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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 […] -
A Quick Boost for the Economy—a $12 Minimum Wage
The Real News Network, April 5, 2012. All original content copyright © The Real News Network. In an interview with TRNN’s Paul Jay, Senior Scholar James K. Galbraith offers a solution to boosting demand: raise the minimum wage. Full video and a transcript of the interview are available here. -
BlogGalbraith: How $12 Minimum Wage Could Boost Economy
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Summary No. 2Summary Spring 2012
The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the prospects of a new global financial crisis, propose a new institutional architecture and other solutions to the global debt crisis, quantify the […] -
Press ReleaseLeading Economists and Policymakers to Discuss Debt, Deficits, and Financial Instability at the Levy Economics Institute’s 21st Annual Hyman P. Minsky Conference, in New York City, April 11–12
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Working Paper No. 712
Shadow Banking and the Limits of Central Bank Liquidity Support
Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with severe strains in key funding markets leading central banks to employ highly unconventional policies to avoid a systemic meltdown. Bagehot’s advice to “lend freely at high rates against good collateral” has been stretched to the limit in […] -
Blog
New Empirical Evidence of Long-lasting Effects of Mortgage Crisis
Debts left over on consumers’ balance sheets from the mortgage crisis have had particularly serious and long-lasting effects on the economic health of those localities where the crisis hit the hardest, according to what appears to be some interesting and important evidence discussed in an article in today’s New York Times. Of course, the notion [...] -
Blog
Krugman vs Minsky: Who Should You Bank On When It Comes to Banking?
Last week I explained why Minsky matters, outlining his main contributions. This was, in part, a response to a blog post by Paul Krugman that appeared to dismiss the importance of trying to find out “what Minsky really meant.” But, more importantly, it was a response to his defense of a simple model of debt [...]