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Working Paper No. 736A Meme for Money
This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually do, money “lubricates” the market mechanism—a good thing, […] -
BlogIncorrect Economic Historian Is Incorrect
Amity Shlaes, whose main claim to fame is an allegedly new history of the Great Depression, thinks we may be in trouble as a result of the election. Looking beyond her alarmingly alliterative title (“2013 Looks to be a Lot Like 1937 in Four Fearsome Ways!” Oooh! Scary!) she has some valid points. Of course [...] -
Even the IMF Agrees with Europe’s Anti-Austerity Protests
The Nation, November 20, 2012. All Rights Reserved. In a spectacular display of widening popular discontent, strikes and anti-austerity protests broke out across the eurozone on November 14—the first time there has been broad coordinated action in multiple countries simultaneously since the beginning of a crisis rooted in the design failures of the European Monetary […] -
Blog
Fiscal Muddle
The fiscal cliff is very easy to explain. What many in Congress and the press are saying we should do about it is more confounding. If you were the sort of person who took expressions of policy preferences at face value, you would think that fiscal conservatives and deficit hawks would be ecstatic about this [...] -
Blog
In the Eurozone, Look to the Design Defects
Today Eurostat announced that the eurozone has plunged back into recession. If you’re looking for a good explanation of the eurozone’s problems, you will only get so far by looking at the policy failures of particular countries. The most fundamental problems—those that won’t go away with a mere shift in policy at the national level—are [...] -
Working Paper No. 735
The Impact of Financial Reform on Federal Reserve Autonomy
The Federal Reserve has been criticized for not preventing the risky behavior of large financial companies prior to the financial crisis of 2008–09, for approving mergers that aggravated the “too big to fail” problem, and for its substantial contribution to bailouts when their risk management failed. The Dodd-Frank Act of 2010, in attempting to diminish […] -
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Quantitative Easing and Bank Lending
Randall Wray on quantitative easing and the accumulation of reserves: When the Fed buys assets, it purchases them by crediting banks with reserves. So the result of QE is that the Fed’s balance sheet grows rapidly—to, literally, trillions of dollars. At the same time, banks exchange the assets they are selling (the Treasuries and MBSs [...] -
MME, November 12, 2012
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Express: Βασικός παράγοντας για τον υπολογισμό της φτώχειας η «έλλειψη χρόνου» για βασικές δουλειές του σπιτιού
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MME, November 11, 2012
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Ταμείο… «Μάρσαλ» για την ανάπτυξη
Imerisia, 11 Νοέμβριος 2012. All Rights Reserved. Η λύση στην κρίση της Ευρωζώνης μπορεί να προκύψει μόνο με την εμφάνιση μιας πολιτικής ηγεσίας με όραμα και θάρρος, υπογραμμίζει ο πρόεδρος του Ινστιτούτου Δημήτρης Β. Παπαδημητρίου. Η λύση για την ελληνική οικονομική κρίση δεν βρίσκεται στην έξοδο από το ευρώ. -
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Kick the Can, Please
As Dimitri Papadimitriou recently observed, the overwhelming push for austerity in the United States is partly driven by the sense that deficit reduction simply cannot wait: Many in Washington and the media are convinced that the recovery is well underway, and if spending cuts and tax increases are delayed for even a year it will [...]