η χρηματιστικοποίηση ή ο χρηματιστικός καπιταλισμός επηρεάζει τις μακροοικονομικές επιδόσεις: το κανάλι διανομής. Παρέχονται εμπειρικά στοιχεία για 15 ανεπτυγμένες οικονομίες, που καλύπτουν την περίοδο του χρηματιστικού καπιταλισμού από τις αρχές της δεκαετίας του 1980, σχετικά με τις ακόλουθες διαστάσεις της αναδιανομής: τη λειτουργική διανομή του εισοδήματος, […] -
BlogThe Debt Limit and the Next Financial Crisis
In the latest phase of our endless budget brinksmanship, congressional Republicans will attempt to extract policy concessions in return for raising the debt limit (Republicans are not only demanding cuts to Social Security and Medicare—they are brazenly demanding that Democrats propose, and therefore own, these unpopular cuts). The administration and key allies are claiming they [...] -
Blog
Greece’s Austerity Trap
Olivier Blanchard (the IMF’s chief economist) and Daniel Leigh tell us in their new working paper that IMF forecasters “significantly underestimated” how much damage austerity would inflict on employment and growth in Europe. The authors are careful to insist that their results do not imply that austerity should be abandoned: “The short-term effects of fiscal [...] -
MME, January 4, 2013
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Express: H ανάγκη για μια ευρωπαϊκή ομοσπονδιακή ένωση και η «μυωπική» λογική της λιτότητας
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Working Paper No. 745
Stock-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, […] -
Blog
Salon 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