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Press ReleaseLevy Economics Institute Senior Scholar Jan Kregel Elected to Prestigious Italian Science Academy
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BlogWray Responds to Krugman
L. Randall Wray has responded in the Huffington Post to Paul Krugman’s latest criticism of Modern Money Theory. In addition to taking issue with the usefulness of Krugman’s historical example (France after WWI), Wray discusses the evolution of MMT and the manner in which it has benefited from the rise of social media. Update: Krugman’s [...] -
L. Randall Wray Interviewed by Ian Masters on KPFK FM 90.7 – Los Angeles
New Economic Perspectives, August 13, 2011. Copyright © 2010 KPFK. All Rights Reserved. Senior Scholar Wray joins Masters for a macroeconomic analysis of adverse economic trends at home and abroad amid dire predictions of a double-dip recession in the United States and defaults in Europe, connecting the dots to see if we are indeed at […] -
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Galbraith Prods the Long-Term Deficit Narrative
Senior Scholar James Galbraith’s recent article in The New Republic (“Stop Panicking About Our Long-Term Deficit Problem. We Don’t Have One”) has sparked some reactions from Paul Krugman and Arnold Kling (JG responds briefly to the latter in comments). Galbraith, jumping off from his Levy Institute policy note, argues that there is a certain marked [...] -
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If this was a recovery…
It remains to be seen if the stock market collapse of the past three weeks or so will be followed by very bad GDP numbers and renewed job losses. How far did the recovery from the Great Recession get before the big relapse of stock-market volatility? A new Levy Institute one-pager features some graphs that [...] -
Working Paper No. 681Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
This paper begins by recounting the causes and consequences of the global financial crisis (GFC). The triggering event, of course, was the unfolding of the subprime crisis; however, the paper argues that the financial system was already so fragile that just about anything could have caused the collapse. It then moves on to an assessment […] -
Working Paper No. 681
Μαθήματα που θα έπρεπε να παίρναμε από την παγκόσμια χρηματοοικονομική κρίση αλλά δεν το κάναμε
Η εργασία αυτή ξεκινάει μετρώντας ξανά τα αίτια και τις συνέπειες της παγκόσμιας χρηματοοικονομικής κρίσης (ΠΧΚ). Το γεγονός που πυροδότησε την κρίση ήταν, φυσικά, το ξεδίπλωμα της κρίσης στα στεγαστικά δάνεια υψηλού κινδύνου (subprimes). Εντούτοις, το άρθρο υποστηρίζει ότι το χρηματοοικονομικό σύστημα ήταν ήδη τόσο εύθραυστο που σχεδόν οτιδή̟ποτε θα μπορούσε να είχε προκαλέσει την […] -
One-Pager No. 12Not Your Father’s Recession
President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen make the case that the recession has turned into a prolonged and very unusual slump in growth, preventing a labor-market recovery—and the government lags far behind in creating the new jobs needed to deal with this disaster. -
One-Pager No. 12
Δεν πρόκειται για τη συνηθισμένη ύφεση
Ο πρόεδρος Δημήτρης Β. Παπαδημητρίου και ο Μελετητής Έρευνας Greg Hannsgen επιχειρηματολογούν ότι η οικονομική υποχώρηση έχει μετατρα̟πεί σε μια παρατεταμένη και πολύ ασυνήθιστη κάμψη της ανάπτυξης, αποτρέποντας μια ανάκαμψη της αγοράς εργασίας—και η κυβέρνηση βρίσκεται πολύ ̟πίσω στην προσπάθεια της δημιουργίας των νέων θέσεων εργασίας που απαιτούνται για να αντιπετωπιστεί αυτή η καταστροφή. -
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Beyond Infrastructure
The topic of the moment, in the wreckage of the debt ceiling fight and the S&P downgrade, is to ask what the government can do to boost employment. The data from Gennaro Zezza’s most recent post suggest that one of the answers to this question is “stop firing so many people.” Beyond stemming the losses [...] -
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To Cut the Debt, Create Jobs
While public discussion in the last several weeks has been absorbed by the debt ceiling saga, and in the coming weeks will probably focus on the S&P downgrade, employment (or lack thereof) is still a major problem. Our employment problem is one of the main factors contributing to a sizeable government deficit and growing public [...] -
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In the Media
Levy Institute Senior Scholar L. Randall Wray was interviewed last week by Radio KPFK for their “Background Briefing.” Listen here to the wide-ranging discussion (beginning roughly a third of the way through the broadcast). Wray also has a piece in The Hill, expanding on his arguments about what lurks behind the hysterical focus on debt [...]