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BlogBernanke Visits Alternate Universe
Well then. Apparently not everyone agrees that the Federal Reserve is having trouble balancing its dual mandate. Rather, I should say that not everyone agrees about the nature of the imbalance. From the Boston Globe‘s reporting of Ben Bernanke’s appearance in front of the Senate Budget Committee, we find this: “It seems to me that [...] -
One-Pager No. 25
Put an End to the Farce That’s Turned Into a Tragedy
The 2007–08 global financial crisis was the second most disastrous global economic event of the last 80 years. Thanks to severe austerity measures and a fanatical commitment to fiscal consolidation, Europe’s overall economy is now close to stagnation and extremely high levels of unemployment prevail in many countries, especially in the eurozone periphery. In Greece, […] -
One-Pager No. 25
Θέστε τέρμα στη φάρσα που κατέληξε σε τραγωδία
Η παγκόσμια χρηματοοικονομική κρίση του 2007–08 είναι το δεύτερο πιο καταστροφικό παγκόσμιο οικονομικό γεγονός των τελευταίων 80 ετών. Χάρη στα αυστηρά μέτρα λιτότητας και σε μια φανατική δέσμευση στη δημοσιονομική εξυγίανση, η συνολική οικονομία της Ευρώπης βρίσκεται τώρα πολύ κοντά σε κατάσταση στασιμότητας και εξαιρετικά υψηλά επίπεδα ανεργίας επικρατούν σε πολλές χώρες, ιδίως στην περιφέρεια […] -
Blog
The “Shovel Ready” Excuse and a Fed for Public Works?
The latest chapter in the “why was the original stimulus so small?” story is a memo from December 2008 that reveals Larry Summers’ assessment as to why the stimulus (ARRA) had to be limited to around $800 billion—about half of what was necessary, in Summers’ estimation. There are various conclusions you can draw from this [...] -
My Big Fat Greek Speculative Rally
CNN Money, February 8, 2012. © 2012 Cable News Network. A Time Warner Company. All Rights Reserved. NEW YORK (CNNMoney)—Stop me if you’ve heard this before. Greece is close to getting another bailout from the European Union, International Monetary Fund and European Central Bank, the so-called troika. Greece may also be close to a deal […] -
Working Paper No. 706Inflationary and Distributional Effects of Alternative Fiscal Policies
This paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. This is an approach à la Hyman P. Minsky, who argued that in the modern era, government is both “a blessing and a curse,” since it stabilizes profits and output by imparting an inflationary […] -
Blog
Europe’s “Bankers First” Approach
“…while Europe’s leaders haven’t hit upon a way to forestall a years-long span of catastrophically high unemployment and falling living standards, they do appear to be really really really really committed to saving banks.” That’s Slate‘s Matthew Yglesias, who notes that this (seemingly exclusive) focus among European elites on saving their banks likely ends up [...] -
Press ReleaseEuropean Economic Crisis Likely to Worsen and Threaten Shaky US Financial System, Levy Scholars Say
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Blog
Conference: Reclaiming the Keynesian Revolution
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Canada Income Inequality: Study Shows Government Policies Growing Less Effective at Narrowing Gap
Huffington Post Canada, February 3, 2012. Copyright © 2012 TheHuffingtonPost.com, Inc. All rights reserved. As debate about income inequality mounts, a new study [see Working Paper No. 703] underscores how important public investment in social programs like education and health care is in narrowing the rich-poor divide. At a time when Ottawa prepares to beat […] -
Blog
How to Delay the Next Financial Meltdown
Dimitri Papadimitriou and Randall Wray deliver a second installment of their joint assessment of the risks that a renewed global financial crisis might be triggered by events in Europe or the United States. In their latest one-pager they move past disputes over etiology and lay out their solutions for both sides of the pond: addressing [...] -
One-Pager No. 24Delaying the Next Global Meltdown
It’s a mistake to interpret the unfolding disaster in Europe as primarily a “sovereign debt crisis.” The underlying problem is not periphery profligacy, but rather the very setup of the European Monetary Union (EMU)—a setup that even now prevents a satisfactory resolution to this crisis. The central weakness of the EMU is that it separates […]