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BlogGalbraith: Addressing Inequality Means Addressing Instability
Levy Institute Senior Scholar James Galbraith was interviewed by the Washington Post‘s Brad Plumer about his new book Inequality and Instability: A Study of the World Economy Just Before the Great Crisis. Galbraith explains that the rises in inequality we’ve witnessed globally since the 1980s can be traced to changes in finance and the macroeconomy [...] -
Blog
What’s Happening Now at the Fed?
If there is a pundit on the topic of the Federal Reserve, surely William Greider is one. (Recall his famous book, Secrets of the Temple.) This recent piece from Greider in the progressive magazine the Nation offers some helpful historical perspective on the role of the nation’s central bank in recent years. -
Working Paper No. 717Introduction to an Alternative History of Money
This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As is well known, the orthodox story of money’s origins and evolution begins with the creation of a […] -
Working Paper No. 717
Μια εισαγωγή στην εναλλακτική ιστορία του χρήματος
Η εργασία αυτή ενσωματώνει τις διάφορες συνιστώσες μιας εναλλακτικής, ετερόδοξης άποψης αναφορικά με την προέλευση του χρήματος και την ανάπτυξη του σύγχρονου χρηματοπιστωτικού συστήματος με τρόπο που να συνάδει με τα ευρήματα των ιστορικών και των ανθρωπολόγων. Όπως είναι γνωστό, η ορθόδοξη ερμηνεία της προέλευσης και της εξέλιξης του χρήματος ξεκινά με τη δημιουργία ενός […] -
Blog
Martin Wolf’s Liquidity Traps and Free Lunches Through Fiscal Expansion
In a good blog post for the Financial Times that did get money (mostly) right, Martin Wolf promised a Part II on the topic of appropriate monetary and fiscal policy in a “liquidity trap,” which he has provided here. Wolf also indicated he would write a piece on Modern Money Theory, an approach he does [...] -
Blog
How to Measure Financial Fragility
We may not have a high degree of success at predicting precisely when a financial crisis will occur or exactly how big it will be, but what we can and should do, says Éric Tymoigne, is develop effective ways of detecting and measuring the growth of financial fragility in a system. “[S]ignificant economic and financial [...] -
Working Paper No. 716
Measuring Macroprudential Risk through Financial Fragility
This paper presents a method to capture the growth of financial fragility within a country and across countries. This is done by focusing on housing finance in the United States, the United Kingdom, and France. Following the theoretical framework developed by Hyman P. Minsky, the paper focuses on the risk of amplification of shock via […] -
Working Paper No. 715
Tracking the Middle-income Trap
This paper provides a working definition of what the middle-income trap is. We start by defining four income groups of GDP per capita in 1990 PPP dollars: low-income below $2,000; lower-middle-income between $2,000 and $7,250; upper-middle-income between $7,250 and $11,750; and high-income above $11,750. We then classify 124 countries for which we have consistent data […] -
Blog
Where Will US Growth Come From If Austerity Reigns?
That’s one of the questions the Levy Institute’s latest Strategic Analysis asks as it examines the Congressional Budget Office’s projections for growth and employment in the context of tighter and tighter government budgets. At the federal level alone we’re facing a well-publicized “fiscal cliff” in 2013, featuring large scheduled spending cuts and the expiration of [...] -
Blog
Godley’s Seven Unsustainable Processes
Over at his Concerted Action blog, Ramanan has a post featuring some of Wynne Godley’s Levy Institute publications with special attention paid to Godley’s prescient “Seven Unsustainable Processes,” which appeared in 1999 as part of the Levy Institute’s continuing Strategic Analysis series. Ramanan (whose blog derives its name from Godley’s last Strategic Analysis [2008]) quotes [...] -
Working Paper No. 714
Managing Global Financial Flows at the Cost of National Autonomy
The narrative as well as the analysis of global imbalances in the existing literature are incomplete without the part of the story that relates to the surge in capital flows experienced by the emerging economies. Such analysis disregards the implications of capital flows on their domestic economies, especially in terms of the “impossibility” of following […] -
Blog
Hudson: Where Is the Leisure Society?
From a February 2012 presentation delivered by Research Associate Michael Hudson: Suppose you were alive back in 1945 and were told about all the new technology that would be invented between then and now: the computers and internet, mobile phones and other consumer electronics, faster and cheaper air travel, super trains and even outer space [...]