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BlogMore Confusion About Eurozone Debt
The Washington Post is casually informing its readers that the eurozone’s austerity programs are really aimed at addressing all that government profligacy everyone knows was rampant in the run up to the crisis. This seems like another good opportunity to post this chart, showing net debt as a percentage of GDP in some key eurozone [...] -
Productivity, the Miracle of Compound Interest, and Poverty
Naked Capitalism, April 22, 2012. Copyright © 2006, 2007, 2008, 2009, 2010, 2011 Aurora Advisors Incorporated. All Rights Reserved. Research Associate Michael Hudson looks at the disconnect between the enormous productivity gains in the postwar era and the failed promise of a leisure economy. The full post is available here. -
Blog
Beyond the Minsky Moment
From the Introduction to Beyond the Minsky Moment, a recent publication of the Levy Institute’s program on Monetary Policy and Financial Structure: A new era of reform cannot be simply a series of piecemeal changes. Rather, a thorough, integrated approach to our economic problems must be developed; policy must range over the entire economic landscape and [...] -
Blog
Eurozone Crisis 2.0
Although some considered (or pretended to consider) the eurozone crisis to have been “solved” with the last Greek bailout/bond swap, reality “begs to differ,” says C. J. Polychroniou. In his latest one-pager, Polychroniou provides an update on the status of “eurozone crisis 2.0” as the spotlight shifts to Spain, Portugal, and Italy: The eurozone crisis [...] -
One-Pager No. 29Eurozone Crisis 2.0
Since last month’s Greek bond swap, various European leaders have declared the eurozone crisis over or “almost over.” But Euroland’s current economic reality begs to differ. No matter how much cheap money the ECB provides or how high the EC “firewall” rises, the region’s economic malaise can’t be cured without massive government intervention—the implementation of […] -
Blog
National Fragmentation of Credit in the Eurozone
In a Bloomberg article that details how banks in the eurozone periphery have begun carrying increasing proportions of the debt issued by their own nations’ governments (while banks in the core have reduced their holdings of peripheral sovereign debt), Dimitri Papadimitriou comments on some of the consequences of this “national fragmentation of credit”: “If there’s [...] -
Blog
21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability
The annual Minsky conference, co-sponsored by the Levy Institute and the Ford Foundation, was held this past week in NYC. The audio transcripts of all the presentations (including one by yours truly) are online here. (I will also add my powerpoint below so you can look at it while listening to the audio.) My presentation [...] -
Strategic AnalysisBack to Business as Usual? Or a Fiscal Boost?
Though the economy appears to be gradually gaining momentum, broad measures indicate that 14.5 percent of the US labor force is unemployed or underemployed, not much below the 16.2 percent rate reached a full year ago. In this new report in our Strategic Analysis series, we first discuss several slow-moving factors that make it difficult […] -
Strategic Analysis
Πίσω στις συνήθεις τακτικές ή δημοσιονομική τόνωση;
Αν και η οικονομία φαίνεται να βελτιώνεται σταδιακά, οι ευρείς δείκτες καταγράφουν ότι το 14.5% του αμερικανικού εργατικού δυναμικού είναι άνεργο ή υποαπασχολήσιμο, ποσοστό όχι πολύ χαμηλότερο από το 16.2% που ήταν πέρυσι. Στην καινούργια έκθεση της σειράς Στρατηγική Ανάλυση, αναφερόμαστε αρχικά στους βραδυκίνητους παράγοντες που δυσκολεύουν την επίτευξη μιας ολοκληρωμένης και βιώσιμης οικονομικής ανάκαμψης: […] -
Blog
Developing the ‘Financial Instability Hypothesis’: More on Hyman Minsky’s Approach
(cross posted at EconoMonitor) Since Paul Krugman kicked-off a heated discussion about Minsky’s views on banks, and because the annual “Minsky Conference” co-sponsored by the Ford Foundation and the Levy Economics Institute occurred this past week, I thought it would be useful to run a couple of posts laying out what Minsky was all about. [...] -
Audio
21st Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation In April 2012, leading policymakers, economists, and analysts will gather at the New York headquarters of the Ford Foundation to take part in the Levy Institute’s 21st Annual Hyman P. Minsky Conference. This conference will address, among other […] -
Book SeriesBeyond the Minsky Moment: Where We’ve Been, Why We Can’t Go Back, and the Road Ahead for Financial Reform
This eBook traces the roots of the 2008 financial meltdown to the structural and regulatory changes leading from the 1933 Glass-Steagall Act to the 1999 Financial Services Modernization Act, and on through to the subprime-triggered crash. It evaluates the regulatory reactions to the global financial crisis—most notably, the 2010 Dodd-Frank Act—and, with the help of […]