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Policy Notes No. 9Το σκάνδαλο LIBOR
Με τη διάδοση των πορισμάτων των διαφόρων επίσημων εκθέσεων, έγινε όλο και περισσότερο προφανές ότι στη δόλια χειραγώγηση του LIBOR συμμετείχαν τα περισσότερα χρηματοπιστωτικά ιδρύματα κα πως οι διοικήσεις των τραπεζών και οι ρυθμιστικές αρχές δεν ήταν σε θέση να μπορούν να παρακολουθούν αποτελεσματικά τις δραστηριότητες των χρηματοπιστωτικών ιδρυμάτων επειδή αυτά τα ιδρύματα είναι πλέον […] -
BlogSome New GDP Numbers–And 3 Trendlines
We end the week with news of only modest economic growth, but also with a set of revised data that does not seriously worsen the economic outlook. Today the Bureau of Economic Analysis announced the release of an advanced estimate of 2nd quarter GDP, as well as revised data for 2009Q1 through 2012Q1. Their press [...] -
Blog
Beyond “Fixing” the “Fiscal Cliff”
The cliff approaches, and politicians and pundits in Washington are pondering how to deal with it. For those who have forgotten, recent nontechnical summaries of the legislative issues and amounts of money at stake can be found here , here, and in this old post. But essentially, the term “fiscal cliff” refers to a massive [...] -
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What Matters Is What We Do Next
Martin Essex of the Wall Street Journal flags Dimitri Papadimitriou and Randall Wray’s recent Policy Note on the eurozone, “Euroland’s Original Sin.” The Note traces the root cause of the eurozone’s struggles, including the solvency issues and bank runs in the periphery, to a fundamental design flaw in its setup: national governments gave up currency [...] -
Who Warned About the Euro First?
The Wall Street Journal, July 23, 2012. Copyright © 2012 Dow Jones & Company, Inc. All Rights Reserved. As the world’s financial markets begin to price in a total collapse of the euro project, there’s no shortage of economists and other experts saying they always knew it was doomed to failure. So who warned first? […] -
Dodd-Frank: Fossil of the Future?
Huffington Post Business, July 22, 2012. © 2012 TheHuffingtonPost.com, Inc. "The Huffington Post” is a registered trademark of TheHuffingtonPost.com, Inc. All rights reserved. There’s a sad truth about the fate of financial regulation: It’s almost certain to be outmoded by the time it’s introduced. This was as true of Glass-Steagall in 1933 as it is […] -
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Dodd-Frank: Fossil of the Future?
There’s a sad truth about the fate of financial regulation: It’s almost certain to be outmoded by the time it’s introduced. This was as true of Glass-Steagall in 1933 as it is of Dodd-Frank today. This month we begin the third year since the Dodd-Frank Wall Street reform act passed, with the struggle over its [...] -
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Can We Afford the Usual?
With yesterday’s quarterly BLS data release on “usual weekly earnings” out, I have once again constructed some “alternative” measures of real wages, based on price indexes for food commodities at the wholesale level. The commodity-based indexes are depicted in the figure above with lines in various colors. Compared to the more typical measure of real, [...] -
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What to Say About the Low Yields?
Correlation is not causation, of course, but I’m beginning to suspect that there might be some operational relationship between the frequency with which you hear people complaining about the crippling burden of government debt, and a fall in the cost of government borrowing. Last week the Financial Times reported that investors had accepted “the lowest [...] -
Blog
A Debt Jubilee via Eminent Domain?
Local government officials in San Bernardino county have apparently heard enough about how the overhang of mortgage debt is holding back the recovery, and they’re considering taking matters into their own hands. Reuters‘ Matthew Goldstein and Jennifer Ablan report on the background discussions leading up to a proposal that is being considered by officials in [...] -
Working Paper No. 728Toward an Understanding of Crises Episodes in Latin America
Conventional wisdom about the business cycle in Latin America assumes that monetary shocks cause deviations from the optimal path, and that the triggering factor in the cycle is excess credit and liquidity. Further, in this view the origin of the contraction is ultimately related to the excesses during the expansion. For that reason, it follows […] -
Working Paper No. 728
Η κατανόηση των κρίσεων στη Λατινική Αμερική
Η συμβατική σοφία σχετικά με τους επιχειρηματικούς κύκλους στη Λατινική Αμερική υποθέτει ότι οι νομισματικοί κλυδωνισμοί προκαλούν αποκλίσεις από τη βέλτιστη πορεία και ότι ο παράγοντας ενεργοποίησης του κύκλου είναι η υπερβολική πίστωση και η ρευστότητα. Περαιτέρω, με βάση αυτήν την άποψη, η προέλευση της οικονομικής συστολής σχετίζεται σε τελική ανάλυση με τις υπερβολές κατά […]