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Fed’s Lockhart Warns on Cyber-threat Facing Banks

MarketWatch, November 27, 2012. Copyright © 2012 MarketWatch, Inc. All rights reserved.   WASHINGTON (MarketWatch) — The U.S. financial system and its regulators need to “update our thinking” about the threat of cyber-attacks given the spike and magnitude of recent events, said Dennis Lockhart, president of the Atlanta Federal Reserve Bank, on Tuesday. “What was […]

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Hyman P. Minsky Conference on Financial Instability, Berlin

Organized by the Levy Economics Institute and ECLA of Bard with support from the Ford Foundation, The German Marshall Fund of the United States, and Deutsche Bank AG This two-day conference in central Berlin focused on the causes of financial instability and its implications for the global economy. The conference addressed some of the main […]

ECB’s Constancio Expects Spain to Apply for OMT

TradingCharts.com, November 26, 2012. © TradingCharts.com, Inc. All Rights Reserved. BERLIN—European Central Bank Vice President Vitor Constancio expects Spain to apply for the ECB’s new bond-buying program, known as "Outright Monetary Transactions," he said after a speech in Berlin on Tuesday. In his speech at a conference held by the Levy Economics Institute, he said […]

Kampeter sieht gute Chancen auf Einigung bei Eurogruppe

Märkische Allgemeine, 26.11.2012, 16:00 BERLIN—Finanz-Staatssekretär Steffen Kampeter sieht “sehr gute Chancen”, dass die Euro-Finanzminister bei ihrem Treffen am Montag in Brüssel eine Einigung über Hilfen für Griechenland erreichen werden. Wie zuvor bereits Regierungssprecher Steffen Seibert machte er aber klar, dass Deutschland weiterhin keinen öffentlichen Schuldenschnitt mittragen werde. “Wir glauben nicht an die vertrauensbildende Wirkung eines […]

German Deputy Fin Min: Good Chance of Eurogroup Deal But No Greek Haircut

The Wall Street Journal, November 26, 2012. Copyright © 2012 Dow Jones & Company, Inc. All Rights Reserved. BERLIN–German Deputy Finance Minister Steffen Kampeter sees a "very good chance" of an agreement on Greece’s bailout program at the meeting of international creditors in Brussels later Monday, but said his government continues to oppose a haircut on […]

MME, November 26, 2012

Constancio (EKT): Αναμένει συμφωνία για την ελληνική βοήθεια στο Eurogroup

Capital.gr, 26 Νοέμβριος 2012. All Rights Reserved. ΒΕΡΟΛΙΝΟ — Η Ισπανία θα κάνει αίτηση για το νέο πρόγραμμα αγοράς ομολόγων της ΕΚΤ, γνωστό ως “Outright Monetary Transactions (OMT)”, υποστήριξε ο αντιπρόεδρος της Ευρωπαϊκής Κεντρικής Τράπεζας, Vitor Constancio, σε ομιλία του στο Βερολίνο. Κατά την ομιλία του σε συνέδριο του Levy Economics Institute, ο αντιπρόεδρος της […]

Constancio, mi aspetto che Spagna chieda attivazione Omt

Milano Finanza, 26/11/2012. © Milano Finanza 2012. All Rights Reserved.   Il vice presidente della Banca centrale europea, Vitor Constancio, si aspetta che la Spagna chieda l’attivazione del programma di acquisti di bond sul secondario della Bce (Omt) per ridurre il costo di finanziamento sui mercati. Durante un discorso tenuto al Levy Economics Institute di […]

MME, November 25, 2012

Express: Από την αδυναμία ρύθμισης του χρηματιστικού καπιταλισμού προήλθε η κρίση στην ευρωζώνη

Working Paper No. 737

The (Normal) Rate of Capacity Utilization at the Firm Level

This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. We provide economic justification for the adjustment of the desired rate of utilization toward the actual rate on behalf of a cost-minimizing firm after examining the factors that determine the utilization of resources. […]

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New Records for Fiscal and Regulatory Irresponsibility

From 2009 to 2012, the US federal deficit shrank from 10.1% of GDP to 7% of GDP.  That’s the fastest deficit reduction we’ve seen in six decades—and all before the fiscal cliff has kicked in.  Here’s the chart from Jed Graham: Put this alongside a record-setting contraction of government employment and a 7.9 percent unemployment [...]