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BlogMoney and the Public Purpose at Columbia
Columbia University is hosting a seminar series on “Money and the Public Purpose.” The seminar, open to the public, begins this week and features a number of Levy Institute scholars. From the overview: Modern Money and Public Purpose is an eight-part, interdisciplinary seminar series held at Columbia Law School over the 2012-2013 academic year. The series [...] -
GDP Targeting: The Real Message from Jackson Hole?
Institutional Investor, September 5, 2012. © 2012 Institutional Investor, Inc. All material subject to strictly enforced copyright laws. To Federal Reserve watchers, “Jackson Hole”—shorthand for the annual summit of central bankers hosted by the Kansas City Fed in Jackson Hole, Wyoming, in late August—is widely anticipated for the speaker who kicks off the proceedings, Federal […] -
Policy Notes No. 11
Greece’s Bailouts and the Economics of Social Disaster
As the decline in Greek GDP should indicate—a contraction of more than 20 percent since the onset of the sovereign debt crisis in late 2009—the economic situation in Greece today is catastrophic. The economy is in freefall, and the social consequences are being widely felt. The main reason for this awful situation is that the […] -
Blog
Keynes on low interest rates
Whatever the outcome of efforts to resolve severe economic difficulties in Europe and elsewhere, it is becoming increasingly clear that the next big economic crisis may not hinge on interest rates at all. One reason is that the world’s central banks, many of them following something like a Robinsonian “cheap money policy,” have managed to [...] -
Working Paper No. 730Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis
Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, […] -
Working Paper No. 730
Διαφορετικότητα και ομοιομορφία στην οικονομική θεωρία ως ερμηνευτικοί παράγοντες της πρόσφατης οικονομικής κρίσης
Οι οικονομίες της αγοράς και οι κεντρικά κατευθυνόμενες οικονομίες έχουν διαφοροποιηθεί εδώ και πολύ καιρό από την παρουσία της εναλλακτικής επιλογής μέσα σε ένα πλαίσιο πολυμορφίας. Ωστόσο, το μεγαλύτερο μέρος της επικρατούσας οικονομικής θεωρίας βασίζεται στην ύπαρξη της ομοιομορφίας. Το κείμενο αυτό παρουσιάζει τις επιπτώσεις αυτής της αντίφασης για τη θεωρία των τιμών, τη δημιουργία […] -
Banks Are Too Big to Be Effectively Regulated
Money Radio, August 27, 2012. © 2012 CRC Broadcasting Company. All Rights Reserved. Senior Scholar Jan Kregel talks about the LIBOR scandal and the impracticality of regulating banks that are “too big to fail” in this radio interview. Full audio is available here. -
That Rumbling in Your Portfolio? It’s Real
U.S. News and World Report, August 27, 2012. Copyright © 2012 U.S. News & World Report LP. All rights reserved. Until about 25 years ago, when elders spoke in solemn tones about “the Great Crash,” there was never any doubt about which crash they meant. For nearly six decades, there was only one Great Crash […] -
Blog
Minsky and Narrow Banking
The idea of breaking up the big banks, while seemingly growing in popularity, leaves a lot of unanswered questions. And one of the biggest questions is probably this: what will be the structure of the smaller institutions that remain after such a break up? If these smaller institutions are allowed to entangle themselves in the [...] -
A Run on the Euro as Europe Runs Out of Time
Background Briefing, August 23, 2012. Copyright © 2012 KPFK. All Rights Reserved. Dimitri B. Papadimitriou joins Ian Masters to discuss the accelerating run on the euro, as poorer nations move their money to Germany. Full audio of the interview is available here. -
Public Policy Brief No. 125Minsky and the Narrow Banking Proposal
Before the law has even been fully implemented, the inadequacies of the regulatory approach underlying the Dodd-Frank Act are becoming more and more apparent. Financial scandal by financial scandal, the realization is hardening that there is a pressing need to search for more robust regulatory alternatives. The real challenge for financial reform is to develop […] -
Public Policy Brief No. 125
Ο Minsky και η πρόταση για το «στενό τραπεζικό» σύστημα
Πριν ακόμη εφαρμοστεί πλήρως ο νόμος, οι ατέλειες της ρυθμιστικής προσέγγισης που εμπεριέχονται στο Νόμο Dobb-Frank γίνονται όλο και πιο φανερές. Το ένα χρηματοοικονομικό σκάνδαλο ξεσπάει μετά το άλλο, και παγιώνεται πλέον η αντίληψη ότι υπάρχει πιεστική ανάγκη να εντοπίσουμε πιο ισχυρές εναλλακτικές ρυθμιστικές λύσεις. Η πραγματική πρόκληση για τη χρηματοοικονομική μεταρρύθμιση είναι να αναπτυχθεί […]