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BlogFDR at OWS
Thorvald Grung Moe, Visiting Scholar at the Levy Institute, delivered a lecture last week on fractional reserve banking and the landscape of alternative options. He ended with a quotation from FDR that’s worth repeating, particularly in the context of the “We Are the 99%” movement and stories like this about a return to business as [...] -
Blog
Minsky Goggles
“If you’re going to have a model of capitalism, your model must be able to generate a Depression as one of its potential states. …if you can’t model that, you’re not modeling capitalism.” Via the Institute for New Economic Thinking, Steve Keen explains how Minsky’s work played a foundational role in helping him to see [...] -
Blog
Tcherneva on Bernanke’s Paradox
The Levy Institute’s Pavlina Tcherneva delivered a campus-wide lecture at Bard College yesterday that discussed the Federal Reserve’s policy actions during the crisis and the future of government stabilization policy. The lecture also covered some of the themes in her working paper “Bernanke’s Paradox” (written roughly a year ago), which also appeared in the Journal [...] -
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Radical Left-Wing Central Banker Gets Increasingly Shrill
This is a great graphic put together by Kevin Drum, who calls it “The Ben Bernanke Congress-ometer” (go read the original post for context): Remember: Ben Bernanke was appointed by George W. Bush. Prior to that he headed Bush’s Council of Economic Advisers. For all intents and purposes, he’s a Republican. It’s interesting to note [...] -
Blog
On Sectoral Balances, Power Imbalances, and More
[The following is the text of Senior Scholar Randall Wray’s presentation, delivered October 28, 2011, at the annual conference of the Research Network Macroeconomics and Macroeconomic Policies (IMK) in Berlin. This year’s conference was titled “From crisis to growth? The challenge of imbalances, debt, and limited resources.”] It is commonplace to link Neoclassical economics to [...] -
Biennial Report
25th Anniversary Report, 2009–2011
Throughout its 25-year history, the Levy Economics Institute has maintained its commitment to independent thinking and the belief that economics can and should make a profound contribution to improving the human condition. The purpose of all our activities and research is to serve the wider policymaking community in the United States and throughout the world. […] -
Blog
Is the Union Unraveling?
In the LA Times today, Dimitri Papadimitriou writes about the very real danger of seeing the end of economic union in Europe; a union Papadimitriou insists is ultimately worth saving. He quickly sketches out what a serious first step toward a solution might look like (rather than this patchwork of half-measures that is sure to [...] -
The Man Who Saw Through the Euro
Rational Irrationality Blog, The New Yorker, November 2, 2011. © 2012 Condé Nast Digital. All rights reserved. To many Americans, the European debt crisis is a bit like the Asian bird flu of a few years back: a mystery virus that appears from nowhere and threatens to destroy us. To those of us who grew […] -
Blog
Haircut Failure
C. J. Polychroniou delivers his verdict on the recent eurozone “haircut” deal for Greece (that already looks likely to fall apart given yesterday’s news that Papandreou will submit the plan to a sure-to-be-defeated referendum). In this new one-pager, he highlights a number of elements that make the deal destined for failure—even if the referendum were [...] -
One-Pager No. 17
Greece in the Aftermath of the Debt Haircut
It is a well-recognized fact that the Greek economy has been going from bad to worse since the first bailout in May 2010, and a leaked document relating to the bailout talks ahead of last week’s EU summit openly admitted that the policy of expansionary fiscal consolidation had been a blatant failure. So why did […] -
One-Pager No. 17
Η Ελλάδα μετά το κούρεμα χρέους
Είναι καλά αναγνωρισμένο γεγονός ότι, μετά από το πρώτο σχέδιο διάσωσης του Μαίου 2010, η ελληνική οικονομία πηγαίνει από το κακό στο χειρότερο, και η έκθεση της τρόικας που διέρρευσε πριν από την σύνοδο κορυφής της ΕΕ της περασμένης εβδομάδας παραδέχτηκε ανοικτά ότι η συρρίκνωση της επεκτατικής δημοσιονομικής πολιτικής έχει, ως μέτρο, αποτύχει οικτρά. Οπότε, […] -
Blog
GDP growth and U.S. exports
This post provides our latest update of the quarterly figures for the real and nominal GDP of U.S. trading partners (1970q1-2016q4), which were presented a few years ago in a Levy Institute working paper and have now been updated to the second quarter of 2011, with predictions up to 2016 based on the latest IMF [...]