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One-Pager No. 33
The Collapse of a Nation
As the Greek summer comes to an end, the predatory austerity policies of the second bailout plan are in full swing, while the fiscal consolidation program continues to run its wayward course. Overall, what was once a modern democratic polity is beginning to resemble a feudal state. As the government seeks a broad agreement on […]
Blog
Do the Personal Characteristics of the Prime Minister Affect Economic Growth?
by Lekha Chakraborty India has recently turned to a debate over the effect of the Prime Minister’s personal characteristics on the country’s growth and development outcomes. Do political leaders’ personal characteristics affect economic growth? It is an elusive empirical question. One of the most robust findings of a recent treatment of this topic is that [...]
Blog
Eccles on How to End the Crisis
Marriner Eccles was Chairman of the Federal Reserve under President Franklin D. Roosevelt. This note consists of excerpts from an address he gave to the US Senate Committee on Finance in 1933, before he was called to Washington for public service by FDR. The original address contained in the Congressional Records has been reduced from [...]
Blog
Again, Unconventional Wins Out
Who would have expected extreme thinking from central bankers? That is the theme of some coverage in the financial press over the past few weeks. For example, the Financial Times takes note that “a growing chorus of economists is saying central banks should take more radical steps, including buying assets other than government bonds.” Some, [...]
Press Release
Libor Rate Scandal Investigations Make Clear That Banks Are Too Big to Be Effectively Regulated, New Levy Study Argues
Press Release
European Monetary Union Doomed by Flawed Structure That Separates Sovereign Currency from Fiscal Policy
Blog
Fourth Annual Minsky Summer Seminar
The Levy Economics Institute of Bard College will hold its fourth annual Hyman P. Minsky Summer Seminar in June 2013. The Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial crisis. It is [...]
Blog
Money 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. 730
Diversity 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, […]