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One-Pager No. 28Οι πύρρειες νίκες της Ελλάδας: Ανταλλαγή ομολόγων και νέο πακέτο διάσωσης
Σχεδόν δύο χρόνια αφότου η Ελλάδα έγινε το πρώτο κράτος-μέλος της ευρωζώνης που υποβλήθηκε σε σχέδιο διάσωσης από την Ευρωπαϊκή Ένωση (ΕΕ) και το Διεθνές Νομισματικό Ταμείο (ΔΝΤ), η χώρα είναι επίσημα χρεοκοπημένη. Σαφώς, δεν υπήρξε ποτέ καμία αμφιβολία για την τελική έκβαση, αλλά η αναδιάρθρωση των σχεδόν 200 δις ευρώ χρέους στον ιδιωτικό τομέα […] -
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Why Haven’t Business Groups Pushed Harder for Stimulus?
Although recent employment numbers seem to have set off a fresh round of complacency, the December Strategic Analysis from the Levy Institute makes it pretty clear that more fiscal stimulus is necessary if the economy is going to reach decent levels of growth and employment anytime soon. However, there’s very little reason to think that [...] -
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Money and Self-Justifying Economic Models
Philip Pilkington shares a discussion he had with Dean Baker about, among other things, the Post-Keynesian take on the limitations of some conventional economic models (of the “LM” part of IS-LM, in particular. And if that just looks like an arbitrary string of letters to you, Pilkington has an accessible explanation at the beginning of [...] -
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Healthcare and the Budget Forecast: Don’t Think of the Children
Medicare cost growth has been slowing down, and according to research published in the New England Journal of Medicine there may be more going on here than just a temporary reaction to the recession. This is just one analysis of course, but if it pans out, if it marks the beginning of a sustained trend, [...] -
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“What Manner of Union Is This?”
The title of C. J. Polychroniou’s latest policy note, “Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland,” gives you a pretty good idea of where he’s coming from: There can be no denying that, despite the experiences provided by the Great Depression and the numerous financial crises that have taken place since 1973, [...] -
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Wray on the Burden of Social Security
Randall Wray has been engaged in a back-and-forth with John Carney of CNBC. Their latest exchange touched on the question of the “real” economic burdens of Social Security (distinct from issues of affordability). Wray responds: “John Carney agrees with me that supporting our elderly is not an ‘affordability’ problem, but he claims that I fail [...] -
Policy Notes No. 1
Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
We live in a terrifying world of policymaking—an age of free-market dogmatism where the economic ideology is fundamentally flawed. Europe’s political leadership has applied neo-Hooverian (scorched-earth) policies that are shrinking economies and producing social misery as a result of massive unemployment. Large-scale government intervention is critical in reviving an economy, but the current public-policy mania, […] -
Policy Notes No. 1
Οι συσταλτικές πολιτικές απειλούν να μετατρέψουν την Ευρώπη σε οικονομική έρημο
Ζούμε σε έναν τρομακτικό κόσμο οικονομικής πολιτικής, στην εποχή του δογματισμού της ελεύθερης αγοράς όπου η οικονομική ιδεολογία είναι πέρα για πέρα λανθασμένη. Η πολιτική ηγεσία της Ευρώπης εφαρμόζει πολιτικές στυλ Χέρμπερτ Χούβερ, που βυθίζουν τις οικονομίες και παράγουν κοινωνική δυστυχία ως απόρροια της μαζικής ανεργίας. Μια μεγάλης κλίμακας κυβερνητική παρέμβαση είναι απολύτως απαραίτητη για […] -
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“I Happen to Have Mr. McLuhan Right Here,” Wonk Edition
It won’t be quite as satisfying as having Marshall McLuhan stashed in a corner to back up your argument, but for the next time you find yourself in a real-time wonkfight, FRED (the go-to database of the St. Louis Fed) is now available as a mobile app. -
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Minsky Explains Bank Management Motivation
Your Minsky quotation of the day: The rise in bank share prices that follows a growth in profitability is particularly important in a world of professionally managed institutionalized banks. The typical professional bank president is not a rich man when he starts his career. As a bank president he is a hired hand trying to [...] -
Press ReleaseLatest EU/IMF Bailout for Greece Makes Reducing Living Standards and Increasing Poverty the Price for Increasing Competitiveness, New Levy Study Says
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Working Paper No. 710The European Central Bank and Why Things Are the Way They Are
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative risk basis. In major developed economies, a hypermature secular […]