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One-Pager No. 16Beyond Pump Priming
The American Jobs Act now before Congress relies largely on a policy of aggregate demand management, or “pump priming”: injecting demand into a frail economy in hopes of boosting growth and lowering unemployment. But this strategy, while beneficial in setting a floor beneath economic collapse, fails to produce and maintain full employment, while doing little […] -
Taxing the Wealthy Will Not Kill Jobs
Multiplier Effect, October 21, 2011 I study the distribution of wealth and income here at the Levy Institute, so I read the first five hundred words of Robert Samuelson’s Washington Post column on inequality (“The Backlash against the Rich,” October 9th) with interest and approval. But I knew it couldn’t last. Once Samuelson gets beyond […] -
BlogTaxing the wealthy will not kill jobs
I study the distribution of wealth and income here at the Levy Institute, so I read the first five hundred words of Robert Samuelson’s Washington Post column on inequality (“The backlash against the rich,” Oct. 9th) with interest and approval. But I knew it couldn’t last. Once Samuelson gets beyond description and attempts explanation and [...] -
Blog
40 Million Pennies for Your Thoughts
Are you a reclusive economist-savant who happens to know how a member state might be able to exit the European Monetary Union in an orderly fashion? Would your idea appeal to a center-right British think tank? If so, you need to shave your beard and put in for the Wolfson Prize (don’t worry, with the [...] -
Report No. 3
Report October 2011
In this issue of the Report, papers focus on the prospects for US economic growth, including public-sector job initiatives; the eurozone’s sovereign-debt crisis; economic tensions between emerging market and industrialized economies; the role of global finance in real-world economies; the impact of fiscal policy on economic recovery; and estimating the Levy Institute Measure of Economic […] -
Marshall Auerback: Gold and Silver Opportunities in Turbulent Times
Business Insider, October 19, 2011. Copyright © 2011 Business Insider, Inc. All rights reserved. The Gold Report: Many of the resource companies in Pinetree Capital’s investment portfolio are gold companies. Gold went from above $1,900/ounce (oz.) in early September to around $1,600/oz. currently. Now, European central banks have sold 1.1 million metric tons of gold […] -
Blog
The Vampire Squid of Wall Street Is Hemorrhaging
(cross posted at EconoMonitor) Government Sachs posted its second quarterly loss since it went public in 1999. No doubt that has sent Washington scrambling to try to plug the leak. (Wouldn’t it be fun to listen in on Timothy Geithner’s incoming phone calls from 200 West Street, NYC, today?) Lloyd “doing God’s work” Blankfein blamed [...] -
Blog
Tcherneva on the Radio
Pavlina Tcherneva was interviewed recently on Wisconsin Public Radio’s “At Issue” with Ben Merens and took questions from listeners. She argues that while there are plenty of good job creation ideas available, it is ultimately the toxic political environment that is holding us back. Beginning at the 33:54 mark, responding to a question about payroll [...] -
Working Paper No. 693
Euroland in Crisis as the Global Meltdown Picks Up Speed
Yet another rescue plan for the European Monetary Union (EMU) is making its way through central Europe, but no one is foolish enough to believe that it will be enough. Greece’s finance minister reportedly said that his nation cannot continue to service its debt, and hinted that a 50 percent write-down is likely. That would […] -
Working Paper No. 693
Η Eυρωχώρα σε κρίση καθώς η παγκόσμια κατάρρευση ανεβάζει ταχύτητα
Ένα ακόμα επιπλέον σχέδιο διάσωσης για την Ευρωπαϊκή Νομισματική Ένωση κατευθύνεται μέσω κεντρικής Ευρώπης, αλλά κανείς δεν είναι αρκετά ανόητος να πιστέψει ότι είναι αρκετό. Ο Υπουργός Οικονομικών της Ελλάδας δήλωσε, με βάση κάποιες αναφορές, ότι η χώρα του δεν μπορεί να εξυπηρετήσει το χρέος της και άφησε να εννοηθεί ότι μια διαγραφή ύψους 50% […] -
Blog
How Much Food Will a Week’s Earnings Buy? (Fall Edition)
(Click to enlarge.) Signs of serious inflation in broad price indices such as the consumer price index (CPI) have been rare over the past few years, confounding many critics of the stimulus bill and the Fed’s efforts to reduce interest rates. However, as I reported in a blog entry last spring, most food-commodity prices were [...] -
Blog
Modern Money Links
1. John Quiggin offers a critique of what he calls a “misreading of MMT.” 2. Bill Mitchell, interviewed by the Harvard International Review, waxes functional (emphasis added): Particular budget outcomes should never be a policy target. What the government should be targeting is real goals, by which I mean a sustainable growth rate buoyed by [...]