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BlogNational 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 […] -
Research Project ReportUsing Minsky to Simplify Financial Regulation
This monograph is part of the Institute’s research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. Its purpose is to investigate the causes and development of the recent financial crisis from the point of view of the late financial economist and Levy Distinguished Scholar Hyman Minsky, […] -
Research Project Report
Improving Governance of the Government Safety Net in Financial Crisis
This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. In the current financial crisis, the United States has relied on two primary methods of extending the government safety net: a stimulus package […] -
Public Policy Brief No. 123A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
The extraordinary scope and magnitude of the financial crisis of 2007–09 required an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort (LOLR) function. In an attempt to stabilize financial markets during the worst financial crisis since the Great Crash of 1929, the Fed engaged in loans, guarantees, and outright purchases of […] -
Working Paper No. 713Control of Finance as a Prerequisite for Successful Monetary Policy
Henry Simons’s 1936 article “Rules versus Authorities in Monetary Policy” is a classical reference in the literature on central bank independence and rule-based policy. A closer reading of the article reveals a more nuanced policy prescription, with significant emphasis on the need to control short-term borrowing; bank credit is seen as highly unstable, and price […] -
Working Paper No. 713
Ο έλεγχος του χρηματικού κεφαλαίου ως προϋπόθεση για μια επιτυχημένη νομισματική πολιτική
To άρθρο του Henry Simons, με τίτλο «Rules versus Authorities in Monetary Policy» («Κανόνες έναντι εξουσιών στη νομισματική πολιτική»), που δημοσιεύθηκε το 1936, αποτελεί κεντρικό σημείο αναφοράς στη διεθνή βιβλιογραφία για την ανεξαρτησία της κεντρικής τράπεζας και τη διαμόρφωση της νομισματικής πολιτικής γύρω από κανόνες. Όμως, μια πιο προσεκτική ανάγνωση του άρθρου αποκαλύπτει μια πιο […]