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BlogLevy Institute Launches Greek Website
Policy coordination and information exchange are critical to resolving the eurozone crisis. With this in mind, the Levy Institute is making selected publications that address aspects of the crisis—including policy briefs, one-pagers, and working papers—available online in Greek translation. A list of our current titles is available at www.levyinstitute.org/greek/, and more will be added weekly. -
Blog
ECB Inaction: Dogma and Rationality
As Dimitri Papadimitriou has said, the European Central Bank is one of the only institutions that can save the euro project. The commitment alone to making unlimited purchases of member-state debt might do the trick. But as we have seen, there is a lot of opposition to the ECB acting as lender of last resort. [...] -
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Would an ECB Rescue Be Inflationary?
This is one of the questions Marshall Auerback tackles in a piece at Counterpunch. His answer, as you might expect, is “no.” He also addresses the concern that the ECB risks an impaired balance sheet if it steps up and plays a larger role in buying member-state debt: … if the ECB bought the bonds [...] -
Press ReleaseAusterity Plans Will Not Prevent Collapse of European Monetary Union, Levy Scholars Say
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Strategic AnalysisIs the Recovery Sustainable?
Fiscal austerity is now a worldwide phenomenon, and the global growth slowdown is highly unfavorable for policymakers at the national level. According to our Macro Modeling Team’s baseline forecast, fears of prolonged stagnation and a moribund employment market are well justified. Assuming no change in the value of the dollar or interest rates, and deficit […] -
Strategic Analysis
Είναι βιώσιμη η ανάκαμψη;
Η δημοσιονομική λιτότητα είναι πλέον ένα παγκόσμιο φαινόμενο και η επιβράδυνση της παγκόσμιας ανάπτυξης δεν ευνοεί τις προοπτικές της δημοσιονομικής πολιτικής σε εθνικό επίπεδο. Σύμφωνα με τις baseline προβλέψεις της Ομάδας Μακροοικονομικής Ανάλυσης στο Ινστιτούτο Οικονομικών Λίβι, οι φόβοι για μια οικονομική στασιμότητα μεγάλης διάρκειας και μια παγωμένη αγορά εργασίας είναι απόλυτα δικαιολογημένοι. Υποθέτοντας ότι […] -
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A More Dovish Fed?
While the latest figures show the unemployment rate dipping below 9 percent, a lot of this decrease has to do with individuals giving up and leaving the labor force. As for additional stimulus, Congress is currently negotiating an extension, and possible expansion, of the payroll tax cut. But Republicans are insisting that it be “paid [...] -
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Hudson on Debt and Democracy
Michael Hudson has an article appearing in the Frankfurter Allgemeine Zeitung on the history of debt and democracy. For those who can’t read German, Hudson has produced an abbreviated English version. An excerpt: The idea of an independent central bank being “the hallmark of democracy” is a euphemism for relinquishing the most important policy decision [...] -
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“An ideologically useful but unrealistic vision of capitalism”
A great series of videos at INET collecting clips from Robert Johnson’s interview of Steve Keen, who is among those (few) credited with seeing the financial crisis coming. Hyman Minsky’s work has played a large role in Keen’s own thinking on this. In this particular clip, Keen talks about the ways in which economists have [...] -
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Debating a Eurozone Exit Strategy
Yanis Varoufakis has an interesting exchange with Warren Mosler and Philip Pilkington, responding to their thoughts on the ideal path for a nation intending on breaking away from the euro. The Mosler-Pilkington “plan” (clearly gunning for the Wolfson Prize) is basically this: (1) the government in question starts using the new national currency as a [...] -
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Time to Demand Transparency and Accountability at the Fed
In its continuing series on the Fed’s bail-out of Wall Street, Bloomberg estimates that the banks got a $13 billion hand-out from the Fed’s easy lending terms. Using the excuse of the crisis, the Fed lent funds at near-zero interest to the banks. This was supposed to encourage them to begin lending to firms and [...] -
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The Austerians’ Secret Plan to Devastate Corporate Profits
Speaking of balances, late last week Martin Wolf delivered a helpful column (“Why cutting fiscal deficits is an assault on profits,” FT Nov. 24). Wolf writes that if households are cutting back, a government that attempts to reduce deficits while anticipating no substantial changes in net exports must expect corporate surpluses to shrink. But increased [...]