Filter by
4194 results found
-
One-Pager No. 27EU’s Anorexic Mindset Drives the Region’s Economies into Depression
The coordinated contractionary policy on the part of the European Union is inspired by its belief that this is the most effective way to tackle the eurozone’s “debt crisis.” However, by ignoring the endemic problems of unemployment, poverty, and homelessness—all of which have as their underlying cause the contraction of economic activity—European economic policy reveals […] -
One-Pager No. 27
Η ανορεξική διάθεση της ΕΕ οδηγεί τις οικονομίες της περιοχής σε κατάθλιψη
Η συντονισμένη συσταλτική πολιτική εκ μέρους της Ευρωπαϊκής Ένωσης εμπνέεται από την πεποίθησή της ότι αυτός είναι ο πιο αποτελεσματικός τρόπος για την αντιμετώπιση της «κρίσης χρέους» στην ευρωζώνη. Ωστόσο, αγνοώντας τα ενδημικά προβλήματα της ανεργίας, της φτώχειας, και της έλλειψης στέγης—τα οποία έχουν ως βασική αιτία τη συρρίκνωση της οικονομικής δραστηριότητας—η ευρωπαϊκή οικονομική πολιτική […] -
Working Paper No. 709Too Big to Fail
Government forbearance, support, and bailouts of banks and other financial institutions deemed “too big to fail” (TBTF) are widely recognized as encouraging large companies to take excessive risk, placing smaller ones at a competitive disadvantage and influencing banks in general to grow inefficiently to a “protected” size and complexity. During periods of financial stress, with […] -
Working Paper No. 709
«Πάρα πολύ μεγάλες για να καταρρεύσουν»
Οι κρατικές πολιτικές χαλαρής αντιμετώπισης, στήριξης και διάσωσης των τραπεζών και άλλων χρηματοπιστωτικών οργανισμών που θεωρούνται «πολύ μεγάλοι για να καταρρεύσουν» αναγνωρίζονται ευρέως ως πολιτικές που ενθαρρύνουν τις μεγάλες επιχειρήσεις να αναλαμβάνουν υπερβολικούς κινδύνους, θέτουν τις μικρότερες επιχειρήσεις σε μειονεκτική κατάσταση στον ανταγωνισμό, και γενικά επηρεάζουν με αρνητικό τρόπο τις λειτουργίες των τραπεζών (οι τράπεζες […] -
Blog
A Cycle to Watch Out For
Perhaps we’re back to our old ways. For many moons, the household savings rate has again been falling, though it is still above the levels reached in the years leading up to the home loan crisis of 2007–2009. There are even some signs of a resurgence of the mortgage-backed securities industry. Could the economy be [...] -
Blog
Will the Central Bank Bailouts Ever End?
(cross posted at EconoMonitor) Guess which US bank holds assets equal to a fifth of US GDP. Now guess what percent of its assets have extremely long maturities, greater than ten years: a) 10%; b) 20%; c) 30%; d) 40%; e) 50%. Answer: The Fed, and e) 50% of its assets have ten years or [...] -
Blog
Papadimitriou on Cross Talk
Everyone from Amity Shlaes to Mitt Romney and the European Commission has been telling us lately that slashing government spending under current economic conditions will depress growth. On “Cross Talk” Dimitri Papadimitriou debates the merits (or lack thereof) of austerity and explains why the United States of Europe needs to become more like the United [...] -
New Deal cercasi
L’Espresso, February 23, 2012 L’austerità imposta dall’Europa alla Grecia non funziona. Ma esistono ricette alternative che puntano allo sviluppo. A base di eurobond e di distretti industriali. -
Blog
Reader’s Guide to the Limitations of Orthodoxy
Matías Vernengo does a quick review of “Getting Up to Speed on the Financial Crisis,” which is a survey of work on the global financial crisis that will be published in the Journal of Economic Literature. “Getting Up to Speed” is intended as a “one-weekend-reader’s guide” to the crisis. It offers, says Vernengo, a fine [...] -
Blog
Fiddling in Euroland
The Financial Times got its hands on a confidential “debt sustainability analysis” that was circulated among eurozone finance ministers. The gist of the analysis is that the austerity measures being imposed on the Greek population will depress growth so brutally that the government will almost certainly not meet its debt reduction targets: …even under the [...] -
Public Policy Brief No. 122
Fiddling in Euroland as the Global Meltdown Nears
President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray argue that the common diagnosis of a “sovereign debt crisis” ignores the crucial role of rising private debt loads and the significance of current account imbalances within the eurozone. Profligate spending in the periphery is not at the root of the problem. Moreover, pushing austerity […] -
Blog
The Washington Post Goes “Unconventional”
Dylan Matthews had a piece on Modern Monetary Theory in the Washington Post yesterday that featured Levy Institute scholars James Galbraith and Randall Wray. WaPo also put together a “family tree” that displays some Post Keynesian and New Keynesian lineages. The piece has been bouncing around the internet, first with some supportive comments by Jared [...]