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BlogA Keynes-Schumpeter-Minsky Synthesis
From the announcement of a new joint research project by Mariana Mazzucato and the Levy Institute’s Randall Wray (“Financing Innovation: an Application of a Keynes-Schumpeter-Minsky Synthesis”): The purpose of this project is to integrate two research paradigms that have strong policy relevance in understanding the degree to which financial markets can be reformed in order [...] -
Blog
The Original Sin
When the European Monetary Union was set up, member-states adopted what was essentially a foreign currency (the euro) but were left in charge of their own fiscal policy. Dimitri Papadimitriou and Randall Wray explain in a new Policy Note (“Euroland’s Original Sin“) why this basic structural defect was always bound to tear the eurozone apart. [...] -
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More on Austerity: Fiscal Threats to the Food Safety Net
As the Center on Budget and Policy Priorities (CBPP) has reported in several recent postings, cuts to SNAP—formerly known as the food stamp program—now being considered in Washington would impose severe hardship on millions of people who use SNAP benefits to buy groceries in retail stores. For example, the Center released a report a few [...] -
Policy Notes No. 8
Euroland’s Original Sin
From the very start, the European Monetary Union (EMU) was set up to fail. The host of problems we are now witnessing, from the solvency crises on the periphery to the bank runs in Spain, Greece, and Italy, were built into the very structure of the EMU and its banking system. Policymakers have admittedly responded […] -
Policy Notes No. 8
To προπατορικό αμάρτημα της Ευρωχώρας
Από την αρχή της ίδρυσής της, η ευρωπαϊκή νομισματική ένωση ήταν καταδικασμένη να αποτύχει. Τα προβλήματα που βλέπουμε τώρα, από τις κρίσεις φερεγγυότητας στην περιφέρεια έως τις επιδρομές στις τράπεζες στην Ισπανία, την Ελλάδα και την Ιταλία, πηγάζουν μέσα από την ίδια τη δομή της ευρωπαϊκής νομισματικής ένωσης και του τραπεζικού της συστήματος. Οι πολιτικοί […] -
Working Paper No. 727Simulations of Full-Time Employment and Household Work in the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
The method for simulation of labor market participation used in the LIMTIP models for Argentina, Chile, and Mexico is described. In each case, all eligible adults not working full-time were assigned full-time jobs. In all households that included job recipients, the time spent on household production was imputed for everyone included in the time-use survey. […] -
Συνεργασία του IΝΕ-ΓΣΕΕ με το Levy Economics Institute
Express.gr, July 3, 2012. © All Rights Reserved. ΣΤΗΝ υπογραφή συμφωνητικοÏ συνεργασίας αναμÎνεται να προχωρήσουν το Παρατηρητήριο ΟικονομικÏŽν και ΚοινωνικÏŽν Εξελίξεων του ΙνστιτοÏτου Εργασίας της ΓΣΕΕ—ΑΔΕΔΥ με το Levy Economics Institute του Bard College της ΝÎας ΥÏŒρκης. ΣυγκεκριμÎνα, αÏριο Τετάρτη, στις 12 το μεσημÎρι, στα γραφεία της Συνομοσπονδίας θα πραγματοποιηθεί συνάντηση του προÎδρου της ΓΣΕΕ […] -
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Defense Department Minskyites
A few months ago we wondered why it was that business groups hadn’t been pushing harder for more stimulus. My proposed (unoriginal) explanation had to do with inequality and decoupling; Paul Krugman suggested social pressures might also play a part. But as it turns out, there’s another answer: they are pushing! The National Association of [...] -
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Greenspan and Godley
Alan Greenspan is apparently writing a book to determine why economic models (all of them, he says) failed to sniff out the financial crisis and ensuing recession. “While the models themselves capture the nonfinancial part of the economy rather well,” says Greenspan, “they’ve been wholly inadequate in understanding how the complex financial system works, both [...] -
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Next Up for the Broccoli Brigades: The Consumer Financial Protection Bureau
Brad Plumer reports that a Texas-based bank and a pair of conservative advocacy groups have filed suit against the Consumer Financial Protection Bureau, claiming that the agency is unconstitutional (the agency was created by the Dodd-Frank Act and was a longtime cause of senatorial candidate Elizabeth Warren, who had a hand in setting it up). [...] -
Euro : Intransigência Alemã vai Prevalecer
Valor Econômico, June 22, 12. All rights reserved. Durou pouco o alívio do mercado financeiro com o resultado da eleição grega de domingo, que resultou na formação de um governo favorável ao pacote de resgate das finanças públicas do país. Não há dúvida de que a crise da dívida prossegue na Europa, atacando diretamente a […] -
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So What Exactly Was Robinson’s “Cheap Money Policy”?
In my last post, I quoted Joan Robinson, the renowned Cambridge University economist, on the determinants of long-term interest rates. The mention of Robinson was made in the context of a comment on the Fed open market committee meeting earlier this week and Chairman Ben Bernanke’s press conference on Wednesday. For those who might be [...]