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BlogAusterity Still Not Expansionary
At Eurointelligence, Rob Parenteau digs into a recently-leaked “Troika” (the IMF, European Central Bank, and European Commission) document that discusses the outlines of a Greek debt restructuring deal. Among the revelations Parenteau extracts from the document is evidence of a growing willingness to concede that fiscal consolidation is not expansionary. As Parenteau comments: In 2009 [...] -
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Money and the Public Purpose: The Modern Money Theory Approach
[The following is the text of my keynote presentation delivered October 20th at “The Capitalist Mode of Power: Past, Present, Future,” a conference that took place at York University in Toronto.] Back in 1997 I was finishing up my book titled Understanding Modern Money and I sent the manuscript to Robert Heilbroner to see if [...] -
Working Paper No. 694Reducing Economic Imbalances in the Euro Area
This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances. Our analysis rests, first, on the accounting identities of the public, […] -
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The Status Quo: Fiscal Contraction
Ryan Avent digs into the latest GDP numbers at Free Exchange and lays out a set of facts that ought to be drilled into the heads of the public and every opinion-maker: fiscal policy, particularly when you factor in state and local governments, has basically been either null or contractionary for almost two years now. [...] -
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Galbraith: Short-Term Stimulus Not Good Enough
James Galbraith, interviewed by Henry Blodget, suggests that more “stimulus,” if this means a program that will run out in a couple of years, is not sufficient. What we need, he insists, is something more like a “strategic plan” for the next 10-15 years, investing in growth and dealing with problems like energy, climate change, [...] -
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Finance Matters
Today in the New Yorker John Cassidy asks “where is the new Keynes”? Where, in other words, are the new ideas that have emerged from this historic economic crisis? While there is nothing, he insists, comparable to a new Keynesianism, there has been a rediscovery of some “important ideas.” The first: 1. Finance matters. This [...] -
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Eurozone Myth Busting
Research Associates Marshall Auerback and Rob Parenteau have a long piece up at Naked Capitalism taking on the lazy anthropology that poses as economic analysis regarding Greece and the euro zone crisis. With respect to the image of Greeks lolling about living off an absurdly generous dole at the expense of frugal Germans, they provide [...] -
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The Limits of Pump Priming
Here’s one fairly standard reading of our economic policy challenge: the economy needs more pump priming, the federal government has more than enough fiscal space to provide it, but for political reasons it won’t be forthcoming. (If you needed further evidence of that last proposition, take a look at the latest House Republican job creation [...] -
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Levy President on the Eurozone Contagion
“You cannot solve the problem with this level of financing. It’s not possible.” Dimitri Papadimitriou, interviewed yesterday for Ian Masters’ “Background Briefing,” gets to the heart of the matter on the shortcomings of the proposals for resolving the eurozone crisis that are currently on the table. Papadimitriou argues that we’re likely looking at a default [...] -
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Levy Scholars to Advise on Fed Reform
The office of Senator Bernie Sanders (Independent – Vermont) has announced the formation of a panel tasked with drafting legislation to reform the Federal Reserve. Levy Senior Scholars Randall Wray and James Galbraith and Research Associate Stephanie Kelton have been named to the team. Wray’s recent brief on the Federal Reserve, co-authored with Scott Fullwiler [...] -
The Eurozone Punts as the Crisis Deepens
October 23, 2011. Copyright © 2011 KPFK. All Rights Reserved. Pacific Radio host Ian Masters interviews President Dimitri B. Papadimitriou about the looming crisis in the eurozone, the inadequacy of current proposals to resolve it, and the real possibility of contagion on this side of the pond. Full audio of the interview is available here.